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Flexible or not? The Comply-or-Explain Principle in UK and German Corporate Governance
Sanderson, P.; Seidl, D.; Roberts, J.; Krieger, B. - ESRC Centre for Business Research - 2010
The current financial crisis has given rise to calls to toughen considerably the codes of corporate governance put in place in many countries to regulate corporate behaviour (e.g. the UK Combined Code). These codes vary slightly in form but tend to contain a mix of non-discretionary regulations...
Persistent link: https://www.econbiz.de/10010858394
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The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy
deakin, Simon; Singh, Ajit - ESRC Centre for Business Research - 2008
It is argued here that - contrary to current conventional wisdom - an active market for corporate control is not an essential ingredient of either company law reform or financial and economic development. The absence of such a market in coordinated market systems during their modern economic...
Persistent link: https://www.econbiz.de/10005812989
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The Reflexive Properties of Corporate Governance Codes: The Reception of the 'Comply or Explain' Approach in Slovenia
Cankar, Nina; Deakin, Simon; Simoneti, Marko - ESRC Centre for Business Research - 2008
The Slovenian Corporate Governance Code for Public Joint-Stock Companies was adopted in March 2004. Using a systems-theoretical approach, we examine the extent to which the implementation of the Code has resulted in the kinds of 'reflexive' learning processes which the 'comply or explain'...
Persistent link: https://www.econbiz.de/10005813008
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Shareholder Protection around the World ("Leximetric II")
Siems, Mathias - ESRC Centre for Business Research - 2007
This article analyzes how shareholder protection has developed in 20 countries from 1995 to 2005. In contrast to traditional legal research, it draws on a quanti-tative methodology to law ("leximetrics", "numerical comparative law"). Some of its results are that in most countries shareholder...
Persistent link: https://www.econbiz.de/10005813019
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Norms In Private Insolvency Procedures: The 'London Approach' To The Resolution Of Financial Distress
Armour, John; Deakin, Simon - ESRC Centre for Business Research - 2000
Law and economics scholarship has recently begun to investigate the role of social norms in shaping actors' incentives. This paper presents empirical findings on the way in which a group of such norms, known collectively as the 'London Approach', guide the resolution of financial distress by...
Persistent link: https://www.econbiz.de/10005813027
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Legal capital: an outdated concept
Armour, John - ESRC Centre for Business Research - 2006
This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that even an 'opt in' (or...
Persistent link: https://www.econbiz.de/10005813028
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The Law and Economics of Corporate Insolvency: A Review
Armour, John - ESRC Centre for Business Research - 2001
Law and economics scholarship has contributed greatly to our understanding of corporate insolvency law. This paper provides an overview of this literature. It begins by defining some relevant terminology, and then reviews theories about the goals of insolvency law. It then considers Jackson's...
Persistent link: https://www.econbiz.de/10005813032
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Reforming The Governance Of Corporate Rescue: The Enterprise Act 2002
Armour, John; Mokal, Rizwaan Jameel - ESRC Centre for Business Research - 2004
English corporate insolvency law has been reshaped by the Enterprise Act 2002. The Act was intended to ‘to facilitate company rescue and to produce better returns for creditors as a whole’. Administrative receivership, which placed control of insolvency proceedings in the hands of banks, is...
Persistent link: https://www.econbiz.de/10005813052
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Shareholder Protection: A Leximetric Approach
Siems, Mathias; Lele, Priya - ESRC Centre for Business Research - 2006
In this paper we build a new and meaningful shareholder protection index for five countries and code the development of the law for over three decades. At-tributing and comparing legal differences by numbers is contrary to the tradi-tional way of doing comparative law and the use of a...
Persistent link: https://www.econbiz.de/10005162829
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Enhancing Corporate Governance for Financial Institutions: The Role of International Standards
Alexander, Kern; Dhumale, Rahul - ESRC Centre for Business Research - 2001
The threat of systemic risk in international financial markets necessitates the establishment of universal standards … governance of multinational financial institutions and why international standards are needed to guide financial institutions in … analyses corporate governance within framework of international financial markets and how international standards can be …
Persistent link: https://www.econbiz.de/10005162857