This book contains 53 nineteenth century American legal cases in which courts discussed accounting issues. Some are well known: Wood v. Drummer (1824) was the foundation for the idea that capital could not be returned to shareholders and it was this restriction which made it necessary to distinguish between income and capital. The famous case of 1849, Burnes v Pennell is often cited as the source of the rule that dividends cannot be paid except from profits. However, many of the cases covered in this book are not well-known. It is often assumed that few American legal cases on accounting matters were decided in the nineteenth century. However, many of the 53 cases included here preceded the earliest British legal cases that discussed accounting issues and they are interesting for several reasons. They show that government regulation of accounting pre-dated the modern regulatory ear. They also illustration that sometimes private contracts specified a particular accounting treatment and that accounting, therefore, served to define private rights. They also illustrate that American courts discussed accrual accounting problems as early as 1837 and that a cash concept of profits was not the norm.

This book contains edited versions of thirty British legal cases involving accounting issues decided from 1849-1888. These cases are a valuable source of information about the development of accounting principles and practices in nineteenth-century Great Britain. The thirty cases show that the court decisions involved a rich variety of accounting issues. In some cases courts upset private contractual stipulations regarding accounting and dividend matters. In others, management was held to have used incorrect principles in computing profits. Whether or not a contract or management decision was upset, the courts often discussed at some length the principles that management should apply in the preparation of balance sheets or income statements. It is therefore obvious that in resolving issues of equity among participants in British companies, the courts were applying normative accounting principles.

This book, from a top international group of scholars, explores the ways in which economic tools can be used to improve the quality of regulation in general and legislative tools in particular. As the role of law becomes increasingly important in China, the question arises of how effective regulatory and legislative tools can be developed to accompany the Chinese evolution towards a welfare state. China therefore provides a unique case study for scholars and policymakers interested in examining how regulation can play a role in promoting sustainable development. Economics and Regulation in China goes beyond traditional economic analysis of law by focusing specifically on the question of how economic tools can guide the quality of legislation. To this end, the book centres in on three areas: regulation as a tool of economic growth, competition policy and environmental policy. Not only are these three domains of great importance for China, but they are also relevant for a broad scholarship interested in the economic analysis of law. This volume contributes to discussions on how ex-ante evaluation of legislative proposals and ex-post analysis can increase the effectiveness and efficiency of regulation, using economic tools, offering insights that go beyond the particular case of China. The analysis offered by this book makes it an invaluable resource for academics and policymakers alike.

In the world's developing countries, foreign investment in natural resources brings into contact competing interests that are often characterised by unequal balances of negotiating power - from multinational corporations and host governments, through to the local people affected by the influx of foreign investment. The growing integration of the world economy has been accompanied by rapid and extensive developments in the national and international norms that regulate investment and its impact - including investment law, natural resource law and human rights law. These legal developments affect the 'shadow' that the law casts over the multiple negotiations that characterise international investment projects in the developing world. Drawing on international law, the national law of selected jurisdictions and the contracts concluded in a large investment project, Human Rights, Natural Resource and Investment Law in a Globalised World explores the ways in which the law protects the varied property rights that are at play in foreign investment projects in developing countries, with a focus on Africa. Through an integrated analysis of seemingly disparate fields of law, this book sheds new light on how the law mediates the competing interests that come into contact as a result of economic globalisation, whilst also providing new insights on the changing nature of state sovereignty and on the relationship between law and power in a globalised world. This book will be of interest to scholars, students and informed practitioners working in the fields of international investment and human rights law, comparative law, socio-legal studies, and development studies.

1. 1 Investments, Generic Contracts, Payments According to Volume I, contracts are one of the five generic legal tools used to manage cash flow, risk, agency relationships, and information. Many investments are therefore based on one or more contracts. Obviously, the firm should draft good contracts. Good drafting can ensure the same intended cash flow with reduced risk. Bad drafting can increase risk. This volume attempts to deconstruct contracts used by non-financial firms and analyse them from a cash flow, risk, agency, and information perspective. The starting point is a generic contract, i. e. a contract which does not belong to any particular contract type (Chapters 2-7). This volume will also focus on payment obligations. Payment obligations are characteristic of all financial instruments, and they can range from simple payment obligations in minor sales contracts and traditional lending contracts (Chapters 8- 11). 1. 2 Particular Contract Types A number of particular contract types have been discussed in the other volumes of this book. (1) A certain party's investment contract can be another party's fu- ing contract. Particular investment contracts will therefore be discussed in Volume III in the context of funding. (2) Many contracts are necessary in the context of business acquisitions discussed in Volume III. (3) Multi-party contracts are c- mon in corporate finance. The firm's contracts with two or more parties range from syndicated loans to central counterparties' contracts. Such contracts will be discussed both in Chapter 12 and Volume III.

Regulation is often thought of as an activity that restricts behavior and prevents the occurrence of certain undesirable activities, but the influence of regulation can also be enabling or facilitative, as when a market could potentially be chaotic if uncontrolled. This Handbook provides a clear and authoritative discussion of the major trends and issues in regulation over the last thirty years, together with an outline of prospective developments. It brings together contributions from leading scholars from a range of disciplines and countries.
Each chapter offers a broad overview of key current issues and provides an analysis of different perspectives on those issues. Experiences in different jurisdictions and insights from various disciplines are drawn upon, and particular attention is paid to the challenges that are encountered when specific approaches are applied in practice. Contributors develop their own distinctive arguments relating to the central issues in regulation and apply scholarly rigour and clear writing to matters of high policy-relevance. The essays are original, accessible, and agenda-setting, and the Handbook will be essential reading both to students and researchers and to with regulatory and regulated professionals.
About the Series
Oxford Handbooks in Business & Management bring together the world's leading scholars on the subject to discuss current research and the latest thinking in a range of interrelated topics including Strategy, Organizational Behavior, Public Management, International Business, and many others. Containing completely new essays with extensive referencing to further reading and key ideas, the volumes, in hardback or paperback, serve as both a thorough introduction to a topic and a useful desk reference for scholars and advanced students alike.

James M Landis - scholar, administrator, advocate and political adviser - is known for his seminal contribution to the creation of the modern system of market regulation in the USA. As a highly influential participant in the politics of the New Deal he drafted the statute which was to become the foundation for securities regulation in the US, and by extension the founding principle of financial market regulation across the world. He was also a complex and in some ways tragic figure, whose glittering career collapsed following the revelation that he had failed to pay tax for a five year period in the 1950s. The oversight was to cost possible elevation to the Supreme Court, forced prosecution and sentencing in 1963 to one month's imprisonment, commuted to forced hospitalisation, and subsequent suspension of licence to practise. This candid and revealing book sets his life in the context of his work as an academic, legislative draftsman, administrator and Dean of Harvard Law School. In rescuing from history Landis's battles and achievements in regulatory design, theory and practice, it speaks directly to the perennial problems in financial market regulation - how to deal with institutions deemed too big to fail, how to regulate the sale of complex financial instruments and what role can the professions play as gatekeepers of market integrity. It argues that in failing to learn from the lessons of history we limit the capacity of regulatory intervention to facilitate cultural change, without which contemporary responses to financial crises are destined to fail.

This book examines how cloud-based services challenge the current application of antitrust and privacy laws in the EU and the US. The author looks at the elements of data centers, the way information is organized, and how antitrust, competition and privacy laws in the US and the EU regulate cloud-based services and their market practices. She discusses how platform interoperability can be a driver of incremental innovation and the consequences of not promoting radical innovation. She evaluates applications of predictive analysis based on big data as well as deriving privacy-invasive conduct. She looks at the way antitrust and privacy laws approach consumer protection and how lawmakers can reach more balanced outcomes by understanding the technical background of cloud-based services.

"Wenn man eine Erkenntnis als Wissenschaft d- stellen will, so muss man zuvor das Untersch- dende, was sie mit keiner andern gemein hat, und was ihr also eigentumlich ist, genau bestimmen konnen; widrigenfalls die Grenzen aller Wiss- schaften in einander laufen, und keine derselben, ihrer Natur nach, grundlich abgehandelt werden 1 kann. " 1. 1 What Does Corporate Finance Law Mean? The law of corporate finance has been defined in a modern and more holistic way in this three-volume book. In this book, corporate finance law is studied from the perspective of the firm. Like modern commercial law in general, the law of cor- rate finance helps the firm to reach its legal objectives (management of cash flow and the exchange of goods, management of risk, management of agency relati- ships, and management of information). When trying to reach its legal objectives, the firm typically applies generic legal tools and practices (incorporation and choice of business form, contracts, regulation of internal processes through c- pliance and otherwise, typical ways to manage agency relationships, and typical ways to manage information problems) and takes into account legal rules that - long to different traditional fields of law (contract law, company law, banking law, 2 tax law, competition law, and so forth). In corporate finance law, these legal tools 1 Immanuel Kant, Prolegomena (1783), 1."

Common markets, open borders, air traffic, and the internet have made it faster and less expensive to change places and jurisdictions. As a result, legal forums are increasingly treated as a good that is subject to the market mechanism. Individuals and corporations increasingly have free reign to choose which legal rules to apply to their company, their contract, their marriage, or their insolvency proceedings. States in turn grant these opportunities and respond to demand by competing with other suppliers of legal regimes. 'Regulatory competition' describes a dynamic in which states as producers of legal rules compete for the favour of mobile consumers of their legal products. This book focuses on the philosophical underpinnings, problems, and consequences of such regulatory competition. It argues that there is a mismatch between regulatory competition as a policy approach and the beliefs and commitments that shape our thinking about law and the state. It concludes that 'law markets' are potentially at odds with both our conception of the functions of legal rules and of key political ideals and principles such as democracy, state autonomy, and political authority.

This book explores how the globalization of securities markets has affected market manipulation and insider trading. It delves into the responses of securities regulators, discussing new regulations designed to deter such misconduct, as well as they ways in which detection, investigation and prosecution techniques are adapting to tackle insider trading and market manipulation that crosses international boundaries. Janet Austin concisely and clearly explains changes to securities markets that have taken place over the last few decades and their impacts, as well as the main detection and investigative techniques of securities regulators. She also provides an analysis of how the work of the International Organization of Securities Commissions (IOSCO) is assisting securities regulators as they gather information and evidence they need in order to prosecute these market offences. The book concludes with suggestions for the IOSCO and securities regulators to improve their efforts in addressing cross-border market manipulation and insider trading, with a view to enhancing the overall integrity of the securities markets. The approachable analysis and hard-to-find information in this book make it a valuable resource for securities regulators, legal practitioners, and academics.

Der Autor untersucht unter Berucksichtigung der Neuerungen durch das SanInsFoG, ob die mit der drohenden Zahlungsunfahigkeit i. S. d. 18 InsO verbundenen rechtspolitischen Ziele des Gesetzgebers erreicht wurden. Dabei nimmt er zu bisher wenig beachteten Rechtsfragen im Zusammenhang mit den Eroeffnungsgrunden nach 17 ff. InsO Stellung, entwickelt eine eigene Prufungssystematik fur den Tatbestand des 18 InsO und unterbreitet einen Reformvorschlag zur Abloesung des 19 InsO. Er beleuchtet die bestehenden Anreize fur eine fruhzeitige Verfahrenseinleitung mit Fokus auf die gesetzlichen Sanierungsinstrumente sowie die Konkurrenzsituation zum StaRUG und unterbreitet fur klarungsbedurftige Einzelfragen Loesungsvorschlage. Der Autor stellt fest, dass de lege lata kaum geeignete Anreize zur Foerderung einer Verfahrenseinleitung bereits bei drohender Zahlungsunfahigkeit vorhanden sind und der Gesetzgeber daher das mit 18 InsO verfolgte Ziel nach wie vor verfehlt. Anschliessend prasentiert er konkrete Vorschlage zur Weiterentwicklung des geltenden Rechts de lege ferenda.

This book presents the development and reformation of economic law in China and explores the "three relationships" between the government and market, between reform and rule of law, and between the constitution and economic law. On this basis, it subsequently focuses on development theory, distribution theory, risk theory and crisis theory. Further, it addresses effective development, fair distribution, and prevention and resolution of related risks and crises, which are important functions of economic law. In order to achieve the above functions and objectives, the book argues, we must vigorously promote the integration of rule of law in economic law, and constantly refine the theory of economic rule of law employed in China.The book demonstrates that no matter how the "three major relationships" are adjusted or the relevant systems are reformed - i.e., regarding the implementation of the concept of coordinated development or the optimization of economic structures; the solution of distribution problems or the improvement of distribution systems; the prevention of risks or the response to crises - any such changes depend on economic rule of law. The above-mentioned theoretical discussion presents a "new horizon" of contemporary Chinese economic law theory, which will be of great value to the future development of economic law theory.

The uniqueness of this book is its conceptualization of a corporate group as a system of interaction, comprised of nodes, links and internal governance tools. This framework can be used to understand what constitutes a group, based on affiliation-linkages. By increasing our perception of group-structuring we can assess the extent to which existing laws address all variables. If the law does not consider certain variables to be used for identifying groups, a case of shadow business may be identified. Group-transparency is a recurring topic on the regulatory agenda. In this book, three legal domains are analysed questioning whether specific amendments have led to increased group-transparency: the control-definition for consolidated accounts, shareholder-transparency in company law, and major holding disclosure in listed companies. This book identifies deficiencies of the law in obtaining its regulatory objective of group-transparency, and proposes an interpretative solution based on Systems Thinking.

The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of Arbitration for Sport (CAS) and national courts in 2017. It is a must have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on current issues raised by international sports arbitration, and commentaries by esteemed academics and experienced practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher at the T.M.C. Asser Instituut in The Hague and heads the Asser International Sports Law Centre. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchatel, Switzerland, and is the partner in charge of the sports arbitration practice at Levy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

This book explores the concepts of sustainability and governance in relation to the governance of corporations - hence the ubiquity of the term corporate governance - and other bodies. It examines how these concepts are regularly used by politicians and by the media. The two concepts are however largely treated as being separate and discrete, and given equal coverage. The argument in this book is that the two concepts are inter-related and that good governance is a prerequisite for sustainability. The focus of the book therefore is different from most, as it seeks to integrate these two important issues. The approach used in this book is based on the tradition of the Social Responsibility Research Network - a worldwide body of scholars that, over its 20-year history, has sought to broaden the discourse and to treat all research as inter-related and business-relevant. The book examines diverse aspects of the changes to corporate and institutional behaviour that have recently manifested by focusing on these two aspects of sustainable development. Thus, the authors explore engagement and partnership between organisations, in order to consider the extent to which the focus has changed so much that we need to think about new approaches to our understanding of sustainability and differing effects in practice. The international mix of authors makes this an original contribution, sharing some of the best ideas from around the world.

The topic of this book is the external action of the EU within international economic law, with a special focus on investment law. The aim of the volume is to provide the reader with an appraisal of the most recent trends and developments that have characterised a field that has been rapidly evolving and in which the EU has imposed itself as a leading actor. The book is aimed at academics, practitioners and graduate students as well as at EU officials and judges, all of whom should find the subject matter discussed useful for keeping updated on a scholarly discussion of relevance to case law. Mads Andenas is Professor of Law at the Faculty of Law of the University of Oslo in Norway. Luca Pantaleo is Doctor of Law and Senior Lecturer in International and European Law at The Hague University of Applied Sciences in The Netherlands. Matthew Happold is Professor of Law at the Universite du Luxembourg in Luxembourg. Cristina Contartese is Lecturer in Law at the European Law and Governance School in Athens, Greece.

Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries. As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality. This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme - including prudential regulation, corporate governance and conduct of business rules - the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.

Although the practice of disguising the illicit origins of money dates back thousands of years, the concept of money laundering as a multidisciplinary topic with social, economic, political and regulatory implications has only gained prominence since the 1980s. This groundbreaking volume offers original, state-of-the-art research on the current money laundering debate and provides insightful predictions and recommendations for future developments in the field.The contributors to this volume - academics, practitioners and government representatives from around the world - offer a number of unique perspectives on different aspects of money laundering. Topics discussed include the history of money laundering, the scale of the problem, the different types of money laundering, the cost to the private sector, and the effectiveness of anti-money laundering policies and legislation. The book concludes with a detailed and insightful synthesis of the problem and recommendations for additional steps to be taken in the future. Students, professors and practitioners working in economics, banking, finance and law will find this volume a comprehensive and invaluable resource. Contributors: H. Addink, A. Argentiero, M. Bagella, R.W. Baker, J. Biggins, J. Brettl, A. Buehn, F. Busato, P. Costanzo, S. Dawe, I. Deleanu, J. Ferwerda, L. Groot, T. Krieger, M. Levi, D. Masciandaro, K.J. McCarthy, D. Meierrieks, B. Muhl, E. Nowotny, T. Pietschmann, P. Reuter, F. Schneider, M. Stouten, A. Tilleman, L. Tromp, B. Unger, M. van den Broek, D. van der Linde, P.C. van Duyne, V. van Kommer, J. van Koningsveld, I. van Rossum, F. van Waarden, J. Vervaele, B. Vettori, J. Walker, M. von und zu Liechtenstein, J.S. Zdanowicz

This book proposes that fundamental concepts of institutional law need to be rethought and revised. Contrary to conventional wisdom, international organizations do not need to have members, and the members do not need to be states and international organizations. Private sector entities may, for instance, also be full members. Furthermore, international organizations do not need to possess international legal personality, nor is their autonomy a corollary of their personality. Moreover, the notion of "subject of international law" also needs to be reconsidered and the very concepts and definitions of "intergovernmental organization" and "international organization" need to change and be defined in a wider manner. In this publication the legal implications of membership are analyzed and a new analytical framework for international organizations is proposed. The argument is propounded that the power of creation of new organizations has passed over to international organizations and other entities while an outlook on future development is also presented. Dr. Gerd Droesse is a recognized specialist in institutional law, international administrative law, complex institutional and financial policy matters and corporate governance issues, with over 30 years of experience in working for international organizations in senior and management positions. He was the Legal Counsel/Acting General Counsel of the Green Climate Fund and assisted the World Green Economy Organization as General Counsel in its transition to a new type of intergovernmental organization.

The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of Arbitration for Sport (CAS) and national courts in 2017. It is a must have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on current issues raised by international sports arbitration, and commentaries by esteemed academics and experienced practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher at the T.M.C. Asser Instituut in The Hague and heads the Asser International Sports Law Centre. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchatel, Switzerland, and is the partner in charge of the sports arbitration practice at Levy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

This book provides a discussion of some of the most pressing challenges facing EU integration: political and economic governance, constitutional status and citizenship. It does so by discussing the work of one of the most original Portuguese voices in EU studies, Francisco Lucas Pires. In his swan song, here translated into English for the first time, Lucas Pires critically discusses the Treaty of Amsterdam, dissecting the process of its enactment, and its wider consequences for the EU. His profound, original and premonitory observations are commented on in this book by six young, prominent EU law scholars from different research areas. The result is an original and sagacious reflection, aimed both at researchers of EU law and policymakers alike, on the victories and shortcomings of the European project, providing refreshing views on a significant but often-neglected moment in the EU's history, as well as new avenues of critical thinking for the development of European integration. Martinho Lucas Pires is Ph.D. Candidate at Nova School of Law Lisbon, Assistant lecturer at Catolica Law School Lisbon, and Counsel at DLA Piper ABBC Advogados Lisbon, Portugal. Francisco Pereira Coutinho is Associate Professor and Vice-Dean at Nova School of Law Lisbon, Faculty of Law of the NOVA University of Lisbon, Portugal.

Responding to growing interest in new regulations adopted by the EU, US, and UK authorities, this book provides a comprehensive overview of the legal and economic aspects of FinTech and the current regulation surrounding it. In particular, the book observes the technological evolution of finance and the 'economic space' that lies between the regulated market and the illegal circulation of capital. Analysing laws that influence the application of technology to the banking and finance sector, the author considers market infrastructure and illustrates how firms execute their activities on a global scale, away from the scope of public supervision and monetary backstops. With globalisation and digitalisation boosting efficiency, the economical relevance of technology is becoming ever more important and therefore this book provides a much-needed examination of the current trends in FinTech regulation, making it an essential read for those researching financial markets, and professionals within the industry.

International mergers and acquisitions play a vital role behind the growth of a company. This book explores the hurdles involved and how to navigate through the review processes set up by national regulatory agencies such as the US Committee on Foreign Investment (CFIUS), the EU Commission, and the Anti-Monopoly Bureau of State Administration of Market Regulation of China (AMB). This book is unique and showcases how to anticipate, develop, and implement successful strategies to support mergers and acquisitions activities, particularly of interest to finance and law students, researchers, and academics.

This book brings together foreign investment and investment arbitration in Asia, the fastest growing economic region in the world. It provides a critical analysis of foreign investment, its benefits and the legal regimes of the jurisdictions studied at a time when investor-state disputes are on the rise and investment arbitration is under growing scrutiny. Governments are under greater pressure to balance the promotion of investment with public policy development and interests and calls for a permanent court for investment arbitration are getting louder.To assess future possibilities, this book takes stock of, brings together and analyses the legal regimes on foreign investment in 12 major Asian jurisdictions, namely China, Hong-Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. These constitute paradigmatic examples of what is happening in the legal framework of Asian foreign investment and the impact that the current system of investment arbitration has in all of them. The analysis shows the existence of changing positions and degrees of openness towards foreign investment in the region, as well as a distinct level of exposure to and involvement in investment arbitration.Predictably, their situation will change in the near future, at least in relation to investment arbitration. Proposals for reform have already been made and international institutions are working on the development of an alternative to the proceedings of investment arbitration as it is currently constructed and understood. Consequently, the last two chapters of this book are devoted to the analysis of these developments that will most probably affect the existing situation in the region.