Financial law: general Books

Book SynopsisThis is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of external constituencies without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.Table of Contents1: John Armour, Henry Hansmann, Reinier Kraakman, and Mariana Pargendler: What is Corporate Law? 2: John Armour, Henry Hansmann, and Reinier Kraakman: Agency Problems and Legal Strategies 3: John Armour, Luca Enriques, Henry Hansmann, and Reinier Kraakman: The Basic Governance Structure: The Interests of Shareholders as a Class 4: Luca Enriques, Henry Hansmann, Reinier Kraakman, and Mariana Pargendler: The Basic Governance Structure: Minority Shareholders and Non-Shareholder Constituencies 5: John Armour, Gerard Hertig, and Hideki Kanda: Transactions with Creditors 6: Luca Enriques, Gerard Hertig, Hideki Kanda, and Mariana Pargendler: Related-Party Transactions 7: Edward Rock, Paul Davies, Hideki Kanda, Reinier Kraakman, and Wolf-Georg Ringe: Fundamental Changes 8: Paul Davies, Klaus Hopt, and Wolf-Georg Ringe: Control Transactions 9: Luca Enriques, Gerard Hertig, Reinier Kraakman, and Edward Rock: Corporate Law and Securities Markets 10: John Armour, Luca Enriques, Mariana Pargendler, and Wolf-Georg Ringe: Beyond the Anatomy

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Book SynopsisCorporate Finance for Lawyers explores the intricate relationship between law and corporate finance. Utilising the ‘Financial Mindmap’ throughout, chapters depict financial concepts by using colours and visualisations in a clear and intuitive manner.Trade Review‘Using an easy to follow financial tool the authors explain how key elements of corporate finance including leverage finance, company valuations, secured lending and non-interest bearing finance work and interrelate, how returns are achieved and what terms like enterprise value and working capital really mean. They do so in an innovative way drawing together finance theory and the reality of practice to produce what is likely to be a key foundation text not just for corporate lawyers but all those working in the world of M&A and finance.’ -- Chris Hale, Chair Emeritus, Private Equity and Financial Sponsors‘This work presents a great utility in how it addresses issues affecting businesses from legal, economic, financial and accounting perspectives from the moment of setting up to when a business experiences financial difficulties. The treatment is holistic, the materials from impeccable sources and the arguments firmly grounded in the authors' many years of experience. Without doubt, it is an important and timely text.’ -- Paul Omar, De Montfort Leicester Law School, UKTable of ContentsContents: 1 Introduction to law and corporate finance Rolef de Weijs 2. Does leverage create value? Rolef de Weijs 3. Corporate finance and company valuation: why cash became king Joost de Vries and Rolef de Weijs 4. Discounted cash flow valuation and indirect cash flow analyses: retracing the cash Joost de Vries 5. Secured credit and its use: distinguishing between productive and non-productive credit Rolef de Weijs 6 Hybrid finance by means of shareholder loans Rolef de Weijs 7. Financing through shareholder guarantees Aart Jonkers 8 Reorganisation procedures Aart Jonkers and Rolef de Weijs Index

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Book SynopsisBroker-Dealer Compliance is a concise yet comprehensive guide that reviews the state of broker-dealer compliance, both from general and practical perspectives. While the book has a practical focus, it also makes use of legal scholarship and behavioral and organizational literature on compliance that have grown exponentially in recent years.James Fanto discusses the main, well-established elements and practices in a broker-dealer compliance program and illustrates them with case studies and practical examples drawn from real-life situations to demonstrate the goals of a particular program element and problems in its implementation. Moreover, each chapter highlights the pressures on compliance officers and the trends that collectively may transform compliance practice in a particular area.Professionals in broker-dealer and investment firm compliance practice will find this book a readable introduction to the field. Experienced practitioners can refresh their knowledge and even learn something new about brokerage compliance program elements and practices.Trade Review‘Jim Fanto gives readers a readable, sophisticated and practical guide for all those trying to find their way through the maze of contemporary compliance, including best practices and traps for the unwary.’ -- Donald Langevoort, Georgetown University Law Center, US‘James Fanto has written a comprehensive and exceedingly accessible book on the topic of broker-dealer compliance. Professor Fanto is extraordinarily well-situated to address this topic, having served as a reporter on the American Law Institute’s Principles of Compliance project. The book clearly articulates the applicable rules and regulations, illustrating the key points with helpful case studies. It will be an indispensable reference work for those involved or interested in the field.’ -- Claire Hill, University of Minnesota Law School, USTable of ContentsContents: Preface 1. Introduction: why broker-dealer compliance? 2. Compliance risk management 3. Compliance policies and procedures 4. Compliance training 5. Compliance advice, ethics, and culture 6. Compliance monitoring and surveillance 7. Compliance investigations 8. Evaluation of the compliance program 9. Specialized compliance in broker-dealers 10. Compliance officer’s relationship with regulators 11. Reflections on the future of broker-dealer compliance Selected and annotated bibliography Index

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Book SynopsisDas Nebenstrafrecht, insbesondere das Wirtschaftsstrafrecht, ist geprägt durch eine Fülle von Verweisungstechniken. Verweisungen stellen einerseits die Bestimmtheit des Tatbestands (Art. 103 Abs. 2 GG) in Frage, andererseits haben sie Bedeutung für Vorsatz und Irrtum des Täters. Bundesverfassungsgericht und Bundesgerichtshof unterscheiden zwischen Blanketten und normativen Tatbestandsmerkmalen. Der Irrtum über die Blankettverweisung führt regelmäßig zur Verurteilung aus dem Vorsatzdelikt, da er als vermeidbarer Verbotsirrtum behandelt wird. Für den Bürger sind diese Anforderungen an die Verbotskenntnis angesichts der Normenfülle und der komplexen Verweisungstechniken im Nebenstrafrecht jedoch praktisch unerfüllbar. Die Arbeit kategorisiert das Nebenstrafrecht anhand seiner Verweisungstechniken und untersucht, ob die eigenen verfassungs- und strafrechtlichen Prämissen die Rechtsprechung des Bundesgerichtshofs tragen. Nach eingehender Analyse der verfassungsrechtlichen Vorgaben und Abgrenzung, der Strafrechtsdogmatik und sprachphilosophischer Notwendigkeiten kommt die Verfasserin zu dem Ergebnis, daß nur die Gleichbehandlung von normativen Tatbestandsmerkmalen und Blanketten zu einer Irrtumsdogmatik führt, die dem Verfassungsrecht genügt.

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Book SynopsisThe New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.Trade ReviewIn immensely readable fashion, The New Stock Market connects the fundamentals of market structure to new (and old) challenges: insider trading, market manipulation, high-frequency trading. A profoundly important look at how our stock markets have changed and the regulatory first principles necessary to keep them orderly and equitable as these changes continue. -- Donald Langevoort, Georgetown UniversityThe New Stock Market is a truly impressive achievement. It deserves an audience not only among scholars to whom its intellectual framework is already familiar but also among practitioners. Analysts, portfolio managers, risk managers, and C-suite executives who read this book will afterward stand on much firmer ground when opining on prospective securities legislation and regulation. -- Martin Fridson * Enterprising Investor *Integrating the perspectives of information economics and the law for understanding markets for trading equity, this book will be of considerable interest to students of markets and the law, as well as securities lawyers, investment bankers, analysts, economists, and regulators. -- Chester Spatt, Carnegie Mellon Tepper School of Business and MIT Golub Center for Finance and PolicyThe New Stock Market achieves a difficult balance: it is accessible yet sophisticated. The mysterious new terms of market microstructure—"high-frequency trader," "dark pool," "maker-taker" rebates, and "internalization"—are all fluently explained, and this serves as a prelude to the authors' careful weighing of the policy choices. Few books in this area have been this lucid and this rigorous at the same time. -- John C. Coffee, Columbia UniversityEquity capital markets are going through unprecedented change: new technology, new players, new venues, and new trading strategies. How can regulators respond to these developments without impeding market efficiency? These are the issues that Fox, Glosten, and Rauterberg analyze in their outstanding book, providing vital—and novel—insights and recommendations that should be welcomed by both regulators and investors. Highly recommended. -- Edward F. Greene, Cleary Gottlieb Steen & HamiltonTable of ContentsAcknowledgmentsIntroductionPart 1: Foundations1. The Institutions and Regulation of Trading Markets2. The Social Function of Stock Markets3. The Economics of Trading MarketsPart 2: Trading Market Practices4. High Frequency TradingPart 3: Regulation of Traders5. The Economics of Informed Trading6. The Regulation of Informed Trading7. Manipulation8. Short SellingPart 4: Regulation of Broker-Dealers9. Broker-Dealers10. Dark Pools11. Maker-Taker Fees12. Payment for Order FlowConclusionNotesName IndexSubject Index

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Book SynopsisThis book provides a comprehensive analysis of the primary challenges, opportunities and regulatory developments associated with the use of artificial intelligence (AI) in the financial sector. It will show that, while AI has the potential to promote a more inclusive and competitive financial system, the increasing use of AI may bring certain risks and regulatory challenges that need to be addressed by regulators and policymakers.After analysing the technological foundations of AI, the book focuses on the use and regulatory challenges of AI in the banking, capital markets and insurance industries. It also analyses, compares and assesses the different strategies and international approaches that have been adopted to address the challenges raised by the use of AI. The book concludes by providing a holistic and cross-sectoral analysis of the use of AI in the financial sector.The comprehensive, interdisciplinary, and industry-relevant approach adopted in Artificial Intelligence in Finance will provide students, practitioners and academics interested in financial markets with a broad understanding of the challenges and opportunities of AI in the financial sector. Additionally, the comparative and policy-oriented approach also adopted in the book will provide regulators and policymakers with innovative ideas and regulatory solutions that will help them address some of the most critical challenges associated with a new data-driven financial system.Table of ContentsContents: Introduction xvii PART I FOUNDATIONS OF AI AND AI GOVERNANCE 1 Foundations of artificial intelligence and machine learning 2 Alfonso Delgado De Molina Rius 2 Explaining explainable AI 19 Richard Zuroff and Nicolas Chapados 3 Harmony in chaos 60 Yeong Zee Kin and Larissa Lim 4 Responsible AI 87 Marcus Bartley Johns, Joy Fuyuno and Dennae Smith PART II OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN THE BANKING INDUSTRY 5 AI governance frameworks for the banking sector 114 Virginia Torrie and Dominique Payette 6 Machine learning, alternative data, and the regulation of consumer credit markets 142 Nikita Aggarwal 7 AI-based consumer credit underwriting 151 Maayan Perel and Ruth Plato-Shinar PART III OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN CAPITAL MARKETS 8 The promises and perils of robo-advisers 178 Aurelio Gurrea-Martinez and Wai Yee Wan 9 Regulating AI trading from an AI lifecycle perspective 198 Alessio Azzutti, Wolf-Georg Ringe and H. Siegfried Stiehl PART IV OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN THE INSURANCE INDUSTRY 10 Opportunities and use cases of AI in the insurance industry 244 Magdalene Loh and Terence Soo 11 Regulation of the use of artificial intelligence for investment in the insurance industry 271 Christopher Chao-hung Chen PART V CROSS-SECTORAL ISSUES ON THE USE OF AI IN THE FINANCIAL SECTOR 12 Regulating artificial intelligence in finance and other regulated industries 294 Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, Brian W. Tang and Lucien J. van Romburg 13 Bias and discrimination in the use of AI in the financial sector 320 Minesh Tanna and William Dunning 14 Interconnectedness and financial stability in the era of artificial intelligence 350 Nydia Remolina Index 368

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Book SynopsisFoundations for the LPC covers the compulsory foundation areas of the Legal Practice Course as set out in the LPC outcomes: professional conduct, tax and revenue law, and wills and administraion of estates. It also features coverage of human rights.

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Book SynopsisIn this new volume in the Elements series, Daniel D. Bradlow traces the history and development of international law and international financial institutions from 1918 to today, providing a detailed overview of the legal frameworks within which such institutions were established and operate, and which structure their relationships with their member states and their citizens.The book opens with the inter-war years, the Bretton Woods Conference, and background on the treaties establishing the IMF and the World Bank. It then discusses the Articles of Agreement of the IMF and the IBRD, providing information on their governance arrangements, mandates, and operating principles. The international legal status of these two international financial institutions, their international legal rights, responsibilities and obligations, and their privileges and immunities are also examined. In later chapters, the book explores how the structure, functions, and operations of the World Bank and IMF have e

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Book SynopsisInternational Monetary and Banking Law post COVID-19 analyses the response of major financial institutions and central banks to the COVID-19 pandemic, considering the impact on the architecture and content of international monetary and banking law.Table of ContentsIntroduction Part I: Responses to the COVID-19 Crisis and Maintenance of Financial Stability 1: The Role of International Financial Fora in Preserving Global Financial Stability amidst the Pandemic Crisis: The First 18 Months 2: Measures Taken by the Federal Reserve in Response to Financial Stress in the U.S. Economy Arising Out of the Global Pandemic 3: The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the ECB's Monetary Policy Measures 4: The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the Bank of England's Policy Measures 5: Central Bank Policy Responses to the Effects of COVID-19 on the Brazilian Economy 6: Maintaining Financial Stability in China: Legal and Institutional Framework Part II: Digitalisation of Money and Finance 7: Lex Cryptographica Financiera 8: Towards an international framework for the regulation and supervision of

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Book SynopsisEveryone is talking about fintech, and they''re usually saying good things. Driverless Finance provides a balance to that conversation, exploring the threats that different fintech innovations pose for our financial system. With in-depth and accessible descriptions of new financial technologies and business models - ranging from distributed ledgers to machine learning, cryptoassets to robo-investing - this book allows readers to think more critically about fintech, and about how the law should respond to it.This book highlights the increased speed, complexity, and coordination inherent in new fintech innovations, and illustrates how these features could come together in a massive financial system failure. It makes the case for a precautionary approach to regulating fintech, erring on the side of caution to avoid a financial crisis that could have irreversible and catastrophic effects for our society. Because neither longstanding regulatory approaches nor experimental new approaches like regulatory sandboxes were designed to address fintech''s systemic risks, this book makes several bold new proposals for regulation designed to make fintech-inspired financial crises less likely. These proposals include new forms of disclosure and supervision, new forms of technological tools (known as suptech), and a new licensing regime for financial technologies. This book finishes by situating its discussion of fintech and financial stability in the context of important debates about innovation, expertise, cybersecurity, privacy, competition, and other pressing issues.Table of ContentsPrologue Introduction Part I: The Case for Precaution Chapter 1: The Case for Precaution Part II: Fintech Threats to Financial Stability Chapter 2: Fintech and Risk Management Chapter 3: Fintech and Capital Intermediation Chapter 4: Fintech and Payments Part III: Regulating Fintech and Financial Stability Chapter 5: Current Approaches to Fintech and Financial Stability Regulation Chapter 6: Precautionary Regulation of Fintech Innovation Chapter 7: The Bigger Picture Conclusion

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Book SynopsisMoney travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it.One particularly dramatic transformation in money''s design brought capitalism to England. For centuries, the English government monopolized money''s creation. The Crown sold people coin for a fee in exchange for silver and gold. ''Commodity money'' was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard - all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money''s neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.Trade ReviewThis fascinating book offers an innovative approach to monetary history, by using the historical development of currency in England from the high middle ages to the nineteenth century to challenge the established theory of money and its role in the economyâ This book is an excellent contribution to the existing literature [âand] must also be considered an important contribution to fields such as law, economics, political science, and the history of economic ideas. * Paolo di Martino, The Economic History Review *A closing sentence of Desan's Making Money encapsulates what I find truly extraordinary about her book: Arguably capitalism... constructed a money [based on] individual exchange for profit, institutionalizing that motive as the heart of productivity." ... In my view Desan's greatest contribution in Making Money is a clear explanation of how monetary reform set the stage for modern economic performance. * Carolyn Sissoko, Synthetic Assets *This book is an obvious must for anyone interested in English history generally, and the history of money, banking or finance, or the legal history of these fields in particular. That much goes without saying. For historians of capitalism, it should be a lightning rod, attracting attention with a bold, unorthodox and analytically and historically compelling claim. * Roy Kreitner, Banking and Finance Law Review *Making Money is an impressive work of scholarship that not only surveys many centuries of history, but also offers fresh insights into a topic so laden with assumptions and parables as to seem barely worth reexamination. The book is part legal analysis, part political and economic history, and part numismatics, and it is more representative of an interpretive essay than an encyclopedia of monetary history. * Bruce G. Carruthers, American Historical Review *Christine Desans Making Money: Coin, Currency, and the Coming of Capitalism. . . expands the limited theoretical interventions of myriad governance-view theorists into positive, empirical claims by telling the story of British money through law from the fall of Rome to the eighteenth-century financial revolution, and in so doing expands on them significantly. . . What Desan has given us, and earlier authors have not, is a thorough alternative, grounded in legal history, that, helpfully, includes an origin story for the orthodox account of moneys origins. Although some may continue to defend the orthodox conjectural history of money. . . they will be hard-pressed to do so on empirical grounds in light of Desans account. * Andrew David Edwards, Law and Social Inquiry *Desan's singular achievement has been to not only synthesize a vast literature but to also produce a richly detailed, compelling, and original account of how the development of market commerce and capitalism was largely dependent upon the transformation of the ways in which people thought about and made their money. . . Needless to say this brief review in no way does justice to the narrative reconstruction, eye-watering detail, and historiographical engagement which will surely make Desan's text the definitive account for some time to come. * Simon Middleton, The Medieval Review *Making Money is a fascinating story, full of both meticulous historical detail and compelling conceptual arguments about the relationship between forms of currency, political authority, and the creation of the modern state . . . thought-provoking like David Graebers Debt, but firmly grounded in the minutiae of English history. In these times when everyone from gold bugs (like Ted Cruz, lets not forget) to Bitcoin enthusiasts is calling for a redefinition of money, it reminds us what a complicated and politically determined thing money always has been. * James Kwak, The Baseline Scenario *Christine Desans Making Money should be amongst the points of departure for analysis and reflection not beholden to the existing institutional structures and the interests served by such institutions...This insight elevates Desans book far above the kind of literature that cultivates a generalizing view of money, its current forms, and institutional settings as inevitable expressions of human nature. The conclusions from her contribution to the analysis of money are arguments for changing prevailing monetary regimes. Desan equips us with historical arguments for reinventing money. * Leopold Specht, International Journal of Constitutional Law *Making Money contributes to . . . understanding [the popularity of cash] by providing a detailed and insightful narrative of how cash developed into the killer app of payment technologies. * William Roberds, Journal of Economic Literature *[T]hose interested in gaining a comprehensive understanding of the evolution of money... Will find this book invaluable. [Desans] approach... Is essentially a new history and analysis of how money is made. * Katie Ball, Reviews in History *Making Money will undoubtedly become an exemplary text in its field. It has a lot to offer... In sum, this book is of tremendous value and a notable text in legal history and within those subjects at the peripheries surrounding it. It sets a new path in challenging our ways of studying commercial law and viewing money and currency as a purely economic tool and as a mechanism of exchange. * Victoria Barnes, The Journal of Legal History *[In this book] A constitutional historian dives deep into to joint creation with private investorsto illuminate how the means of exchange is in fact a form of governance and of social order * Harvard Magazine *Christine Desanâs Making Money is not only a fine monetary history of England. The 2014 book is relevant today. It shows cash and governments go together, the gold standard was a misnomer and central banking is political. And we should stop outsourcing money-creation to banks. * Edward Hadas, Breakingviews *Table of ContentsIntroduction ; 1. Creation Stories ; 2. From Metal to Money: Producing the "Just Penny" ; 3. Commodity Money as an Extreme Sport: Flows, Famines, Debasements, and Imitation Pennies ; 4. The High Politics of Money: Strong Coin, Heavy Taxes, and the English Invention of Public Credit ; 5. The Social Stratigraphy of Coin and Credit in Late Medieval England ; 6. Priming the Pump: The Sovereign Path Towards Paying for Coin and Circulating Credit ; 7. Interests, Rights, and the Currency of Public Debt ; 8. Reinventing Money: The Beginning of Bank Currency ; 9. Re-theorizing Money: The Struggle over Money in the Modern Imagination ; 10. The Eighteenth Century Architecture of Modern Money ; Epilogue: The Gold Standard in an Era of Inconvertibility ; Conclusion: From Blood to Water ; Bibliography

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Book SynopsisThe past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors'' strategic approaches, the financial returns they produce, and the regulatory frameworks within which theyTrade ReviewBratton and McCaherys edited volume addresses todays most fundamental question regarding the governance of dispersed-ownership corporations: have private equity and activist hedge funds solved the problem of the separation of ownership from control? This remarkable collection of essays by the worlds leading corporate governance scholars will play a critical role in shaping the discussion in both academic and policy circles for many years to come. * Merritt B. Fox, Michael E. Patterson Professor of Law, NASDAQ Professor for Law and Economics of Capital Markets, Columbia University Law School *Hedge funds and private equity funds are the active governance agents of late. Bratton and McCahery have put together a collection of highly informative essays examining many aspects of the governance model adopted by these institutional investors: tactics, performance, economic consequences, as well as the regulatory framework in which they operate. The volume must be recommended to anyone interested in corporate governance. * Mike Burkart, Gösta Olson Professor of Finance, Stockholm School of Economics *Hedge fund activism and private equity have become central for corporate governance in recent years. This books collects impressive papers from some of the most prominent academics in the field, which is now richer for the editors and authors efforts. * Mark J. Roe, David Berg Professor of Law, Harvard Law School *Table of ContentsPART I. THE DISEMPOWERED SHAREHOLDER ; PART II. HEDGE FUND ACTIVISM ; A. PATTERNS AND POLICY QUESTIONS - DARK SIDES AND LIGHT SIDES ; B. OWNERSHIP STAKES, OPERATING RESULTS, AND FINANCIAL RETURNS ; C. STRATEGIC HOLDING VERSUS COLLECTIVE INTEREST: EMPTY VOTING AND BANKRUPTCY REORGANIZATION ; PART III. PRIVATE EQUITY AND CORPORATE GOVERNANCE ; A. STRUCTURE AND MOTIVATION ; B. HOW HAS PRIVATE EQUITY PERFORMED? ; PART IV. THE REGULATORY FRAMEWORK ; A. STRUCTURAL TREATMENT OF HEDGE FUNDS AND PRIVATE EQUITY: INVESTOR PROTECTION AND SYSTEMIC RISK ; B. REGULATION AND THE COSTS AND BENEFITS OF SHAREHOLDER ACTIVISM ; C. LAW REFORM: THE BURDEN OF PERSUASION

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Book SynopsisCorporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finances that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation.Now in paperback, the Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.Table of ContentsJeffrey N. Gordon and Wolf-Georg Ringe: Introduction Part l: Theoretical Approaches, Tools, and Methods 1: Ronald J. Gilson: From Corporate Law to Corporate Governance 2: Jeffrey N. Gordon: Convergence and Persistence in Corporate Law and Governance 3: Mark J. Roe and Massimiliano Vatiero: Corporate Governance and Its Political Economy 4: Michael Klausner: The "Corporate Contract" Today 5: Marcel Kahan: The State of State Competition for Incorporations 6: Amir N. Licht: Culture and Law in Corporate Governance 7: Jaap Winter: A Behavioural Perspective on Corporate Law and Corporate Governance 8: Michael Klausner: Empirical Studies in Corporate Law and Governance 9: Allen Ferrell: The Benefits and Costs of Indices in Empirical Corporate Governance Research 10: Mathias M. Siems: Taxonomies and Leximetrics Part II: Substantive Topics 11: Henry Hansmann and Richard Squire: External and Internal Asset Partitioning: Corporations and Their Subsidiaries 12: Stephen M. Bainbridge: The Board of Directors 13: Guido Ferrarini and Cristina Ungureanu: Executive Remuneration 14: Edward Rock: Institutional Investors in Corporate Governance 15: Wolf-Georg Ringe: Shareholder Activism: A Renaissance 16: Mark J. Roe: Corporate Short-Termism 17: Zohar Goshen and Assaf Hamdani: Majority Control and Minority Protection 18: Charles K. Whitehead: Debt and Corporate Governance 19: Lawrence A. Cunningham: Accounting and Financial Reporting: Global Aspirations, Local Realities 20: Luca Enriques: Related Party Transactions 21: Paul Davies: Control Shifts via Share Acquisition Contracts with Shareholders (Takeovers) 22: John C. Coates IV: Mergers, Acquisitions, and Restructuring: Types, Regulation, and Patterns of Practice 23: Klaus J. Hopt: Groups of Companies 24: Cynthia A. Williams: Corporate Social Responsibility and Corporate Governance 25: Holger Fleischer: Comparative Corporate Governance in Closely Held Corporations Part III: New Challenges in Corporate Governance 26: Hideki Kanda: Western versus Asian Corporate Governance Environments: The Role of Enforcement in International Convergence 27: Mariana Pargendler: Corporate Governance in Emerging Markets 28: Curtis J. Milhaupt: The Governance Ecology of China's State-Owned Enterprises 29: Merritt B. Fox: The Rise of Foreign Ownership and Corporate Governance 30: Gerard Hertig: Governance by Institutional Investors in a Stakeholder World 31: Erik Vermeulen: New Metrics for Corporate Governance: Shifting Strategies in an Aging IPO Market Part IV: Enforcement 32: David Kershaw: Corporate Law and Self-Regulation 33: James D. Cox and Randall S. Thomas: The Evolution in the U.S. of Private Enforcement via Litigation and Monitoring Techniques: Are There Lessons for Germany? 34: Howell E. Jackson and Jeffrey Y. Zhang: Private and Public Enforcement of Securities Regulation 35: Amanda M. Rose: Public Enforcement: Criminal versus Civil 36: Joseph A. McCahery and F. Alexander de Roode: Corporate Litigation in Specialized Business Courts 37: Geoffrey Parsons Miller: The Compliance Function: An Overview Part V: Adjacent Areas 38: Horst Eidenmüller: Comparative Corporate Insolvency Law 39: Zoe Adams and Simon Deakin: Corporate Governance and Employment Relations 40: A.C. Pritchard: Corporate Governance, Capital Markets, and Securities Law 41: Jonathan R. Macey and Maureen O'Hara: Vertical and Horizontal Problems in Financial Regulation and Corporate Governance 42: John Armour: Corporate Governance in Banks 43: David M. Schizer: Tax and Corporate Governance: The Influence of Tax on Managerial Agency Costs

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Book SynopsisCorporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that seek to give holders different claims on the firm''s assets. Recent scholarship in this area has highlighted the critical importance of the legal environment in explaining the choices that companies make about their capital structure. This book combines company law, capital markets law, and aspects of commercial and insolvency law to give readers a detailed understanding of the legal and regulatory issues relating to corporate finance. Informed by insights from theoretical and empirical work, the book examines from a legal perspective the key elements of corporate financing structures and capital markets in the UK. The authors'' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured underst

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Book SynopsisBusiness Law is one of the most varied, challenging and dynamic areas of law. This book provides clear and practical guidance to trainee solicitors on key areas of business law including company law and corporate governance, corporate transactions, business regulation and commercial contracts. The book is essential reading for trainee solicitors on the Law Society Professional Practice Couse, and is also an excellent resource for practitioners.This 7th edition of Business Law features new chapters on business regulation, commercial contracts, software licence agreements and the formalities for digital contracts and e-signatures. The book has also been updated to reflect recent developments in company law and to cover the Consumer Rights Act 2022 and the Competition (Amendment) Act 2022. Each chapter provides a clear and comprehensive overview of the subject in question and focuses on the key issues that solicitors face in practice, making it an essential reference for both trainees and

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Book SynopsisShort Description/Why to BuyTable of ContentsForeword Acknowledgements Chapter 1: Introduction Phase I: Refusal Chapter 2: Economic Nationalism: Refusal to Bilateral Investment Treaties Phase II: Acceptance Chapter 3: Economic Liberalism: Embracing Bilateral Investment Treaties Chapter 4: India's BITs: Mapping the Acceptance I Chapter 5: India's BITs: Mapping the Acceptance II Phase III: Backlash Chapter 6: BITs Come Home to Roost but No Philip Morris Moment Yet! Chapter 7: Mapping the Backlash: Once Bitten Many Times Shy! Chapter 8: The 2016 Indian Model BIT: Making the BIT Unworkable for Investors Chapter 9: Conclusion Annexure Index About the Author

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Book SynopsisBased on cross-national and cross-sectoral case studies, the revised and updated second edition of this seminal and successful text provides a multi-disciplinary introduction to key debates in regulation, including fundamental and institutional strategies and issues surrounding the design and operation of regulatory institutions.Trade ReviewReview from previous edition It is an excellently constructed work, and provides much food for thought for the times in which we live. * New Law Journal *The book is well researched and written with enough conviction to make a valuable contribution in developing our understanding of the choices regulation presents us with and the potential of new regulatory arrangements going forward. * Matthew Berry, Financial Adviser Careers Extra *Some of the material is very useful and not easily available in textbook form elsewhere ... a good way of catching up on the reforms in a variety of policy sectors and thinking in different disciplines. * Public Administration *Table of ContentsPART I: FUNDAMENTALS; PART II: STRATEGIES; PART III: RULES AND ENFORCEMENT; PART IV: QUALITY AND EVALUATION; PART V: REGULATION AT DIFFERENT LEVELS OF GOVERNMENT; PART VI: NETWORK ISSUES; PART VII: CONCLUSIONS

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Book SynopsisArgues that financial governance is made not just through top-down laws and policies but also through the daily use of mundane legal techniques such as collateral by a variety of secondary agents, from legal technicians and retail investors to financiers and academics and even computerized trading programs.Trade Review"Collateral Knowledge is a complex, clever, stimulating, and ambitious text on an important topic. Annelise Riles upends current debates about regulation and deregulation, private vs. public interest, and financial globalization by calling our attention to the unobtrusive, yet pervasive technical devices that private actors use to do their business. A real blockbuster." (Bruce Carruthers, Northwestern University)"

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Book SynopsisPreface Introduction Belgium Denmark France Germany Greece Ireland Italy The Netherlands Portugal Spain The United Kingdom Accounting Regulation in EuropeTable of ContentsPreface Introduction Belgium Denmark France Germany Greece Ireland Italy The Netherlands Portugal Spain The United Kingdom Accounting Regulation in Europe

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Book SynopsisAlastair Hudson's The Law of Finance brings together, for the first time, in a single volume, the whole of international finance, as understood in English law. The volume is divided into two halves with section one considering the principles of the law of finance and section two considering the full range of modern financial techniques in their legal context. By explaining key concepts and practical issues, examining core principles and analysing the key areas of financial practice and the effects of the global meltdown, Professor Hudson provides an unparalleled work of breadth of scope and wealth of detail.Table of ContentsSection 1: Principles of the Law of Finance; Part I: An Ordering of the Law of Finance; 1. The Components of the Law of Finance; 2. The Legal Nature of Money and Financial Instruments; 3. The Relationship between Substantive Law and Financial Regulation; Part II: Substantive Legal Concepts in the Law of Finance; 4. Fundamental Legal Concepts: Contract, Property and Wrongs; 5. Fiduciary Duties; 6.Conflict of Laws; Part III: Financial Services Regulation; 7. EU Financial Regulation; 8. UK Financial Regulation (1): The Financial Services Authority; 9. UK Financial Regulation (2): Specifics of UK Financial Regulation; 10. Conduct of Business; 11. Financial Promotion; 12. Market Abuse; Part IV: Criminal Law; 13. Criminal Offences in the Law of Finance; 14. Insider Dealing; 15. Money Laundering; 16. Fraud in the Criminal Law; Part V: Contract; 17. Formation of Contracts; 18. Validity of Contracts; 19. Master Agreements and Common Contractual Terms and Conditions; 20. Termination of Contracts; Part VI: Property; 21. Ownership of Money and Financial Instruments; 22. Trusts; 23. Taking Security in Financial Transactions; 24. Tracing and Proprietary Claims; Part VII: Wrongs; 25. Fraud and Undue Influence; 26. Negligence and Other Liability in Tort; 27. Breach of Trust; Section 2: Specific Financial Techniques; Part VIII: Banking; 28. Fundamentals of Banking Law; 29. Banking Regulation;30. The Banker and Customer Relationship; 31. Payment Methods; 32. Lessons from the Banking Crisis of 2008; Part IX: Lending; 33. Ordinary Lending; 34. Syndicated Lending; 35. Bonds; 36. Foreign Exchange; Part X: Stakeholding; 37. The Fundamentals of UK Securities Law; 38. Prospectuses and Transparency Obligations; 39. Official Listing of Securities 1: Principles of Listing; 40. Official Listing of Securities 2: Admission and Maintenance of Listing; 41. Liability for Securities Issues; 42. Acquisitions; Part XI: Financial Derivatives & Refinancing; 43. Financial Derivatives Products; 44. Documentation of Financial Derivatives; 45. Collateralisation; 46. Termination of Financial Derivatives; 47. Securitisation; Part XII: Proprietary Finance; 48. Property Finance; 49. Mortgages; 50. Stock-Lending and #Repo# Transactions; Part XIII: Collective Investment Entities; 51. Communal Investment Models; 52. Collective Investment Schemes; 53. Friendly Societies and Unincorporated Associations; 54. Co-operatives and Credit Unions; 55. Occupational Pension Funds; 56. Insurance Regulation

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Book SynopsisThe Law of Private Equity Funds: A Global Perspective is a comprehensive guide to the law concerning the structure, management and operation of private equity funds on a global basis. This title is concise, highly readable and practical in approach, and the first of its kind to be published. This title addresses important topics such as the typical structure of United Kingdom and United States private equity funds, the principal terms of a private equity fund, the legal regimes which govern private equity funds in most of the main offshore and onshore fund domiciles in Asia, Europe and the United States, and an overview of the principal UK and United States regulatory considerations for private equity funds.

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Book SynopsisTable of ContentsPreface Trade Agreements: Issue Areas 1. Enforcement and Dispute Settlement J.-H. Park 2. The Escape Clause in Trade Agreements M. Beshkar and E.W. Bond 3. Dumping and Antidumping Duties B.A. Blonigen and T.J. Prusa 4. Subsidies and Countervailing Duties G.M. Lee 5. Non-Tariff Measures and the World Trading System J. Ederington and M. Ruta 6. Preferential Trade Agreements N. Limão 7. Special and Differential Treatment for Developing Countries E. Ornelas 8. Trade, Intellectual Property Rights, and the World Trade Organization K. Saggi 9. Issue Linkage G. Maggi

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Book SynopsisEffectively implement comprehensive anti-money laundering regulations Handbook of Anti-Money Laundering details the most up-to-date regulations and provides practical guidance toward implementation. While most books focus on the regulations themselves, this useful guide goes further by explaining their meaning to bank operations, and how the rules apply to real-life scenarios. The international perspective provides a broader understanding of the anti-money laundering controls that are in place worldwide, with certain country-specific details discussed in-depth. Coverage includes the Wolfsberg Principles, Financial Action Task Force guidance, the U.S. Patriot Act, and the latest from both the EU and Bank for International Settlements. The IMF estimates that two to five per cent of the global GDP $590 billion to $1.5 trillion is laundered every year. Globally, banks and other financial institutions have been required to put in place specific arrangements to preTrade Review“… a must-have for banking employees involved in compliance / other ML activities" (Financial Expert, May 2015)Table of ContentsIntroduction 1 1 What is Money Laundering? 5 2 The Process of Money Laundering 15 3 International Money-laundering Regulation – The Role of the Financial Action Task Force 21 4 The EC Money Laundering Directives 59 5 UN Resolutions 79 6 The UK Regulatory Framework 83 7 How Money-laundering-deterrence Regulations are Applied in the UK – The Joint Money Laundering Steering Group 93 8 The Wolfsberg Principles 111 9 The US Regulatory Framework 127 10 Financial Sanctions 139 11 Risk Management and Money-laundering Deterrence 149 12 The Role of the Money Laundering Reporting Officer 159 13 Know Your Customer 169 14 Money Laundering Training 181 15 Retail Customer Identification 189 16 Corporate Customer Identification 199 17 Politically Exposed Persons 207 18 Non-face-to-face Customers 217 19 Suspicious Conduct and Transactions 225 20 Unusual Transactions 235 21 Investigating Suspicions 241 22 Ongoing Monitoring 253 23 Tipping Off 261 24 Correspondent Banking 265 25 Record-keeping 271 26 Money-laundering-deterrence Software 277 27 Country Profiles 285 27.1 Country Profile: Albania 286 27.2 Country Profile: Argentina 298 27.3 Country Profile: Australia 308 27.4 Country Profile: Bahamas 322 27.5 Country Profile: Barbados 335 27.6 Country Profile: Brazil 348 27.7 Country Profile: British Virgin Islands 355 27.8 Country Profile: Canada 367 27.9 Country Profile: Cayman Islands 384 27.10 Country Profile: China 396 27.11 Country Profile: Denmark 405 27.12 Country Profile: Finland 416 27.13 Country Profile: France 428 27.14 Country Profile: Germany 436 27.15 Country Profile: Guernsey 443 27.16 Country Profile: Hong Kong 458 27.17 Country Profile: India 473 27.18 Country Profile: Isle of Man 484 27.19 Country Profile: Japan 496 27.20 Country Profile: Jersey 503 27.21 Country Profile: Kenya 516 27.22 Country Profile: Liechtenstein 529 27.23 Country Profile: Malaysia 539 27.24 Country Profile: Mexico 552 27.25 Country Profile: Monaco 563 27.26 Country Profile: Morocco 575 27.27 Country Profile: Nigeria 584 27.28 Country Profile: Poland 593 27.29 Country Profile: Russia 604 27.30 Country Profile: Singapore 615 27.31 Country Profile: South Africa 625 27.32 Country Profile: South Korea (“Republic of Korea”) 638 27.33 Country Profile: Switzerland 651 27.34 Country Profile: UAE 663 27.35 Country Profile: Ukraine 677 27.36 Country Profile: United States of America 687 27.37 Country Profile: Vietnam 700 Appendix: Transparency International 2013 Corruption Perceptions Index 713 Index 719

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Book SynopsisA concise explanation of United States tax law's international aspects. This book also contains various useful tools which allow readers to build understanding through practice, as well as formulate and solve the complex problems international taxes can present.Table of ContentsPreface. PART ONE: Generic Topics. CHAPTER 1: Policy and Overview. International Tax Policy. Entity Selection. Generic Topics. Inbound Transactions. Outbound Transactions. Related Person Transactions. CHAPTER 2: Jurisdiction to Tax. Tale of Two Systems. U.S. Jurisdiction. Double Taxation. CHAPTER 3: Income Tax Treaties. Treaty Creation and Authority. Treaty Scope. Personal Service Income. Business Profit. Investment Income. Gain from Dispositions. Special Clauses. CHAPTER 4: Source of Income. Fundamental Importance. General Source Rules. Interest Income. Dividend Income. Personal Service Income. Rent and Royalty Income. Gain from Selling Property. Other Source Rules. CHAPTER 5: Allocation and Apportionment. Allocation to Classes. Apportionment to Groupings. Interest Deductions. Research and Experimental Deductions. Other Deductions. PART TWO: Inbound Transactions. CHAPTER 6: Foreign Persons. Residency Tests. Counting Days. Dual Status Aliens. Important Elections. CHAPTER 7: Nonbusiness Income. Fixed or Determinable, Annual or Periodical Income. Marginal Tax Rates. Nonbusiness Exemptions. Interest Stripping. CHAPTER 8: Business Income. U.S. Trade or Business. Effectively Connected Income. Business Exemptions. Income Tax Calculations. CHAPTER 9: Real Property Gains. U.S. Real Property Interests. U.S. Real Property Holding Corporations. Withholding Procedures. Structures for Holding U.S. Real Estate. CHAPTER 10: Branch Taxes. Branch Profits Tax. Marginal Tax Rates. Branch Interest Tax. PART THREE: Outbound Transactions. CHAPTER 11: Foreign Tax Credit. Creditable Taxes. Deemed Paid Taxes. Limitation Formula. Tax-Sparing Credit. CHAPTER 12: Controlled Foreign Corporations. CFCs and U.S. Shareholders. Subpart F Income. Earnings Invested in U.S. Property. Constructive Dividends. CHAPTER 13: Other Antideferral Provisions. Passive Foreign Investment Companies. Qualified Electing Funds. Foreign Personal Holding Companies. CHAPTER 14: Export Incentives. Extraterritorial Income Exclusion. Domestic International Sales Corporations. CHAPTER 15: U.S. Individuals Abroad. Foreign Earned Income Exclusion. Income Sourced in U.S. Possessions. Social Security Concerns. PART FOUR: Related Person Transactions. CHAPTER 16: Transfer Prices. General Principles. Loan of Funds. Performance of Services. Rental of Tangible Property. Sale or License of Intangible Property. Sale of Tangible Property. Valuation Misstatements. Advance Pricing Agreements. CHAPTER 17: Asset Transfers. Outbound Asset Transfers. Inbound Asset Transfers. External Asset Transfers. Glossary. Table of Statutes. Table of Regulations. Table of Cases. Table of Rulings. Index.

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Book SynopsisAll companies that import or export product to an affiliate company are subject to transfer pricing - the sale, license, or lease of a product from one affiliated company to another. This book provides a comprehensive analysis of the various transfer pricing methods that are available to today's company.Table of ContentsPreface. PART ONE: UNDERSTANDING TRANSFER PRICING. Chapter 1. Practical Aspects of Transfer Pricing. Chapter 2. Business Facets of Transfer Pricing. Chapter 3. General Principles and Guidelines. Chapter 4. Transfer Pricing Basics. PART TWO: APPLYING SPECIFIC TRANSFER TECHNIQUES. Chapter 5. Comparable Uncontrolled Price Method, Resale Price Method, and Cost-Plus Method. Chapter 6. Comparable Profits Method. Chapter 7. Comparable Uncontrolled Transaction Method for Intangibles. Chapter 8. Transfer Pricing for Services. Chapter 9. Cost Sharing. Chapter 10. Profit Methods. PART THREE: FOCUS ON INTERNATIONAL TRANSFER PRICING ISSUES. Chapter 11. Foreign-Owned U.S. Corporations Reporting. Chapter 12. Organization for Economic Cooperation and Development Guidelines. Chapter 13. Transactional Net Margin Method. PART FOUR: AVOIDING TRANSFER PRICING PENALTIES. Chapter 14. Transfer Pricing Penalties. Chapter 15. Transfer Pricing Penalty Exclusion for Contemporaneous Documentation. PART FIVE: ADVANCED TRANSFER PRICING ISSUES. Chapter 16. Advanced Transfer Pricing. Chapter 17. Unfolding Transfer Pricing Issues. Index.

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Book SynopsisThis guide to private equity transactions in the UK provides a lawyer's insight into the key commercial aspects of private equity deals and offers those looking to gain or refresh their understanding of the subject an overview of the legal issues they are likely to encounter.Table of Contents1. An introduction to private equity; 2. The deal process and preliminary matters; 3. Transaction structures and deal documents; 4. Acquisition issues; 5. Equity documentation; 6. Debt funding; 7. Employment issues; 8. Pensions; 9. Taxation on private equity transactions; 10. Public to private transactions; 11. Living with the investment; 12. Secondary buyouts; 13. Exits.

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Book SynopsisIn this intellectual, legal, and political history of financial globalization, Abdelal argues that European policy makers promoted the liberal rules that compose the international financial architecture, while U.S. policy makers have tended to embrace unilateral, ad hoc globalization.Trade ReviewIn this era of globalisation, Rawi Abdelal's analysis of the foundations of global financial markets is a valuable contribution towards advancing the cause of global governance. -- Pascal Lamy, Director General of the World Trade OrganisationThis book addresses one of the most significant shifts in the organization of the international economy--the lowering of national border level controls to the entry and exit of capital--and explains how and why states renounced this powerful lever of national control over their economies. In place of the standard explanations, Abdelal develops a sociological argument about the construction of norms and their spread across institutions. Beautifully and engagingly written with brio and clarity, Capital Rules is a brilliant work that will become a mainstay of political economy literatures. -- Suzanne Berger, Massachusetts Institute of TechnologyDrawing on extensive documentary evidence, as well as dozens of interviews with high-level finance officials and midlevels bureaucrats, [Abdelal] tells a fascinating (and largely unknown) tale: how a clutch of French socialists helped to upend economic orthodoxy and lead the charge for lifting restrictions on capital flows within Europe and throughout the world...The book is a mix of accessible political history and counterintuitive insight, bringing to our attention one of the most important, and least appreciated, developments in the postwar global economy. -- Matthew Rees * Wall Street Journal *Brilliant and authoritative...Abdelal's book is the definitive account of the politics of global financial deregulation--and its increasingly disastrous consequences...This book deserves the widest general audience of serious people. -- Robert Kuttner * American Prospect *Capital Rules is an engaging description of the history behind changes in capital flow doctrine...Abdelal...accomplishes an excellent and quite thorough treatment of the subject matter. -- Ikee Gardner * Journal of Economic Issues *Offer[s] original insights into the politics of international financial regulation. -- Tim Büthe * Review of International Organizations *Rawi Abdelal supplies a valuable historical perspective. He explains that the liberalization of capital markets emerged not from a conspiracy of global financiers or the hegemony of Wall Street, but from a turn towards liberal economics by the French Socialists under François Mitterrand. -- Robert Howse * Harvard Law Review *Table of ContentsPreface 1. Orthodoxy and Heresy 2. The Rules of Global Finance: Causes and Consequences 3. Capital Ruled: Embedded Liberalism and the Regulation of Finance 4. The Paris Consensus: European Unification and the Freedom of Capital 5. Privilege and Obligation: The OECD and Its Code of Liberalization 6. Freedom and Its Risks: The IMF and the Capital Account 7. A Common Language of Risk: Credit Rating Agencies and Sovereigns 8. The Rebirth of Doubt 9. Conclusion Appendix: List of Archives and Interviewees Notes Index

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Book SynopsisAfter 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.Trade ReviewThis book challenges the economic orthodoxy which has governed tax policy over the past four decades, and reclaims John Maynard Keynes's fundamental insights for the twenty-first century. Listokin's neo-Keynesianism can transform the tax code into a powerful force for both social justice and economic prosperity over the next generation. -- Bruce Ackerman, author of We the PeopleFor decades, microeconomics has dominated the field of law and economics. Yair Listokin's book turns law's attention to macroeconomics and, in doing so, identifies crucial but overlooked strategies for fighting the next recession. Few books have an impact on theory and practice, but Listokin's Law and Macroeconomics promises to change our thinking in both arenas. -- Heather K. Gerken, Yale Law SchoolLegal scholars have been trying to ignore macroeconomics for decades, but the problems of growth, deficits, money supply, and recession won't let themselves be ignored. Fortunately, Yair Listokin's fine book illuminates the path forward. -- Eric A. Posner, University of Chicago Law School

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Book SynopsisManaging Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law.Trade ReviewThis book contains a large number of chapters, nearly 30 in all, by acknowledged experts on various aspects of the recent financial crisis. Whichever aspect of this crisis that may interest you, such as bank taxes, deposit insurance, TBTF and how to respond, cross-border issues, and many, many others, you will find chapters that are both authoritative and stimulating in this collection. The editors are to be congratulated not only in their selection of authors but also in the speed with which they have taken them from conference presentation to book chapter. --Charles Goodhart, London School of Economics, UKIncisive, authoritative and thoughtful, this important and timely collection of papers exploring the unresolved issues left by the recent global financial turmoil, will undoubtedly shape the policy responses to come. Interdisciplinary in approach and wide-ranging in jurisdictional scope, it draws together influential commentators, practitioners and regulators, to create a new milestone in the search for the fundamentals of a more stable global financial system. --Eva Lomnicka, King's College London, UKManaging Risk in the Financial System offers fresh and essential reading on the Global Financial Crisis. The coverage is unique in its scope - offering a close examination of fundamental concepts such as the nature of systemic risk; consideration of the impact of systemic crisis on both private institutions and national governments; and critique of popular reform proposals such as living wills, resolution funds and capital adequacy. Contributors to this volume are internationally recognized experts who offer sharp assessments of both the causes of the crisis and the proposed reforms. --Heidi Mandanis Schooner, Columbus School of LawTable of ContentsContents: Foreword: The 2010 Banking Law Symposium on Managing Systemic Risk Charles Enoch Special Address: The Deposit Insurer’s Role in Transitioning from a Government Deposit Guarantee Jean Pierre Sabourin Preface: It Has Been ‘A Hard Day’s Night’ John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh PART I: SYSTEMIC RISK 1. Investor Behaviour in the Period Before the 2007–08 Financial Crisis Richard J. Rosen 2. The Nature of Systemic Risk Jack Selody 3. The Government as Guarantor of Last Resort: Benefits, Costs and the Case for Premium Charges Sebastian Schich 4. The Troubled Asset Relief Program: Has Forbearance as Far as the Eye Can See Saved the US Economy? Gillian G.H. Garcia 5. Why is the Canadian Banking System so Remarkably Stable? A Comparative Analysis with the US Jean Roy, Rima Turk-Ariss and Yenni Redjah 6. Systemic Contingent Claim Analysis – A Model Approach to Systemic Risk Dale F. Gray and Andreas A. Jobst 7. Tax and the City: The UK’s Proposals for a Bank Levy John Snape PART II: SOVEREIGN DEBT 8. Iceland’s Financial Disaster and its Fiscal Impact Arnór Sighvatsson and Gunnar Gunnarsson 9. The Greek Tragedy: Is There a Deus ex Machina? Ioannis Kokkoris, Rodrigo Olivares-Caminal and Kiriakos Papadakis 10. Restructuring a Nation’s Debt Lee C. Buchheit and Mitu Gulati PART III: ADDRESSING THE PROBLEM OF ‘TOO-BIG-TO-FAIL’ 11. Firm Stability and System Stability: The Regulatory Delusion Geoffrey Wood with Ali Kabiri 12. ‘Living Wills’: Putting the Caboose Before the Engine and Designing a Better Engine George G. Kaufman 13. Finding a Solution to the ‘Too-Big-To-Fail’ Problem Arthur E. Wilmarth, Jr. 14. ‘Too-Big-To-Fail’ – Can Alternative Resolution Regimes Really Remedy Systemic Risk in Large Financial Institutions’ Insolvency? Jens-Hinrich Binder 15. To Divest or Not to Divest: That is the Question... Ioannis Kokkoris PART IV: CROSS-BORDER ISSUES 16. Resolving Large Complex Financial Institutions Within and Across Jurisdictions Robert R. Bliss and George G. Kaufman 17. From Consolidated Supervision to Consolidated Resolution Rosa M. Lastra and Rodrigo Olivares-Caminal 18. Creating an EU-Level Supervisor for Cross-border Banking Groups: Issues Raised by the US Experience with Dual Banking Larry D. Wall, María J. Nieto and David G. Mayes PART V: PRUDENTIAL REGULATION 19. Capital and Liquidity Reform – A New Global Agenda George A. Walker 20. Basel II to Basel III: A Great Leap Forward? Imad Moosa PART VI: COUNTRY CASE STUDIES 21. The US Architecture of Bank Regulation and Supervision: Recent Reforms in their Historical Context Dalvinder Singh 22. An Evaluation of the Canadian Financial Safety Net During the Global Financial Crisis John Raymond LaBrosse and James F. McCollum 23. Financial Safety Net Reform in Nigeria Ganiyu Ogunleye 24. Islamic Deposit Insurance System: The Malaysian Model Khairuddin Hj Arshad 25. Managing Financial Risk: The Precautionary Principle and Protecting the Public Interest in the UK John F. McEldowney Index

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Book SynopsisThis book expands upon research into the protection of foreign investments, which is currently an intensively studied area of international law.Table of ContentsContents: Preface Part I: Foreign Investments versus the Environment 1. Introduction: The Social and Legal Context 2. International Investment Law and Environmental Protection 3. Theoretical Approaches to International Investment Law 4. Applicable Law and Methods of Interpretation Part II: Integrating Environmental Protection into International Investment Law 5. Internal Arguments: From Ordinary Meanings to Derogatory Logic 6. Systemic Approaches 7. Exceptional Models 8. Environmental Exceptions, Indeterminacy and Legal Principles Bibliography Index

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Book SynopsisThis book presents an exploration of a wide range of issues in law, regulation and legal rights in the sectors of information protection, the creative economy and business activities following COVID-19. The debilitative effect of the global pandemic on information protection and creative and business activities is powerful, widespread and deeply influential, bringing a range of uncertainties to these sectors. The effects of the crisis challenge the fundamentals of the legal systems of most countries in their attempt to govern them. Written by international academics from a diversified background of law disciplines and legal systems, this book offers a global vision in exploring the wide range of legal issues caused by the COVID-19 crisis in these fields. The book is organised into three clear thematic parts: Part I looks at information protection and intellectual property rights and strategies; Part II examines contracts, cooperation and mediation in the post-COVID-19 market Table of Contents The Pandemic Crisis and its Global Legal Impact on Information Protection, Creative Economy, and Business Activities Part I Information Protection and Intellectual Property Rights and Strategies Mapping the Legal Landscape of Information Law in Times of Crisis Fashion After COVID-19: Virtually the Same but Different Broken Copyright in the Pandemic Crisis – Rethinking Public Interest in China Part II Contracts and Mediation in the Post-COVID-19 Market Arena The Global Impact (Both Challenges and Opportunities) of COVID-19 on Rights and Justice Mediation as a Key Conflict Resolution System to Address the Increase in Litigation as a Result of COVID-19 Part III Corporate Governance and Employment Rights Increased Employees’ Engagement Power at the Time of Crisis Dangerous Circumstances, Discipline and Dismissal: Some Employment Law Impacts of COVID-19 Labour Force, Suspended Rights and Entrepreneurs’ Disruption of Activities Part IV Conclusion Reflections on COVID-19

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Book SynopsisThis book explores the intersection between artificial intelligence and two intellectual property rights: copyright and patents. The increasing use of artificial intelligence for generating creative and innovative output has an impact on copyright and patent laws around the world. The book aims to map and analyse that impact. The author considers how artificial intelligence systems may aid, or in some cases substitute for, human creators and inventors in the creative process. It is from this angle that the copyright and patent regimes in four jurisdictions (Europe, the United States, Australia and Japan) are investigated in depth. The author describes how these jurisdictions look at works and inventions generated through a process where artificial intelligence is present or prevalent, and examines how copyright and patent regimes should adapt to the reality of artificially intelligent creators and inventors.As the use of artificial intelligence to generate creative and innovative products becomes more common, this book will be a valuable resource to researchers, academics and policy makers alike.Table of Contents1: Introduction. 2: AI and copyright protection 3. AI and patent protection.4. Conclusion and future outlook

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Book SynopsisThe second edition of the first and only concise introduction to American business insolvency law, this volume provides a succinct overview of American business bankruptcy as it is actually practiced, integrating the law as written and implemented, and now includes coverage of the Small Business Reorganization Act.Trade Review‘The author’s second edition of his primer on American Business Bankruptcy provides a concise and accessible description of the key chapters of the US Bankruptcy Code. This book would be quite useful to students of insolvency law and indeed anyone who wishes to develop a working knowledge of the key aspects of the American insolvency framework. It is direct and clear, while also providing enough depth and discussion that it would also be useful from a comparative perspective. It is a very practical synthesis which, in the second edition, integrates the recent Small Business Reorganisation Act.’ -- Jennifer L.L. Gant, eurofenix‘Stephen Lubben has provided the go-to overview of the American business bankruptcy system. American Business Bankruptcy is the ideal book for anyone looking to understand the overall design of business restructuring in the United States.’ -- Adam Levitin, Georgetown University Law Center, USTable of ContentsContents: Preface PART I BUSINESS BANKRUPTCY BASICS 1. Some historical context 2. The central core of business bankruptcy – section 109 PART II ELEMENTS COMMON TO ALL BUSINESS BANKRUPTCIES 3. The estate and the automatic stay 4. Creditors’ claims against the estate 5. Executory contracts and unexpired leases 6. The avoidance powers PART III LIQUIDATION UNDER CHAPTER 7. An introduction to chapter 7 of the Bankruptcy Code 8. The chapter 7 trustee 9. Distributing the chapter 7 estate 10. Special chapter 7 cases PART IV REORGANIZATION UNDER CHAPTER 11 11. An introduction to chapter 11 of the Bankruptcy Code 12. Stabilizing the debtor’s business in chapter 11 13. Committees 14. Professionals 15. The plan – formulation and voting 16. The plan – confirmation (consensual) 17. The plan – confirmation (cramdown) 18. 363 sales 19. Prepacks 20. The effects of plan confirmation 21. Small businesses in chapter 11 PART V TRANSNATIONAL BUSINESS BANKRUPTCY UNDER CHAPTER 22. An introduction to chapter 15 of the Bankruptcy Code Index

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Book SynopsisCorporate Finance for Lawyers explores the intricate relationship between law and corporate finance. Utilising the ‘Financial Mindmap’ throughout, chapters depict financial concepts by using colours and visualisations in a clear and intuitive manner.Trade Review‘Using an easy to follow financial tool the authors explain how key elements of corporate finance including leverage finance, company valuations, secured lending and non-interest bearing finance work and interrelate, how returns are achieved and what terms like enterprise value and working capital really mean. They do so in an innovative way drawing together finance theory and the reality of practice to produce what is likely to be a key foundation text not just for corporate lawyers but all those working in the world of M&A and finance.’ -- Chris Hale, Chair Emeritus, Private Equity and Financial Sponsors‘This work presents a great utility in how it addresses issues affecting businesses from legal, economic, financial and accounting perspectives from the moment of setting up to when a business experiences financial difficulties. The treatment is holistic, the materials from impeccable sources and the arguments firmly grounded in the authors' many years of experience. Without doubt, it is an important and timely text.’ -- Paul Omar, De Montfort Leicester Law School, UKTable of ContentsContents: 1 Introduction to law and corporate finance Rolef de Weijs 2. Does leverage create value? Rolef de Weijs 3. Corporate finance and company valuation: why cash became king Joost de Vries and Rolef de Weijs 4. Discounted cash flow valuation and indirect cash flow analyses: retracing the cash Joost de Vries 5. Secured credit and its use: distinguishing between productive and non-productive credit Rolef de Weijs 6 Hybrid finance by means of shareholder loans Rolef de Weijs 7. Financing through shareholder guarantees Aart Jonkers 8 Reorganisation procedures Aart Jonkers and Rolef de Weijs Index

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Book SynopsisThis timely book provides a detailed analysis of the regulatory landscape of energy derivatives trading in the EU. Liebrich Hiemstra argues that current supervision of the sector is too opaque and identifies how more effective legal remedies can be created to safeguard important legal values.Trade Review‘This book provides a very valuable contribution to the literature on good governance relating to the supervision of derivatives trading in the energy sector. The relevant European principles and rules are carefully discussed and analysed within the very complicated multilateral and multi stakeholder context of this field of EU regulation. The book provides clear recommendations and suggestions for enhancing the regulation and supervision of energy derivatives trading and the enforcement activities of ACER and the cooperation with the national authorities. The book is invaluable for those who are working in practice and in academia on the financial aspects of the energy market.’ -- Saskia Lavrijssen, Tilburg University, the NetherlandsTable of ContentsContents: 1. EU supervision of Energy Derivative Trading: an introduction 2. Energy derivatives and their playing field 3. REMIT: the regulatory paradigm 4. Effectiveness of fragmented supervision and information sharing 5. Information sharing in light of legality and judicial protection 6. Professional secrecy of supervisory authorities: no longer sacred? 7. Energy Derivative Trading: conclusions and recommendations. References Index

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Book SynopsisTrade Review‘Professor Markham brings his expertise on existing banking, securities, and derivatives law to explain why each is ill-suited to optimally regulate the issuance and secondary trading of assets via blockchain technology. In so doing, he lays out a path forward that better balances competing interests in protecting the public and allowing innovation.’ -- Kevin Haeberle, University of California Irvine School of Law, US‘Because they don’t fit neatly into pre-existing legal paradigms, cryptocurrencies continue to vex lawmakers, financial regulators, dealers, and investors. Luckily, Jerry Markham has a unique blend of deep expertise in banking, commodities, and securities markets and he brings all three to bear in Cryptocurrency Regulation: A Primer. The book fills an important gap because it comprehensively examines the extent to which cryptocurrencies are, for legal purposes, money, securities, commodities, or some other kind of digital claim. As a result, this is the best scholarly resource available about the financial, legal, and regulatory issues raised by cryptocurrencies. By crystalizing these debates, the book also helps to advance a nuanced understanding of these products as they continue to evolve. Though styled as a “primer,” the book is also an excellent financial history of cryptocurrencies, a treatise on the relevant legal doctrine, and a critical assessment of alternative regulatory approaches for these products, virtues that will make it a classic in the field.’ -- Jose Gabilondo, Florida International University, US‘Readers of Markham’s primer will be able to confidently enter into the debate about how and why cryptocurrencies should be regulated. Markham leaves no stone unturned in explaining the often paradoxical, contradictory, and enigmatic statutory and regulatory framework that is asked to govern cryptocurrencies.’ -- Christian Johnson, Widener University Commonwealth Law School, USTable of ContentsContents: Introduction to Cryptocurrency Regulation 1. The invention and role of cryptocurrencies 2. Regulating cryptocurrencies under banking laws 3. Regulating cryptocurrencies under the federal securities laws 4. CFTC Regulation of cryptocurrencies as “commodities” 5. Constructing a regulatory structure for cryptocurrencies Conclusions on Cryptocurrency Regulation Selected bibliography Index

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