Zoekresultaat: 5 artikelen

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Jaar 2016 x
Article

Access_open Exit, Voice and Loyalty from the Perspective of Hedge Funds Activism in Corporate Governance

Tijdschrift Erasmus Law Review, Aflevering 4 2016
Trefwoorden Uncertainty, entrepreneurship, agency costs, loyalty shares, institutional investors
Auteurs Alessio M. Pacces
SamenvattingAuteursinformatie

    This article discusses hedge funds activism based on Hirschman’s classic. It is argued that hedge funds do not create the loyalty concerns underlying the usual short-termism critique of their activism, because the arbiters of such activism are typically indexed funds, which cannot choose short-term exit. Nevertheless, the voice activated by hedge funds can be excessive for a particular company. Furthermore, this article claims that the short-termism debate cannot shed light on the desirability of hedge funds activism. Neither theory nor empirical evidence can tell whether hedge funds activism leads to short-termism or long-termism. The real issue with activism is a conflict of entrepreneurship, namely a conflict between the opposing views of the activists and the incumbent management regarding in how long an individual company should be profitable. Leaving the choice between these views to institutional investors is not efficient for every company at every point in time. Consequently, this article argues that regulation should enable individual companies to choose whether to curb hedge funds activism depending on what is efficient for them. The recent European experience reveals that loyalty shares enable such choice, even in the midstream, operating as dual-class shares in disguise. However, loyalty shares can often be introduced without institutional investors’ consent. This outcome could be improved by allowing dual-class recapitalisations, instead of loyalty shares, but only with a majority of minority vote. This solution would screen for the companies for which temporarily curbing activism is efficient, and induce these companies to negotiate sunset clauses with institutional investors.


Alessio M. Pacces
Professor of Law & Finance, Erasmus School of Law, and Research Associate, European Corporate Governance Institute.
Artikel

Access_open The Justification of Basic Rights

A Discourse-Theoretical Approach

Tijdschrift Netherlands Journal of Legal Philosophy, Aflevering 3 2016
Trefwoorden Basic rights, Right to justification, Discourse theory, Non-domination, Kant
Auteurs Rainer Forst
SamenvattingAuteursinformatie

    In this paper, I suggest a discourse theory of basic legal rights that is superior to rival approaches, such as a will-based or an interest-based theory of rights. Basic rights are reciprocally and generally justifiable and binding claims on others (agents or institutions) that they should do (or refrain from doing) certain things determined by the content of these rights. We call these rights basic because they define the status of persons as full members of a normative order in such a way that they provide protection from severe forms of legal, political and social domination. The very ground of these rights is the status of persons as free and equal normative authorities within the order they are subject to. In other words, these rights are grounded in a fundamental moral right to justification.


Rainer Forst
Rainer Forst is professor of Political Theory and Philosophy at the Goethe Universität, Frankfurt am Main.
Case Reports

2016/45 Supreme Court rules on social security legislation applicable to temps posted abroad (PL)

Tijdschrift European Employment Law Cases, Aflevering 3 2016
Trefwoorden Free movement, social security and temporary agency workers
Auteurs Marcin Wujczyk PhD
SamenvattingAuteursinformatie

    Temporary agency workers employed by a Polish agency and posted temporarily to France to work there under the direction of a French client are entitled to A1 certificates and, therefore, to remain governed by exclusively Polish social security legislation while working in France.


Marcin Wujczyk PhD
Marcin Wujczyk, PhD., is a partner with Ksiazek Bigaj Wujczyk in Krakow, www.ksiazeklegal.pl.
Artikel

A Distorted Mediation Landscape: Judicial Mediation in the Chinese Civil Courts

Tijdschrift Nederlands-Vlaams tijdschrift voor mediation en conflictmanagement, Aflevering 3 2016
Trefwoorden Chinese civil justice, Mediating civil and commercial disputes in China, Comparative civil procedure, Judicial behaviour in Chinese civil courts
Auteurs Peter Chan
SamenvattingAuteursinformatie

    Mediation plays a critical role in the development of any civil justice system. The positive effects of mediation could only manifest if the process is protected in ways that allow parties to truly be able to choose what is best in their interests and explore options free from interference from anyone else. The Chinese legal culture, coupled with a systemic distortion of the function of mediation during the period between March 2008 and March 2013, made it very difficult to develop an authentic mediation system that places party autonomy and other core principles at the heart of the process. As much as the leaders of the Supreme People’s Court today are aware of the need to strengthen the courts role in declaring legal norms and enforcing rights, it is argued that courts (especially lower courts) are likely to continue to use judicial mediation for institutional or strategic purposes.


Peter Chan
Peter Chan is Assistant Professor, School of Law, City University of Hong Kong. He received his PhD in June 2016 from Maastricht University under the supervision of Prof. dr. C.H. van Rhee.

    In Zwitserland had elk kanton eigen procesrecht, totdat op 1 januari 2011 een landelijk geldend wetboek van burgerlijke rechtsvordering in werking is getreden. Dit artikel biedt informatie over de regels die sindsdien gelden voor de civiele procedure in Zwitserland en over de wijze waarop in Zwitserland wordt gewerkt aan rechtseenheid in de toepassing van die regels. Ingegaan wordt onder meer op de schikking in de preprocessuele fase, de procedure in eerste aanleg, de regiefunctie van de rechter en het hoger beroep


Prof. dr. T. Domej
Prof. dr. T. Domej is Professor of Civil Procedure, Private Law, Private International Law and Comparative Law at the University of Zurich, Faculty of Law.
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