Articles

Transactional Liability and Global Corporate Governance: Some Recent Developments

K. MEDJAD

Corporate Governance - International Journal for Enhancing Board Performance

2003, vol. 3, n°2, pp.8-11

Départements : Droit et fiscalité


ln the absence of a commonly accepted zone where corporate governance principles and international norms overlap, foreign direct liability suits against multinational corporations (MNCs) have long been presented as a promising means to impose minimum. corporate governance standards worldwide. Throughout the past decades, non-governmental organizations (NGOs) and public interest lawyers have initiated a series of lawsuits against corporate parents in their home countries, for damages caused via their affiliates in developing countries, in areas as diverse as environment, personal injuries or human rights. To date, this strategy bas achieved mixed results. Foreign direct liability suits have been limited in number, and typically confined to common law countries (V.S, U.K, Canada, Australia). As a result, corporate headquarters remain less concerned by these lawsuits' legal implications than by the press attention they receive. This situation is now changing, however. Due to a growing "criminalisation" of corporate liability, that is, a shift from tort law to criminal law, continental European courts have started offering altogether alternative and complementary venues for foreign direct liability suits. Using the recent ex ample of the pending criminal lawsuits against TotalFinaElf in France and in Belgium, this paper argues that this evolution - and the potential for forum shopping it entails - should bring some flesh to the notion of global corporate governance.

What Is Interactivity and Is It Always Such a Good Thing?: Implications of Definition, Person and Situation for the Influence of Interactivity on Advertising Effectiveness

Y. LIU, L. J. SHRUM

Journal of Advertising

2003, vol. 31, n°4, pp.53-64

Départements : Marketing, GREGHEC (CNRS)


Workouts, court-supervised reorganization and the choice between private and public debt

U. HEGE

Journal of Corporate Finance

mars 2003, vol. 9, n°2, pp.233-269

Départements : Finance, GREGHEC (CNRS)


This paper investigates the interaction between creditor structure and reorganization law. Private debt offers the advantage of flexible renegotiation out of court. Due to incomplete information and holdout incentives, the out-of-court renegotiation will typically fail for dispersed public debt. The introduction of Chapter 11-style renegotiation will benefit public debt firms and will be harmful for private debt firms. Moreover, Chapter 11 reduces the role of private debt in corporate borrowing in accordance with the US experience. The overall efficiency of a reorganization law is therefore ambiguous. Three prominent shortcomings of Chapter 11¯¯its cost and delay, equity deviations and inefficient continuation¯¯are shown to do little harm or even shown to be welfare-improving as they increase the incentives to renegotiate debt out of court and choose private debt. The effect of a low-cost reorganization procedure is more likely to be positive in a market-based financial system.

Zonoids, Linear Dependence, and Size-Biased Distributions on the Simplex

M. Dall'Aglio, M. SCARSINI

Advances in Applied Probability

2003, vol. 35, pp.871-884

Départements : Economie et Sciences de la décision


¿Novedades en la jurisprudencia referente a la base jurídica de las normativas comunitarias?: La sentencia "British American Tobacco"

A. ALEMANNO

Gaceta Juridica de la Union Europea y de la competencia

juillet-août 2003, n°226

Départements : Droit et fiscalité, GREGHEC (CNRS)



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