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INTRODUCTION TO CORPORATE FINANCE LAW

INTRODUCTION TO CORPORATE FINANCE LAW. LLM PAPER 9. SOME CORE QUESTIONS Company and commercial law Businesses need capital. What are the policy choices for the design of a system of regulation to facilitate the flow of investment capital to growing businesses?

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INTRODUCTION TO CORPORATE FINANCE LAW

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  1. INTRODUCTION TO CORPORATE FINANCE LAW LLM PAPER 9

  2. SOME CORE QUESTIONS Company and commercial law • Businesses need capital. What are the policy choices for the design of a system of regulation to facilitate the flow of investment capital to growing businesses? • Should company law dictate the amount of capital or leave it to market forces? The financial crisis demonstrated the importance of banks’ capital adequacy but are financial institutions a special case? • Should company law concern itself with creditors’ interests? Why not simply leave it to contract and property law (security interests), supplemented by insolvency law when a business fails? What say should shareholders have in decisions relating to their company’s financial structure? Why not leave this to the experts – the financial managers, overseen by the board of directors? Capital markets law • Bank-based capital v markets-based capital: are both needed? How can law best support development of capital markets? • “Sunlight is the best disinfectant” Should disclosure be mandatory or voluntary? • How can the credibility of disclosure be enhanced? What is the role of public and private enforcement? Location of regulatory power • Where should responsibility for rulemaking lie? Member States’ national agenda and the interaction with the EU’s internal market goals • If markets are global, shouldn’t regulation have the same character? Role and limitations of international regulatory standards. Alternative approaches based on equivalence/mutual recognition whereby participating countries allow foreign actors to access their markets on the basis of those actors’ home country standards

  3. PRACTICALITIES • Method of teaching: lectures supplemented by discussion classes. • Possibility of submitting up to 4 pieces of written work for feedback • Closed book exam – 3 hours • Possibility of a thesis. • Materials: Principles of Corporate Finance Law; Statute book: company law • Other materials as directed by the reading lists – see website course page (lecture handouts, slides)

  4. SUBMISISON OF WRITTEN WORK • One piece of written work essays may be submitted at any time in each of the Michaelmas & Lent Terms, and one piece, done in the Vacation, may be submitted at the start of either the Lent or Easter term • The final essay may be submitted in the Easter term before 8 May • All essays should be sent electronically as an email attachment (word document) • It is recommended that at least one essay be written under close-to-exam timed conditions • Possible questions will be included from time to time in lecture handouts or can be chosen from past papers [note that the syllabus is refreshed each year and therefore some questions in past papers may relate to topics not covered this year] • Submission of essays is optional. The formal method of evaluation is end of year examination.

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