Recent ”law and finance” research implies that minority shareholder rights are heavily affected by the legal tradition. This in turn has economic implications for a company´s ability to raise equity capital from outsiders, i.e., from minority investors. In a famous study by La Porta et al....

Recent changes in the German energy policy initiated a deregulation process from a monopolistic to a competitive market, fundamentally changing the market structure, transaction relationships and trading processes. While the mutual exchange of electric energy has been a business activity between...

We provide the impact on asset prices of search-and-bargaining frictions in over-the-counter markets. Under natural conditions, prices are lower and illiquidity discounts higher when counterparties are harder to find, when sellers have less bargaining power, when the fraction of qualified owners...

I explain the key failure mechanics of large dealer banks, and some policy implications. This is not a review of the financial crisis of 2007–2009. Systemic risk is considered only in passing. Both the financial crisis and the systemic...

Credit default swaps (CDSs) are among the most successful financial innovationsof recent years, which is reflected in the rapidly expanding market. CDS trading occurs inthe over-the-counter market, which relies heavily on broker intermediation to arrangetrades. We provide empirical evidence that...

Die Insolvenz der Lehman Brothers Inc. Bank gilt als zentraler Eckpunkt der derzeitigen Finanzkrise.Besondere Auswirkungen hatte die Insolvenz auf das Derivategeschäft mit Kreditausfallrisiken.Das Versicherungsunternehmen AIG, das sich auf den Handel mit Credit-Default-Swaps (CDS)...

Die aus der geringen Transparenz und mangelnden Standardisierung desaußerbörslichen Derivatehandels resultierenden Gefahren sind durch die internationale Finanzkrisedeutlich aufgedeckt worden. Nach dem Willen von Regulierungsbehörden soll diesembisher weitgehend unregulierten Marktsegment...

The background to the Report is the public policy debate about the introduction of a Bill of Rights or written constitution that would build on the Human Rights Act (HRA) (1998) and further strengthen human rights protection by codifying new, additional and / or strengthened rights including...

Mit § 120 Abs. 4 AktG hat der Gesetzgeber zum 5.8.2009 das beratende Votum zumSystem der Vorstandsvergütung als eigenständigen Beschlussgegenstand auf derHauptversammlung der börsennotierten Aktiengesellschaft eingeführt. Die Regelungkommt unvorbereitet und überraschend, sie folgt einem...