Das in der EU für Aktiengesellschaften kodifizierte Kapitalschutzsystem ist unter Rechtfertigungsdruck geraten und steht vor tiefgreifenden Veränderungen. Es sieht bisher neben der Aufbringung eines Mindestkapitals vielfältige Kapitalaufbringungs- und Kapitalerhaltungsregeln vor, die auf vom...

After roughly 15 years of merger control application in the Federal Republic of Germany a reassessment of the significance of this instrument of antitrust policy seems necessary. This is particularly so in view of the reorientation of merger control policy in the United States which has been -...

Mit dem Kleinanlegerschutzgesetz (2015) wurde die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) auf den Schutz kollektiver Verbraucherinteressen verpflichtet (§ 4 Abs. 1a FinDAG). Hans-Ulrich Klöppel untersucht dieses Mandat und die mit ihm verbundenen Handlungsmöglichkeiten der...

This essay provides evidence on the impact of the Private Securities Litigation Reform Act of 1995 (PSLRA) by examining all initial public offerings (IPO) from 1990 to 1999 and IPO-related securities class action litigation involving a mix of Section 11 and Rule 10b-5 antifraud claims. Others...

Title IV of the Dodd-Frank Act requires the Securities and Exchange Commission (SEC) to collect sensitive proprietary information from private fund advisers. Prior studies suggest that the SEC's mandated collection of private fund data in Form PF created several core challenges for the private...

This paper investigates the operational risk, fund performance and investor protection in the seven years subsequent to the 2001 liberalization of the Chinese open-end funds market. The empirical results indicate that the fund type and fund manager's qualification are positively associated with...

The proliferation of unconstrained mutual funds calls into question the effectiveness of retail investor protections under the Investment Company Act of 1940. Analyzing trading data and prospectuses of a hand-selected sample of all unconstrained mutual funds launched from 2010 through 2015...

Using a sample of equity funds in China, we explore for the first time mutual funds that impose discretionary inflow restrictions (gates) on investors. Contrary to managers’ claim, we find no clear evidence that inflow gates protect investor interests. Despite their superior past performance,...