This article applies network economics to a particular aspect of the statute of the Societas Europaea (SE). The statute allows companies that decide to use the SE form to choose between a two-tier organisational structure (supervisory organ and management organ) and a one-tier organisational...

This article provides an overview of freedom of establishment and developments in the European market for corporate charters twenty years after the ECJ's important Centros decision of March 1999. Both for initial incorporations and reincorporations, ECJ case law has emerged as a key driver in...

This article deals with the exclusion of non-profit-making entities from the right of freedom of establishment of Articles 49 and 54 TFEU. The article analyses the historical reasons for this exclusion. It is argued that the exclusion from freedom of establishment is no longer justified on the...

Before deciding on operations involving share issuance or sale, companies or shareholders may seek to disclose information to selected investors, in order to gauge their opinion on the envisaged market operation. Such ‘market soundings' risk violating the prohibition of insider trading and yet...

Gläubigerschutz im Recht der Kapitalgesellschaften als Sozialschutz? Wurden Vertragsgläubiger von Lehre und Rechtssprechung als einfache Verbraucher, die den Schutz der Rechtsordnung gegen die Ohnmacht ihrer professionellen Vertragsparteien brauchen, betrachtet? Wurde der Kreditmarkt wegen...

This study is the first to provide systematic evidence regarding investor behaviour in Initial Coin Offerings (ICOs), their investment patterns and their role in the success of campaigns. Using hand-collected data on 472 public token sales over the period of 2013-2017, we advance the ICO...

Fintech revolution, crowdfunding and blockchain financing have dramatically reduced borrowing and lending transaction costs. Many argued that, ultimately, it would lead to complete disintermediation of start‐ups and SMEs financing. However, persistent asymmetric information and moral hazard...

This articles analyses the financial industry landscape following the recent financial crisis and new players and channels of obtaining external financing for start‐ups and SMEs. We show that the government intervention to overcome the credit crunch problems was of limited effect, be it...

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...