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Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine Follow-up-Studie
Hainz, Christa; Hornuf, Lars; Nagel, Lisa; Reiter, Sarah; … - In: ifo Schnelldienst 72 (2019) 09, pp. 26-37
Das Kleinanlegerschutzgesetz aus dem Jahr 2015 soll durch eine stärkere Regulierung für mehr Transparenz für Anlegerinnen und Anleger auf dem »grauen Kapitalmarkt« sorgen. Das Gesetz beinhaltet jedoch auch Ausnahmeregelungen. Diese entbinden sowohl Unternehmen, die sich über eine...
Persistent link: https://www.econbiz.de/10012018081
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Which securities regulation promotes crowdinvesting?
Hornuf, Lars; Schwienbacher, Armin - 2014
In this paper, we show that too strong investor protection may harm small firms and, thus, entrepreneurial initiatives. This situation is particularly relevant in crowdinvesting, which refers to a recent financial innovation originating on the Internet. In general, securities regulation offers...
Persistent link: https://www.econbiz.de/10010364732
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Do the Securities Laws Matter? The Rise of the Leveraged Loan Market
de Fontenay</!>, Elisabeth - 2014
One of the enduring principles of federal securities regulation is the mantra that bonds are securities, while commercial loans are not. Yet the corporate bond and loan markets in the U.S. are rapidly converging, putting significant pressure on the disparity in their regulatory treatment. As...
Persistent link: https://www.econbiz.de/10013056021
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Chapter 6. Law and Finance After a Decade of Research
La Porta, Rafael; Lopez-de-Silanes, Florencio; … - 2013
In the last dozen years, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. Much of this research has dealt with rules...
Persistent link: https://www.econbiz.de/10014025558
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Regulation of crowdfunding in Germany
Tröger, Tobias - 2018
Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of … crowdfunding campaigns under this legal framework. After a brief survey of market data, it delineates the classification of … crowdfunding transactions in German contract law and their treatment under the applicable conflict of laws regime. It then turns to …
Persistent link: https://www.econbiz.de/10011793078
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The rise of private equity continuation funds
Kastiel, Kobi; Nili, Yaron - 2024 - Draft November 2023
This Article provides the first comprehensive examination of an emerging practice within the private equity sector-continuation funds. Continuation funds break from the traditional private equity model by allowing sponsors to hold on to assets beyond the typical fund term and, instead of selling...
Persistent link: https://www.econbiz.de/10014456371
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Questioning 'Law and Finance' : US Stock Market Development, 1930-70
Cheffins, Brian R. - 2012
An important tenet of a burgeoning 'law and finance' literature is that stock market development is contingent upon corporate law offering ample protection to shareholders. This paper addresses this claim, using as its departure point developments occurring in the United States between 1930 and...
Persistent link: https://www.econbiz.de/10013105507
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Securities Regulation, Securities Law and Financial Markets Law : From Investor Protection to Consumer Protection in New Zealand, 1985–2016
Griffiths, Shelley - 2019
This paper considers how the landscape of New Zealand securities regulation has changed in the 30 years since John Farrar and Mark Russell's 1985 Company Law and Securities Regulation in New Zealand. The discussion focuses on the reasons for the development in New Zealand, and how to locate this...
Persistent link: https://www.econbiz.de/10012866460
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Indirect investor protection : the investment ecosystem and its legal underpinnings
Spamann, Holger - 2021
This paper argues that the key mechanisms protecting retail investors' financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors' interests. Rather, they are provided by the...
Persistent link: https://www.econbiz.de/10012668369
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Crowdfunding or Fraudfunding? Social Networks and the Securities Laws – Why the Specially Tailored Exemption Must be Conditioned on Meaningful Disclosure
Hazen, Thomas Lee - 2013
solicitations. These and similar fundraising endeavors are known as crowdfunding. Social networks have the potential for using … crowdfunding to reach large numbers of people. Since crowdfunding is designed to reach a large number of people, limiting the fund … substantially unregulated activity. Crowdfunding can also be used to finance small business enterprises, which in contrast is a …
Persistent link: https://www.econbiz.de/10013092199