Regulation

Working Paper

Centros, California’s “Women on Boards” Statute and the Scope of Regulatory Competition

In its 1999 Centros decision, the European Court of Justice affirmed that the EU right of establishment protects a corporation’s right to select a state of incorporation. Specifically, Centros rejected the argument that, under the real seat...Read more

Jill Fisch
Steven Davidoff Solomon
27 May 2019

Regulatory and Market Challenges of Initial Coin Offerings

This article analyzes the main problems and the solutions adopted in the market for Initial Coin Offerings (ICO), an alternative financing solution that has experienced spectacular growth and notoriety in recent years. This market relies on the...Read more

Pablo de Andrés
David Arroyo
Ricardo Correia
Alvaro Rezola
08 July 2019

The Illusion of Motion: Corporate (Im-)mobility and the Failed Promise of Centros

The European Court of Justice’s landmark decision in Centros was heralded as creating the preconditions for a vibrant market for incorporations in the EU. In practice, however, today’s corporate landscape in Europe differs little from...Read more

Carsten Gerner-Beuerle
Federico M. Mucciarelli
Mathias Siems
12 July 2019

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting standards in...Read more

Luzi Hail
Christian Leuz
08 August 2019

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