Working Paper

01 October 2014

Related Party Transactions: Policy Options and Real-World Challenges (With a Critique of the European Commission Proposal)

This paper provides a legal and policy analysis of transactions between a corporation and one of its ?related parties.? It first highlights the reasons why related party transactions (?RPTs?) are so common around the world. Next, it...

Luca Enriques
19 February 2018

The Effect of Minority Veto Rights on Controller Pay Tunneling

A central challenge in the regulation of controlled firms is curbing rent extraction by controllers. As independent directors and fiduciary duties are often insufficient, some jurisdictions give minority shareholders veto rights...

Jesse Fried | Ehud Kamar | Yishay Yafeh
11 September 2018

Optimally Restrained Tunneling: The Puzzle of Controlling Shareholders’ “Generous” Exploitation in Bad-Law Jurisdictions

Although controlling shareholder agency problems have been well studied so far, many questions still remain unanswered. In particular, an important puzzle in “bad-law” jurisdictions is: why some controlling shareholders...

Sang Yop Kang
23 July 2018

The Law and (Some) Finance of Related Party Transactions: An Introduction

This paper is the introductory chapter of Luca Enriques and Tobias Tröger (eds.), The Law and Finance of Related Party Transactions (Cambridge University Press: forthcoming). Its goal is to sketch out the individual chapters’...

Luca Enriques | Tobias Tröger
01 March 2014

Regulation and self-regulation of related party transactions in Italy: An empirical analysis

This paper assesses how Italian companies have implemented the regulation on related party transactions enacted by Consob in 2010. Companies have been given some degree of freedom in devising their internal codes: they may ?opt-up? or...

Marcello Bianchi | Angela Ciavarella | Luca Enriques | Valerio Novembre | Rossella Signoretti