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Debt capital markets have been at the heart of regulatory and policy debates since the global financial crisis of 2008. In this work, Vincenzo Bavoso explores the role financial markets and products have in fuelling episodes of crises and financial instability. Focussing on the law and regulation, but also drawing on current economics and finance scholarship, Debt Capital Markets examines both the pre-2008 regulatory environment, and the framework that has emerged from post-crisis regulatory corrections since. Charting the evolution of debt capital markets and the transformation and liberalisation of the financial markets throughout the 1980s and 1990s, the book outlines how debt capital mar...
The explosion of the global financial crisis in 2007–08 reignited the urgency to reflect on the origins and causes of financial collapses. As the events in the above period triggered an economic meltdown that is still ongoing, comparisons with the Great Crash of 1929 started to abound. In particular, the externalities that a broad spectrum of societal groups had to bear as a consequence of various banking failures highlighted the necessity of a more inclusive and balanced regulation of firms whose activities impact on a wide range of stakeholders. The book is centred on the proposal of a paradigm, the “enlightened sovereign control”, that provides a theoretical, institutional and subst...
Throughout the world, the Anglo-American model of corporate governance tends to prevail – but no two countries are identical. Governance outcomes in developing and emerging economies often deviate from what theory predicts, due to a wide range of factors. Using insights from New Institutional Economics, Corporate Governance in Developing and Emerging Markets aims to explain the different issues and cultural and legal factors at play, and put forward an alternative governance framework for these economies. Structured in three parts, this text investigates different models of corporate governance; it explores the realities of corporate governance in ten nations, including the ‘BRICS’ (Brazil, Russia, India, China and South Africa) and ‘MINT’ (Mexico, Indonesia, Nigeria and Turkey) countries; and then considers corporate governance reform. This interdisciplinary text will be a valuable tool for students of corporate governance across Business, Economics and Law; and an equally useful resource for anyone working in or carrying out research in this area.
This is the first of a two-volume series that examines the current EU capital markets regimes and explores codification as a means for achieving a true single market for capital in Europe.
European Company Law Series, Volume 19 Compelling new perspectives on corporate governance – including attention to increased shareholder engagement, long-term value creation, and sustainability – have given rise to major changes in the management of companies. Yet, until this book, there has been no systematic account of the legislative and soft law instruments designed to promote good corporate governance practices across the range of sizes and types of companies. The book analyses the various instruments that legislators and others have used to promote good corporate governance in European companies and assesses their value in practice. Nineteen well-known scholars of business and cor...
What kind of decision-making should multinationals engage in to create a sustainable company? There is substantial debate over why CEOs, senior management and Boards of Directors make the wrong decisions by not asking the right questions, with the result that not only is the company itself damaged, but all of the stakeholders find themselves at a detriment. Focusing on innovation, technology transfer and the use of intangible assets, Energy Law and the Sustainable Company features case studies from the oil and gas sector, to illustrate how to develop a sustainable business. Considering corporate social responsibility from the perspective of international and national law, the book demonstrat...
The development of an international substantive environmental right on a global level has long been a contested issue. To a limited extent environmental rights have developed in a fragmented way through different legal regimes. This book examines the potential for the development of a global environmental right that would create legal duties for all types of decision-makers and provide the bedrock for a new system of international environmental governance. Taking a problem solving approach, the book seeks to demonstrate how straightforward and logical changes to the existing global legal architecture would address some of the fundamental root causes of environmental degradation. It puts forw...
The book covers alternative lending using the emergence of Debt Funds in the EU as a case study. The book explores the risks that they can pose to financial stability, and the regulatory and supervisory tools available to mitigate these risks. Through this analysis, the book uncovers the risks and potential risk mitigation tools that can be applied to the alternative lenders–including debt funds and other potential alternative lenders. After identifying the reasons behind the growth of alternative lenders (using as example the assets of Alternative Investment Funds (AIFs) and in particular debt funds) and the simultaneous decrease of the banks’ assets, the book analyses the systemic impo...
This book analyses different strategies and their results in implementing financial regulation in terms of rule-making, public enforcement and private enforcement. The analysis is based on a comparative study of conduct of business regulation on mis-selling of financial instruments in the UK and South Korea. It extends into liquidity regulation in the banking sector and credit rating agency regulation. The book concludes that in rule-making, purposive rules are more effective for achieving regulatory goals with minimal undesirable results, but a rule-making system with purposive rules can only work on a foundation of trust among rule-makers, enforcers and the regulates, that with respect to public enforcement, the enforcement strategies should combine the compliance-oriented and deterrence-oriented approaches and be continuously adjusted based on close monitoring of the regulatory outcomes and that in private enforcement, regulation should be instituted as the minimum requirement in private law.
This book brings together experts from different fields and with different jurisdictional focuses to provide fresh ideas and deep insights into crypto regulation. Cryptoassets engage many different areas of law, with their own specific terminologies, uncertainties, and regulatory fragmentation. Unsurprisingly, then, crypto has faced calls for new laws, for reform of existing laws, and in some instances outright banning. Against this backdrop, this collection explores different aspects of crypto regulation, with reference to current developments, such as the Markets in Crypto-Assets Regulation, and technological innovations, including central bank digital currencies, smart contracts, and non-fungible tokens. Market, user and law-/policy-maker perspectives are examined to explore not only innovation and opportunities, but also regulatory and policy challenges. This volume will be a key resource for scholars and practitioners of law, finance, public policy, criminology and economics. It was originally published as a special issue of Law and Financial Markets Review.