In September 2000, a Brussels court ruled in favor of a hedge fund that held an unpaid debt claim against the Republic of Peru. The decision was based on a novel interpretation of the common pari passu clause. Policy makers and practitioners suggested that this decision signaled a paradigm shift...

In 2018, Russia began inserting an unusual clause into euro and dollar sovereign bonds, seemingly designed to circumvent future Western sanctions. The clause worked by letting the government pay in roubles if sanctions cut off access to dollar and euro payment systems. The clause received little...

In this article we examine the relation between the maturity of sovereign debt and the choice of foreign or local contract terms (parameters). Our primary finding is that the maturities of bonds issued by non-investment-grade (NIG) sovereigns are greater when the bonds are written in foreign...

In this article we examine the relations between risk, the choice of foreign or local contract terms (parameters) and maturity in the sovereign debt market. Our primary finding is that the maturities of bonds that carry a meaningful degree of risk (rating BBB+ and below, which we label Lower...

The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market...

Die Untersuchung hat ergeben, dass die CCP nach einer Abwicklung des wertpapierrechtlichen Erfüllungsgeschäfts eines unzulässigen Erwerbs eigener Aktien keineRisiken trägt. Kommt es bei einem unzulässigen Erwerb eigener Aktien durch ein Clearing-Mitglied hingegen nicht zu einem solchen...

Vor sieben Jahren wurden zur Vorbereitung der Beratungen des 63. Deutschen Juristentages„Rechtstatsachen zur Beschlußkontrolle im Aktienrecht“ ermittelt und die Ergebnisse dieserempirischen Studie veröffentlicht.1 Der Deutsche Juristentag2 und ihm folgend dieRegierungskommission Corporate...