A curious ownership structure is found in Northern Europe – foundations that own <p> and operate business companies. The foundations are non-profit entities, they have no <p> members and no owners, and they cannot be dissolved, but regard it as a goal in itself <p> to run a business. In many cases...</p></p></p>

We conduct an analysis of legal pre-emption rights in which a beneficiary has a right but not an obligation to acquire a specific good at a certain price. We analyse how such an option influences seller and other prospective buyers. Furthermore, we address the question of the efficiency loss if...

This paper tests the hypothesis that the threat of a contested <p> takeover improves corporate performance. This is done by a cross-sectional <p> analysis of listed Danish firms with and without effective takeover defenses. <p> Takeover defenses adopted by Danish firms mainly consist of dual class <p>...</p></p></p></p>

The article studies how takeover defenses influence managerial <p> incentives with respect to long term investments, excess liquidity and the amount of <p> debt relative to equity. The article conducts a cross-sectional regression based on a <p> sample of Danish listed firms, dealing explicitly with the...</p></p></p>

Abstract: The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted. <p> The article finds significantly positive abnormal...</p>

This paper addresses the issue of the optimal standard of proof in crim-inal <p> law. It is assumed that people in society care about both fairness and <p> deterrence. It is important to punish those who are guilty and only those. <p> However, error is unavoidable and hence a trade-o¤ emerges between...</p></p></p>