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In honor of his retirement from the Max-Planck-Institute for
Comparative and International Private Law in Hamburg, this
commemorative publication is dedicated by his students to one of
the worldwide leading experts on commercial law and author of many
significant pieces of work, especially in the fields of trade,
corporate and banking law.
The business corporation is one of the greatest organizational
inventions, but it creates risks both for shareholders and for
third parties. To mitigate these risks, legislators, judges, and
corporate lawyers have tried to learn from foreign experiences and
adapt their regulatory regimes to them. In the last three decades,
this approach has led to a stream of corporate and capital market
law reforms unseen before. Corporate governance, the system by
which companies are directed and controlled, is today a key topic
for legislation, practice, and academia all over the world.
Corporate scandals and financial crises have repeatedly highlighted
the need to better understand the economic, social, political, and
legal determinants of corporate governance in individual countries.
Comparative Corporate Governance furthers this goal by bringing
together current scholarship in law and economics with the
expertise of local corporate governance specialists from
twenty-three countries.
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