First Published in 2007. Routledge is an imprint of Taylor & Francis, an informa company.

In a secular society, does Christmas mean anything anymore? As we stuff ourselves with plumped-up turkeys, unwrap the latest useless gadget, and gather round the family tree, what real relevance does the festive season have and why do we perpetuate it? The Philosophy of Christmas is designed to be a fun book but one underpinned by an exploration of serious philosophical issues. The way we celebrate Christmas says a lot about the way we relate to each other, our society and (...) values. For instance, did you know that Santa's outfit is only red and white because those are the colours of the Coca Cola company? Already a bestselling author, Stephen Law takes a look at such things as the virgin birth (David Hume's theories on miracles), Bertrand Russell's turkey, the existential angst of Santa, and peace on earth to produce a humourous, varied and thought-provoking collection. (shrink)

Company Law: Theory, Structure and Operation is the first United Kingdom law text to use economic theory to provide insights into corporate law, an approach widely adopted in the United States. In this book, Brian Cheffins discusses the inner workings of companies, examines the impact of the legal system on corporate activities, and evaluates the merits of governmental regulatory strategies. The book covers core areas of the undergraduate company law syllabus in a stimulating and theoretically enlightening fashion and (...) addresses important company law topics such as: * limited liability of shareholders * shareholders' remedies * corporate governance * executive pay * the role of self-regulation in United Kingdom securities markets * the impact of European Union Directives on company law in the UK Brian Cheffins also examines in detail a number of questions which have not been fully explored elsewhere. These include: * What are the justifications for legal regulation of company affairs? * What are the drawbacks associated with government intervention? * How can one ascertain the optimal format for company law rules? (shrink)

The purpose of the paper is to examine key provisions in the UAE company law.

This Article discusses the transplantation and harmonization of company law legislation in the British Empire in the early 20th century and in Palestine in particular. It describes the displacement of Ottoman law and its replacement by British company law in Palestine, particularly through the Palestine Companies Ordinance 1929. The Article suggests that the transplantation of British company legislation into Palestine was neither straightforward nor all-encompassing. The Article discusses some specific areas of transplantation difficulty in the case of (...) mandatory Palestine, viz. private companies, foreign companies, branch registers, and limits on land acquisition. (shrink)

In the field of comparative corporate governance, a thesis that is currently influential is that the ‘law matters’. The thinking is that laws which allow investors to feel confident about owning a tiny percentage of shares in a firm constitute the crucial ‘bedrock’ that underpins a US‐style economy where widely held public companies dominate. The paper outlines the normative implications which the ‘law matters’ thesis has for countries where diffuse share ownership is not the norm. It also draws upon the (...) historical experience in the US and the UK to cast doubt on whether law is as pivotal as the thesis implies. Finally, the paper considers the dynamics that are likely to affect the pace of legislative change when reforms designed to foster the confidence of minority shareholders are on the agenda. (shrink)

From one of the most influential scientists of our time, a dazzling exploration of the hidden laws that govern the life cycle of everything from plants and animals to the cities we live in. The former head of the Sante Fe Institute, visionary physicist Geoffrey West is a pioneer in the field of complexity science, the science of emergent systems and networks. The term "complexity" can be misleading, however, because what makes West's discoveries so beautiful is that he has found (...) an underlying simplicity that unites the seemingly complex and diverse phenomena of living systems, including our bodies, our cities and our businesses. Fascinated by issues of aging and mortality, West applied the rigor of a physicist to the biological question of why we live as long as we do and no longer. The result was astonishing, and changed science, creating a new understanding of energy use and metabolism: West found that despite the riotous diversity in the sizes of mammals, they are all, to a large degree, scaled versions of each other. If you know the size of a mammal, you can use scaling laws to learn everything from how much food it eats per day, what its heart-rate is, how long it will take to mature, its lifespan, and so on. Furthermore, the efficiency of the mammal's circulatory systems scales up precisely based on weight: if you compare a mouse, a human and an elephant on a logarithmic graph, you find with every doubling of average weight, a species gets 25% more efficient--and lives 25% longer. This speaks to everything from how long we can expect to live to how many hours of sleep we need. Fundamentally, he has proven, the issue has to do with the fractal geometry of the networks that supply energy and remove waste from the organism's body. (shrink)

The use of private military force by states has been a long-standing phenomena in the history of warfare. Armies of mercenaries, privateering and recruitment of foreign nationals into armed forces have been common during the Middle Ages and later on. However, with the invention of effective firearms and artillery, standing regular armies, conscription and other developments that resulted in the essential rise of costs of war, the role of private military entrepreneurs diminished. By the end of XIXth century the state (...) became almost the only subject that was able to wage a full-scale war. Nevertheless, already in the middle of the XXth century mercenarism has been reborn in Africa’s colonial and post-colonial wars. The end of the XXth century and the beginning of the XXI century witnesses an enormous rise of private security and military companies (PSMC) that are hired to perform different functions related to use of force not only by states, but also by other clients such as international organisations, transnational corporations, etc. A PSMC may be defined as a profit-seeking private enterprise, which is established according to the national law of the state and which is providing, on the basis of a contract, services directly or indirectly connected with the use of military force or its institutions whether in time of armed conflict or peace, notwithstanding how such company describes itself. International humanitarian law has no specific regulation of PSMC. Nevertheless, it would be erroneous to state that the activity of PSMC is not regulated, because international humanitarian law in any case, in one or another way, is applicable to the personnel of PSMC if it is engaged in armed conflict of either international or non-international character. (shrink)

My purpose in this paper is to enquire into whether law can forgive. This line of inquiry must be distinguished from other possible avenues of investigation into the relation between law and forgiv...

This article argues that effective corporate social responsibility (CSR) of multinational pharmaceutical companies in developing countries should reflect context, opportunity, proximity, time and impact in accordance with the social integration and ethical approaches to CSR. It proposes a CSR model expressed as CSR=COPTI+SI+E, which acknowledges access-to-medicines as a matter in the global public domain, a public choice problem and a moral responsibility issue for multinational pharmaceutical companies. This model recognises the globalisation of the principle of humanity in communities of place (...) and communities of interest as highlighted by the Global Economic Ethic Manifesto 2009 as an integral part of the responsibilities of multinational pharmaceutical companies. The model reflects a global application of the concept of disadvantaged consumer already known to some national laws. The article suggests an access-to-medicines CSR framework for pharmaceutical companies which may include pricing, patents, testing and clinical trials, research and development, joint public private initiative and appropriate use of drugs. (shrink)

Managers of multinational companies often favour an aggressive tax avoidance strategy that pushes the legal limits onto the advantage of shareholders and the disadvantage of the spirit of democratically legitimized tax laws. The public and media debate whether such aggressive behaviour is immoral. Aggressive tax avoidance is a subset of the aggressive legal interpretations potentially observable in all fields which places little weight on the will of a democratically legitimized legislation. A thorough ethical analysis based on the deontological approach of (...) Kant demonstrates that aggressive tax avoidance as a special case of operating on the edge of legal boundaries is potentially immoral. Applying the Kantian “contradiction of conception or will” test shows that this maxim might not be conceived or willed as a general law of nature. If all natural or legal persons aggressively interpret laws on all subjects and in every imaginable situation, then central principles of the system of law we all rely upon would be severely compromised. Therefore, aggressive tax avoidance by managers of multinational companies may violate the managers’ moral duty to obey not only the letter but also the intention or spirit of the law. The validity of the argumentation depends critically on the formulation and interpretation of the respective maxims and on assumptions about the legal system. Preserving central elements of Kantian philosophy, the article demonstrates the complexity of a philosophical argumentation which tries to justify the moral intuitions that underpin the common negative evaluation of aggressive legal strategies in business. (shrink)

Lietuvos, kaip ir kitų Europos valstybių, teisės aktai numato bendrovės visuotinio akcininkų susirinkimo sprendimų teisėtumo užtikrinimo priemonę – tokių sprendimų pripažinimo negaliojančiais institutą. Civiliniame kodekse išvardijami teisiniai šio instituto taikymo pagrindai. Kita vertus, visuotinio akcininkų susirinkimo sprendimų pripažinimo negaliojančiais pagrindų sistemos skirtingose valstybėse skiriasi. Šiame straipsnyje siekiama pateikti bendrą įstatymo numatytų bendrovės visuotinio akcininkų susirinkimo sprendimų pripažinimo negaliojančiais pagrindų Lietuvos teisėje apžvalgą, minėtų pagrindų sistemą lyginant su užsienio valstybių teisiniu reglamentavimu.

The term ‘responsible AI’ has been coined to denote AI that is fair and non-biased, transparent and explainable, secure and safe, privacy-proof, accountable, and to the benefit of mankind. Since 2016, a great many organizations have pledged allegiance to such principles. Amongst them are 24 AI companies that did so by posting a commitment of the kind on their website and/or by joining the ‘Partnership on AI’. By means of a comprehensive web search, two questions are addressed by this study: (...) Did the signatory companies actually try to implement these principles in practice, and if so, how? What are their views on the role of other societal actors in steering AI towards the stated principles? It is concluded that some three of the largest amongst them have carried out valuable steps towards implementation, in particular by developing and open sourcing new software tools. To them, charges of mere ‘ethics washing’ do not apply. Moreover, some 10 companies from both the USA and Europe have publicly endorsed the position that apart from self-regulation, AI is in urgent need of governmental regulation. They mostly advocate focussing regulation on high-risk applications of AI, a policy which to them represents the sensible middle course between laissez-faire on the one hand and outright bans on technologies on the other. The future shaping of standards, ethical codes, and laws as a result of these regulatory efforts remains, of course, to be determined. (shrink)

Conclusion and PostscriptThis paper opened with a quotation from the credo of the Institute of Directors: “The success of a companies depends on the leadership and performance of directors.” The performance of the group of male directors at the “Enterprise and Governance” conference has revealed patriarchal ideology exercising hegemonic control of the corporate culture and strongly resisting any challenges to its dominant position.

The law-governed world-picture -- A remarkable idea about the way the universe is cosmos and compulsion -- The laws as the cosmic order : the best-system approach -- The three ways : no-laws, non-governing-laws, governing-laws -- Work that laws do in science -- An important difference between the laws of nature and the cosmic order -- The picture in four theses -- The strategy of this book -- The meta-theoretic conception of laws -- The measurability approach to laws -- What (...) comes where -- In defense of some received views -- Some assumptions that will be in play -- The laws are propositions -- The laws are true -- The logically contingent consequences of the laws are laws themselves -- At least some laws are metaphysically contingent -- The meta-theoretic conception of laws -- Laws of nature, laws of science, laws of theories -- The first-order conception versus the meta-theoretic conception -- What is a law of nature? -- Some examples of meta-theoretic accounts -- The virtues of the meta-theoretic conception -- Weighing the virtues and shortcomings of the meta-theoretic conception -- An epistemological argument for the meta-theoretic conception of laws -- The discoverability thesis, the governing thesis, and the first-order conception -- The main argument -- The objection from bad company -- The objection from inference to the best explanation -- The objection from bayesianism -- The objection from contextualist epistemology -- The objection from the threat of inductive skepticism -- Laws, governing, and counterfactuals -- Where we are now -- What would things have to be like in order for the laws of nature to govern the universe? -- Lawhood, inevitability, counterfactuals -- What is it for a proposition to be inevitably true? -- What is it for a whole class of propositions to be inevitably true? -- What is it for lawhood to confer inevitability? -- NP and supporting counterfactuals -- The worry about context-variability -- A solution and a look ahead -- When would the laws have been different? -- Where we are now -- The God cases -- Other counterexamples to NP -- A moral-theoretic counterexample to NP -- Scientific contexts and non-scientific contexts -- Scientific God cases? -- Lewisian non-backtracking counterexamples -- Where things stand now -- How could science show that the laws govern? -- Why the law-governed world-picture must include the science-says-so thesis -- What is extra-scientific? -- How can the science-says-so thesis be true? -- NP as a consequence of the presuppositions in any scientific context -- Np as true in all possible scientific contexts -- But how could it be so? -- Attack of the actual-factualists -- Measurement and counterfactuals -- Where we are now -- Measurements, reliability, counterfactuals -- A general principle that captures the relation between measurement and counterfactuals -- What we can learn about lawhood from what we have learned about the counterfactual commitments of science -- A first-order account of laws or a meta-theoretic account of laws? -- What methods are presupposed to be legitimate measurement procedures? -- Why we must adopt a meta-theoretic account of laws -- What lawhood is -- Where we are now -- The measurability account of laws -- Brief review of the case for the mal -- A note about hedged laws -- How plausible is the mal? -- What if we don't care about the law-governed world-picture? -- Newton's God and Laplace's demon -- Beyond humean and non-humean -- Two views of laws -- Humean supervenience and the meta-theoretic conception -- Alleged counterexamples to humean supervenience -- Governing and non-trivial necessity -- How the mal lets us have it all -- Humeanism? non-humeanism? -- What is the significance of the idea of the law-governed universe? -- Where in the world are the laws of nature? -- Appendix: The mal in action : a few examples -- Of scientific theories and their laws -- Newton's theory as a paradigm example -- Classical special-force laws -- Geometrical optics and one of its laws -- Local deterministic field theories. (shrink)

This paper discusses the post-trial access to drugs for patients who participated in clinical trials in Brazil. The ethical guidance for clinical trials in Brazil is arguably one of the clearest in the world in attributing to research sponsors the responsibility for providing post-trial drugs to patients who participated in their experiments. The Federal Constitution recognizes health as a fundamental right to be fulfilled by the State. Based on the Brazilian constitution and on the National Health Council resolutions, courts have (...) been accepting patients' claims and ordering the State and the pharmaceutical companies to provide these patients with the tested treatment in the quantity and duration they need it. This generous interpretation of the duties of the pharmaceutical companies and the State makes the Brazilian model for post-trial access unique when compared to the experience of other countries and thus should be followed with attention by future research in order to assess its consequences for patients, research sponsors, and the public health system. (shrink)

This paper discusses so-called post-trial access to drugs for patients who participated in clinical trials in Brazil. Brazil is currently a relevant country for the pharmaceutical industry due to the dimensions of its actual and potential market. As a consequence, the number of pharmaceutical trials has been rising. It is the largest market for pharmaceutical companies in Latin America, the 8th biggest in the world and second only to China among the so-called BRICS’s emerging countries. The demand for pharmaceutical products (...) in the country has been increasing by double digits over the last few years, reaching 20% in 2008. Not surprisingly, we are also witnessing a steady increase in the number of applications by national and international pharmaceutical companies before ethical research authorities for authorization to perform clinical trials of drugs. (shrink)

It has become increasingly difficult for individuals to exercise meaningful control over the personal data they disclose to companies or to understand and track the ways in which that data is exchanged and used. These developments have led to an emerging consensus that existing privacy and data protection laws offer individuals insufficient protections against harms stemming from current data practices. However, an effective and ethically justified way forward remains elusive. To inform policy in this area, we propose the Ethical Data (...) Practices framework. The framework outlines six principles relevant to the collection and use of personal data—minimizing harm, fairly distributing benefits and burdens, respecting autonomy, transparency, accountability, and inclusion—and translates these principles into action-guiding practical imperatives for companies that process personal data. In addition to informing policy, the practical imperatives can be voluntarily adopted by companies to promote ethical data practices. (shrink)

Conventional economic theory portrays privatization as a transformative event for a company, even when it is partial and the state maintains control. According to this view, private investors have stronger incentives than voters to monitor management performance and constrain side-payments to political allies of the government. But how exactly can private investors discipline managers they cannot fire? Proponents of privatization place their hopes on disclosure obligations under securities laws, triggered by privatized companies’ stock exchange listings. They argue that, because (...) company disclosures can reveal side-payments to government allies and cause private investors to abandon the stock, management should avoid political favoritism after a stock exchange listing. The Article explores whether investors responded to indications of political favoritism as the above theory would predict. Case study evidence comes from major privatizations in Greece during the last two decades in telecommunications, energy, and gaming. The Article examines the public disclosures of partially privatized companies in two key areas where the risk of political side-deals and corruption remains high: contracts with suppliers and relationships with labor. Greek companies’ disclosure documents included clear indications that payouts to suppliers and labor continued to increase during the period of partial privatization. However, these companies’ stocks remained attractive to investors. (shrink)

The purpose of this article is to analyse the main provisions of the European private company not limited by the provisions as presented by the European Commission in its Proposal for a Council Regulation on the statute for European private company, but also including amendments introduced by the European Parliament and taking into account the negotiations in the Council of the European Union. This article analyses the development of the European private company and explains why such legal (...) form of a company is needed. It provides the analysis of the main provisions of the proposal for the Regulation, the assessment of advantages and drawbacks of the alternatives introduced by the European Parliament and considered in the Council of the European Union, evaluation of the response of these provisions to the specific needs of small and medium-sized enterprises. The article also presents conclusions and suggestions for the improvement of the legal provisions. (shrink)

One prominent criticism of the abstractionist program is the so-called Bad Company objection. The complaint is that abstraction principles cannot in general be a legitimate way to introduce mathematical theories, since some of them are inconsistent. The most notorious example, of course, is Frege’s Basic Law V. A common response to the objection suggests that an abstraction principle can be used to legitimately introduce a mathematical theory precisely when it is stable: when it can be made true on all (...) sufficiently large domains. In this paper, we raise a worry for this response to the Bad Company objection. We argue, perhaps surprisingly, that it requires very strong assumptions about the range of the second-order quantifiers; assumptions that the abstractionist should reject. (shrink)

Over the past twenty years, Private Military and Security Companies (PMSCs) have become significant elements of national security arrangements, assuming many of the functions that have traditionally been undertaken by state armies. Given the centrality of control over the use of coercive force to the functioning and identity of the modern state, and to international order, these developments clearly are of great practical and conceptual interest. This edited volume provides an interdisciplinary overview of PMSCs: what they are, why they have (...) emerged in their current form, how they operate, their current and likely future military, political, social and economic impact, and the moral and legal constraints that do and should apply to their operation. The book focuses firstly upon normative issues raised by the development of PMSCs, and then upon state regulation and policy towards PMSCs, examining finally the impact of PMSCs on civil-military relations. It takes an innovative approach, bringing theory and empirical research into mutually illuminating contact. Includes contributions from experts in IR, political theory, international and corporate law, and economics, and also breaks important new ground by including philosophical discussions of PMSCs. (shrink)

Many medicines currently available on the market are simply too expensive for millions around the world to afford. Many medicines available in the developing world are only available to a small percentage of the population due to economic inequities. The profit-seeking behavior of pharmaceutical companies exacerbates this problem. In most cases, the price reductions required to make drugs affordable to a broader class of people in the developing world are not offset by the resultant increase in sales volume. Simply stated, (...) in most of the developing world, it is more profitable to sell drugs to the very wealthy at high prices than it is to sell cheaper drugs to a greater number of people. As a result, medicines remain unaffordable for the vast majority of people in many parts of the world. While this might be an acceptable outcome for certain commodities, such as luxury goods, it is completely unacceptable for life-saving medicines. Therefore, in order to effectively address the global lack of access to medicines, the role pharmaceutical companies play in the international intellectual property regime must be critically examined. (shrink)

Approximately two billion people lack access to medicines globally. People living with HIV, cancer patients, those suffering from tuberculosis or malaria, and other populations in desperate need of life-saving medicines are increasingly unable to access existing preventative, curative, and life-prolonging treatments. In many cases, treatment may be unavailable or inaccessible for even some of the most common and readily treatable health concerns, such as hypertension. In the developing world, many of the factors that contribute to making the world’s most vulnerable (...) and marginalized populations particularly susceptible to illness also operate to restrict their access to medicines. As a result of dramatic economic inequities and widespread poverty, it is not profitable for most originator pharmaceutical companies to develop new medicines for sale in developing markets or to lower the cost of existing drugs so that they are affordable for the majority of these populations. (shrink)

This book offers a radical new understanding of law, beyond the confines of its formalization by the state. The book takes off from the late work of Gilles Deleuze and Michel Foucault, for whom law and its institutions came to be liberated from an ideological perspective that had treated them as sterile instruments for the reproduction of domination. Engaging its continental history, it addresses the concept of law, not merely as a 'command', but as the result of a much more (...) complex legal operation aimed at dynamically stabilizing the social relations of a community. The book thus sidesteps the usual legal-political focus on those - from Hobbes to Schmitt - who have contributed to the categorical scheme of the modern state, and with it questions of political representation, sovereignty, the rigid distinction between public law and private law, and so on, as it pursues an alternative theoretical trajectory through Ravaisson, Tarde, and Hauriou. Politics, the book maintains, can be no longer be treated simply through the state form. And, relatedly, the law must be seen as a living law: a law that cannot be treated exclusively in formal terms, but must be taken as a grammar capable of articulating a politics of process, relationality, and innovation. Reconceived as such, law can then circumvent the aporias that arise when society is viewed as a private company, and the state seen as the bearer of the only possible means of formalizing its relationships. At the intersection of law and political theory, this book will speak to scholars and others with interests in both these areas, and especially those concerned with the limits of both conventional and critical approaches to law. (shrink)

Religion is intrinsically social, and hence irretrievably organizational, although organization is often seen as the darker side of the religious experience--power, routinization, and bureaucracy. Religion and secular organizations have long received separate scholarly scrutiny, but until now their confluence has been little considered. This interdisciplinary collection of mostly unpublished papers is the first volume to remedy the deficit. The project grew out of a three-year inquiry into religious institutions undertaken by Yale University's Program on Non-Profit Organizations and sponsored by the (...) Lilly Endowment. The scholars who took part in this effort weree challenged to apply new perspectives to the study of religious organizations, especially that strand of contemporary secular organizational theory known as "New Institutionalism." The result was this groundbreaking volume, which includes papers on various aspects of such topics as the historical sources and patterns of U.S. religious organizations, contemporary patterns of denominational authority, the congregation as an organization, and the interface between religious and secular institutions and movements. The contributors include an interdisciplinary mix of scholars from economics, history, law, social administration, and sociology. (shrink)

First published in 1982. Routledge is an imprint of Taylor & Francis, an informa company.

On March 11, 2011, a magnitude 9.0 earthquake and thirty-eightmeter high tsunami destroyed Tokyo Electric’s Fukushima nuclear power complex. The disaster was not a high-damage, low-probability event. It was a high-damage, high-probability event. Massive earthquakes and tsunamis assault the coast every century. Tokyo Electric built its reactors as it did because it would not pay the full cost of a meltdown anyway. Given the limited liability at the heart of corporate law, it could externalize the cost of running reactors. In (...) most industries, firms rarely risk tort damages so enormous they cannot pay them. In nuclear power, “unpayable” potential liability is routine. Privately owned companies bear the costs of an accident only up to the fire-sale value of their net assets. Beyond that, they pay nothing — and the damages from a nuclear disaster easily soar past that point. Government ownership could eliminate this moral hazard — but it would replace it with problems of its own. Unfortunately, the electoral dynamics in wealthy modern democracies combine to replicate nearly perfectly the moral hazard inherent in private ownership. Private firms will build reactors on fault lines — but so will governments. (shrink)

For the past several decades, jurists have invested significant efforts in developing the law in general—and private law in particular—in terms of pluralism. However, the conceptualization of corporate law and governance according to pluralist principles rarely exists. This Essay is the first in the legal literature to address this deficiency by providing a unique pluralist theory of corporate governance regimes. It distinguishes between the plurality of corporate law’s sources, values, and principles, and discusses the implications for governance. Moreover, based on (...) the social systems’ thinking and the framework of complexity, this Essay provides theoretical grounds for skepticism about any policies or structures applicable to all times and contexts. Therefore, rather than perceiving corporate governance as being identically applicable to all corporations, the law must meet the challenge of complexity by designing governance arrangements following a firm-specific perspective. Furthermore, I argue that in conditions of complexity, corporate governance eco-systems should be designed with a firm-specific view that incorporates the effect of the corporation participants’ heterogeneity, the heterogeneity of its internal power relations, and the heterogeneity of industries and markets. These novel arguments have profound implications for redesigning fundamental legal doctrines—such as fiduciary duties of controlling shareholders, regulation of related party transactions, the officers’ duty of care, and the company purpose. (shrink)

European competition law is predominantly focused on maximizing consumer welfare. This overarching purpose (which is supported by economic theory) leaves little place for safeguarding non-economic values, such as sustainability. This makes it difficult to allow cooperation between companies to contribute to such non-economic goals. In this article we explore whether it is possible to establish a different normative framework, in which such goals can be taken into account and can be balanced against the economic goal of consumer welfare. To answer (...) this question, we take four steps. First, we discuss current EU competition law and the difficulty of fitting non-economic goals into the dominant interpretation of that law. Second, we propose a different normative framework, based on the capability approach advanced by philosopher Martha Nussbaum and economist Amartya Sen. Third, we argue that there are good principled reasons to incorporate non-economic goals into competition law. Fourth, we apply both the capability approach and the consumer welfare approach to three (illustrative) cases in which non-economic goals are at stake. Overall, we argue that the capability framework, although not without difficulties of its own, may provide a more legitimate theory for the interpretation of European competition law. (shrink)

The form and registration requirements applicable for transfer of close company shares differ in various countries. Discussions on separate related aspects take place in the international business transfer theory and practice. The Lithuanian legal regulation of the said requirements is continually improved, taking into account the experience of other countries and business practice needs. Based on the analysis of the European Union, the Lithuanian and foreign legislation, case law and doctrine, this article is designed for the examination of effectiveness (...) and adequacy of current requirements for the form of share sales transactions as well as expedience of fixing the model of public registration of data about shareholders of a close company. (shrink)

Motivated by the increasing economic significance of investment advisory industries and the prevalence of wrongdoing in financial planning services, we examine whether, and to what extent, employee misconduct is shaped by their local corruption culture. Using novel data of more than 4.7 million adviser-year observations of financial advisers and the Department of Justice’s data on corruption, we find that financial advisers and advisory firms located in areas with higher levels of corruption are more likely to commit misconduct. These results hold (...) for both individual advisor and firm level analyses and are robust to the use of various fixed effects, model specifications, proxies for corruption and misconduct, and an instrumental variable approach. Using the passage of the Dodd-Frank Whistleblower Provision, which provides incentives for reporting corruption incidences and thereby reduces the incentives for fraud, we find that the relation between local corruption culture and adviser misconduct is attenuated after the provision enacted by the SEC. Overall, our study highlights the externalities of corruption culture on individual ethics and the essential role of whistleblowing laws in reducing corruption-prone norms. (shrink)