| Description |
1 online resource (1 volume) |
| Contents |
Machine generated contents note: 1. Introduction -- 1.1. What Does Corporate Finance Law Mean? -- 1.2. Why Was This Book Written? -- 1.3. What Are the Themes of This Book? -- 1.4. General Principles and the Firm -- 2. Nature of Corporate Finance Law -- 2.1. Introduction -- 2.2. Key Objectives of Corporate Finance Law -- 2.3. Corporate Finance Law and Efficiency -- 2.4. Comparison with Other Fields of Law -- 2.5. Key Tools and Practices in Corporate Finance Law -- 3. Management of Cash Flow: General Remarks -- 3.1. Scope of Legal Considerations -- 3.2. Generic Ways to Manage Cash Flow -- 4. Management of Risk: General Remarks -- 4.1. Introduction -- 4.2. Legal Risk -- 4.2.1. Introduction -- 4.2.2. Different Categories of Legal Risk -- 4.2.3. Effect of the EU on Legal Risk -- 4.2.4. Excursion: Directly Applicable Community Law -- 4.3. Management of Legal Risk -- 4.3.1 |
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Note continued: 7.1.2. Financial Theory, Strategy, and the Firm -- 7.1.3. Corporate Risk Management as a Business Discipline -- 7.1.4. Costs, Risk Level, Compliance, Agency, Information -- 7.2. Strategic Risk Management -- 7.3. Operational Risk Management -- 7.4. Fundamental Organisational Measures -- 7.5. Excursion: Dealings with Third Parties -- 7.6. Regulation of Corporate Risk Management -- 7.6.1. Introduction -- 7.6.2. Basel II and Ratings -- 7.6.3. Fair Value Accounting of Financial Assets -- 7.6.4. Basel II and the Governance of Banks -- 7.6.5. MiFID and Risk Management -- 7.6.6. Disclosure of Risk -- 7.6.7. Contents of Risk Management Policies -- 8. Agency and Corporate Governance -- 8.1. Introduction -- 8.2. Three-level Choices, Theory of Corporate Governance -- 8.2.1. General Remarks -- 8.2.2. First Level, Artificial Person -- 8.2.3. First Level, Organisation -- 8.2.4. First Level, Legal Organisation v Real Organisation -- 8.2.5. Second Level, the Firm as the Principal -- 8.2.6. Third Level, the Interests of the Firm -- 8.3. Function of the Board -- 8.4. Particular Remarks: Extreme Cases -- 8.5. Function of Stakeholders -- 8.6. Allocation of Value and Risk -- 8.7. Role of Shareholders -- 8.7.1. Interests of Shareholders -- 8.7.2. Function of Shareholders -- 8.7.3. Relative Importance of Shareholders -- 8.7.4. Should the Share Price Be Maximised? -- 8.7.5. What Does Making a Profit for Shareholders Mean? -- 8.7.6. What Are Shareholders Paid For? -- 8.7.7. How Can the Board Increase the Value of Shares? -- 8.7.8. Why Should the Firm Use Takeover Defences? -- 8.7.9. Why Are Shareholders Protected by Laws? -- 8.7.10. Should Shareholders Have Formal Powers? -- 9. Management of Agency in Corporate Governance -- 9.1. Introduction -- 9.2. Dealing with Different Agents: General Remarks -- 9.2.1. Agent Mix |
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Note continued: 9.2.2. Industries as Agents -- 9.2.3. Firm as an Agent -- 9.2.4. Society at Large as an Agent -- 9.2.5. Shareholders as a Class as Agents -- 9.2.6. Individual Shareholders as Agents -- 9.2.7. Banks and Other Lenders as Agents -- 9.2.8. Customers and the Public as Agents -- 9.2.9. Managers as a Class as Agents -- 9.2.10. Individual Managers as Agents -- 9.2.11. Board as an Agent -- 9.3. Community Law -- 9.3.1. Introduction -- 9.3.2. Separation of Decision Management and Control -- 9.3.3. Monitoring by the Board -- 9.3.4. Financial Reporting and Transparency -- 9.3.5. Alignment of Interests, Financial Rewards -- 9.4. Controlling Shareholders' Corporate Governance Tools -- 9.4.1. Introduction -- 9.4.2. Block-holding as a Corporate Governance Tool -- 9.4.3. Board as a Corporate Governance Tool -- 9.5. Minority Shareholders' Corporate Governance Tools -- ̂ 9.5.1. Introduction -- 9.5.2. Avoidance of Risk -- 9.5.3. Mitigation of Risk in Advance -- 9.5.4. Equivalent Treatment -- 9.5.5. Block-holding as a Corporate Governance Tool -- 9.5.6. Different Classes of Shares -- 9.5.7. Voting Caps -- 9.5.8. Exit Rights -- 9.6. "Good Corporate Governance" as a Tool -- 9.7. Outsourcing as a Corporate Governance Tool -- 10. Management of Information -- 10.1. Introduction -- 10.1.1. General Remarks -- 10.1.2. Information and Information Economics -- 10.1.3. Dealing with Information Problems -- 10.1.4. Role of Legal Rules on Information -- 10.1.5. Corporate Finance Law, Information, the Firm -- 10.2. Information Management in Corporate Finance Law -- 10.2.1. Introduction -- 10.2.2. Information Delivery Chain -- 10.2.3. Legal Tools and Practices: General Remarks -- 10.3. Legal Tools and Practices: Investment in Information -- 10.3.1. General Remarks -- 10.3.2. Automation, Standardisation |
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Note continued: 10.3.3. Separate Decisions, Contracts -- 10.4. Legal Tools and Practices: Incoming Information -- 10.4.1. Introduction -- 10.4.2. Transfer of Risk -- 10.4.3. Intermediaries, Improving Information Quality -- 10.4.4. Creating Incentives -- 10.4.5. Screening of Potential Intermediaries -- 10.4.6. Identifying Good Intermediaries -- 10.4.7. Identifying Bad Incentives -- 10.4.8. Being Optimally Informed -- 10.4.9. Mitigating the Risk of Attribution of Information -- 10.5. Legal Tools and Practices: Outgoing Information -- 10.5.1. Introduction -- 10.5.2. Keeping Information Secret -- 10.5.3. Benefiting from Superior Information -- 10.5.4. Increasing the Perceived Usefulness of Information -- 10.5.5. Management of Reputation -- 10.5.6. Establishing or Restricting Communication -- 10.6. Analysis of Rights and Duties Relating to Disclosure -- 10.7. Community Law -- ̂ 10.7.1. Introduction -- 10.7.2. Main Policy Choices -- 10.7.3. Regulation of the Quality of Financial Information -- 10.7.4. Regulation of Intermediaries: General Remarks -- 10.7.5. Information Analysts Outside the Target -- 10.7.6. Information Analysts Inside the Target -- 10.7.7. Information Analysts Inside the Firm -- 10.7.8. Regulation of Outgoing Information Otherwise -- 1. Introduction -- 1.1. Investments, Generic Contracts, Payments -- 1.2. Particular Contract Types -- 1.3. Examples of Topics -- 1.3.1. "Perfect Contract" -- 1.3.2. Payment Obligations -- 1.3.3. Nexus of Contracts -- 2. Contracts in General: The Legal Framework -- 2.1. Introduction -- 2.2. Legal Framework: General Remarks -- 2.2.1. Introduction -- 2.2.2. Platforms, Market Practice, Contract Models -- 2.2.3. Governing Law -- 2.2.4. Choice of Legal Background Rules -- 2.3. Legal Framework: EU Contract Law -- 2.3.1. Introduction -- 2.3.2. Law Governing the Contract |
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Note continued: 2.3.3. Approximation of Contract Laws -- 2.4. Fixing the Legal Framework -- 2.4.1. Introduction -- 2.4.2. Documentation -- 2.4.3. Choice of Governing Law -- 2.4.3. Limiting the Scope of Substantive Provisions of Law -- 2.5. Choice of Core Commercial Terms -- 2.5.1. Introduction -- 2.5.2. Definition of Performance -- 2.5.3. Price and Payment Obligations -- 2.5.4. Performance, Price, Cost, Risk -- 2.5.5. Economic Efficiency and the Choice of Terms -- 2.5.6. Management of Agency, Loyalty, Non-competition -- 2.5.7. Business Outsourcing -- 3. Management of Legal Risk: General Remarks -- 3.1. Legal Risks -- 3.2. Risks Managed by Legal Means -- 4. Risks that Relate to the Country's Legal System -- 4.1. Introduction -- 4.2. Laws Not Enforced (Lack of the Rule of Law) -- 4.3. Change of Law -- 4.4. Flexibility of Law -- 4.4.1. General Remarks -- 4.4.2. Community Law -- 4.4.3. Differences Between Member States -- 4.4.4. Mitigation of the Flexibility of Law Risk -- 4.5. Mandatory Provisions -- 5. Risks that Relate to the Statements of the Parties -- 5.1. Introduction -- 5.2. Interpretation of Contracts -- 5.2.1. Introduction -- 5.2.2. Interpretation of What People Say or Do -- 5.2.3. Traditional Canons of Interpretation -- 5.2.4. Real Method of Interpretation -- 5.2.5. Mitigation of Risk -- 5.3. Terms Not Binding -- 5.3.1. Introduction -- 5.3.2. Non-conformity with Mandatory Rules -- 5.3.3. Different Types of Mandatory Rules: Introduction -- 5.3.4. Fraud -- 5.3.5. Unfair Contract Terms Under Community Law -- 5.3.6. Unfair Contract Terms Under Member States' Laws -- 5.3.7. Mitigation of Risk Caused by Mandatory Rules -- 5.3.8. Particular Remarks on Standard Form Contracts -- 5.3.9. Mitigation of Risk in Other Areas of Law -- ̂ 5.4. Binding Terms Not Enforceable -- 5.4.1. Introduction |
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Note continued: 5.4.2. Recognition and Enforcement of Judgments -- 5.4.3. Availability of Specific Performance -- 5.5. Binding Terms Too Rigid -- 5.5.1. Introduction -- 5.5.2. Community Law -- 5.5.3. Member States' Laws -- 5.5.4. Mitigation of Risk -- 5.5.5. Particular Remarks on Material Adverse Change -- 5.6. Contract Terms Become Binding -- 5.6.1. Introduction -- 5.6.2. Mitigation of Risk -- 6. Management of Counterparty Risk -- 6.1. Introduction -- 6.2. Counterparty Corporate Risk -- 6.2.1. Introduction -- 6.2.2. Community Law and Member States' Laws -- 6.2.3. Mitigation of Counterparty Corporate Risk -- 6.3. Counterparty Commercial Risk -- 6.3.1. Introduction -- 6.3.2. Community Law and Member States' Laws -- 6.3.3. Management of Counterparty Commercial Risk -- 7. Management of Information -- 7.1. Introduction -- 7.2. Information Duties -- 7.3. Substance -- 7.3.1. Core Obligations -- 7.3.2. Provisions that Influence Core Obligations -- 7.3.3. Secondary Duties -- 7.4. Separate Information Duties -- 8. Payment Obligations: Introduction -- 8.1. Traditional Payment Obligations -- 8.2. Other Forms of Payment Obligations -- 9. Payment Obligations: Traditional Legal Questions -- 9.1. Introduction -- 9.2. Money, Currency, Governing Law -- 9.3. Principle of Nominalism -- 9.4. Money as Money or a Commodity -- 9.5. Interest -- 9.5.1. Introduction -- 9.5.2. Fixed Rates, Floating Rates, the Eurosystem -- 9.5.3. Contract v Mandatory Law -- 9.6. Performance of Monetary Obligations -- 9.6.1. Introduction -- 9.6.2. Payment -- 9.6.3. Finality, Conditionality, Revocability, Recourse -- 9.6.4. Set-off -- 9.6.5. Netting -- 10. Generic Forms of Payment Obligations -- 10.1. Introduction -- 10.2. Legally Not Enforceable Cash Flows -- 10.3. Legally Enforceable Payment Obligations |
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Note continued: 11. Management of Counterparty Credit Risk -- 11.1. Introduction -- 11.2. Choice of the Form of Payment Obligations -- 11.3. Choice of the Time of Payment -- 11.4. Transferability -- 11.4.1. Introduction -- 11.4.2. Basic Legal Aspects Relating to Transferability -- 11.5. Enforceability of the Transfer -- 11.5.1. Introduction -- 11.5.2. Assignment of Receivables -- 11.5.3. Transfer of Negotiable Instruments -- 11.6. Use of Credit Enhancements -- 11.6.1. Introduction -- 11.6.2. Management of Counterparty Commercial Risk -- 11.6.3. Securing Obligations by the Value of Assets -- 11.6.4. Payment Obligations of a Third Party -- 11.7. Hedging -- 11.7.1. Introduction -- 11.7.2. Hedges Linked to the First Transaction -- 11.7.3. Netting, Close-out Netting, Set-off -- 11.7.4. Derivatives -- 11.8. Credit Risk Transfer in General -- 11.8.1. Introduction -- ̂ 11.8.2. Incentive Issues: Risk Shedder's Perspective -- 11.8.3. Incentive Issues: Risk Taker's Perspective -- 11.8.4. Tranching -- 12. Other Contract Types -- 12.1. Introduction -- 12.2. Multi-Party Contracts -- 12.3. Islamic Finance -- 12.3.1. General Remarks -- 12.3.2. Basic Principles -- 1. Introduction -- 1.1. Cash Flow, Risk, Agency, Information, Investments -- 1.2. Funding, Exit, Acquisitions -- 1.3. Financial Crisis -- 2. Funding: Introduction -- 2.1. General Remarks -- 2.2. Separation of Investment and Funding Decisions? -- 2.3. Forms of Funding, Funding Mix, Ancillary Services -- 2.4. Legal Risks Inherent in Funding Transactions -- 2.5. Particular Remarks on the Subprime Mortgage Crisis -- 2.6. Funding Transactions and Community Law -- 3. Reduction of External Funding Needs -- 3.1. Introduction -- 3.2. Retained Earnings -- 3.3. Management of Capital Invested in Assets -- 3.3.1. Introduction -- 3.3.2. Excursion: IFRS and Derecognition |
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Note continued: 3.3.3. Leasing -- 3.3.4. Sale and Lease-back -- 3.3.5. Repos and Securities Lending -- 3.4. Management of Working Capital -- 3.4.1. General Remarks -- 3.4.2. Management of Accounts Payable -- 3.4.3. Management of Accounts Receivable -- 3.4.4. Particular Aspects of Securitisation -- 3.4.5. Cash Management -- 3.5. Excursion: Basel II -- 4. Debt -- 4.1. Introduction -- 4.2. Management of Risk: General Remarks -- 4.3. Particular Clauses in Loan Facility Agreements -- 4.4. Prospectus -- 4.5. Particular Remarks on Corporate Bonds -- 4.6. Particular Remarks on Securities in the Money Market -- 4.7. Particular Remarks on Syndicated Loans -- 5. Equity and Shareholders' Capital -- 5.1. Equity Technique, Different Perspectives -- 5.2. Share-based Equity and Equity That Is Not Share-based -- 5.3. Legal Capital Regime -- 5.4. Legal Capital Regime Under EU Company Law -- 5.5. Strategic Choices -- 5.6. Legal Aspects of Equity Provided by Shareholders -- 5.6.1. General Remarks -- 5.6.2. General Legal Aspects of Shares in Legal Entities -- 5.6.3. Shares in Partnerships -- 5.6.4. Shares in Limited Partnerships -- 5.6.5. Shares in Private Limited-liability Companies -- 5.7. Private Placements -- 5.8. Shares Admitted to Trading on a Regulated Market -- 5.9. Listing and the Information Management Regime -- 5.9.1. Introduction -- 5.9.2. Listing Conditions -- 5.9.3. Prospectus -- 5.9.4. Periodic and Ongoing Disclosure Obligations -- 5.9.5. Disclosure of Risk -- 5.9.6. Disclosure of Corporate Governance Matters -- 5.9.7. Prohibition of Market Abuse -- 5.9.8. Enforcement -- 5.9.9. Delisting -- 5.10. Shares as a Source of Cash -- 5.10.1. General Remarks -- 5.10.2. Management of Risk -- 5.10.3. Internal Corporate Action -- 5.11. Shares as a Means of Payment -- 5.11.1. Introduction |
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Note continued: 5.11.2. Community Law: General Remarks -- 5.11.3. Mergers and Share Exchanges -- 5.11.4. Mergers and Company Law -- 5.11.5. Share Exchanges and Company Law -- 5.11.6. Share Exchanges and Securities Markets Law -- 5.11.7. Fairness, Price, Existence of a Market -- 5.12. Shares as a Means to Purchase Other Goods -- 5.13. Share-based Executive Incentive Programmes -- 6. Mezzanine -- 6.1. Introduction -- 6.2. Example: Venture Capital Transactions -- 6.3. Loan-based Mezzanine Instruments -- 6.3.1. General Remarks -- 6.3.2. Structural Subordination of Debts -- 6.3.3. Repayment Schedules as a Form of Subordination -- 6.3.4. Statutory Subordination -- 6.3.5. Contractual Subordination of Debts -- 6.3.6. Contractual Subordination of Collateral -- 6.3.7. Structural Subordination of Collateral -- 6.3.8. Participation in Profits -- 6.4. Share-based Mezzanine Instruments -- 6.5. Profit-sharing Arrangements -- 7. Chain Structures and Control -- 7.1. General Remarks -- 7.2. Examples of Cases -- 7.3. Legal Risks -- 7.3.1. Parent -- 7.3.2. Companies Lower Down in the Chain -- 8. Exit: Introduction -- 8.1. General Remarks -- 8.2. Exit from the Perspective of the Investor -- 8.3. General Remarks on the Management of Risk -- 8.3.1. Introduction -- 8.3.2. Replacement Risk and Refinancing Risk -- 8.3.3. Risks Relating to Ownership Structure and Control -- 8.3.4. Counterparty Risks (Agency) in General -- 8.3.5. Information and Reputational Risk -- 9. Exit of Different Classes of Investors -- 9.1. General Remarks -- 9.2. Exit of Asset Investors -- 9.3. Exit of Debt Investors -- 9.4. Exit of Shareholders -- 10. Exit of Shareholders -- 10.1. Introduction -- 10.2. Cash Payments by the Company -- 10.2.1. General Remarks -- 10.2.2. Dividends and Other Distributions -- 10.2.3. Redemption of the Subscribed Capital |
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Note continued: 10.2.4. Share Buy-backs -- 10.2.5. Redeemable Shares -- 10.2.6. Withdrawal of Shares Otherwise -- 10.3. Third Party as a Source of Remuneration -- 10.3.1. Introduction -- 10.3.2. Clean Exit, Private Sale, Auction, IPO, Bids -- 10.3.3. Termination of a Joint-Venture -- 10.3.4. Privatisation -- 10.4. Mergers and Divisions -- 10.4.1. General Remarks -- 10.4.2. Mergers -- 10.4.3. Formation of a Holding SE -- 10.4.4. Divisions -- 10.5. Private Equity and Refinancing -- 10.6. Walking Away -- 10.7. Liquidation -- 11. Takeovers: Introduction -- 11.1. General Remarks, Parties -- 11.2. Structures -- 11.3. Consideration and Funding -- 11.4. Process -- 11.5. Contents of the Sales Contract -- 11.6. Summary -- 12. Acquisition of Shares in a Privately-owned Company for Cash -- 12.1. Introduction -- 12.2. Confidentiality -- 12.3. Preliminary Understanding -- 12.4. Ensuring Exclusivity, Deal Protection Devices -- 12.4.1. General Remarks -- 12.4.2. Exclusivity Clauses -- 12.4.3. Ensuring Exclusivity v Company Law -- 12.5. Signing, Conditions Precedent to Closing -- 12.6. Employee Issues -- 13. Due Diligence and Disclosures -- 13.1. General Remarks -- 13.2. Due Diligence in Practice -- 13.3. Legal Requirements and Legal Constraints -- 13.3.1. General Remarks -- 13.3.2. Vendor Due Diligence, Vendor's Perspective -- 13.3.3. Buyer Due Diligence, Vendor's Perspective -- 13.3.4. Buyer Due Diligence, Target's Board -- 13.3.5. Buyer Due Diligence, Buyer's Perspective -- 13.3.6. Buyer Due Diligence, Buyer's Board -- 13.4. Particular Remarks on External Fairness Opinions -- 14. Excursion: Merger Control -- 14.1. General Remarks -- 14.2. Jurisdiction -- 14.3. Complying with Community Law -- 14.4. National Merger Control -- 15. Excursion: Sovereign Wealth Funds -- 15.1. General Remarks -- 15.2. Community Law |
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Note continued: 16. Key Provisions of the Acquisition Agreement -- 16.1. General Remarks -- 16.2. Specifications of the Object -- 16.3. Excursion: Non-Competition Clauses -- 16.4. Remedies (Indemnities) -- 16.5. Purchase Price and the Payment Method -- 16.5.1. General Remarks -- 16.5.2. Choice of the Payment Method -- 16.5.3. Adjustment of Consideration -- 16.6. Buyer Due Diligence After Closing, Claims -- 16.7. Excursion: Auction Sale -- 17. Duties of the Board in the Context of Takeovers -- 17.1. General Remarks -- 17.2. In Whose Interests Shall Board Members Act? -- 17.3. Duty to Obtain Advice or to Give Advice -- 17.4. Takeover Defences and the Interests of the Firm -- 18. Takeover Defences -- 18.1. General Remarks -- 18.2. Pre-Bid Defences Well in Advance -- 18.3. Structural Takeover Defences, Control -- 18.4. Price-increasing Defences -- 18.5. Keeping Assets Away from the Acquirer -- 18.6. Securities Lending -- 18.7. White Knight Defence -- 18.8. Poison Pills, Shareholder Rights Plans -- 18.9. Greenmail and Other Targeted Repurchase Actions -- 18.10. Tactical Litigation, Administrative Constraints -- 18.11. Example: Arcelor and Mittal -- 19. Listed Company as the Target -- 19.1. General Remarks -- 19.2. Information Management: Secrecy v Disclosure -- 19.3. Toehold, Creeping Takeover, Major Holdings -- 19.4. Selective Disclosure Internally -- 19.5. Selective Disclosure to Lenders -- 19.6. Selective Disclosure to Outsiders by the Acquirer -- 19.7. Selective Disclosure to Outsiders by the Target -- 19.8. Disclosure to the Public -- 19.9. Acting in Concert, Acting in a Certain Capacity -- 19.10. Public Takeover Offers -- 20. Acquisition Finance -- 20.1. Introduction -- 20.2. Funding Mix -- 20.3. Particular Remarks on Securities Lending -- 20.4. Financial Assistance -- 20.5. Debt -- 20.5.1. General Remarks |
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Note continued: 20.5.2. Commitment of Banks -- 20.5.3. Many Legal Entities on the Side of the Borrower -- 20.5.4. Internal Coherence of Contracts -- 20.6. Shareholders' Capital -- 20.7. Mezzanine |
| Analysis |
recht |
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law |
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belastingen |
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taxes |
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internationaal recht |
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international law |
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publiek recht |
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public law |
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Law (General) |
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Recht (algemeen) |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Corporations -- Finance -- Law and legislation -- European Union countries
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Corporations -- European Union countries.
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Corporation law -- European Union countries
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Corporation law
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Corporations
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Corporations -- Finance -- Law and legislation
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European Union countries
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| Form |
Electronic book
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| ISBN |
9783642027505 |
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3642027504 |
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