This volume unites the perspective of business ethics with approaches from strategic management, economics, law, political science, and with philosophical reflections on the theory of Corporate Citizenship and New Governance.

In view of the internationalization of the (global) economy and the free movement of capital, new instruments of political coordination are needed. These societal changes trigger the two closely intertwined challenges examined in this book. The first challenge relates to the role and the self-conceptualization of business firms as corporate citizens within society. Companies are increasingly expected to assume the social responsibility of helping to shape the rule-framework of globalization. The second challenge refers to the form of the engagement in local, national and international processes of governance. To more credibly and effectively tackle these challenges, corporate actors are ever more participating in rule-setting processes together with civil society organizations and the government.

Economic cooperation between the CMEA countries is implemented according to the monetary and financial regulations worked out collectively. The regulations cover the organizational structure of international settlements; the choice of currency for settlements; the principles of international credit transactions; the determination ofthe exchange rate of the currency used in international settlements to national currencies and to convertible currencies outside the CMEA; the principles and rules ofinternational exchange and transfers; mIes for the currency allotments of citizens (roles of international transfers for citizens). The regulations also contain provisions for international settlements and credit transactions which are concluded through an independent international bank or banks. These regulations, the instruments and institutions together, form the international payments and monetary system of the CMEA. * The financial and monetary regulations of the CMEA community were formed in several stages, depending on the prevailing. conditions and the targets to be attained. In the years between 1949 and 1963 the general form of economic cooperation and of international settlements was the bilateral clearing agreement. In the bilateral agreements which the Soviet Union concluded with the other CMEA countries the currency of settlements was the Soviet rouble. The prices applied in foreign trade were not the internal producer prices of the Soviet Union, but world market prices (main international market prices) expressed in roubles, with the he]p ofthe exchange rate ofthe Soviet rouble to the US dollar, as quoted in the Soviet Union."

The Obama administration aims to lay a sound foundation for growth by investing in high-speed rail, clean energy, information technology, drinking water, and other vital infrastructures. The idea is to partner with the private sector to produce these public goods. An Obama government bank will direct these investments, making project decisions based on the merits of each project, not on politics. This approach has been a cornerstone of U.S. foreign policy for several decades. In fact, our government-led reinvestment in America is modeled explicitly on international public banks and partnerships. However, although this foreign commercial policy is well-established with many successes, it has also been deservedly controversial and divisive. This book describes the international experience, drawing lessons on how the Obama Bank can forge partnerships to promote a durable twenty-first-century New Deal.

Im Juli 2010 ist in das Kreditwesengesetz (KWG) und das Versicherungsaufsichtsgesetz (VAG) jeweils die Regelung aufgenommen worden, dass die Vergutungssysteme fur Geschaftsleiter und Mitarbeiter angemessen, transparent und auf eine nachhaltige Entwicklung des Instituts beziehungsweise des Unternehmens ausgerichtet sein mussen. Im Oktober 2010 folgten zwei konkretisierende Verordnungen: die InstitutsVergV und die VersVergV. In dieser Arbeit werden die aufsichtsrechtlichen Vergutungsvorgaben erlautert und die Moeglichkeiten ihrer Umsetzung in den die Arbeits- und Dienstverhaltnisse gestaltenden Vertragen und Vereinbarungen eroertert. Ziel der Arbeit ist es, die Vorgaben fur die Praxis zu bewerten und die bei ihrer Umsetzung dienstvertragsrechtlichen sowie vor allem individual- und kollektivarbeitsrechtlichen Fragestellungen zu beantworten.

Since the 1970s, the practice of financing major private and public sector capital-intensive projects has shifted to an ever-greater reliance on private funding sources, as opposed to direct financing through the issuance of corporate or government bonds. In the 1990s, these financing practices have undergone further changes with the increasing globalization of capital markets, the growth of derivative instruments, and the rapid increase in information technology that enhances cash-management practices. Today's project financing market is increasingly using sophisticated capital market, bank and agency financing mechanisms as well as using derivative instruments for asset and liability management. Thus, financial market innovations are bringing the once separate fields of project financing and international finance more closely together. This is the first book to treat both topics as an interrelated whole, for contemporary project financing cannot be fully understood without a good working knowledge of the international financial markets that have developed the various financing techniques and funding sources being used. The book provides an in-depth description of cross-border project financing as a technique for financing capital-intensive projects, as well as an overview of certain financing and derivative instruments currently available in the global financial markets. The first part of the book provides an overview of certain funding and derivative instruments currently used in the international financial markets, including a general overview of financial innovations that have occurred in recent decades. Topics covered include an introduction to the syndicated Euro-credit market; an overview of various marketable debt securities actively used in the international financial markets; an introduction to depositary receipt as an innovative way of raising cross-border equity capital; an elaboration of the derivative instruments most commonly used in the project financing arena, including interest rate, currency and commodity swaps; and finally an overview of banks' off-balance sheet activities as a critical driving force for the participation of banks in the international financial and derivative markets. The second part of the book provides an in-depth analysis of project financing that concentrates on the financier's perspective. Topics covered include a general overview of the project financing industry; a step-by-step description of a typical cross-border project finance transaction; a description of the main characteristics and advantages of project financing as opposed to more traditional corporate lending practices; an overview of appraisal techniques for assessing project financing; a comprehensive analysis of the different risk management techniques used in project financing for reducing, distributing and hedging risks; and a brief overview of certain limited-resource financing schemes. The book includes a special focus on the various stages of the risk management process for project financing, elaborating on the different stages of risk identification, risk assessment, risk reduction, risk distribution and hedging and insurance. The authors also provide a comprehensive glossary of terms relating to international finance and project financing. This book will fulfill the need for an essential text on project financing as well as a professional reference guide.

This book was first published in 2006. It is estimated that up to sixty percent of the world's money may be located offshore, where half of all financial transactions are said to take place; however, there is a perception that secrecy about offshore is encouraged to obfuscate tax evasion and money laundering. McCann provides a detailed analysis of the global offshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about 'offshore' are valid. He analyses the ongoing work of the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank, and the Organisation for Economic Cooperation and Development. The book also offers some suggestions as to what the future might hold for offshore finance.

Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

1.1 Cash Flow, Risk, Agency, Information, Investments The first volume dealt with the management of: cash flow (and the exchange of goods and services); risk; agency relationships; and information. The firm m- ages these aspects by legal tools and practices in the context of all commercial transactions. The second volume discussed investments. As voluntary contracts belong to the most important legal tools available to the firm, the second volume provided an - troduction to the general legal aspects of generic investment contracts and p- ment obligations. This volume discusses funding transactions, exit, and a particular category of decisions raising existential questions (business acquisitions). Transactions which can be regarded as funding transactions from the perspective of a firm raising the funding can be regarded as investment transactions from the perspective of an - vestor that provides the funding. Although the perspective chosen in this volume is that of a firm raising funding, this volume will simultaneously provide infor- tion about the legal aspects of many investment transactions. 1.2 Funding, Exit, Acquisitions Funding transactions are obviously an important way to manage cash flow. All - vestments will have to be funded in some way or another. The firm's funding mix will also influence risk in many ways. Funding. The most important way to raise funding is through retained profits and by using existing assets more efficiently. The firm can also borrow money from a bank, or issue debt, equity, or mezzanine securities to a small group of - vestors.

The commercial banking industry in the United States has dramatically restructured. While concentration has increased, banks no longer dominate financial services. Instead, they have become part of holding companies that own a broad range of closely related financial services companies that are both complementary and competitive. Historical prohibitions against interstate banking have been liberalized as have the regulatory barriers that strictly separate banking, insurance, and securities market activities. As risk and complexity in the financial system increases and traditional sources of returns in banking diminish, pressure for further change will mount.
While the facts of regulatory change in U.S. commercial banking are not entirely new, we have a limited understanding of how it actually happened. And how it happened holds important lessons for future change as well as for other banking systems that are facing similar pressures. The Invisible Hands of U.S. Commercial Banking Reform shows how to analyze incentives for economic and institutional change and then demonstrates how incentives shape beliefs and choices. Contrary to commonly held assumptions, U.S. commercial banking is governed by a closely integrated combination of markets and governments and large-scale adaptation appears to require both relatively unfettered private action and government guarantees.

Fiscal Challenges: An Interdisciplinary Approach to Budget Policy brings together leading experts from a range of disciplines to explore the problems of budget policy. The authors, including top economists, political scientists, historians, psychologists, and legal scholars, together provide a unique, multidisciplinary introduction to the subject. In addition to in-depth analysis of congressional budget procedures and the economics of federal deficits and debt, Fiscal Challenges explores important recent developments in budget policy at the state level and in the European Union. The goal of the volume is to offer readers wide-ranging perspectives on the many different academic disciplines and perspectives that bear on the evaluation of budgetary procedures and their reform.

The Prospectus Directive of 4 November 2003 and the Prospectus Regulation of 29 April 2004 permit a single European passport for a prospectus that has been approved by the competent authority of a Member State to be used for the public offering of securities in other Member States without the need to obtain approval in each state. The Prospectus Directive sets forth the general rules and requirements for the preparation, approval and distribution of prospectuses and defines the content, format and publication of the prospectus, while the Prospectus Regulation defines the minimum information that must be included in the prospectus and its related documents. This second volume contains reports of the implementation of the Prospectus Directive in those EU and EEA Member States not included in the first volume. Together, both volumes give the reader an overview of the implementation throughout the European Union and the European Economic Area.

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.

This is an account of the development of European labour and social security law as it interrelates with the evolution of market integration in the European Union. Giubboni presents, from a labour law perspective, a case study of the changes the European Community/European Union has undergone from its origins to the present day and of the ways these changes have affected the regulation of European Welfare States at national level. Drawing on the idea of 'embedded liberalism', Giubboni analyses the infiltration of EC competition and market law into national systems of labour and social security law and provides a normative framework for conceptualising the transformation of regulatory techniques implemented at the EU level. This important, interdisciplinary contribution to research in EU social law illustrates how the vision of social protection and solidarity is changing.

Das vorliegende Werk enthalt Abhandlungen fuhrender Steuerrechtswissenschaftler der jungeren Generation zu aktuellen Fragen des deutschen Steuerrechts. Die Aufsatze gehen auf Vortrage zuruck, die im Rahmen der dritten Veranstaltungsreihe des Max-Planck-Instituts fur Steuerrecht und OEffentliche Finanzen zu "Zukunftsfragen" des deutschen Steuerrechts prasentiert worden sind. Der Inhaltsreichtum und die methodische Bandbreite der Untersuchungen zeichnen sich durch eine hohe Vielfalt aus. So reichen die behandelten Themen von der Zukunft der Zinsschranke und einer Renaissance der Soll-Ertragsbesteuerung uber die Privatisierung der Steuerverwaltung sowie die Zukunft des Steuerstrafrechts bis hin zu Fragen des Insolvenzsteuerrechts und der internationalen Kapitaleinkommensbesteuerung. Bereits die Vorgangerpublikationen haben hohe Beachtung in Wissenschaft und Praxis gefunden.

International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets from a public international law and comparative law perspective.

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.

The Prospectus Directive of 4 November 2003 sets the rules on the publication of a prospectus in the event that securities are offered to the public or admitted to trading on a stock exchange in the European Union. These rules apply in all 30 member states of the European Economic Area. Since member states decide to a large extent how to implement the Directive in their law, the rules in the different member states will differ substantially. It is therefore important not only to have an understanding of the rules laid down in the Directive but also to obtain knowledge of the rules applicable in the different states. As an English book it provides an understanding for non-Europeans of the rules applicable on the publication of a prospectus. A comprehensive table of contents, text of the European Directive and a list of national implementing laws are also included.

The Papers collected in this volume are those presented at the tenth Collo- quium arranged by the Societe Universitaire Europeenne de Recherches Fi- nancieres (SUERF), which took place in Vienna in April 1982. The Society is supported by a large number of central banks, commercial banks, and other financial and business institutions, as well as by academics and others interested in monetary and financial problems. Since its estab- lishment in 1963 it has developed as a forum for the exchange of informa- tion, research results and ideas, valued by academics and practitioners in these fields, induding central bank officials and civil servants responsible for formulating and applying monetary and financial policies. A major activity of SUERF is to organise and conduct Colloquia on sub- jects of topical interest to members. The titles, places and dates of previous Colloquia for which volumes of the collected Papers were published are noted on page 421. Volumes were not issued for Colloquia held at Tar- ragona, Spain in October 1970 under the title "Monetary Policy and New Developments in Banking" and at Strasbourg, France in January 1972 un- der the title "Aspects of European Monetary Union".

How effectively can governing mechanisms forged before the surge of activist investment continue to protect shareholders and efficiently order capital markets? This is a pressing question for scholars and practitioners of corporate law, as well as for market participants generally. In order to illuminate the extent to which the growing trend of shareholder activism calls for a new understanding of the kind of shareholder-corporate relations the law should facilitate, this book introduces the concept of shareholder-driven corporate governance. This concept refers to the evident phenomenon of shareholder involvement in corporate governance and offers a normative endorsement of this development. In order to secure the benefits of investors' increasing involvement in corporate affairs, regulatory regimes must grapple with a number of considerations. This book is based on the idea that shareholder corporate governance is a welcome development, but that it does not come without regulatory challenges. For one, it requires rejecting the idea that well-ordered capital markets can be achieved through corporate law which is subservient to private ordering. The mandatory character of, for example, securities regulation is vital to fostering shareholder involvement in corporate affairs. Defenders of shareholder corporate governance must also confront the matter of "wolf packs," or loosely formed bands of investors who defy existing regulatory categories but nonetheless exert collective influence. Regulation that is sensitive to both the inadequacies of past approaches to corporate-shareholder relations and the novel challenges posed by increasing shareholder activism will be able to harness activism, allowing capital markets to flourish.

This is the first book to provide a detailed and thorough conceptual analysis of the unit trust. Such analysis is not just of academic interest: it is of much practical relevance too. The author examines such topics as the nature of the unit trust, the interaction of unit holders, the manager's legal position, and the trustee and manager relationship. The book will be invaluable to all those requiring a better understanding of the unit trust.

Micheler analyses the German, Austrian and English law of securities, addressing the rules governing transfers of securities, including unauthorised transfers, equities arising out of defective issues, and the holding of securities through intermediaries. The book presents an account of the current English, German and Austrian regimes. It has been written with a view to explaining the German and Austrian regime to readers with a common law background and to explaining the English regime to readers with a civil law background. Micheler also aims to determine whether globalisation will cause the two different approaches to converge. It concludes that the respective rules in all three jurisdictions have historically evolved consistently with incumbent legal doctrine. This pattern of change is likely to continue. Convergence will occur on a functional rather than doctrinal level. Moreover, recent reform initiatives advanced by the UNIDROIT and the EU will lead to functional rather than doctrinal convergence.

In recent years financial conglomerates have been established throughout Europe. This horizontal diversification has attracted a great deal of attention in the banking and insurance sector, and has alarmed the supervisory authorities and the European Commission. Financial Conglomerates: New Rules for New Players? gives a broad, innovative survey of the following aspects: it analyzes different sets of definitions of financial conglomerates, groups, consolidation criteria, etc., testing the practical effects of these definitions on the basis of a detailed relational database; although the benefits of financial conglomerates are straightforward, it is clear that quite a number of potential risks cannot be ignored; moreover, the differences in regulation of the solvency requirements for banks, insurance companies and investment firms are analyzed in order to look for a possible approach for calculating the necessary level of solvency for financial conglomerates. Audience: Required reading for practitioners as well as academic researchers in both the financial and the insurance markets. Strategic as well as regulatory perspectives are relevant disciplines.