This book is both a repertory guide to the Convention on International Civil Aviation (Chicago Convention) as well as a legal analysis of the provisions of the treaty. It traces action taken by the ICAO Assembly and the Council in the implementation of the Convention from the first ICAO Assembly in 1947 until 2012. Above all, the book offers a commentary on the functional and moral fabric of the Chicago Convention, which is not only a multilateral legal instrument that sets out basic principles of air navigation and air transport, but also serves as a moral compass that brings the people of the world together.

The teleological nature of the Chicago Convention is reflected from the outset from its Preamble which sets the tone and philosophy of the Convention that aviation builds friendship and understanding among all people, to its technical provisions that range from rules of the air to landing at airports and customs and immigration procedures. The book effectively demonstrates the Aristotelian principle that rules make people good by forming habits in them. Standardization, or in other words, compliance, is the driver of the Convention that keeps aviation safe, regular, efficient and economical. To that end, this book traces and details the sustained relevance of the Chicago Convention and the efforts of ICAO and the international aviation community towards keeping air transport on track and ready for its future exponential growth, both in letter and in spirit. "

Regulating subsidies in international trade is crucial to the efficient and equitable allocation of resources and ultimately to global welfare. Much of the serious instability that persists in today's interdependent world may be traced to government interventions that dilute or defy such regulation. In this in-depth analysis of subsidies and State aids, Gustavo Luengo details the regulatory elements that reveal how governments undertake the granting of support to their national industries. Although in theory such support is aimed at two overriding economic objectives - the elimination of harmful distortions, and the correction of market failures - he shows that in practice it is political contexts that determine the principles and objectives of the regulation of subsidies. The analysis focuses on two mature regulatory systems, those of the World Trade Organization (WTO) and the European Communities (EC). The author describes both legal frameworks, and then proceeds to examine the differences and conflicts between the two systems, along with their reasons, consequences, and possible solutions. Significant aspects of the regulation of subsidies that emerge from the analysis include the following: the role of 'countervailing measures'; the EC notion of 'State aid' as developed by the European Commission and the European Court of Justice; procedures for controlling subsidies under both systems and the consequences of granting subsidies in violation of applicable rules; the elements of 'financial contribution' and 'benefit' under the Agreement on Subsidies and Countervailing Measures (ASCM); actionable and non-actionable subsidies; agricultural subsidies in both systems; and, the role of WTO dispute settlement procedures. Both for its clear and comprehensive overview of the regulation of subsidies and State aids and for its insightful recommendations, this book will be welcomed as a major contribution to the field of international economic law. Practitioners, policymakers, officials, and academics will all find it enormously valuable for its analytic depth and its direct applicability to the need to develop fair and enforceable regulation of subsidies and State aids.

This book presents a hotly debated issue concerning the ownership of trust property in China. The book describes various conventional interpretations of Chinese Trust Law submitted by legal scholars and compares diverse approaches regarding the ownership of trust property provided by jurisdictions globally. The book does not directly answer the question "Who is the owner of trust property in China?" Instead, using a social capital perspective, it develops a more practical perspective to explain why Chinese trust business has grown rapidly even in lack of legal certainty regarding the location of ownership of trust property. The book also further predicts under what conditions is the time ripe to clarify the location of the ownership of trust property in China. By employing those sociological concepts often used to depict and analyze society, this book outlines the structure of the Chinese trust business and related social relations in different stages, i.e., the current rapid development stage, and the possible transitional stage in the near future. The focus is on how the social network structure affects the behavior of actors (such as the settlor, the trustee, and the beneficiaries, and/or their potential candidates) within the relevant section of Chinese society. The book provides readers with an intensive analysis of the impacts of historical, cultural, and social elements on the legislation and development of trust law in China. It will appeal both to lawyers interested in the Chinese trust business and to comparative law researchers and social scientists.

This book investigates the tensions between EU law and international commercial arbitration, i.e. tensions between two phenomena at opposite ends of the public to private ordering continuum. It focuses on the Commercial Agents Directive's regime for indemnity and compensation as one of the most frequent source of these tensions. To mitigate the consequential problems, the book proposes and describes a comprehensive framework for a preferable system of reviewing arbitration agreements and arbitral awards. To this end, it explores the prerequisites of this system through comparative legal analysis of the German, Belgian, French and English systems of review, an assessment of the observable aspects of arbitral practice, game theoretical analysis of the arbitral process, and microeconomic analysis of the cross-border market for commercial agency.

The enhancement of e-commerce nowadays is one of the important policy issues in the European Union. To this purpose the laws of the EU Member States should be further harmonised. The European Union has adopted a number of Directives relating to different aspects of e-commerce which should be implemented in the laws of the Member States. eDirectives: Guide to European Union Law on E-commerce provides article-by-article comments on four Directives central to the regulation of electronic commerce in the European Union (EU), viz. 97/7/EC on distance selling; 1999/93/EC on electronic signatures; 2000/31/EC on electronic commerce; and, 2001/29/EC on copyright in the information society. In addition, a separate chapter deals with e-commerce and privacy protection, while the opening chapter discusses all other EU initiatives relevant for the regulation of e-commerce. This volume is meant as comprehensive legal source of e-commerce legislation for both academics (LLM-students and academic staff) and practitioners (attorneys, company lawyers, consultants). It is not only of interest for readers in the EU-Member States (because their national law is or is about to be adapted to the EU Directives), but also for readers in aspirant Member States of the EU, as well as for readers in other countries where e-commerce has emerged, like the Unites States of America.

This "Liber Amicorum" is written in honour of Richard M. Buxbaum to celebrate his 70th birthday. It pays tribute to his writings, teachings, editorial and administrative work, which have contributed immensely to the development of the international legal order. The contributions are from international experts in the field of commercial and economic law, corporate law, intellectual property and business law, and give an interesting and valuable account of current economic trends and academic thinking.

In this volume 21 experts from all over the world examine the UNIDROIT Principles from the perspective of their respective countries, focusing, among others, on the similarities and differences between the UNIDROIT Principles and domestic law, and the use of the UNIDROIT Principles in actual practice (contract negotiation, arbitration proceedings, model for law reform projects, etc.). These national reports are critically analysed in the General Report by Professor M.J. Bonell, Chairman of the Working Group for the preparation of the UNIDROIT Principles.

This book provides a unique comparative and global analysis of the regulation of disclosure in financial (securities) markets. It is written by two authors who represent both the new world (Australia) and the old world (Germany). The authors present their research in the global business context, with legal and regulatory perspectives including some references from Africa, Asia, the Middle East and South America. After every "boom" and "bust", legislators pass new disclosure legislation, often in a heated environment fuelled by politics and the media. Little regard is paid to existing regulation or the lessons learned from earlier regulation. The result is the continuing enactment of redundant and overlapping disclosure laws. Since financial markets are often described as markets for information, the failure to ensure disclosure is at the heart of financial services regulation. This book argues that the solution to the failure of disclosure is a brief, easily understood, principles-based, plain English safety-net amendment to statute law such as "you must keep the financial market fully informed", a measure that would support effective mandatory continuous disclosure of information to financial markets. This book examines the reasons for disclosure regulation, and how the efficient operation of financial markets is dependent on disclosure. It examines the adequacy of common law and civil law concerning broker/client disclosure, and concludes that industry licensing in itself fails to keep the market informed. While recognizing the failures of securities commissions to achieve good disclosure in financial markets, it confirms the effectiveness of coregulation of disclosure by a commission with the support of the financial markets (such as the stock exchange). Coregulation builds on financial market self-regulation, and is best described in the words of one-time SEC Chairman William O. Douglas, who, in the 1930s, described it as a shotgun behind the door.

This volume presents national reports describing the legal instruments that are available to prevent the payment of bribes for acquiring contracts. Anti-corruption is one of the preeminent issues in the modern global commercial order and is tackled with the help of criminal law and contract law in different ways in different countries. The reports included in this volume, from very diverse parts of the world, represent a unique and rich compilation of court decisions, doctrinal discussions and a pool of suggested solutions. The central theme is the enforceability of three problematic types of contracts: the bribe agreement, whereby a bribe payer promises the agent of his business partner a personal benefit in exchange for favourable contract terms; the agreement between a bribe payer and an intermediary (a "bribe merchant"), where the latter offers his expertise to help funnel bribes to agents of the business partner; and finally, the contract between the bribe payer and his business partner which was obtained by means of bribery. The analysis is tailored toward commercial contracts, which can also include contracts with state-owned enterprises. The examination and comparison of international and national initiatives included in this volume advance the discussion on the most appropriate remedies in corruption cases, and show how to get past the boundaries of criminal, private and contract law.

Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics. Contributors: R.B. Ahdieh, V. Atanasov, S.M. Bainbridge, B. Black, M.M. Blair, M.T. Bodie, C.S. Ciccotello, D.C. Clarke, L.A. Cunningham, A. Darbellay, S.M. Davidoff, L.M. Fairfax, F. Ferri, J.E. Fisch, T. Frankel, R.J. Gilson, S.J. Griffith, C.A. Hill, R. Kraakman, D.C. Langevoort, I.B. Lee, B.H. McDonnell, R.W. Painter, F. Partnoy, D.G. Smith, R.S. Thomas, R.B. Thompson, D.I. Walker, C.K. Whitehead

This book discusses the role of private law as an instrument to produce financial and social inclusion in a context characterised by the redefinition of the role of the State and by the financialisation of society. By depicting the political and economic developments behind the popular idea of financial inclusion, the book deconstructs that notion, illustrating the existence and interaction of different discourses surrounding it. The book further traces the evolution of inclusion, specifically in the European context, and thus moves on to analyse the legal rules which are most relevant for the purposes of bringing about the financialisation of the citizen. Hence, the author focuses more on four highly topical areas: access to a bank account, access to credit, over indebtedness, and financial education. Adopting a critical and inter-disciplinary approach, The Financialisation of the Citizen takes the reader through a top-down journey starting from the political economy of financialisation, to the law and policy of the European Union, and finally to more specific private law rules.

Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic.
*The first and only book of research on takeover regulation and corporate governance affecting M&A results
*Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value
*Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts

Divided into three sections, this yearbook first looks at criminal law in a European integration context and at the GATT, the EC and anti-dumping. It then explores the topic of acquisition of real estate by foreigners and the issue of health and the law in various countries.

This book addresses the legal and contractual obligations of sea carriers regarding due care for the cargo under a contract of carriage. While the general framework employed is the leading international liability regime, the Hague-Visby Rules, the discussions in each chapter also account for the possible future adoption of a new regime, the Rotterdam Rules. The subject matter concerns the standard for the duty of care for goods as codified in the Hague-Visby Rules, but the work also touches upon a wide range of related topics found both in law and in practice, providing valuable commercial, technical and historical links as well as various solutions that have been found at the national and international level to address challenges arising in this specialised area of law. The book is divided into six chapters, which gradually reveal the complexity of the topic. Chapter 1 provides a thorough introduction to the two main transport documents in use, and to the basic logic behind shipping, sea-going trade and related national and international legislation. In turn, Chapter 2 presents an overview of the relevant provisions of the Hague-Visby Rules. Chapters 3, 4 and 5 examine the problems arising out of the insertion of a FIOS(T) clause in the contract of carriage; the carriage of goods on deck; and the carriage of goods in containers, respectively. Lastly, Chapter 6 provides an overall conclusion on the legal status quo and current practice, as well as future prospects. The book was written with a number of potential readers in mind and is intended to open up the topic to a broader audience. It is suitable both for readers who wish to advance their learning (e.g. professionals, practitioners and postgraduates) and for readers with little or no prior knowledge of the topic (e.g. students and researchers).

Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches - managerial power theory and optimal contracting theory - and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, this Handbook will be an essential resource for students, scholars and practitioners of law, finance, business, and accounting. Contributors: C. Amatucci, R. Bender, S. Bhagat, W. Bratton, S. Chahine, R. Chakrabarti, M.J. Conyon, G. Ferrarini, M. Firth, M. Goergen, B. Haar, L. He, M.T. Henderson, J.G. Hill, K. Kubo, T.Y. Leung, G. Loutzenhiser, M. Lubrano di Scorpaniello, J.A. McCahery, N. Moloney, K.J. Murphy, L. Oxelheim, L. Renneboog, R. Romano, O.M. Rui, Z. Sautner, K. Sheehan, K. Subramanian, R.S. Thomas, S. Thompson, G. Trojanowski, H. Wells, C. Wihlborg, J. Winter, P.K. Yadav, Y. Yadav, J. Zhang

Doing business over the Internet may raise a wide array of legal questions that can be crucial to the commercial success of the venture. e-Business Law of the European Union contains the text of the EU legislation which is of particular relevance to e- business, covering a broad spectrum of legal issues such as data protection, distance selling, electronic signatures, liability of online intermediates, electronic money, applicable law and jurisdiction in international disputes. This publication combines the regulatory initiatives of the various directorates-general of the European Commission (which may also be found on their websites) in one convenient hardcopy volume, making it an essential reference book to any lawyer, business-executive or law student dealing with the legal aspects of e-business. The source materials selected for this publication are explained briefly in a short introductory chapter for those readers not already familiar with this exciting and dynamic subject matter. This volume was put together by lawyers from various European offices of Allen & Overy who are part of Allen & Overy's cross-border CMT Group (Communications, Media & Technology). The CMT Group's truly international footprint, integrated approach and vast experience in each of the CMT sectors has made Allen & Overy one of the leading legal names in the field of e-business and ICT.

Punishing Corporate Crime: Legal Penalties for Criminal and Regulatory Violations provides a practical discussion of criminal punishment trends directed at the corporate entity. Corporate punishment, for the most part, has traditionally occurred either in the form of a fine or, in the extreme, a heavy sanction that terminates the business. This timely book analyzes the historical and statutory bases of corporate punishment and reviews the latest remedies now employed by the government, including receivership and monitoring, disgorgement of profits, restitution, integrity agreements, and disbarment from regulated fields. Punishing Corporate Crime explores the new and evolving area of corporate criminal punishment that has emerged in the post- Enron era. This book offers key advice in addressing the new and evolving punishments that face corporations, as well as a consideration of preventative programs.

This book focuses on the impact of technology on taxation and deals with the broad effect of technology on diverse taxation systems. It addresses the highly relevant eTax issue and argues that while VAT may not be the ultimate solution with regard to taxing electronic commerce, it can be demonstrated to be the most effective solution to date. The book analyzes the application and the effectiveness of traditional income tax principles in contradistinction to VAT principles. Taking into account rapidly ameliorating technology, the book next assesses the compatibility between electronic commerce and diverse systems of taxation. Using case studies of Amazon.com and Second Life as well as additional practical examples, the book demonstrates the effectiveness of VAT in respect of electronic commerce and ameliorating technology in the incalculable and borderless realm of cyberspace.

This text provides an understanding of Netherlands Antilles' legal, political and constitutional system and judicial organisation, as well as specific legislation in areas such as corporate law, tax law and social security. Thirty-six authors, whose combined expertise cover all aspects of doing business in or with the Netherlands Antilles, provide the commentary and guidance needed to locate, interpret and apply any relevant laws, rules or regulations. A comprehensive index helps pinpoint specific information quickly. This book will also be of use to investors doing business in or with Aruba, as the legal system there is very similar to that of the Netherlands Antilles.

Based upon the papers presented at a joint session of the International Litigation and Securities committees of the Section on Business Law at the 1995 International Bar Association conference in Paris, this book is collected under five broad topics: disclosure and misrepresentation; conflicts of interest; class actions; damages; and international enforcement. Given the prevalence of securities litigation in the United States as compared to other jurisdictions, a particular effort has been made to obtain a comprehensive set of papers on American aspects of these topics. Other significant capital markets include: Australia, UK, France, Korea, Spain and Switzerland.

What began as a standoff between competing steamship entrepreneurs ended as one of the Supreme Court's most significant cases. Gibbons v. Ogden in 1824 brought into sharp relief the ongoing tug-of-war for power between individual states and the federal government. By applying the Commerce Clause of the Constitution, the Court set a key precedent for federal authority. But, behind the scenes, the ""Steamboat Case"" also demonstrated Chief Justice John Marshall's instrumental role as mediator on the bench. Untangling the issues and the arguments in Gibbons, Herbert Johnson reveals the lasting impact of this landmark case on both commerce in the Early Republic and the understanding and growth of federal power during the last 200 years. Johnson brings the case's protagonists--including Marshall and Daniel Webster--vividly to life and deftly illuminates its key aspects: the ambiguity of the Court's judgment; Justice William Johnson's nationalist-oriented concurring opinion; Marshall's avoidance of such key issues as the role of the dormant commerce clause and the relationship of foreign trade, interstate commerce, and diplomatic relations; and Marshall's failure to address patents and state monopolies. Perhaps most significant, the author challenges the traditional view that Gibbons established that the Constitution bestowed upon Congress an exclusive power to regulate interstate commerce. Drawing on recent research into the early Court, Johnson shows how Gibbons provides a salient example of Marshall's ability to gain agreement despite severe differences among his colleagues. No longer surrounded by fellow Federalists on the bench, Marshall mustered all of his managerial skills to achieve consensus, and his opinion for the Court reflected the concessions and agreements that he engineered to achieve near unanimity in a decision that favored federal power without establishing a definitive endorsement of it. Johnson shows that the outcome of this case was a key moment in the economic history of the nation, heralding the expansion of entrepreneurship and technology while justifying federal primacy in the regulation of commerce. Concise and ideally suited for the classroom, his study not only provides new insight into this landmark case but also attests to its significance in the working of the early Court. This book is part of the Landmark Law Cases and American Society series.

This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate is that negative effects on third-party creditors predominate because banks act in their own self-interest. After systematising the debated potential positive and negative externalities of covenants, the book empirically examines these externalities: It investigates the banks' factual conduct and its effects on third-party creditors in Germany and the US. The study's most significant outcome is that it disproves the assumption that banks disregard third-party creditors' interests. These findings are then interpreted with the tools of economic analysis; particularly, with the concept of common pool resources (CPRs). Around the aggregated value of the debtor company's asset pool (as CPR) exists an n-person prisoner's dilemma between banks and third-party creditors: No creditor knows when and under what conditions the other creditor will appropriate funds from the debtor company's asset pool. This coordination problem is traditionally addressed by means of bankruptcy law and collaterals. However, the incentive structure that surrounds the bilateral private governance system created by covenants and an event of default clause (a CPR private governance system) is found to also be capable of tackling this problem. Moreover, the interaction between the different regulation spheres - bankruptcy law, collateral and the CPR private governance system has important implications for both the aforementioned discussions as well as the legal treatment of covenants and event of default clauses. Covenants alone cannot be seen as an alternative to institutional regulation; the complete CPR private governance system and its interaction with institutional regulation must also be taken into consideration. In addition, their function must first find more acceptance and respect in the legal treatment of covenants and event of default clauses: The CPR private governance system fills a gap in the regulation of the tragedy of the commons by bankruptcy law and collateral. This has particularly important implications for the German 138 BGB, 826 BGB and ad hoc duties to disclose insider information.

Essentials of Business Law is well regarded for its clear yet succinct exposition of core principles and key cases across the essential legal topics relevant to business students. This new edition has been significantly updated and deals fully and comprehensively with the Consumer Rights Act 2015.

This index of the "Comparative Law Yearbook of International Business" is organized for ease of use according to well-recognized subject categories. It lists all articles published from the inception of the Yearbook and provides information about the authors, the main topic headings that appear within each article, and the volume and page number where the articles can be found. The "Cumulative Index" also contains a table of contents and an authors' index. It facilitates research on all subject matter covered in this series. This is the second Cumulative Index. It covers all published articles from its inception in 1977 (then known as the Comparative Law Yearbook) to 1996. A new edition will be published in approximately three years.

What began as a standoff between competing steamship entrepreneurs ended as one of the Supreme Court's most significant cases. Gibbons v. Ogden in 1824 brought into sharp relief the ongoing tug-of-war for power between individual states and the federal government. By applying the Commerce Clause of the Constitution, the Court set a key precedent for federal authority. But, behind the scenes, the ""Steamboat Case"" also demonstrated Chief Justice John Marshall's instrumental role as mediator on the bench. Untangling the issues and the arguments in Gibbons, Herbert Johnson reveals the lasting impact of this landmark case on both commerce in the Early Republic and the understanding and growth of federal power during the last 200 years. Johnson brings the case's protagonists--including Marshall and Daniel Webster--vividly to life and deftly illuminates its key aspects: the ambiguity of the Court's judgment; Justice William Johnson's nationalist-oriented concurring opinion; Marshall's avoidance of such key issues as the role of the dormant commerce clause and the relationship of foreign trade, interstate commerce, and diplomatic relations; and Marshall's failure to address patents and state monopolies. Perhaps most significant, the author challenges the traditional view that Gibbons established that the Constitution bestowed upon Congress an exclusive power to regulate interstate commerce. Drawing on recent research into the early Court, Johnson shows how Gibbons provides a salient example of Marshall's ability to gain agreement despite severe differences among his colleagues. No longer surrounded by fellow Federalists on the bench, Marshall mustered all of his managerial skills to achieve consensus, and his opinion for the Court reflected the concessions and agreements that he engineered to achieve near unanimity in a decision that favored federal power without establishing a definitive endorsement of it. Johnson shows that the outcome of this case was a key moment in the economic history of the nation, heralding the expansion of entrepreneurship and technology while justifying federal primacy in the regulation of commerce. Concise and ideally suited for the classroom, his study not only provides new insight into this landmark case but also attests to its significance in the working of the early Court. This book is part of the Landmark Law Cases and American Society series.