This article tells how a shareholder class action against Teva Pharmaceutical Industries, the largest generic drug maker in the world, ended the practice of hiding individual executive pay figures by companies crosslisted in Israel and the United States. That practice relied on a tenuous reading...

In 2010, the U.S. accounting rulemaker (FASB) updated its longstanding constitution to eliminate “reliability” as a fundamental accounting property. FASB argued that “reliability” was misunderstood in practice and that this amendment clarified its original intent. Drawing on primary...

Unlike virtually all market microstructure research that is, of necessity, restricted to actual trades, we analyse the underlying orders prior to their disguise in the form of trades to examine trading cost implications for institutional investors and households separately. We investigate three...

This article argues that mandatory disclosure of country-by-country reports is in the best interest of the shareholders of publicly traded multinational enterprises. It urges regulators to act quickly as tax authorities begin exchanging reports

This paper examines the economic consequences of the introduction of regulations that mandate listed firms adopt outside directors. The Japanese Companies Act was revised in June 2014, and this revision required listed firms to adopt at least one outside director. Although half of the listed...

Current shareholder engagement systems face large classical inefficiencies. First, due to the large chains of intermediaries in the current securities models, transaction costs are high and shareholder votes and other information are not always correctly transmitted between shareholders and...

This study addresses the implications of several scenarios of the UK withdrawing from the EU in relation to the EU Customs Union, the Internal Market law for Goods and Services, and on Consumer Protection law, identifying the main cross-cutting challenges that have to be addressed irrespective...

Through the lens of assessing the likely regulatory impact of the 2017 EU Directive on Long-term Shareholder Engagement's amendments to the Directive on Shareholder Rights, this article considers the mythical voice and stewardship role attributed by the EU to shareholders as active corporate...

Equity crowdfunding is a relatively new investment format that allows investors to purchase unlisted securities from a company that does not meet listing requirements for an initial public offering. Equity crowdfunding offers investment rewards but also has risks of fraud, herding, insolvency...

The framing of ‘bail-in' as a key resolution tool within the body of the Bank Recovery and Resolution Directive (“BRRD”) has been hailed by many as the end of public bail-outs. For its effective functioning, policymakers and private counterparties have battled to renovate the liability...