The firm can be seen as a centralization of market transactions and as a decentralization of a public ordering which allows the management of joint liabilities. The paper advances the view that the main reason for the firm’s existence is the unification and the internalization of liabilities....

The logical path traced by court decisions confirms the principle that the return obligation arises only when the revocation court decision becomes final.Therefore a provisional enforcement, after the first instance ruling, is not conceivable

We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. We demonstrate that the Coca-Cola Company left a written evidence of its implicit contract with its consumers—a very explicit form of an implicit contract. The...

Text presented at the 19ª Asamblea Anual del Grupo Regional de América Latina y el Caribe (GRULAC), of the World Savings Banks Institute, La Habana, Cuba, 4-5 November 2013. It mentions some of the more recent international reform initiatives in particular those linked to the Basel Committee...

This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970-2005 for four advanced countries, UK, France, Germany and the US. It examines two aspects of the legal origin hypothesis - whether shareholder protection is higher in the common law...

In the past decades, the number of sources of pollution has increased and their consequences on the lives of humans, plants, and animals are ever more alarming. Numerous personalities in the entire world draw the attention on the present unprecedented aggression against the environment. Romania,...

Due to judicial decisions the stock market prices are deemed to be the lower value limit in determining the compensations within structural measures according to German stock corporation law (e.g. squeeze-out of minority stockholders). By applying other valuation methods, in particular the...