First Published in 2014. Routledge is an imprint of Taylor & Francis, an informa company.

This book offers holistic, economic analysis of the on-going regulatory reform in the European banking industry. The author addresses the main opportunities and pitfalls related to post-crisis financial regulation, and investigates whether the proposed solutions provide an appropriate response to the problems within the EU's ailing banking sector. The author gives particular focus to the implementation of Basel III, the introduction of the Banking Union, the inclusion of bank governance elements into regulatory frameworks, and the country-specific aspects of regulation at a national level. The discussion builds upon existing literature in the field and takes a novel approach in its examination of banking regulations, their endogeneity and their interactions with bank governance. The book also analyses banking regulation in the EU within theoretical frameworks, as well as by means of empirical exercises. Insights into the theory and practical aspects of banking regulation make this book a valuable read for academics, researchers, students and practitioners alike.

Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics - through legal and regulatory studies - to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', clearly contagion within the market would be reduced, and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies - taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies - would encourage differing policies to emerge in different countries.Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt, the democratisation of financial market policy would be opposed by many big firms - their interests being served by regulatory convergence - and considered macabre by globetrotting financial regulators and central bankers - who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.

The book examines the regulation of insider dealing in the developed jurisdictions, using three of the G7 countries as guides with the aim of knowing how they have regulated insider trading and what lessons can be learnt from their failures and achievements. It looks at regulatory regimes in the US, the UK and Japan in order to consider whether these regimes can be successfully transplanted to developing countries. In order to explore insider dealing in the developing world the book focuses on Nigeria, Africa's most populous nation and second largest economy. This book examines in theoretical and empirical terms the law on insider trading away from the dogmatic approach of Western literature by presenting the subject from the prism of a developing jurisdiction in post-colonial Africa with a divergent cultural, historical, social, political and economic background. The author analyses what shape insider dealing takes in Nigeria, a predominantly illiterate society, and considers the groups involved. The books also explores how the concept of insider dealing regulation is understood amongst parties integral to its administration and enforcement such as lawyers, judges, stockbrokers, and ordinary investors. The legislation governing insider dealing regulation in Nigeria is critically examined to expose its strengths and weaknesses, and to see how foreign provisions and legislation have been incorporated. The book uses Nigerian experiences to consider its implications for other developing nations, arguing that regulatory regimes need to take into account the specific social, political, historical and economic factors of a particular locale rather than importing regulations wholesale from developed jurisdictions.

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 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.

In the UK today the form and content of accounts published by limited companies are closely regulated. In the 19th century the position was different: the popular view was that such matters were for private negotiation between owners and management. Nevertheless, there was a great deal of discussion of the need for regulations, which were actually imposed in a number of areas. This book provides readers with the essence of the many debates that took place, the conclusions reached and the action taken to regulate company accounts.

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.

Consideration of harmful short-termism in capital markets is prevalent amongst legal and business academics. It is also garnering increased attention in corporate board rooms and executive suites, and from the investing public. As a result, correcting perceived short-termism in capital markets has become a rationale for reform used by regulators across the globe. Despite the considerable attention given to this phenomenon, there has not yet been a comprehensive book analyzing the perceived short-termism problem, its sources and causes, and reform efforts undertaken to date. This book fills this gap by documenting the rise of the short-termism discussion, analyzing the significance of the problem, and considering the proposed legal remedies. Based on this analysis, a framework for effective short-termism reform is offered.

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.

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.

"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."

Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.

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.

The recent financial crisis led to sweeping reforms that inspired countless references to the financial reforms of the New Deal. Comparable to the reforms of the New Deal in both scope and scale, the 2,300-page Dodd-Frank Act of 2010 the main regulatory reform package introduced in the United States also shared with New Deal reforms the assumption that the underlying cause of the crisis was misbehavior by securities market participants, exacerbated by lax regulatory oversight. With Wasting a Crisis, Paul G. Mahoney offers persuasive research to show that this now almost universally accepted narrative of market failure broadly similar across financial crises is formulated by political actors hoping to deflect blame from prior policy errors. Drawing on a cache of data, from congressional investigations, litigation, regulatory reports, and filings to stock quotes from the 1920s and '30s, Mahoney moves beyond the received wisdom about the financial reforms of the New Deal, showing that lax regulation was not a substantial cause of the financial problems of the Great Depression. As new regulations were formed around this narrative of market failure, not only were the majority largely ineffective, they were also often counterproductive, consolidating market share in the hands of leading financial firms. An overview of twenty-first-century securities reforms from the same analytic perspective, including Dodd-Frank and the Sarbanes-Oxley Act of 2002, shows a similar pattern and suggests that they too may offer little benefit to investors and some measurable harm.

The book is written for students of business economics and tax law. It focuses on investment and financing decisions in cross-border situations.

In particular, the book deals with: Legal structures of international company taxation, International double taxation, Source-based and residence-based income taxation, International investment and profit shifting, International corporate tax planning, International tax planning and European law, Harmonization of corporate taxation in the European Union, International tax planning and tax accounting.

International tax law is designed to avoid international double taxation and to combat international tax avoidance. Nevertheless, companies investing in foreign countries may suffer from international double taxation of profits. On the other hand, these companies may also be able to exploit an international tax rate differential by means of cross-border tax planning.

Ulrich Schreiber holds the chair of Business Administration and Business Taxation at the University of Mannheim. He serves as co-editor of Schmalenbachs Zeitschrift fur betriebswirtschaftliche Forschung (zfbf) and Schmalenbach Business Review (sbr) and is affiliated with the Centrefor European Economic Research (ZEW) as a research associate. Ulrich Schreiber is a member of the Academic Advisory Board of the Federal Ministry of Finance.

State pensions are the largest item in the UK social security budget, costing GBP96.7 billion in 2017/18. In the same year, 45.6 million people were members of UK occupational pension schemes (out of a total population of 66.4 million) and the total amount saved into workplace schemes in 2018 was GBP90.4 billion. A consequence of the pensions sector's large size has been that pensions law and social security law have become increasingly specialised areas of practice. Yet despite their social and economic importance and the fascinating legal issues they generate, pensions have not been the subject of sustained academic attention. This book starts to fill this gap by initiating a dialogue between practitioners and scholars working on pensions law and policy, groups who have much to learn from one another.

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.

The question of how we can best regulate the all-important markets for legal services is rarely investigated with the benefit of good empirical evidence about what's wrong and what works. The challenge of doing empirical work in this area is steep, given a lack of data and the complexity of comparing across very different jurisdictions and legal environments. In this much-needed contribution, Frank Stephen usefully brings together a set of empirical studies and an overview of the recent regulatory reforms that have been pursued in the UK and other European jurisdictions in the past two decades. The result will help policymakers make further progress in the increasingly urgent effort to establish efficient and accessible markets for legal services worldwide.' - Gillian K. Hadfield, USC Gould School of Law, US'Frank Stephen draws on thirty years' experience of working on the regulation of the legal professions, and on several empirical studies, to provide a fascinating account of the evolving attempts to introduce competition into the supply of legal services and how such attempts have sometimes been thwarted. It also makes a major contribution to the theoretical debate on the justifications, modes and likely impacts of regulation.' - Anthony Ogus, University of Manchester, UK and University of Rotterdam, The Netherlands 'Professor Stephen's book provides a wonderfully concise, accessible and insightful review of both the theory and the empirical evidence (much of it his) on regulatory restrictions on the provision of legal services and challenges traditional arguments for the self-regulation of the legal profession. His economic/consumer welfare perspective provides a stimulating reference point in ongoing debates on the appropriate regulation of the market for legal services and the case for self-regulation, which (unlike the UK) is still very strongly espoused in North America, but under increasing scrutiny. Professor Stephen s book will intensify this scrutiny.' - Michael Trebilcock, University of Toronto, Canada Frank H. Stephen's evaluation of public policy on the legal profession in UK and European jurisdictions explores how regulation and self-regulation have been liberalized over the past 30 years. The book surveys where the most recent and radical liberalization involving the ownership of law firms by non-lawyers is likely to lead, and appraises the economic literature on the costs and benefits of regulating markets for professional services. It challenges socio-legal views on professional legislation and highlights the limitations of regulatory competition, as well as the importance of dominant business models. The author reviews the empirical work underpinning these theories and policies. He also evaluates the effectiveness of regulatory competition as a response to regulatory capture. Lawyers, Markets and Regulation will be of interest to academics focusing on professional regulation in the fields of economics and law. Lawyers, legal policymakers, competition authorities and regulators will also find the book to be an enlightening read. Contents: Preface 1. Introduction Part I: Why Do We Regulate Lawyers? 2. Why Regulate Lawyers? 3. How Lawyers are Regulated 4. Lawyers and Incentives Part II: Deregulation of Legal Markets in the UK and Europe 5. Liberalization of Legal Markets in UK and EU Jurisdictions 6. Evidence on Effects of Deregulation Part III: The Future of 'Lawyering' 7. Legal Services Act 2007 and the Promotion of Regulatory Competition 8. A Technological Revolution in 'Lawyering'? 9. Summary and Conclusions References Index

Understanding Securities Law and Regulation in Zambia contains commentary in and analysis of securities law in Zambia. The book examines the fiduciary duties of financial intermediaries, the legal and regulatory framework for collective investment schemes, takeovers, mergers and insider dealing. Understanding Securities Law and Regulation in Zambia is the first text to explain and analyse Zambian securities law and in addition, provides the reader with the statutes for ease of reference.

Consumer credit information systems are the tools used by the majority of lenders to manage credit risk, with lenders accessing credit reference databases managed by third party providers to evaluate a consumer's credit application. So far, the subject of consumer credit reporting has been left to the predominant attention of the economic and business management scholarship and little or no consideration has been paid by lawyers. This book aims to rectify this by examining the legal framework and compliance in the European Community (EC) of such consumer information sharing arrangements which have become increasingly integrated in the credit granting practices of the Member States. The book looks at the laws which surround and affect consumer credit reporting, including bank secrecy obligations. Consumer credit reporting and its relationship to human rights is also explored, as every individual is in the EC is entitled to informational privacy. The book asks questions such as to what extent should the privacy of consumers be balanced against the aims and functions of consumer credit reporting, and how do the financial information sharing arrangements comply with the positive law, particularly the European data protection legislation?

This volume presents philosophical contributions examining questions of the grounding and justification of taxation and different types of taxes such as inheritance, wealth, consumption or income tax in relation to justice and the concept of a just society. The chapters cover the different levels at which the discussion on taxation and justice takes place: On the principal level, chapters investigate the justification and grounding of taxation as such and the role taxation plays and should play in the design of justice, be it for a just society or a just world order. On a more concrete level, chapters present discussions of these general reflections in more depth and examine different types of taxation, tax systems and their design and implementation. On an applied level, chapters discuss certain specific taxes, such as wealth and inheritance taxes, and examine whether or not a certain tax should be favored and for what reasons as well as why it is just to target certain kinds of assets or income. Finally, this volume contains chapters that discuss the central issue of international and global taxation and their relation to global justice.

Long before the spectacular collapse of Bre-X in 1997, the Canadian capital markets had their share of swindlers and crooks. In the boom times after Second World War, hard-sell speculative mining ventures, pushing what often amounted to a few acres of moose pasture, riddled over-the-counter markets and the TSE. It was in this context that the Ontario Securities Commission developed into Canada's leading securities regulator. Following the war, the OSC concerned itself primarily with fraudsters and attempts to reign in Toronto's boiler rooms, but by the mid-sixties increasingly sophisticated markets and a series of scandals culminating in the Windfall affair resulted in a rewriting of the Securities Act and a widening of the OSC's investor protection mandate. The seventies tested the Commission's new powers as increased corporate merger activity brought the phrase "insider-trading" into the popular lexicon.

Surprisingly, considering that capital markets have such a profound impact on Canada's well-being, this is the first thorough study of the their post-war evolution and regulation. Moose Pastures and Mergers takes off where the author's acclaimed previous work, Blue Skies and Boiler Rooms: Buying and Selling Securities in Canada, 1870 - 1940, left off. With an ear for a good story - seedy personalities, bunglers and guileless victims abound - and a scholar's rigour, Armstrong has met the protean beast of share markets head on and revealed its shape for the timid or the merely baffled. Essential reading for business journalists, securities lawyers, academics, and interested investors.

Winner of the J.J. Talman Award presented by the Ontario Historical Society

In the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.