The Law and Finance of Related Party Transactions Comparative Analysis International Corporate Law and Financial Market Regulation Series

A globe-spanning group of leading law and finance scholars bring together cutting-edge research to comprehensively examine the challenges legislators face in regulating related party transactions in a socially beneficial way. Combining theoretical analysis of the foundations of efficient regulation with empirical and comparative studies, readers are invited to draw their own conclusions on which regulatory responses work best under differing circumstances. The careful selection of surveyed jurisdictions offers in-depth insight into a broad variety of regulatory strategies and their interdependence with socioeconomic and political conditions. This work should be read by scholars, policymakers, and graduate students interested in a critical, much-debated area of corporate governance.

The law and (some) finance of related party transactions: an introduction Luca Enriques and Tobias H. Tröger; Part I. Theoretical Framework and Policy Issues in Regulating RPTs: 1. Corporate control and the regulation of controlling shareholders Zohar Goshen and Assaf Hamdani; 2. Optimally restrained tunneling: the puzzle of controlling shareholders' 'generous' exploitation in bad-law jurisdictions Sang Yop Kang; 3. Powering preemptive rights with presubscription disclosure Jesse Fried; 4. MOM approval in a world of active shareholders Edward Rock; 5. Institutional investors as minority shareholders Assaf Hamdani and Yishay Yafeh; 6. Procedural and substantive review of related party transactions (RPTs): the case for non-controlling shareholder-dependent (NCS-dependent) directors Alessio M. Pacces; 7. Related party transactions and intragroup transactions Jens Dammann; 8. Related-party transactions in state-owned enterprises: tunneling, propping, and policy channeling Curtis Milhaupt and Mariana Pargendler; 9. Related party transactions in insolvency Kristin Van Zwieten; Part II. Regional- and Country-Specific Insights: 10. Related party transactions in East Asia Kon Sik Kim; 11. Related party transactions in Commonwealth Asia: complexity revealed Dan W. Puchniak and Umakanth Varottil; 12. Related party transactions: UK model Paul Davies; 13. Related party transactions in France: a critical assessment Geneviève Helleringer; 14. Germany's reluctance to regulate related party transactions Tobias H. Tröger; 15. Be careful what you wish for: how progress engendered regression in related party transaction regulation in Israel Amir Licht; 16. Enforcing rules on related party transactions in Italy: one securities regulator's challenge Marcello Bianchi, Luca Enriques and Mateja Milič; Bibliography; Index.

Luca Enriques is the Allen and Overy Professor of Corporate Law at the University of Oxford and ECGI Research Fellow. He has published widely in the fields of corporate law and securities regulation. He is a coauthor of The Anatomy of Corporate Law (3rd edition, 2017) and of Principles of Financial Regulation (2016) and has held visiting positions, among others, at Harvard Law School and University of Cambridge.
Tobias H. Tröger holds the Chair of Private Law, Trade and Business Law, Jurisprudence at Johann Wolfgang Goethe-Universität Frankfurt am Main. His research interests include corporate law, banking law and the economic analysis of law. He is Program Director Corporate Finance and Corporate Governance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) and a Research Member of the European Corporate Governance Institute (ECGI).