Regulatory Competition in European Corporate and Capital Market Law An Empirical Analysi

by Hornuf, Lars

• ISBN13: 9781780680460
• ISBN10: 1780680465
• Edition: 1st
• Format: Paperback
• Copyright: 2012-01-11
• Publisher: Intersentia

Summary

This book deals with regulatory competition in corporate and capital market law in Europe, i.e. the endeavour of national and supranational legislators to develop more attractive corporate legal forms and investment frameworks. It focuses on some recent national corporate law reforms, the newly introduced European legal form Societas Europaea and the choice of law incorporate debt securities. It combines legal reasoning and advanced econometric techniques to investigate the virtues of regulatory competition in Europe. As it turns out, the merits of regulatory competition in corporate and capital market law are not straightforward but have to be evaluated on a case by case basis. Book jacket.

Author Biography

Lars Hornuf holds an M.A. in Political Economy (University of Essex, UK) and a Doctorate in Economics (University of Munich, Germany). In 2010, he was a visiting researcher at the University of California, Berkeley. Dr. Hornuf teaches law and economics at the University of Munich. He is also member of a working group at the Center for Advanced Studies in Munich, which undertakes interdisciplinary research on Law as a Product'. Dr. Hornuf is the author of several monographs and many contributions to scientific journals. His research interests include law and economics, regulatory competition and empirical legal studies with a particular focus on corporate law, finance and gambling.

Table of Contents

Acknowledgments	p. vii
Introduction	p. 1
Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms	p. 7
Introduction	p. 7
Entrepreneurship and the costs of registration	p. 11
Charter competition and company law reform in Europe	p. 14
Recognising foreign companies: Real seat vs. incorporation theory	p. 15
Company law reforms	p. 16
Methodology	p. 18
Company law reforms as quasi-experiments	p. 18
Sample construction	p. 20
Empirical findings	p. 23
Descriptive statistics	p. 23
Does corporate law reform promote the domestic LLC form?	p. 24
Does corporate law reform promote entrepreneurship?	p. 26
Robustness: Germany	p. 28
Summary and conclusion	p. 30
Incorporating under European Law: The Societas Europaea as a Vehicle for Legal Arbitrage	p. 33
Introduction	p. 33
Literature	p. 35
Hypotheses	p. 37
Methodology and data	p. 41
Data from company registers	p. 42
Telephone survey	p. 43
Regression model	p. 44
Empirical findings	p. 48
Descriptive statistics	p. 48
Time trend	p. 48
Regional distribution	p. 50
Firm size	p. 52
Industry	p. 54
Board structure	p. 55
Incorporation methods	p. 55
Survey results	p. 56
Regression results	p. 58
Summary and conclusion	p. 61
How Does the Market React to the Societas Europaea?	p. 65
Introduction	p. 65
Literature	p. 68
Data	p. 69
Methodology	p. 73
Empirical findings	p. 73
Assessing the present findings	p. 75
Concluding remarks	p. 77
Appendix	p. 78
Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in Europe	p. 81
Introduction	p. 81
The legal environment for corporate debt security issues	p. 83
'Location' of issuer and parent	p. 84
Tax law	p. 85
Creditor protection rules	p. 87
Methodology and data	p. 91
Econometric approach	p. 91
Data and summary statistics	p. 93
Results	p. 105
Gravity model	p. 105
Debt securities	p. 105
Subsamples: Straight bonds and asset backed securities	p. 108
Push and pull factors	p. 110
An alternative ordered probit model	p. 113
Summary and conclusion	p. 114
Choice of Law in Debt Securities: A Case Study of French, German and Italian Issues 1998-2008	p. 117
Introduction	p. 117
Choice of law and path dependence in corporate debt issues	p. 119
Methodology and data	p. 122
Methodology	p. 122
Data	p. 123
Empirical findings	p. 126
Descriptive statistics	p. 126
Results of a multivariate analysis on the choice of law	p. 129
Results of the panel data analysis on path dependence	p. 132
Summary and conclusion	p. 135
Conclusion	p. 137
References	p. 141
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