This book seeks to examine the relationship between corporate law rules and economic performance. Contributors examine the design of the two main systems of corporate governance to ascertain which bundle of rules is likely to support the emergence of a strong system of governance. They seek to show that the performance of companies is linked to different patterns of shareholding, legal rules, and non-legal relationships.

The contributions of Understanding the Sources of Early Modern and Modern Commercial Law: Courts, Statutes, Contracts, and Legal Scholarship show the wealth of sources which historians of commercial law use to approach their subject. Depending on the subject, historical research on mercantile law must be ready to open up to different approaches and sources in a truly imaginative and interdisciplinary way. This, more than many other branches of law, has always been largely non-state law. Normative, 'official', sources are important in commercial law as well, but other sources are often needed to complement them. The articles of the volume present an excellent assemblage of those sources. Anja Amend-Traut, Albrecht Cordes, Serge Dauchy, Dave De ruysscher, Olivier Descamps, Ricardo Galliano Court, Eberhard Isenmann, Mia Korpiola, Peter Oestmann, Heikki Pihlajamaki, Edouard Richard, Margrit Schulte Beerbuhl, Guido Rossi, Bram Van Hofstraeten, Boudewijn Sirks, Alain Wijffels, and Justyna Wubs-Mrozewicz.

The Institutional Structure of Antitrust Enforcement, by Daniel A. Crane provides a comprehensive and succinct treatment of the history, structure, and behavior of the various U.S. institutions that enforce antitrust laws, such as the Department of Justice and the Federal Trade Commission. It addresses the relationship between corporate regulation and antitrust, the uniquely American approach of having two federal antitrust agencies, antitrust federalism, and the predominance of private enforcement over public enforcement. It also draws comparisons with the structure of institutional enforcement outside the United States in the European Union and in other parts of the world, and it considers the possibility of creating international antitrust institutions through the World Trade Organization or other treaty mechanisms. The book derives its topics from historical, economic, political, and theoretical perspectives.

Virtually every jurisdiction is developing private international law rules to deal with trusts and similar ring-fenced structures. With the increasing impact of globalization, business interests throughout the world are intent on maximizing the potential of such structures for raising funds, lowering risks and cutting costs. As a result, numerous complex issues involving the traditional categories of settlor, beneficiary and fiduciary are being radically transformed. This text offers analyses, by 16 authorities in the field, of a broad range of trust-related issues. The many insights in this book reveal the workings of such issues as: the disappearing divergence between common law and civil law jurisdictions in the matter of trusts; using the segregated fund concept to manage the risk of insolvency; the demise of the "amateur trustee" in the charitable trust sector; why loss to the fund supersedes particular losses of beneficiaries; the legal dimensions of hiding ownership by "giving" property to trustees; the intervention of public policy in questions of perpetuity; the selective imposition of OECD and FTF transparency initiatives on offshore jurisdictions; and "policing" of trustee behaviour by beneficiaries. Lawyers, bankers and others dealing with investment and business finance should find much information as well as food for thought in this book, as should those involved in the traditional trust industry, whether as trustees or lawyers or fund managers. Most of the essays in this collection were originally prepared for presentation at a conference held in 2001 at King's College London.

This book on the legal aspects of aerospace activities from government procurement to insurance, financing, communications, space transportation, intellectual property, trade, antitrust and technology transfer is comprehensive yet self-contained and practical. The rational distribution of materials among 11 chapters makes topics of specific interest easy to find. This guide is essential reading for executives of aerospace companies and their contractors as well as government agencies, lawyers and other professionals.

The specific materials contained in the book are introduced by a general description of the entities involved in aerospace activities and the main laws and regulations. Contracts relating to space activities are described and discussed in the second chapter which is complemented by a description of government and international agency procurement in the following chapter. The insurance needs of commercial space are discussed in chapter four. Satellite communications, a major component of commercial space, are dealt with in chapter five. The next chapter describes financing techniques for space ventures which, by their very nature, require enormous amounts of capital and are notoriously risky. Chapter seven and eight deal with launch services and space transportation both in terms of business aspects and regulatory issues. The trade issues involved in launch and other space activities are dealt with in chapter nine. Intellectual property is discussed in chapter ten. The last chapter deals with technology transfer and spinoffs. The topic is discussed in detail since it has enormous practical importance in the defense reduction environment of the nineties.

This book focuses on the Asia-Pacific region, delineating the evolving dynamics of foreign investment in the region. It examines the relationship between efforts to increase foreign direct investment (FDI) and efforts to improve governance and inclusive growth and development. Against a background of rapidly developing international investment law, it emphasises the need to strike a balance between these domestic and international legal frameworks, seeking to promote both foreign investment and the laws and policies necessary to regulate investments and investor conduct. Foreign investments play a pivotal role in most countries' political economies, and in order to encourage cross-border capital flows, countries have taken various steps, such as revising their domestic legal frameworks, liberalising rules on inward and outward investment, and creating special regimes that provide incentives and protections for foreign investment. Alongside the developments in domestic laws, countries have also taken bilateral and multilateral action, including entering into trade and/or investment agreements. Further, the book explores regional investment trends, highlights specific features of Asia-Pacific investment laws and treaties, and analyses policy implications. It addresses four overarching themes: the trends (how Asia-Pacific's agreements compare with recent global trends in the evolving rules on foreign investment); what China is doing; current investment arbitration practice in Asia; and the importance of regionalising investment law in the Asia-Pacific region. In addition, it identifies and discusses the research and policy gaps that should be filled in order to promote more sustainable and responsible investment. The book offers a valuable resource not only for academics and students, but also for trade and investment officials, policy-makers, diplomats, economists, lawyers, think tanks, and business leaders interested in the governance and regulation of foreign investment, economic policy reforms, and the development of new types of investment agreements.

Economic debates about markets and freedom from the late 1940s onwards focused increasingly on how laws and regulation affected economic behavior, and how economics influenced legal decision-making. By the late 1950s the term "law and economics" came into use to refer to the application of economic analysis to legal problems. The overlap between legal and political systems also led to issues in law and economics being raised in political economy, constitutional economics, and political science. Concepts in Law and Economics: A Guide for the Curious provides a comprehensive integration of the fields of law and economics. In clear prose, Jim Leitzel challenges traditional approaches to law and economics and uncovers common themes that cut across the two fields, providing readers with a means of integrating their knowledge to examine problems through both a legal and economic lens. This book covers the major methods of law and economics and applies those methods to various issues, including art vandalism, sales of human kidneys, and the ownership of meteorites. Compact yet comprehensive, this is an ideal introduction to a vast number of concepts and controversies in the fields of law and economics. Economics students, law students, and those with a general interest in the social sciences will find Concepts in Law and Economics an interesting and engaging read, and will emerge with the necessary skills for thinking like a law and economics practitioner.

On the occasion of its tenth anniversary, the EFTA Court held a conference at which speakers were asked to reflect on the case law of the Court and its role in the European Economic Area (EEA). In the course of its work, the Court has acted as a driving force of integration under the EEA Agreement, by establishing general principles such as state liability and giving landmark judgments in several areas of European law. The essays in this volume, by leading experts and high-ranking representatives of national and European courts, cover areas such as the relationship between the principle of free movement and national or collective preferences on the EU/EEA and WTO levels, the relationship between the European courts and the Member States in European integration, homogeneity as a general principle of European integration, and the importance of judicial dialogue. In this regard, the sentence from President Skouris of the Court of Justice of the European Communities, who called the dialogue between the EFTA Court and the EC Court 'a shining example of judicial cooperation', could also serve as a motto for the present book.

This book provides a highly accessible yet practical guide to all aspects of arbitration, from the drafting of an arbitration agreement through to the award, including enforcement and appeals. Being comprehensive in its approach, every stage of the arbitral process under the Arbitration Act 1996 is covered including a separate chapter covering special types of arbitration such as consumer schemes and arbitrations under statute. Written in simple non-legalistic language and intentionally general in its coverage, it should be of relevance to arbitration matters whatever trade or profession practised.

In the event that damage is caused as a result of the Year 2000 problem, who will be responsible for compensating the victims of such damage? Should the developers, vendors or licensors of non-compliant software be held liable if their products do not continue to function correctly through the change in the millennium? Should those who provide "fixes" to the Bug which do not work properly be accountable for damage caused? Do end-users have a duty to ensure that their software is Year 2000 compliant? These questions, among others, will not be answered fully until the courts have had an opportunity to rule upon disputes which will no doubt arise. Other matters to be considered include the type of agreement that has been entered into between the parties, which rules will therefore apply and what defences, if any, may be available to the defendant. Insurance is also a big issue. Many insurance companies are stating that damage resulting from the Millennium Bug will not be covered by existing policies, and defences such as force majeure and act of God have been raised. What will happen when these issues come to litigation remains to be seen. This special issue of the "Comparative Law Yearbook of International Business" discusses the legal implications of the Millennium Bug in various countries. It describes the way in which agreements relating to software are viewed by different jurisdictions and the possible attribution of liability for damage caused by the Bug.

This book explores the allocation of risk and liability of dangerous goods between the seller and the buyer under CIF (Cost, Insurance and Freight) and FOB (Free on Board) contracts, providing an in-depth study of the issue of carriage of dangerous goods in the context of international trade law. In addition to offering specific solutions to issues arising in the context of the contract of sale, the book provides a non-contractual angle, putting forward suggestions under non-contractual mechanisms. Importantly, the book incorporates case law examples from the Commonwealth and the US. Dangerous goods that are carried by sea can cause potential risks of losses and damages to the vessel, other cargoes and lives on board. The allocation of liability arising out of the carriage of dangerous goods has recently attracted unwelcome attention because of mis-declared cargoes leading to fires on board ships. Thus the book fills a gap in the literature by addressing the issue in detail with examples from multiple jurisdictions, and proposing solutions. In particular, the book analyses whether and to what extent the law of international sale of goods can provide any assistance in the re-allocation of liability between the buyer and the seller. This book will be of great interest to all those involved in the research as well as legal practice of international trade law and the law of carriage of goods by sea.

This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.

In the past twenty years action in respect of the profits of crime has moved rapidly up the criminal justice agenda. Not only may confiscation orders be made,but there are also now serious substantive criminal offences of laundering the proceeds of crime. Moreover, the consequences of the regulatory regimes put in place by the Money Laundering Regulations 1993 and the Financial Services Authority are very significant. This book examines critically the history, theory and practice of all these developments, culminating in the Proceeds of Crime Act 2002, which marks another step in the move towards greater concentration both on the financial aspects of crime and on the internationalisation of criminal law. The Act puts in place the Assets Recovery Agency, which will be central to the strategy of targeting criminal monies and will have power to bring forfeiture proceedings without a prior criminal conviction and to raise assessments to taxation. The author subjects the law of laundering, especially the novel aspects of the Proceeds of Crime Act itself, to thorough analysis and a human rights' audit. Contents: Introduction; The Economics of Money Laundering; Theory: Justifications for Forfeiture, Confiscation, and Criminalisation; History of Forfeiture and Confiscation Provisions; The International Dimension; Forfeiture Provisions; Statutory Confiscation Provisions; Investigatory Powers; Beyond Confiscation - Criminalisation; Acquisition and Deployment of Money for Terrorism; Confiscation without Conviction - 'Civil Recovery'; Money Laundering and the Professions

This reference work examines the procedure and practice relating to commercial agreements and trade association practices under UK and EC competition laws. It first covers procedure in both the UK and EC, and then provides a detailed comparative analysis of all the major types of commercial agreements and trade association practices in both UK and EC law. Since much of competition law is, in practice, administered by administrative rather than judicial bodies, full treatment is given to the informal administrative solutions applied by the authorities. However, as an increasing amount of competition law is subject to litigation, there is also in-depth analysis of all the major cases. There is also a full discussion of the EC block exemptions and recent developments in UK competition law.

This book encapsulates in detail the principles pertaining to legal and regulatory aspects of aerodromes. As the title denotes, it discusses the various aspects of the structure and functioning of an aerodrome and the complexities involved. It focuses on the law and regulation of aerodrome certification and planning, aerodrome services, financial and economic planning, security, management and governance.

The airport industry is one of the fastest growing within the aviation industry, requiring innovation and creativity in management. This in turn has called for an increased focus on advanced management programmes for airport managers and lawyers. The Airport Management Professional Accreditation Programme (AMPAP) offered worldwide by the International Civil Aviation Organization and Airports Council International, and the Angkasa Pura II Airport Management Excellence Programme of Indonesia are two such initiatives which give airport professionals a sound grounding on the principles and techniques of management and law.

Sports marketing is not only a global phenomenon, but also a major industry in its own right. This book breaks new ground in that it combines the theory and the practice of sports marketing agreements, which are at the heart of the commercialisation and marketing of sport. A particular feature of this book is the wide-ranging collection of precedents of sports marketing agreements, including, inter alia, sponsorship, merchandising, TV rights and new media, sports image rights and endorsements, event management and corporate hospitality, that are included and are explained and commented on in the text of the book. The book also covers the EU aspects, which are particularly important in this context, especially collective selling, of Sports TV rights and the drafting of the corresponding agreements; as well as the fiscal aspects of sports marketing agreements in general and sports image rights agreements in particular, which need to be taken into account in order to reduce the tax burden on the resulting revenues. With so much money at stake in sports marketing, the book also deals with the important topic of dispute resolution and, again, provides the reader with some useful corresponding clauses for settling disputes by ADR, particularly through the Court of Arbitration for Sport (CAS). As the author remarks in his Preface, the aim of the book is to provide a leading resource for all those engaged in any way in the money-spinning field of sports marketing, combining - as this book uniquely does - both the theory and the practice of drafting, interpreting and enforcing a variety of sports marketing agreements, especially those with an international dimension.

This book addresses emerging legal and economic issues in competition and investment in air transport, against the backdrop of the role governments and airlines should play in avoiding protectionism and encouraging innovation and creativity. It evaluates current trends in air transport and the direction the industry is taking in the twenty first century. There are discussions on key aspects of air transport, such as safety assurance and environmental protection, as they are impacted by competition. The rapid evolution of aerospace transport and its effect on competition in air transport is also examined. A recurring theme of the book is the influence of creative destruction and disruptive innovation on air transport. This is addressed through an in-depth study of the contentious areas of law relating to the abuse of dominant positions and state aid, as reflected in the ongoing claim by the three largest US carriers against Gulf carriers such as Emirates Airlines, Etihad and Qatar Airways. The US carriers claim that Emirates and Etihad - which operate air services into the United States by virtue of an open-skies agreement between the US and The United Arab Emirates - are using generous subsidies given to them by their g overnments to illegally capture the "legitimate" market belonging to the US carriers. These issues are clarified in the book using analyses of competition law and investment law as they apply to air transport, free-trade-agreement analogies and an open-skies case study.

The theoretical basis of commercial law, corporate governance law, and corporate law is still unsatisfactory. There essentially is no theory of commercial law, and existing theories of corporate governance and corporate law cannot explain the behaviour of firms or the contents of existing regulation. This book proposes a coordinated solution for all three areas. The starting point is that all three areas deal with the organisation of firms. Commercial law, corporate governance, and corporate law are therefore studied from the perspective of the firm rather than that of the judge or the investor. Changing the perspective makes it easier to formulate an "umbrella" theory of commercial law, and theories of corporate governance and corporate law as applications of the main theory. The book provides examples of how the proposed theories work by studying legal corporate governance tools and practices that increase the sustainability of the firm. Sustainability can be bolstered by making the governance model more self-enforcing and ensuring that it fosters innovation.

The development of judicial review has been one of law's great growth industries for more than a quarter of a century. It is the public bodies whose activities are routinely subjected to judicial scrutiny which have felt the effects of judicial review most keenly. There has also been a trend in recent years towards judicial review of private bodies whose activities include a public aspect. This has meant a growing awareness,in industry and commerce, of the potential for review of regulatory decisions. In light of the growing importance of this branch of public law, the LSE and Brick Court Chambers decided jointly to host a series of seminars out of which this book has developed. In this important new book expert academics and practitioners (some of them lawyers working in regulated industries) analyse the origins and modern growth of judicial review in the commercial context and attempt to analyse the way in which the law may develop in the future.

New rules on distance contracts provided for the Consumer Rights Directive of 25 October 2011 do not apply to package holidays or contracts falling within the scope of the Timeshare Directive. Moreover, contracts for passenger transport services and contracts for the provision of accommodation, car rental, catering or leisure services if the contract provides for a specific date or period of performance are not covered by some of these rules. Yet measures aimed at protecting the consumer when a contract is concluded via the phone, the Internet, by mail or other means of distance communication play a role in tourism. This book helps readers to navigate through uncertainties in travel contracts regarding information requirements, the right of withdrawal or providing alternative services. Findings reveal that consumer acquis is inadequately adapted to the features of the tourism industry when an optional instrument based on the Draft Common Frame of Reference might be used in the future.