Related Party Transactions of Listed Companies in Germany

Common law jurisdictions pride themselves on having a keen sense of fiduciary relationships and the perils of self-dealing. While the UK’s influence on EU law may recede in the long run, it has left another lasting impression in the EU’s revised Shareholder Rights Directive that regulates corporate governance aspects of European listed companies. Besides encouraging stewardship by institutional investors and ensuring shareholders a „vote on pay“, the directive introduces a new set of provisions on the company’s dealings with related parties—parents, sibling entities, controlled and associated entities, and managers. The rules on related party transactions (RPTs) are evidently inspired by, and modelled on, Chapter 11 of the UK’s Listing...

Vereinheitlichung der Staatsprüfung oder föderaler Wettbewerb?

Wenn es eine Konstante in der juristischen Ausbildung gibt, so ist es der Ruf nach Reform. Wurde in den 1970er-Jahren über die einstufige Ausbildung diskutiert, rang man in den 1980er-Jahren um deren Abschaffung. In den 1990er-Jahren stand der Freischuss zur Debatte, in den 2000er-Jahren folgte die Auseinandersetzung über das Schwerpunktstudium und den Bologna-Prozess. Inzwischen ist der Wunsch nach grundlegenden Veränderungen verblichen. Nur vereinzelt ertönt der Ruf nach Abschaffung des Schwerpunkts. Es geht eher um Vereinheitlichung und Vereinfachung. Zumindest die Justizminister sind sich darüber einig, dass der Prüfungsstoff begrenzt und „harmonisiert“ werden müsse. Zwar wollen sie aufgrund des Föderalismus „eine gewisse...

Is There a Relationship Between Shareholder Protection and Stock Market Development?

Does the quality of legal and other institutions make a difference to economic development and growth? In their very well-known studies of the relation between law and finance, Andrei Shleifer and his collaborators (in particular Rafael La Porta and Simeon Djankov) found evidence to support this claim. Their econometric analysis showed that higher levels of shareholder and creditor protection were correlated with increased financial development. This work became highly influential among researchers and policy-makers. Since the mid-1990s, the widespread belief has been that strengthening share-holder and creditor rights will lead to improved financial outcomes. This view became a mainstay of global policy initiatives, including...

Are apex court judges politically biased?

The question whether judges are politically biased is highly disputed. Some consider it a heresy even to ask the question, while others believe it to be a self-evident truism. If we look at how controversial the nomination procedures for new justices to the U.S. Supreme Court are, we see that most participants in the U.S. political process at least believe that justices are influenced by their political ideology. There is some empirical evidence confirming this belief. The seminal contribution on this issue is a study by Jeffrey Segal and Albert Cover. The authors construct an ideology score for Supreme Court Justices, which is based on newspaper reports regarding these judges prior to their election to the Court. The study finds a high correlation between...

Augmented Doctrinal Reality Exploring and Analysing Judicial Discourse with Computer-Aided Methods

When I discuss empirical studies of law with legal scholars and law students in Europe, whether is in Germany, Belgium, France or Italy, one comment I often hear is “but this is not law”.  This is a remark worth exploring, because it tells us something important about the way academic lawyers conceive of their discipline and its object of study. I tell my bachelor students that there are basically two ways to approach the study of law. One is as product of society and as instrument of social control. Much of the political science law and courts literature as well as the law & economics literature follow this approach. These literatures are concerned with...

Womit müssen Juristen rechnen? Zur Rolle der Rechts|Empirie im rechtswissenschaftlichen Diskurs

Deutsche Juristen mögen lateinische Redewendungen – besonders wenn sie ihnen das Leben erleichtern. Eine dieser Redewendungen lautet iudex non calculat: „Der Richter rechnet nicht.“ Sie bedeutet, dass Rechenfehler im Urteil auch nachträglich berichtigt werden dürfen, obwohl Gerichtsurteile nach einer gewissen Zeit rechtskräftig werden. So war es schon bei den alten Römern, und so will es heute Paragraph 319 Absatz 1 der deutschen Zivilprozessordnung. Diese Verfahrensvorschrift ist allerdings selten gemeint, wenn Juristen „Iudex non calculat!“ sagen. Stattdessen behaupten sie damit – oft im Scherz, manchmal aber auch ganz ernsthaft – dass von...