1,721,313 research outputs found
Emergency measures for equity trading: the case against short-selling bans and stock exchange shutdowns
No full textAfter the COVID-19 crisis struck, equity prices abruptly plunged across the world. The clear prospect of an almost unprecedented decrease in supply and demand, coupled with extreme uncertainty about the longer-term prospects for the economy worldwide, justified the price adjustments. Yet, in conditions of plummeting prices and high volatility, policymakers around the world felt under pressure ‘to do something’ to stop the downward trend in market prices. As was the case during the financial crises of 2008-09 and 2011-12, these pressures have quickly led to the adoption of market-wide short-selling bans. In addition, both in Europe and in the US, there have been calls for an even more drastic measure: a lasting ‘stock exchange holiday’. This chapter reviews the evidence on the effects of short-selling bans during the financial crisis and discusses the merits of stock exchange holidays and concludes that neither of these measures bring benefits to financial markets
COVID‐19: a global moratorium for corporate bonds?
No full textThis chapter proposes emergency legislation to temporarily extend the maturity of corporate bond debt in response to the financial distress triggered by the COVID‐19 crisis. Recognizing that conventional court-supervised insolvency and reorganization procedures may prove too slow, costly, and overwhelmed in a systemic crisis, the authors advocate a statutory moratorium applicable to English law-governed bonds. The aim is to preserve value by giving viable firms time to stabilize without triggering unnecessary insolvency proceedings. The paper addresses legal feasibility, including potential human rights objections, and argues that the intervention would be proportionate and in the public interest. The proposal represents a non-court-based, time-limited solution tailored to the unique challenges of the pandemic
Il conflitto d’interessi degli amministratori di società per azioni
No full textIncludes bibliographical references (p. [481]-531)
Gruppi piramidali, operazioni intragruppo e tutela degli azionisti esterni: appunti per un’analisi economica
No full text
Codici di corporate governance, diritto societario e assetti proprietari: alcune considerazioni preliminari
No full textMissing in Friedman’s Shareholder Value Maximization Credo: The Shareholders
No full textFifty years after Milton Friedman’s seminal essay on corporate social responsibility, this chapter revisits his arguments in light of today’s financial ecosystem dominated by institutional investors and passive index funds. It examines the evolving role of asset managers as intermediaries between ultimate investors and corporations, questioning whether their push for ESG policies can still align with profit-maximization. While Friedman warned against private actors imposing political choices under the guise of responsibility, modern portfolio theory and systemic risk management reveal a growing overlap between shareholder value and socially responsible behavior—blurring the boundaries Friedman once drew
La disciplina delle difese contro le OPA (e le non-OPA)
No full textDurante una crisi, i governi devono “fare qualcosa”, anche quando nulla di utile vi è da fare. In questi casi, “fare ammuina” può essere la strategia più efficace ed efficiente per evitare i danni che movimenti non abbastanza falsi potrebbero determinare. La domanda a cui cercherò di rispondere con queste note è se questa metafora si adatti anche agli interventi del legislatore italiano, nel 2007-2009, in materia di difese contro le OPA ostili
La gestione delle risorse dei fondi pensione “negoziali” a contribuzione definita: finalità, effetti e limiti della disciplina
No full textA New EU Business Combination Form to Facilitate Cross-Border M&A: The Compulsory Share Exchange
No full textFacilitating cross-border mergers and acquisitions has long been one of the objectives of European company law directives and regulations. This short essay shows that the current European legal framework unnecessarily raises the transactions costs to be incurred when the acquirer aims both to gain 100 percent of a company’s shares and to preserve the acquired company as a separate entity. Higher transaction costs result from the limited availability of the squeeze-out right. Instead of proposing to extend such right, which would be politically contentious, the solution proposed here is for a directive to require member states to let companies execute acquisition transactions via a “compulsory share exchange.” This is a transaction form in which the acquiring and the target companies agree that the target shareholders will receive shares in the acquiring company in exchange for their shares. It is shown that a subset of the rules applying to cross-border mergers would be sufficient to regulate such transactions
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