Download or read book Regulatory Competition of Corporate Laws in Europe and in the United States of America written by Fabio Filocamo and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comparative Economic Analysis of Regulatory Competition in Corporate Law in Europe and the United States written by Robin Eyben and published by GRIN Verlag. This book was released on 2013-08-07 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: Sehr Gut, University of Hamburg (Institut für Recht und Ökonomik), language: English, abstract: In the US it is principally the states that are in charge of regulating the internal affairs of corporations. States allow firms to relocate in other states. Hence, it is argued that states are engaging in a process of competing for corporate charters. In the EU this basic setting is today quite similar: the EU Member States have separately created their own corporate law systems for decades. Though only since the European Court of Justice (ECJ) ruled in a series of famous decisions from Centros to Inspire Art that Member States have to recognize firms who are incorporated under other Member States’ corporate law, the possibility for regulatory competition in corporate is opened in the EU as well. Comparing the situations in Europe and America from a law and economics perspective, the guiding hypothesis of this thesis is that while regulatory competition in corporate law can lead to efficient results, several problems have to be taken into account. Inefficiencies in American and European regulatory competition in corporate law are mainly due to these problems. A possible normative solution to such inefficiencies is assessed. Other findings of this thesis involves the following aspects: Firstly, while regulatory competition in corporate law in the U.S. might have been economically efficient in the past, it now can be identified several factors that lead to suboptimal outcomes which can be explained positively by applying existing theories on the issue as complementary ones. Secondly, the European legal and economic situation resembles important factors of the American one while there are some major differences that will probably lead to different outcomes to those in the U.S. – though these are suboptimal as well. Thirdly, a normative conclusion is drawn from these comparative observations. It can be efficient to restructure the framework in which regulatory competition in corporate law takes place in both, the U.S. and the EU. It is proposed a form of procedural harmonization and a simplification of conflict of laws that will allow states to compete for separate modules of legal sectors in corporate law. Thus innovation and learning processes in corporate regulations will be easier comparable and a sustainable race to the top may begin.
Download or read book Regulatory Competition in Making Corporate Law in the United States and its Limits written by Mark J. Roe and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: American corporate-law scholars have focused on jurisdictional competition as an engine-usually as the engine-making American corporate law. Recent decisions in the European Court of Justice open up the possibility of similar competition in the EU. That has led analysts to wonder whether a European race would mimic the American, which depending on one`s view is a race to the top-promoting capital markets efficiency-or one to the bottom-demeaning it by giving managers too much authority in the American corporation. But the academic race literature underestimates Washington`s role in making American corporate law. Federal authorities are regularly involved, regularly make law governing the American corporation-from shareholder voting rules, to boardroom composition, to dual class stock-and they could do even more. In structure, the United States has two corporate lawmaking powers-the states (primarily Delaware) and Washington. We are only beginning to understand how they interact, as complements and substitutes, but the foundational fact of American corporate lawmaking during the twentieth century is that whenever there is a big issue-the kind of corporate policy decision that could strongly affect capital costs-Washington acted or considered acting. We cannot understand the structure of American corporate lawmaking by examining state-to-state jurisdictional competition alone.
Download or read book Regulatory Competition in the Internal Market written by Barbara Gabor and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Regulatory competition within Europe and internationally, operates in several fields with different outcomes. This book offers a comparative legal and economic analysis of corporate, securities and competition law, exploring the reasons behind such differences. The books conceptual framework covers the most relevant drivers of competition, including legal actors incentives, channels of competition and governance design. It shows how the different drivers and institutional designs are shaping competitive interactions, drawing relevant conclusions for both general and field specific regulatory policy. Providing a comparative analysis of regulatory competition in three legal fields, this book will be a valuable resource for researchers and academics in law, economics and political science, as well as policymakers legislator, regulator, judiciary at both national and European levels."--Publisher
Download or read book Regulatory Competition in Company Law in the European Community written by Stefano Lombardo and published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften. This book was released on 2002 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The work challenges the commonly accepted idea that the European single market needs a harmonized company law as a precondition for its correct functioning, on the basis of a law and economics comparison with the American situation. The study critically analyzes the two major reasons advanced to justify harmonization - the race to the bottom argument and the standardization argument - on the basis of the regulatory competition paradigm and concludes that they are basically wrong. Instead of pursuing harmonization of substantive company law, the proposal is to adjust conflict of law rules in favor of the incorporation theory as ruled by the European Court of Justice in its important Centros-decision of March 1999. Companies should be granted freedom of establishment and free movement among jurisdictions in the European Union.
Download or read book Competition Law of the European Union written by Van Bael & Bellis and published by Kluwer Law International B.V.. This book was released on 2021-03-01 with total page 1618 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new Sixth Edition of a major work by the well-known competition law team at Van Bael & Bellis in Brussels brings the book up to date to take account of the many developments in the case law and relevant legislation that have occurred since the Fifth Edition in 2010. The authors have also taken the opportunity to write a much-extended chapter on private enforcement and a dedicated section on competition law in the pharmaceutical sector. As one would expect, the new edition continues to meet the challenge for businesses and their counsel, providing a thoroughly practical guide to the application of the EU competition rules. The critical commentary cuts through the theoretical underpinnings of EU competition law to expose its actual impact on business. In this comprehensive new edition, the authors examine such notable developments as the following: important rulings concerning the concept of a restriction by object under Article 101; the extensive case law in the field of cartels, including in relation to cartel facilitation and price signalling; important Article 102 rulings concerning pricing and exclusivity, including the Post Danmark and Intel judgments, as well as standard essential patents; the current block exemption and guidelines applicable to vertical agreements, including those applicable to the motor vehicle sector; developments concerning online distribution, including the Pierre Fabre and Coty rulings; the current guidelines and block exemptions in the field of horizontal cooperation, including the treatment of information exchange; the evolution of EU merger control, including court defeats suffered by the Commission and the case law on procedural infringements; the burgeoning case law related to pharmaceuticals, including concerning reverse payment settlements; the current technology transfer guidelines and block exemption; procedural developments, including in relation to the right to privacy, access to file, parental liability, fining methodology, inability to pay and hybrid settlements; the implementation of the Damages Directive and the first interpretative rulings. As a comprehensive, up-to-date and above all practical analysis of the EU competition rules as developed by the Commission and EU Courts, this authoritative new edition of a classic work stands alone. Like its predecessors, it will be of immeasurable value to both business persons and their legal advisers.
Download or read book The Genius of American Corporate Law written by Roberta Romano and published by American Enterprise Institute. This book was released on 1993 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a study of the structure of American corporate law, which combines economic analysis with empirical insights to produce a number of policy insights. It is suitable for anyone studying corporate law, securities regulation, comparative company law or federalism.
Download or read book Developing Two Tiered Regulatory Competition in EU Corporate Law written by Martina Eckardt and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Centros ruling in 1999, Europe has evolved a two-tiered system of corporate laws. This opens up the possibility of some horizontal regulatory competition between the corporate laws of the member states. Following a draft regulation on the European Private Company (SPE), an additional legal form tailored to the needs of small and medium-sized enterprises (SMEs) is being proposed. We analyse whether such a supranational European legal form can be recommended from the perspective of the economic theory of legal federalism. We present a general theoretical framework for studying centralization/harmonization versus the decentralization of legal rules and regulations in regard to corporate law in the EU. Our analysis of the empirical evidence on horizontal regulatory competition and the advantages or disadvantages of such an additional legal form for SMEs shows clearly that it might render many benefits, compared with the existing situation of only (partial) horizontal competition.
Download or read book Regulatory Competition and Freedom of Contract in U S Corporate Law written by Marco Ventoruzzo and published by . This book was released on 2018 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real dynamics of U.S. regulatory competition in corporate law are often misunderstood. As convincingly demonstrated by some authors (Kahan and Kamar), most States are not actively engaged in the market for charters, and Delaware's position is substantially unchallenged. From this starting point, in this short paper presented at the Conference of the Sixtieth Anniversary of the Italian Rivista delle società in 2015, after a brief critical discussion of the actual nature of this "competition" based also on empirical evidence, I examine some recent reforms of the Delaware General Corporation Act in the area of corporate litigation (on fee-shifting bylaws and exclusive forum selection clauses), which affect contractual freedom in corporate bylaws and seem to confirm the theoretical framework illustrated. In light of these results, I offer some implications for the also peculiar type of regulatory competition emerging in Europe, and indicate some consequences that European policy makers should take into account.
Download or read book E Commerce Law in Europe and the USA written by Gerald Spindler and published by Springer Science & Business Media. This book was released on 2013-03-19 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique text deals with the most important legal areas for e-commerce related business in most of the member states in Europe as well as the USA. Topics that are dealt with include: contract law, consumer protection, intellectual property law, unfair competition, antitrust law, liability of providers, money transactions, privacy and data protection.
Download or read book Regulatory Competition in EU Corporate Law After Inspire Art written by Christian Kirchner and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decisions of the European Court of Justice in Centros and then in Inspire Art open up the possibility of regulatory competition in European corporate law. Now that EU Member States have to recognize each other's charters, some Member States could enact and enforce corporate law preferred by shareholders, managers or both, and thus lure corporations away from other Member States with less attractive corporate law. The European debate after Inspire Art will in some ways resemble the U.S. debate over the "Delaware effect" on corporate law over the past seventy years. Implicit in much of this debate, however, is the assumption, based on the U.S. experience, that regulatory competition in corporate law necessarily means that Member States will offer both their corporate law and their judicial system to managers and investors in other Member States who choose to incorporate abroad. In the United States, incorporation in Delaware means that corporate law cases are litigated in Delaware. This bundling of statutory law and adjudication might, however, cause difficulties in Europe. Using a theoretical framework of New Institutional Economics, we suggest that Member States are most likely to succeed in the regulatory competition following Centros and Inspire Art if they unbundle the corporate law product and allow buyers of corporate charters to choose the corporate law of the Member State of incorporation but have disputes under that law adjudicated elsewhere, preferably by arbitration panels. Although it is possible to allow disputes under one Member State's corporate law to be decided by the local courts of another Member State (probably the "seat" of the corporation), for a variety of reasons we find this to be an unattractive alternative. A more attractive alternative is adjudication by panels of professional arbitrators who specialize in the corporate law of a particular Member State, but who could be citizens of different Member States,and who would apply uniform procedural rules determined by an arbitration association rather than by national courts. This alternative requires that Member States allow corporate charters to provide for arbitration of disputes over corporate internal affairs. While national courts in the Member State of incorporation could do this by routinely enforcing arbitration awards, specific provision for arbitration in corporate statutes is preferable. Then, if a Member State where a corporation has its principal place of business or some other Member State were to try to make the arbitration clause unworkable under its own conflict of laws principles, the Member State of incorporation and private parties could claim, probably successfully, that frustration of the arbitration clause was not in compliance with the right of establishment as interpreted by the ECJ in Inspire Art.
Download or read book The Societas Privata Europaea written by Claudia Winkler and published by Springer. This book was released on 2012-04-27 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claudia Winkler uses the proposed European private limited liability company (Societas Privata Europaea - SPE) as an occasion to take a fresh and critical look at the arising notion of regulatory competition in European corporate law. The SPE is the newest attempt of the European Union to support union-wide corporate mobility of small and medium enterprises, following the liberalizing line of the ECJ’s case law from Centros to Cartesio. The author defines regulatory competition as an active competition between legislators endeavoring to provide the most efficient and attractive company law, complemented by a dynamic demand by companies in search of the most favorable corporate statute. Winkler shows why regulatory competition is still only a myth in European corporate law and concludes that even the SPE would most likely not boost such a development but rather hinder it in its entirety.
Download or read book EU Competition Law Data Protection and Online Platforms Data as Essential Facility written by Inge Graef and published by Kluwer Law International B.V.. This book was released on 2016-10-17 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: All are agreed that the digital economy contributes to a dynamic evolution of markets and competition. Nonetheless, concerns are increasingly raised about the market dominance of a few key players. Because these companies hold the power to drive rivals out of business, regulators have begun to seek scope for competition enforcement in cases where companies claim that withholding data is needed to satisfy customers and cut costs. This book is the first focus on how competition law enforcement tools can be applied to refusals of dominant firms to give access data on online platforms such as search engines, social networks, and e-commerce platforms – commonly referred to as the ‘gatekeepers’ of the Internet. The question arises whether the denial of a dominant firm to grant competitors access to its data could constitute a ‘refusal to deal’ and lead to competition law liability under the so-called ‘essential facilities doctrine', according to which firms need access to shared knowledge in order to be able to compete. A possible duty to share data with rivals also brings to the forefront the interaction of competition law with data protection legislation considering that the required information may include personal data of individuals. Building on the refusal to deal concept, and using a multidisciplinary approach, the analysis covers such issues and topics as the following: – data portability; – interoperability; – data as a competitive advantage or entry barrier in digital markets; – market definition and dominance with respect to data; – disruptive versus sustaining innovation; – role of intellectual property regimes; – economic trade-off in essential facilities cases; – relationship of competition enforcement with data protection law and – data-related competition concerns in merger cases. The author draws on a wealth of relevant material, including EU and US decision-making practice, case law, and policy documents, as well as economic and empirical literature on the link between competition and innovation. The book concludes with a proposed framework for the application of the essential facilities doctrine to potential forms of abuse of dominance relating to data. In addition, it makes suggestions as to how data protection interests can be integrated into competition policy. An invaluable contribution to ongoing academic and policy discussions about how data-related competition concerns should be addressed under competition law, the analysis clearly demonstrates how existing competition tools for market definition and assessment of dominance can be applied to online platforms. It will be of immeasurable value to the many jurists, business persons, and academics concerned with this very timely subject.
Download or read book Cost Based and Rule Based Regulatory Competition written by Marco Ventoruzzo and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulatory competition in corporate law is increasing in Europe and, not differently from what happens in the US, a market for corporate charters is developing in Europe. This article examines the differences between the US corporate law market, and the European one - to the extent that one exists. The basic idea is that, in Europe, there is a stronger competition for the (first) incorporation of rather small, closely-held corporations; while in the US a small closely-held corporation usually incorporates locally, where its shareholders and directors are located, and reincorporates - often in Delaware - when it is growing and, usually, when it goes public. Discussing the possible causes and consequences of this very important, but often overlooked difference, European regulatory competition is described as cost-based, i.e. relying primarily on the costs of incorporation; while US regulatory competition is considered as affecting more directly the rules concerning the internal affairs of the corporation (and directors' powers and liabilities in particular), and takeover regulation.
Download or read book Regulatory Competition on Corporate Law a Comparative Bibliography written by Kagan Kocaoglu and published by . This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competition Law and Economics written by Abel Moreira Mateus and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mateus and Moreira present a formidable review of pressing issues in competition law and economics. Top officials, judges and experts from Europe and North America offer their insights into analytical issues, practical problems for companies, enforcers and complainants and on the state of trans-Atlantic divergence and convergence. The discussion on national champions and state aid is prescient. Throughout, the analysis is acute, cutting edge, and deep. Officials, counsel and scholars will draw from this fabulous book for years to come. Philip Marsden, British Institute of International and Comparative Law, London, UK Competition policy is at a crossroads on both sides of the Atlantic. In this insightful book, judges, enforcers and academics in law and economics look at the consensus built so far and clarify controversies surrounding the issue. There is broad consensus on the fight against cartels, with some countries criminalizing this type of agreement. However there is also wide debate on the questions of monopolization and abuse of dominant position, vividly highlighted by the recent Microsoft case. Furthermore, there are today diverging views on the interplay of business strategies and the control of market power on both a national and international scale. The book discusses the perennial issue in Europe of the conflicts between competition and industrial policies, once again bringing the theme of national champions to the fore. The contributing authors provide opinion on the efforts which have been made towards modernization in both the USA and the EU. Featuring new contributions by leading scholars and practitioners in antitrust, this book will be a great resource for antitrust enforcers, competition lawyers and practitioners and competition economists, as well as scholars and graduate students in antitrust and competition law.
Download or read book European Corporate Laws Regulatory Competition and Path Dependence written by Wolfgang Kerber and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond the well-known discussion in regard to the Cassis de Dijon of the European Court of Justice, implying the mutual recognition of national product regulations, the topic of mutual recognition and regulatory competition has emerged again in the realm of European corporate laws (Centros of the ECJ in 1999). Can effective competition among European corporate laws be expected? In the US a broad discussion has developed whether the existing competition process among US corporate laws leads to permanent legal improvements by legal innovations or to a race to the bottom. Beyond this discussion a new point has been raised recently: the possibility and importance of path dependence as a potential problem for the efficacy of competition among corporate laws (lock-ins). For the analysis of this problem we apply the concept of technological paradigms and trajectories to legal rules in corporate law and introduce legal paradigms, which direct the search for better legal solutions in certain directions and might be stabilized by certain factors (esp. complementarities to other legal rules) leading to considerable path dependence effects. Our results show that path dependence might play a crucial role for competition among European corporate laws, even if the principle of mutual recognition would be introduced to corporate laws in the EU, implying that competition among European corporate laws might be difficult and sluggish. Consequently the question arises whether additional meta-rules should be established that might mitigate the problem of path dependence and lock-ins in regulatory competition in corporate law.
