European Business Law Review
Papers 1066
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The apparent need for balanced interests in company law between the shareholder value approach and the social demands for corporate responsibility to stakeholders is often exemplified by the section 172 duty to promote the success of the company. Section 172 enshrined the enlightened shareholder value (ESV) principle, which was a mediated position between the pure shareholder value approach and the pluralist stakeholder approach. The method for measuring progress on this duty has been a focus on...
This article provides an account of how the Covid-19 outbreak and its impact on the banking sector were tackled in the European Union. The Covid-19 crisis is the first economic crisis after the enactment of the regulatory reforms of the last decade and represents the first relevant test for the assessment of their effectiveness in particular in the Eurozone. The analysis focuses specifically on the new framework for Banking Supervision in the Euroarea, the Single Supervisory Mechanism within the...
In December 2019, the euro Summit did not approve the amendments to the eSM treaty because of a disagreement among Member States on debt restructuring as a requirement for stability support in the case of unsustainable debt and questionable capacity of repayment In this context, a key role is played by single-limb CACs which permit restructuring across all the bond series on the one hand, this facilitates the restructuring process and neutralize the blocking action of vulture funds under single ...
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With the transposition of Directive (EU) 2015/2366 (PSD2) into Luxembourg law, payment service providers may have access to consumer payment data and share these data with third parties for the purposes of personalized pricing. In this article, the author analyses the legality and the limits of personalized pricing using payment data under European Union and Luxembourg law, focusing on consumer e-commerce markets. To this end, the author reviews economic studies on personalized pricing and consu...
This paper aims to reengage the debate about capital maintenance as the regime for restricting the distribution of profits. Two arguments challenging the effectiveness of capital maintenance are made here. The first argument says that fair value accounting applicable to fixed assets creates complications for compliance with capital maintenance in the area of profits distribution. Prior literature has studied the link between fair value accounting and distributability of the revaluation reserve o...
The existing rules and standards on corporate social responsibility can best be described as a hybrid legal architecture, where various regulatory approaches maintain a friendly coexistence. This type of multilevel rule-making is sometimes perceived to be complicated and not very effective because it is often said to leave some areas of economic activity unregulated and, in any case, unenforced. Given this difficulty, it becomes evident that the interaction between the different regulatory strat...
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