СТРАТЕГИИ РАСЩЕПЛЕНИЯ СОБСТВЕННОСТИ
И РИСКА В КОРПОРАТИВНОМ ПРАВЕ:
ТЕОРЕТИЧЕСКАЯ МОДЕЛЬ И ПРАКТИЧЕСКИЕ ИМПЛИКАЦИИ
(часть первая)
В.В. ЧЁРНЫЙ,
LL.M. (NYU), магистр частного права, аспирант кафедры гражданского права юридического факультета
МГУ им. М.В. Ломоносова
https://doi.org/10.24031/1992-2043-2021-21-3-117-172
В статье анализируется феномен расщепления риска и владения имущественными правами участия в корпорации. Рассматриваются ключевые стратегии достижения соответствующего расщепления, которые позволяют сделать объем риска акционера либо участника корпорации меньше объема его прав участия в корпорации, а также такие, при которых риск акционера или участника корпорации становится выше, чем принадлежащий ему объем прав участия.
Данные эффекты достигаются путем использования таких средств, как деривативы, свопы, манипулирование датой закрытия реестра, а также договоры на разницу. В результате анализа теоретической модели названных стратегий и применения к ним методологии экономического анализа права предлагаются решения по исправлению негативных эффектов от использования вышеуказанного инструментария расщепления риска и владения имущественными правами в корпоративном праве.
Ключевые слова: корпоративное право; расщепление собственности и риска; негативное расщепление собственности и риска; пустое голосование; скрытая собственность; остаточный интерес; деривативы; свопы; манипулирование датой закрытия реестра; экономический анализ права; транзакционные издержки; принципал-агентская проблема.
References
Акерлоф Дж. Рынок «лимонов»: неопределенность качества и рыночный меха-
низм [Akerlof G. The Market for “Lemons”: Quality Uncertainty and the Market
Mechanism] // THESIS. 1994. Iss. 5.
Карапетов А.Г. Экономический анализ права [Karapetov A.G. Economic Analysis
of Law] (in Russian). Moscow: Statut, 2016.
Степанов Д.И. Экономический анализ корпоративного права [Stepanov D.I.
Economic Analysis of Corporate Law] (in Russian) // Bulletin of Economic Justice
of the Russian Federation. 2016. No. 9.
Aggarwal R., Saffi Pedro A.C., Sturgess J. The Role of Institutional Investors in Voting:
Evidence from the Securities Lending Market // Journal of Finance. 2015. Vol. 70.
Ali P., Ramsay I., Saunders B. Securities Lending, Empty Voting and Corporate
Governance // Law and Financial Markets Review. 2014. Vol. 8.
Anabtawi I. Stout L. Fiduciary Duties for Activist Shareholders // Stanford Law
Review. 2008. Vol. 60.
André T.J. A Preliminary Inquiry into the Utility of Vote Buying in the Market
for Corporate Control // Southern California Law Review. 1990. Vol. 63.
Auckenthaler F. Instruments financiers à termes // J-Cl. Banque, fasc. 2008.
Baums T., Sauter M. Anschleichen an Übernahmeziele mit Hilfe von Aktienderivaten
// Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht. 2009. Bd. 173.
Bebchuk L., Fried J. Executive Compensation as an Agency Problem // Journal of
Economic Perspectives. 2003. Vol. 17.
Bebchuk L., Fried J. Pay Without Performance: The Unfulfilled Promise of Executive
Compensation. Cambridge, 2004.
Bettis C., Bizjak J.M., Lemmon M. L. Managerial Ownership, Incentive Contracting,
and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders //
Journal of Financial and Quantitative Analysis. 2001. Vol. 36.
Black B.S. Shareholder Passivity Reexamined // Michigan Law Review. 1990. Vol. 89.
Bolster P., Chance D., Rich D. Executive Equity Swaps and Corporate Insider Holdings
// Financial Management. 1996. Vol. 25.
Burkart M., Lee S. One Share—One Vote: the Theory // Review of Finance. 2008.
Vol. 12.
Christoffersen S., Geczy C., Musto D., Reed A. Vote Trading and Information Aggregation
// Journal of Finance. 2007. Vol. 62.
Adams R., Ferreira D. One Share—One Vote: The Empirical Evidence // Review
of Finance. 2008. Vol. 12.
Coase R.H. The Firm, the Market, and the Law. Chicago, 1990.
Coase R.H. The Problem of Social Cost // Journal of Law and Economics. 1960.
Vol. 3.
Coffee J.C., Jr. Regulating the Market for Corporate Control: A Critical Assessment
of the Tender Offer’s Role in Corporate Governance // Columbia Law Review.
1984. Vol. 84.
Cohen J. Negative Voting: Why It Destroys Shareholder Value and a Proposal to
Prevent It // Harvard Journal on Legislation. 2008. Vol. 45.
Coupet C. L’attribution du droit de vote dans les sociétés.Thèse de doctorat en
droit privé. 2012.
Davies P.L., Worthington S. Gower and Davies’ Principles of Modern Company
Law. 9th ed. London, 2012.
Dondero B., Cannu P. Droit des sociétés. Paris, 2009.
Dyck A., Zingales L. Private Benefits of Control: An International Comparison //
Journal of Finance. 2004. Vol. 59.
Easterbrook F.H., Fischel D.R. Limited Liability and the Corporation // University
of Chicago Law Review.1985. Vol. 52.
Easterbrook F.H., Fischel D.R. Voting in Corporate Law // Journal of Law and
Economics. 1983. Vol. 26.
Emmenegger S. Creeping Takeovers in Deutschland und in der Schweiz // Festschrift
für Klaus J. Hopt zum 70. Geburtstag am 24. August 2010: Unternehmen,
Markt und Verantwortung. Berlin, 2010.
Enriques L., Gatti M. Creeping Acquisitions in Europe: Enabling Companies to be
Better Safe than Sorry // Journal of Corporate Law Studies. 2015. Vol. 15.
Eskinazi D. La qualité d’associé. Thèse de l’Université de Cergy-Pontoise, 2005.
Fama E. Efficient Capital Markets: A Review of Theory and Empirical Work //
Journal of Finance. 1970. Vol. 25.
Frankel T. The Legal Infrastructure of Markets: The Role of Contract and Property
Law // Boston University Law Review. 1993. Vol. 73.
Frankel T. The New Financial Assets: Separating Ownership from Control //
Seattle University Law Review. 2010. Vol. 33.
French D., Mayson S.W., Ryan C. Mayson, French & Ryan on Company Law. 32nd ed.
Oxford, 2015.
Furubotn E.G. The New Institutional Economics and the Theory of the Firm //
Journal of Economic Behavior & Organization. 2001. Vol. 45.
Gilson R.J., Kraakman R.H. The Mechanisms of Market Efficiency // Virginia Law
Review. 1984. Vol. 70.
Gilson R.J. Controlling Shareholders and Corporate Governance: Complicating
the Comparative Taxonomy // Harvard Law Review. 2006. Vol. 119.
Gilson R.J., Black B.S. The Law and Finance of Corporate Acquisitions. 2nd ed.
Westbury, N.Y., 1995.
Gilson R.J., Kraakman R.H. Market Efficiency After the Financial Crisis: It’s Still
a Matter of Information Costs // Virginia Law Review. 2014. Vol. 100.
Grundmann S. European Company Law: Organization, Finance and Capital Markets.
2nd ed. Antwerp, 2012.
Habersack M. Die Mitgliedschaft—subjektives und ‚sonstiges’ Recht. Tübingen,
1996.
Hansmann H., Kraakman R.H. Property, Contract, and Verification: The Numerus
Clausus Problem and the Divisibility of Rights // https://digitalcommons.law.yale.edu/
cgi/viewcontent.cgi?referer=&httpsredir=1&article=6068&context=fss_papers.
Hasen R. Vote Buying // California Law Review. 2000. Vol. 88.
Hayek F.A. The Use of Knowledge in Society // American Economic Review.
1945. Vol. 35.
Hu H.T.C., Black B.S. The New Vote Buying: Empty Voting and Hidden (Morphable)
Ownership // Southern California Law Review. 2006. Vol. 79.
Hu H.T.C., Black B.S. Empty Voting and Hidden (Morphable) Ownership: Taxonomy,
Implications, and Reforms // Business Lawyer. 2006. Vol. 61.
Hu H.T.C., Black B.S. Hedge Funds, Insiders, and the Decoupling of Economic and
Voting Ownership: Empty Voting and Hidden (Morphable) Ownership // Journal
of Corporate Finance. 2007. Vol. 13.
Hu H.T.C. Financial Innovation and Governance Mechanisms: The Evolution of
Decoupling and Transparency // Business Lawyer. 2015. Vol. 70. P. 347–406.
Hu H.T.C. Hedging Expectations: “Derivative Reality” and the Law and Finance
of the Corporate Objective // Texas Law Review. 1995. Vol. 73.
Hu H.T.C. Too Complex to Depict? Innovation, Pure Information, and the SEC
Disclosure Paradigm // Texas Law Review. 2012. Vol. 90.
Hu H.T.C., Black B.S. Equity and Debt Decoupling and Empty Voting II: Importance
and Extensions. // University of Pennsylvania Law Review. 2008. Vol. 156.
Hudson A. The Law of Finance. 2nd ed. London, 2013.
Iffland J., Gilliard N. Les nouvelles règles en matière de publicité des participations
importantes // Zeitschrift für Gesellschafts- und Kapitalmarktrecht. 2007. Bd. 4.
Jensen C.M., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs
and Ownership Structure //Journal of Financial Economics. 1976. Vol. 3.
Kahan M., Rock E. The Hanging Chads of Corporate Voting // Georgetown Law
Journal. 2008. Vol. 96.
Kalay A., Karakaş O., Pant S. The Market Value of Corporate Votes: Theory and
Evidence from Option Prices // Journal of Finance. 2014. Vol. 69.
Karmel R.S. Voting Power Without Responsibility or Risk: How Should Proxy
Reform Address the Decoupling of Economic and Voting Rights? // Villanova Law
Review. 2010. Vol. 55.
Arrow K.J. The Limits of Organization. New York, 1974.
Kobayashi B., Ribstein L. Outsider Trading as an Incentive Device // UC Davis
Law Review. 2006. Vol. 40.
Leuz C. Was the Sarbanes–Oxley Act of 2002 Really This Costly? A Discussion of
Evidence from Event Returns and Going-Private Decisions // Journal of Accounting
and Economics. 2007. Vol. 44.
Macey J.R., Netter J.M. Regulation 13D and the Regulatory Process // Washington
University Law Quarterly. 1987. Vol. 65.
Manne H.G. Some Theoretical Aspects of Share Voting. An Essay in Honor of
Adolf A. Berle // Columbia Law Review. 1964. Vol. 64.
Martin D. L’intérêt des actionnaires se confond-il avec l’intérêt social? // Mélanges
en l’honneur de Dominique Schmidt – Liber Amicorum. Paris, 2005.
Mason A., Flandin G., Bauquis S. Des récentes affaires impliquant l’usage des
dérivés actions // Revue Trimestrielle de Droit Financier. 2011. N° 3.
McCahery J. A. Vermeulen E.P.M. Corporate Governance of Non-Listed Companies.
Oxford University Press, 2008.
McCarthy C. Exigences de Transparence et Hedge Funds // Revue de la stabilité
financière. 2007. Vol. 10.
Olson M., Jr. The Logic of Collective Action. Cambridge, 1965.
Miller J., DiRisio M. The Potential Implications of Decoupling Shareholders’ Economic
and Voting Interests in Corporate Control Contests // International Corporate
Governance Review. 2008. Vol. 4.
Moloney N. EU Securities and Financial Markets Regulation. 3rd ed. Oxford,
2014.
Nathan C. “Empty Voting” and Other Fault Lines Undermining Shareholder
Democracy: The New Hunting Ground for Hedge Funds // Corporate Governance
Advisor. 2007. Vol. 15.
Nenova T. The Value of Corporate Voting Rights and Control: A Cross-Country
Analysis // Journal of Financial Economics. 2003. Vol. 68.
Oechsler J. Münchener Kommentar zum Aktiengesetz. 3. Aufl. München, 2008.
Ong K.T.W., Yeung E.Y.C. Repos & Securities Lending: The Accounting Arbitrage
and Their Role in the Global Financial Crisis // Capital Markets Law Journal.
2011. Vol. 6.
Palmon D., Sudit F. Empowering Democracy in Corporate Governance by Unbundling
Shareholders’ Voting Rights from Their Return on Investment Rights // International
Journal of Disclosure and Governance. 2008. Vol. 5.
Palmon D., Sudit F. Shareholders Groups, Unbundled Rights, and Corporate
Democracy: A Commentary // Group Decision and Negotiation. 2011. Vol. 20.
Paredes T. Blinded by the Light: Information Overload and Its Consequences for
Securities Regulation // Washington University Law Quarterly. 2003. Vol. 81.
Park J.J. The Competing Paradigms of Securities Regulation // Duke Law Journal.
2007. Vol. 57.
Payne J. The Regulation of Short Selling and Its Reform in Europe // European
Business Organization Law Review (EBOR). 2012. Vol. 13.
Ramirez J. Handbook of Corporate Equity Derivatives and Equity Capital Markets.
Hoboken, N.J., 2011.
Kraakman R.H. et al. The Anatomy of Corporate Law: A Comparative and Functional
Approach. 3rd ed. Oxford, 2017.
Kraakman R.H. et al. The Anatomy of Corporate Law: A Comparative and Functional
Approach. 2nd ed. Oxford, 2009.
Rieder B. Gesellschaftsrecht. 4. Aufl. Wien, 2016.
Ringe W.-G. Empty Voting Revisited: The Telus Saga // Butterworths Journal of
International Banking and Financial Law. 2013. Vol. 28.
Ringe W.-G. The Deconstruction of Equity: Activist Shareholders, Decoupled Risk
and Corporate Governance. Oxford, 2016.
Ripken S.K. The Dangers and Drawbacks of the Disclosure Antidote: Toward
a More Substantive Approach to Securities Regulation // Baylor Law Review. 2006.
Vol. 58.
Clark R.С. Vote Buying and Corporate Law // Case Western Reserve Law Review.
1979. Vol. 29.
Rochfeld J. Les grandes notions du droit privé. 2ème éd. Paris, 2013.
Santella P., Baffi E., Drago C., Lattuca D. Legal Obstacles to Institutional Investor
Activism in the EU and in the US // European Business Law Review. 2012. Vol. 23.
Schanz K.-M., Schalast C. Schaeffler KG/Continental AG im Lichte der CSX Corp.-
Entscheidung des US District Court for the Southern District of New York. P. 13 //
https://www.econstor.eu/bitstream/10419/27865/1/578445778.PDF.
Schmidt K., Lutter M. Aktiengesetz. Kommentar. 3rd ed. Köln, 2015.
Schouten M.C. The Case for Mandatory Ownership Disclosure // Stanford Journal
of Law, Business and Finance. 2009. Vol. 15.
Schouten M.C. The Decoupling of Voting and Economic Ownership. Deventer,
2012.
Shaun M., Partnoy F. Encumbered Shares // University of Illinois Law Review.
2005. Vol. 775.
Thompson R.B., Edelman P.H. Corporate Voting // Vanderbilt Law Review. 2009.
Vol. 62.
Veil R. The Reform of the Transparency Regime in European Capital Markets
Laws // European Company and Financial Law Review. 2013. Vol. 18.
Viandier A., Cozian M., Deboissy F. Droit des sociétés. 13e ́ed. Paris, 2000.
Wilhelm J. Kapitalgesellschaftsrecht. 3. Aufl. Berlin, 2009.
Winter J. The European Union’s Involvement in Company Law and Corporate
Governance // The European Company Law Action Plan Revisited / Ed. by K. Geens,
K.J. Hopt. Leuven, 2010.
Yeo V. et al. Commercial Applications of Company Law in Singapore. 3rd ed. Singapore,
2008.
Zetzsche D. Hidden Ownership in Europe: BAFin’s Decision in Schaeffler v. Continental
// European Business Organization Law Review. 2009. Vol. 10.
Zingales L. The Value of the Voting Right: A Study of the Milan Stock Exchange
Experience // Review of Financial Studies. 1994. Vol. 7.
Aktiengesetz vom 6. September 1965 (BGBl. I S. 1089), das zuletzt durch Artikel
9 des Gesetzes vom 17. Juli 2017 (BGBl. I S. 2446) geändert worden ist.
Germain M., Magnier V. Les sociétés commerciales. T. 2. 20e éd. Paris, 2011.
Information about the author
Chernyy V.V. (Moscow) – LL.M. (NYU), M. iur. priv., PhD Student, Department of Civil Law, Law Faculty, Lomonosov Moscow State University (1 Leninskie Gory, Bldg. 13 (4th education building), GSP-1, Moscow, 119991, Russia; e-mail: vsevolod.chernyy@gmail.com).
RISK DECOUPLING STRATEGIES IN CORPORATE LAW:
THEORETICAL MODEL AND PRACTICAL IMPLICATIONS
(first part)
V.V. CHERNYY,
LL.M. (NYU), M. iur. priv., PhD Student, Department of Civil Law, Law Faculty, Lomonosov Moscow State University
https://doi.org/10.24031/1992-2043-2021-21-3-117-172
The principal focus of the paper is the risk-decoupling phenomenon in corporate law. Key strategies for achieving decoupling are considered, such as those, in which the amount of risk of a shareholder is less than the amount of her participatory rights in
the corporation, as well as those, in which the risk of a shareholder is higher than the rights of participation belonging to her. This effect is achieved through the use of derivatives, swaps, the record date capture as well as through contracts for difference. As a result of the analysis of the theoretical model of these strategies and the application of the Law & Economics methodology solutions for correcting negative effects arising from the use of the above mentioned mechanisms of risk-decoupling are proposed.
Keywords: corporate law; risk decoupling; negative risk decoupling; empty voting; hidden ownership; residual interest; derivatives; swaps; record date capture; economic analysis of law; transactional costs; principal-agent problem.
References
Акерлоф Дж. Рынок «лимонов»: неопределенность качества и рыночный меха-
низм [Akerlof G. The Market for “Lemons”: Quality Uncertainty and the Market
Mechanism] // THESIS. 1994. Iss. 5.
Карапетов А.Г. Экономический анализ права [Karapetov A.G. Economic Analysis
of Law] (in Russian). Moscow: Statut, 2016.
Степанов Д.И. Экономический анализ корпоративного права [Stepanov D.I.
Economic Analysis of Corporate Law] (in Russian) // Bulletin of Economic Justice
of the Russian Federation. 2016. No. 9.
Aggarwal R., Saffi Pedro A.C., Sturgess J. The Role of Institutional Investors in Voting:
Evidence from the Securities Lending Market // Journal of Finance. 2015. Vol. 70.
Ali P., Ramsay I., Saunders B. Securities Lending, Empty Voting and Corporate
Governance // Law and Financial Markets Review. 2014. Vol. 8.
Anabtawi I. Stout L. Fiduciary Duties for Activist Shareholders // Stanford Law
Review. 2008. Vol. 60.
André T.J. A Preliminary Inquiry into the Utility of Vote Buying in the Market
for Corporate Control // Southern California Law Review. 1990. Vol. 63.
Auckenthaler F. Instruments financiers à termes // J-Cl. Banque, fasc. 2008.
Baums T., Sauter M. Anschleichen an Übernahmeziele mit Hilfe von Aktienderivaten
// Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht. 2009. Bd. 173.
Bebchuk L., Fried J. Executive Compensation as an Agency Problem // Journal of
Economic Perspectives. 2003. Vol. 17.
Bebchuk L., Fried J. Pay Without Performance: The Unfulfilled Promise of Executive
Compensation. Cambridge, 2004.
Bettis C., Bizjak J.M., Lemmon M. L. Managerial Ownership, Incentive Contracting,
and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders //
Journal of Financial and Quantitative Analysis. 2001. Vol. 36.
Black B.S. Shareholder Passivity Reexamined // Michigan Law Review. 1990. Vol. 89.
Bolster P., Chance D., Rich D. Executive Equity Swaps and Corporate Insider Holdings
// Financial Management. 1996. Vol. 25.
Burkart M., Lee S. One Share—One Vote: the Theory // Review of Finance. 2008.
Vol. 12.
Christoffersen S., Geczy C., Musto D., Reed A. Vote Trading and Information Aggregation
// Journal of Finance. 2007. Vol. 62.
Adams R., Ferreira D. One Share—One Vote: The Empirical Evidence // Review
of Finance. 2008. Vol. 12.
Coase R.H. The Firm, the Market, and the Law. Chicago, 1990.
Coase R.H. The Problem of Social Cost // Journal of Law and Economics. 1960.
Vol. 3.
Coffee J.C., Jr. Regulating the Market for Corporate Control: A Critical Assessment
of the Tender Offer’s Role in Corporate Governance // Columbia Law Review.
1984. Vol. 84.
Cohen J. Negative Voting: Why It Destroys Shareholder Value and a Proposal to
Prevent It // Harvard Journal on Legislation. 2008. Vol. 45.
Coupet C. L’attribution du droit de vote dans les sociétés.Thèse de doctorat en
droit privé. 2012.
Davies P.L., Worthington S. Gower and Davies’ Principles of Modern Company
Law. 9th ed. London, 2012.
Dondero B., Cannu P. Droit des sociétés. Paris, 2009.
Dyck A., Zingales L. Private Benefits of Control: An International Comparison //
Journal of Finance. 2004. Vol. 59.
Easterbrook F.H., Fischel D.R. Limited Liability and the Corporation // University
of Chicago Law Review.1985. Vol. 52.
Easterbrook F.H., Fischel D.R. Voting in Corporate Law // Journal of Law and
Economics. 1983. Vol. 26.
Emmenegger S. Creeping Takeovers in Deutschland und in der Schweiz // Festschrift
für Klaus J. Hopt zum 70. Geburtstag am 24. August 2010: Unternehmen,
Markt und Verantwortung. Berlin, 2010.
Enriques L., Gatti M. Creeping Acquisitions in Europe: Enabling Companies to be
Better Safe than Sorry // Journal of Corporate Law Studies. 2015. Vol. 15.
Eskinazi D. La qualité d’associé. Thèse de l’Université de Cergy-Pontoise, 2005.
Fama E. Efficient Capital Markets: A Review of Theory and Empirical Work //
Journal of Finance. 1970. Vol. 25.
Frankel T. The Legal Infrastructure of Markets: The Role of Contract and Property
Law // Boston University Law Review. 1993. Vol. 73.
Frankel T. The New Financial Assets: Separating Ownership from Control //
Seattle University Law Review. 2010. Vol. 33.
French D., Mayson S.W., Ryan C. Mayson, French & Ryan on Company Law. 32nd ed.
Oxford, 2015.
Furubotn E.G. The New Institutional Economics and the Theory of the Firm //
Journal of Economic Behavior & Organization. 2001. Vol. 45.
Gilson R.J., Kraakman R.H. The Mechanisms of Market Efficiency // Virginia Law
Review. 1984. Vol. 70.
Gilson R.J. Controlling Shareholders and Corporate Governance: Complicating
the Comparative Taxonomy // Harvard Law Review. 2006. Vol. 119.
Gilson R.J., Black B.S. The Law and Finance of Corporate Acquisitions. 2nd ed.
Westbury, N.Y., 1995.
Gilson R.J., Kraakman R.H. Market Efficiency After the Financial Crisis: It’s Still
a Matter of Information Costs // Virginia Law Review. 2014. Vol. 100.
Grundmann S. European Company Law: Organization, Finance and Capital Markets.
2nd ed. Antwerp, 2012.
Habersack M. Die Mitgliedschaft—subjektives und ‚sonstiges’ Recht. Tübingen,
1996.
Hansmann H., Kraakman R.H. Property, Contract, and Verification: The Numerus
Clausus Problem and the Divisibility of Rights // https://digitalcommons.law.yale.edu/
cgi/viewcontent.cgi?referer=&httpsredir=1&article=6068&context=fss_papers.
Hasen R. Vote Buying // California Law Review. 2000. Vol. 88.
Hayek F.A. The Use of Knowledge in Society // American Economic Review.
1945. Vol. 35.
Hu H.T.C., Black B.S. The New Vote Buying: Empty Voting and Hidden (Morphable)
Ownership // Southern California Law Review. 2006. Vol. 79.
Hu H.T.C., Black B.S. Empty Voting and Hidden (Morphable) Ownership: Taxonomy,
Implications, and Reforms // Business Lawyer. 2006. Vol. 61.
Hu H.T.C., Black B.S. Hedge Funds, Insiders, and the Decoupling of Economic and
Voting Ownership: Empty Voting and Hidden (Morphable) Ownership // Journal
of Corporate Finance. 2007. Vol. 13.
Hu H.T.C. Financial Innovation and Governance Mechanisms: The Evolution of
Decoupling and Transparency // Business Lawyer. 2015. Vol. 70. P. 347–406.
Hu H.T.C. Hedging Expectations: “Derivative Reality” and the Law and Finance
of the Corporate Objective // Texas Law Review. 1995. Vol. 73.
Hu H.T.C. Too Complex to Depict? Innovation, Pure Information, and the SEC
Disclosure Paradigm // Texas Law Review. 2012. Vol. 90.
Hu H.T.C., Black B.S. Equity and Debt Decoupling and Empty Voting II: Importance
and Extensions. // University of Pennsylvania Law Review. 2008. Vol. 156.
Hudson A. The Law of Finance. 2nd ed. London, 2013.
Iffland J., Gilliard N. Les nouvelles règles en matière de publicité des participations
importantes // Zeitschrift für Gesellschafts- und Kapitalmarktrecht. 2007. Bd. 4.
Jensen C.M., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs
and Ownership Structure //Journal of Financial Economics. 1976. Vol. 3.
Kahan M., Rock E. The Hanging Chads of Corporate Voting // Georgetown Law
Journal. 2008. Vol. 96.
Kalay A., Karakaş O., Pant S. The Market Value of Corporate Votes: Theory and
Evidence from Option Prices // Journal of Finance. 2014. Vol. 69.
Karmel R.S. Voting Power Without Responsibility or Risk: How Should Proxy
Reform Address the Decoupling of Economic and Voting Rights? // Villanova Law
Review. 2010. Vol. 55.
Arrow K.J. The Limits of Organization. New York, 1974.
Kobayashi B., Ribstein L. Outsider Trading as an Incentive Device // UC Davis
Law Review. 2006. Vol. 40.
Leuz C. Was the Sarbanes–Oxley Act of 2002 Really This Costly? A Discussion of
Evidence from Event Returns and Going-Private Decisions // Journal of Accounting
and Economics. 2007. Vol. 44.
Macey J.R., Netter J.M. Regulation 13D and the Regulatory Process // Washington
University Law Quarterly. 1987. Vol. 65.
Manne H.G. Some Theoretical Aspects of Share Voting. An Essay in Honor of
Adolf A. Berle // Columbia Law Review. 1964. Vol. 64.
Martin D. L’intérêt des actionnaires se confond-il avec l’intérêt social? // Mélanges
en l’honneur de Dominique Schmidt – Liber Amicorum. Paris, 2005.
Mason A., Flandin G., Bauquis S. Des récentes affaires impliquant l’usage des
dérivés actions // Revue Trimestrielle de Droit Financier. 2011. N° 3.
McCahery J. A. Vermeulen E.P.M. Corporate Governance of Non-Listed Companies.
Oxford University Press, 2008.
McCarthy C. Exigences de Transparence et Hedge Funds // Revue de la stabilité
financière. 2007. Vol. 10.
Olson M., Jr. The Logic of Collective Action. Cambridge, 1965.
Miller J., DiRisio M. The Potential Implications of Decoupling Shareholders’ Economic
and Voting Interests in Corporate Control Contests // International Corporate
Governance Review. 2008. Vol. 4.
Moloney N. EU Securities and Financial Markets Regulation. 3rd ed. Oxford,
2014.
Nathan C. “Empty Voting” and Other Fault Lines Undermining Shareholder
Democracy: The New Hunting Ground for Hedge Funds // Corporate Governance
Advisor. 2007. Vol. 15.
Nenova T. The Value of Corporate Voting Rights and Control: A Cross-Country
Analysis // Journal of Financial Economics. 2003. Vol. 68.
Oechsler J. Münchener Kommentar zum Aktiengesetz. 3. Aufl. München, 2008.
Ong K.T.W., Yeung E.Y.C. Repos & Securities Lending: The Accounting Arbitrage
and Their Role in the Global Financial Crisis // Capital Markets Law Journal.
2011. Vol. 6.
Palmon D., Sudit F. Empowering Democracy in Corporate Governance by Unbundling
Shareholders’ Voting Rights from Their Return on Investment Rights // International
Journal of Disclosure and Governance. 2008. Vol. 5.
Palmon D., Sudit F. Shareholders Groups, Unbundled Rights, and Corporate
Democracy: A Commentary // Group Decision and Negotiation. 2011. Vol. 20.
Paredes T. Blinded by the Light: Information Overload and Its Consequences for
Securities Regulation // Washington University Law Quarterly. 2003. Vol. 81.
Park J.J. The Competing Paradigms of Securities Regulation // Duke Law Journal.
2007. Vol. 57.
Payne J. The Regulation of Short Selling and Its Reform in Europe // European
Business Organization Law Review (EBOR). 2012. Vol. 13.
Ramirez J. Handbook of Corporate Equity Derivatives and Equity Capital Markets.
Hoboken, N.J., 2011.
Kraakman R.H. et al. The Anatomy of Corporate Law: A Comparative and Functional
Approach. 3rd ed. Oxford, 2017.
Kraakman R.H. et al. The Anatomy of Corporate Law: A Comparative and Functional
Approach. 2nd ed. Oxford, 2009.
Rieder B. Gesellschaftsrecht. 4. Aufl. Wien, 2016.
Ringe W.-G. Empty Voting Revisited: The Telus Saga // Butterworths Journal of
International Banking and Financial Law. 2013. Vol. 28.
Ringe W.-G. The Deconstruction of Equity: Activist Shareholders, Decoupled Risk
and Corporate Governance. Oxford, 2016.
Ripken S.K. The Dangers and Drawbacks of the Disclosure Antidote: Toward
a More Substantive Approach to Securities Regulation // Baylor Law Review. 2006.
Vol. 58.
Clark R.С. Vote Buying and Corporate Law // Case Western Reserve Law Review.
1979. Vol. 29.
Rochfeld J. Les grandes notions du droit privé. 2ème éd. Paris, 2013.
Santella P., Baffi E., Drago C., Lattuca D. Legal Obstacles to Institutional Investor
Activism in the EU and in the US // European Business Law Review. 2012. Vol. 23.
Schanz K.-M., Schalast C. Schaeffler KG/Continental AG im Lichte der CSX Corp.-
Entscheidung des US District Court for the Southern District of New York. P. 13 //
https://www.econstor.eu/bitstream/10419/27865/1/578445778.PDF.
Schmidt K., Lutter M. Aktiengesetz. Kommentar. 3rd ed. Köln, 2015.
Schouten M.C. The Case for Mandatory Ownership Disclosure // Stanford Journal
of Law, Business and Finance. 2009. Vol. 15.
Schouten M.C. The Decoupling of Voting and Economic Ownership. Deventer,
2012.
Shaun M., Partnoy F. Encumbered Shares // University of Illinois Law Review.
2005. Vol. 775.
Thompson R.B., Edelman P.H. Corporate Voting // Vanderbilt Law Review. 2009.
Vol. 62.
Veil R. The Reform of the Transparency Regime in European Capital Markets
Laws // European Company and Financial Law Review. 2013. Vol. 18.
Viandier A., Cozian M., Deboissy F. Droit des sociétés. 13e ́ed. Paris, 2000.
Wilhelm J. Kapitalgesellschaftsrecht. 3. Aufl. Berlin, 2009.
Winter J. The European Union’s Involvement in Company Law and Corporate
Governance // The European Company Law Action Plan Revisited / Ed. by K. Geens,
K.J. Hopt. Leuven, 2010.
Yeo V. et al. Commercial Applications of Company Law in Singapore. 3rd ed. Singapore,
2008.
Zetzsche D. Hidden Ownership in Europe: BAFin’s Decision in Schaeffler v. Continental
// European Business Organization Law Review. 2009. Vol. 10.
Zingales L. The Value of the Voting Right: A Study of the Milan Stock Exchange
Experience // Review of Financial Studies. 1994. Vol. 7.
Aktiengesetz vom 6. September 1965 (BGBl. I S. 1089), das zuletzt durch Artikel
9 des Gesetzes vom 17. Juli 2017 (BGBl. I S. 2446) geändert worden ist.
Germain M., Magnier V. Les sociétés commerciales. T. 2. 20e éd. Paris, 2011.
Information about the author
Chernyy V.V. (Moscow) – LL.M. (NYU), M. iur. priv., PhD Student, Department of Civil Law, Law Faculty, Lomonosov Moscow State University (1 Leninskie Gory, Bldg. 13 (4th education building), GSP-1, Moscow, 119991, Russia; e-mail: vsevolod.chernyy@gmail.com).