Trust in the independence of auditors is essential for the functioning of markets. If auditors are not independent or not believed to be independent, transaction costs will rise. In our view, structural weaknesses currently impair auditor independence. We therefore put forward several reform...

While many factors have contributed to the current financial turmoil, its roots can be traced back to misaligned incentives on the micro-level which resulted in numerous potential conflicts of interest. Examining the situation of investors and the various participants responsible for creating...

Trust in the independence of auditors is essential for the functioning of markets. If auditors are not independent or not believed to be independent, transaction costs will rise. In November 2011, the European Commission proposed radical reforms for statutory audits in Europe, fueling heated...

Among European regulators and in the academic literature diverging criteria have been developed to distinguish multilateral from bilateral trading systems. Depending on which criteria are applied, operators of multilateral systems may or may not organise multilateral trading in the form of a...

Corporate governance today is an integral part of European Union law. This survey addresses selected legal developments with a view to foundations and perspectives of interdisciplinary research on corporate governance. To start with, the most important institution of internal corporate...