This paper analyses the new discipline on state-owned enterprises contained in the recently concluded Trans Pacific Partnership Agreement, and evaluates various factors that influenced the shaping of its specific rules. The new discipline consolidates and strengthens related provisions in...

India is one of the most significant countries of Asia, particularly in terms of its population and growing economy and markets. India has rapidly moved from a 'command and control' economy to free-market principles, and in this regard, one of the major reforms revamped the competition law. The...

Internal audit (IA) is theoretically considered a key element of modern corporate governance. Surprisingly, the existing knowledge on IA and its relation to the internal corporate governance structure is miscellaneous and rare. Consequently, empirical findings on the internal audit function...

We study the effect of mandatory IFRS adoption in Europe in 2005 on conditional conservatism. We capture conditional conservatism with a modified version of the Khan and Watts (2009) measure (C_Score) that also controls for potential shifts in unconditional conservatism and cost of capital. From...

What follows is a defense of corporate tax shelters. The first section shows that there is no ethical case in favor of the corporate income tax by examining traditional, as well as original arguments. The second section studies the effects of the corporate income tax on the economy and its...

In the post-financial crisis regulatory reforms emphasis has been placed on creating recovery and resolution frameworks for banks, which ensure that the costs of failure are primarily born by shareholders, instead of taxpayers and the wider economy. Supervisors have (or will have) extensive...

The purpose of this Article is to provide the reader with a detailed analysis of the existing regulations on shareholders' rights, recently updated by the Shareholders' Rights Directive II, as well as in light of the U.S. regulation on the topic. The paper aims to adequately address and explore...

On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.