There are many corporate governance systems that exist in the world. Although two of them, an open (outsider system) and a closed (insider system) one are enumerated as the two leading systems, detailed regulations form a significant diversification of solutions that result from their national...

By virtue of article 76 of Constitution and The act about prevention of fraudulent market’s actions, domestic bodies are obligated to protect consumers against trader’s actions with are unlawful. This article presents scope of Polish act about prevention of fraudulent market’s actions....

In this paper we discuss two instruments through which corporate law attempts to promote trust and trustworthiness in business organizations: (i) monitoring of the manager by a principal, as in the agency approach; (ii) moral suasion, as in the approach according to which managers are...

Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

In a financial contracting model, we study the optimal debt structure to resolve financial distress. We show that a debt structure where two distinct debt classes co-exist – one class fully concentrated and with control rights upon default, the other dispersed and without control rights...

The paper examines the effect of international regulatory harmonization on cross-border labor migration. We analyze directives in the European Union (EU) that harmonized accounting and auditing standards. This regulatory harmonization should make it less costly for those who work in the...

Matrimonial regime is the synthesis of all the rights and obligations of spouses pecuniary valence, having its origins in the institution of marriage, leaving outside their regulatory and other economic issues that may arise property relationships between spouses, as: maintenance obligation,...

In the ongoing discussions on audit regulation, the key issues of auditor independence and a high level of audit market concentration have become apparent. However, there is the concern that regulations intended to improve auditor independence (i.e., restrictions regarding the joint supply of...

The business, as a profitable organization must become ethical in order to survive in a globalized world. It is true that in the last decades businesses have changed dramatically because of the remarkable changes from all fields of activity. However, the most important factors were some subtle...