We argue on theoretical grounds that obligatory compliance with stricter financial reporting rules (e.g. the US Sabanes-Oxley Act) may entail important unintended consequences. Paradoxically, the amount of misreporting may increase because corporate boards spend more valuable resources...

The international financial system has achieved a radical change in the last twenty years. From the so called Commodity Exchange, which is recognized as the origin of the financial system and even of the derivative one by the economic literature since 1500, to Black & Scholes (1973a) and...

The subject of the analysis circumscribes to the possibility of applying the principles of the doctrine piercing the corporate veil in the Romanian legal system, which has not yet met a unified legislative approach regarding the extension of shareholders’ liability. Starting from the legal...

(VF)Pour les entreprises, les fraudes représentent des coûts importants. Leur révélation par la presse permettrait d’améliorer leur rentabilité. Nous nous sommes demandé comment et pourquoi la presse française remplit le rôle de mécanisme de gouvernance disciplinaire en tant que...

Small well-motivated groups, including state officials, public and community activists, politicians etc proved their capacity to impose burden on economy. The power to do so in modern Market Democracies could be reached without “unsheathing the sword”. Old fashioned redistribution experts -...

The legal evaluation of the penalty interest, meaning the ex lege determination of its level is applicable only in the case of non-fulfillment of a monetary payment obligation. The applicability of the system of legal evaluation of the interest is generally determined by the absence of a...

Patients suffering orphan diseases are less likely to receive a treatment than patients suffering diseases of high prevalence. Legislators in Europe and the USA aim to provide incentives for research, development and placing on the market of designated orphan medicinal products. In the paper, we...

The Small and Medium Enterprise sector in Romania has been significantly affected by the global recession in the years 2008-2009; currently it is making efforts to revive it, thanks to important role it occupies in the economy of any country. SMEs raise wide debates, especially on fiscal measures....

The legal evaluation of the penalty interest, meaning the ex lege determination of its level is applicable only in the case of non-fulfillment of a monetary payment obligation. The applicability of the system of legal evaluation of the interest is generally determined by the absence of a...

The paper is divided into three parts. The first part, regarding the preliminary aspects, contain an overview of the commercial and non-commercial professionals, in the New Civil Code provisions. The second part defines the concept of professional and the concept of enterprise as a systemic...