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A New Framework for Business Restructuring in Europe : The EU Commission’s Proposals for a Reform of the European Insolvency Regulation and Beyond

Eidenmueller, Horst - 2013

This paper critically reviews the EU Commission's proposals for a reform of the European Insolvency Regulation (EIR …). The focus of the paper is on the Regulation's use as a tool for business restructuring in Europe. The paper argues that … businesses is not an end in itself. Further, the Commission is too cautious regarding the harmonisation of substantive insolvency …

Persistent link: https://www.econbiz.de/10013085507

Bankruptcy Law and Entrepreneurship

Armour, John; Cumming, Douglas J. - 2008

of personal bankruptcy law. Whilst there is an intuitive link between the two, relatively little attention has been paid … to the question empirically, particularly in the international context. We investigate the link between bankruptcy and … indices reflecting how `forgiving' personal bankruptcy laws are, reflecting the time to discharge. These measures vary over …

Persistent link: https://www.econbiz.de/10014063578

Regulating IPOs : Evidence from Going Public in London and Berlin, 1900-1913

Burhop, Carsten - 2012

We revisit debates on the regulation of IPOs by analyzing failure rates of IPOs carried out between 1900 and 1913 on the London and Berlin stock exchanges, two of the leading financial markets during the early 20th century. IPOs were regulated more heavily in Germany than in Britain and, as...

Persistent link: https://www.econbiz.de/10013114440

The Present and Future of Corporate Governance : Re-Examining the Role of the Board of Directors and Investor Relations in Listed Companies

McCahery, Joseph A. - 2013

In this paper, we first shed light on the factors that underlie the differences between the ‘shareholder wealth maximization' and the ‘long-term commitment' models of corporate governance. By introducing a third type of governance model, we show that a three-dimensional approach provides a...

Persistent link: https://www.econbiz.de/10013083049

Hedge Fund Activism Canadian Style

Cheffins, Brian R. - 2013

The forthright brand of shareholder activism hedge funds deploy became during the 2000s a significant feature of Canadian corporate governance. This paper examines hedge fund activism “Canadian style.” The paper characterizes the interventions hedge funds specialize in as “offensive”...

Persistent link: https://www.econbiz.de/10013088271

A Primer on the Uncorporation

McCahery, Joseph A. - 2013

More and more companies appear with strange abbreviations behind their business name. Consider Chrysler Group LLC (instead of Inc.) or LVMH Montres & Joaillerie France SAS. Some even speak about the 'endangered corporate form' and point to the rise of the uncorporation. This Primer examines how...

Persistent link: https://www.econbiz.de/10013088565

Recasting Private Equity Funds after the Financial Crisis : The End of 'Two and Twenty' and the Emergence of Co-Investment and Separate Account Arrangements

McCahery, Joseph A. - 2013

This article examines the post-financial crisis trends in the private equity industry. Although most research has followed the pre-crisis trends, we show that investors are demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements. Our findings...

Persistent link: https://www.econbiz.de/10013073235

Law and History by Numbers : Use, But with Care

Cheffins, Brian R. - 2013

This paper, prepared for a University of Illinois College of Law symposium honoring Prof. Larry Ribstein, deals with the historical development of corporate law in the United States, focusing on the promise and perils of quantification. The paper is part of a larger project where we have already...

Persistent link: https://www.econbiz.de/10013073539

The Rise and Fall (?) of Shareholder Activism by Hedge Funds

Armour, John - 2010

Shareholder activism by hedge funds has over the past few years become a major corporate governance phenomenon. This paper puts the trend into context. The paper begins by distinguishing the “offensive” form of activism hedge funds engage in from “defensive” interventions...

Persistent link: https://www.econbiz.de/10013150601

Did Corporate Governance 'Fail' During the 2008 Stock Market Meltdown? The Case of the S&P 500

Cheffins, Brian R. - 2010

In 2008, share prices on U.S. stock markets fell further than they had during any one year since the 1930s. Does this mean corporate governance “failed”? This paper argues “no”, based on a study of a sample of companies at “ground zero” of the stock market meltdown, namely the 37...

Persistent link: https://www.econbiz.de/10013152866