34 records from EconBiz based on author Name

1. Short-termism im Aktien- und Kapitalmarktrecht : Ideengeschichte, Rechtsvergleichung, Rechtsökonomie

abstract

Die Aktiengesellschaft soll private Ersparnisse in dauerhaft gebundenes, unternehmerisches Anlagekapital transformieren. Zugleich erlaubt die Börsennotierung eine beliebig kurzfristige Anlage in unternehmenstragende Gesellschaften. Vor diesem Hintergrund bestehen in Rechtswissenschaft, Ökonomie und Politik seit langem große Sorgen, dass die moderne kapitalmarktorientierte Aktiengesellschaft unter ein schädliches Diktat kurzfristiger Einflüsse gerät. Eckart Bueren leuchtet diese wechselhafte Kontroverse um kurzfristige Orientierung und damit um den Schutz der Funktionsfähigkeit der Aktiengesellschaft erstmals gesamthaft rechts- und ideengeschichtlich, rechtsvergleichend und rechtsökonomisch aus. Er erzählt damit die Rezeptionsgeschichte eines international wirkmächtigen Regelungstopos im Gesellschafts- und Kapitalmarktrecht. Welche Entwicklung hat er durchlaufen, für welche Rechtsfragen, Regelungsanliegen und Interessen wurde er zu verschiedenen Zeiten dienstbar gemacht und wie bedeutsam ist er heute?Die Arbeit wurde mit dem Förderpreis der Stiftung Kapitalmarktforschung für den Finanzstandort Deutschland ausgezeichnet.

Bueren, Eckart;
2022
Type: Hochschulschrift;
Availability: Link Link Link

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2. GWB : Kommentar zum Deutschen Kartellrecht

Körber, Torsten; Schweitzer, Heike; Zimmer, Daniel; Bach, Albrecht; Biermann, Jörg; Bueren, Eckart; Ellger, Reinhard; Emmerich, Volker; Engelbracht, Thiemo; Franck, Jens-Uwe; Fuchs, Andreas; Immenga, Frank A.; Kalben, Jonas von; Knauff, Matthias; Körber, Torsten; Kühling, Jürgen; Markert, Kurt; Picht, Peter; Podszun, Rupprecht; Rehbinder, Eckard; Schmidt, Karsten; Scholl, Juliane; Schweizer, Dieter; Stockmann, Kurt; Thomas, Stefan; Wirtz, Markus M.; Immenga, Ulrich; Mestmäcker, Ernst-Joachim;
2024
Type: Kommentar; Kommentare;

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3. Short-termism im Aktien- und Kapitalmarktrecht: Ideengeschichte, Rechtsvergleichung, Rechtsökonomie

Bueren, Eckart;
2023
Availability: Link

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4. Sustainability and Competition Law – Germany

abstract

German competition law has been witnessing a long-standing discussion on how and to what extent non-economic goals can and should play a role in the application of the German Act against Restraints of Competition (GWB). Recently, this discussion has centered on sustainability as a partly economic, partly non-economic goal, which is universally recognised, but seems to lack a clear-cut definition (see Section 2.1). Indeed, promoting sustainability, in particular with regard to climate protection and the protection of human rights in supply chains, is currently one of the most prominent hot topics in economic law in many jurisdictions. In Germany as well as in Europe, not only company law and capital market law, but also competition law has come into the focus of this debate. At the outset, it should be stressed that most scholars and practitioners in Germany share the view that sustainability, in particular climate protection, and competition law do not usually collide, as competition promotes an efficient use of resources in line with sustainability targets (see Section 3.1). However, conflicts may arise, in particular in situations of market failure (see Section 2.2). This discussion is not completely new. As a spin-off of the debate and the vast scholarship on (certain) non-economic goals and competition policy, the period between (at least) the early 1970s and the late 1990s saw an intense discussion on German competition law vis-á-vis environmental protection, in particular with regard to so-called self-restraint agreements by undertakings (Selbstbeschränkungsvereinbarungen) and regulation on waste disposal. Besides, since the 1990s, several German monographs have been devoted to the topic, placing a focus on European competition law. Especially since 2020, the discussion has gained traction again in light of the broader concept of sustainability, but is still focussing on environmental aspects, as evidenced by a steady stream of recent articles in German journals and commemorative publications. From a legal perspective, this renewed attention on sustainability-related matters is motivated by international law obligations for climate protection, both by European law and by German constitutional law (see Section 2.1). Another important driver is the practical need for companies to react to the aforementioned developments: Companies must adapt to new laws on supply chain liability and sustainable finance, to increasing societal pressure to stop ESG-irresponsible practices and to growing consumer demand for ESG compatible business behaviour and products. For these reasons, several companies have already approached the German Federal Cartel Office for advice on whether they can pursue joint sustainability initiatives (see Section 3). Against this background and in view of recent policy activities in other jurisdictions such as the Netherlands and on EU level, the current German government has announced that it will examine whether changes in the German Act against restraints of competition (Gesetz gegen Wettbewerbsbeschränkungen – GWB) to facilitate sustainability initiatives are in order (see Section 4)

Bueren, Eckart; Crowder, Jennifer;
2023
Availability: Link Link

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5. Short-termism im Aktien- und Kapitalmarktrecht : Ideengeschichte, Rechtsvergleichung, Rechtsökonomie

Bueren, Eckart;
2022
Type: Hochschulschrift;
Availability: Link

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6. Suppliers to a Sellers’ Cartel and the Boundaries of the Right to Damages in U.S. versus EU Competition Law

abstract

While customer damage claims against price-cartels receive much attention, it is unresolved to what extent other groups that are negatively affected may claim compensation. This paper focuses on probably the most important one, suppliers to a downstream sellers' cartel. The paper first identifies three economic effects that determine whether suppliers suffer losses due to a cartel by their customers. We then examine whether suppliers are entitled to claim net losses as damages in the U.S. and the EU, with exemplary looks at England and Germany, delineating the boundaries of the right to damages in the two leading competition law jurisdictions. We find that, while the majority view in the U.S. denies standing, the emerging position in the EU approves of cartel supplier damage claims. We show that this is consistent with the ECJ case law and in line with the new EU Damages Directive. From a comparative law and economics perspective, we argue that more generous supplier standing in the EU compared to the U.S. is justified in view of the different institutional context and the goals assigned to the right to damages in the EU. We demonstrate that supplier damage claims are also practically viable by showing how supplier damages can be estimated econometrically

Bueren, Eckart; Smuda, Florian;
2019
Availability: Link

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7. Time is money – how much money is time? : interest and inflation in competition law actions for damages

abstract

Public and private action against cartels is an internationally recognized cornerstone of antitrust enforcement. Effective private enforcement requires that cartel victims can receive (at least) full compensation for the harm suffered. Academics and competition authorities support this goal with guidance for the calculation of cartel damages. However, they usually neglect that the prosecution of competition law infringements can be very time-consuming, so that it often takes several years until cartel victims obtain damages. Interest and inflation are thus two key drivers of adequate compensation. This paper is the first to provide a comparative law and economics perspective on this topic: We investigate how various legal systems treat interest and inflation as part of competition law actions for damages, and, using real-world data from the lysine cartel, simulate the economic differences, which turn out to be substantial. By comparing and evaluating the regulatory techniques, our paper provides important insights for regulators, litigation practitioners and the ongoing reform discussions in the EU and the US. At the same time, our approach is a first step towards a quantitative comparative law and economics analysis of the law on interest in the field of tort law.

Bueren, Eckart; Hüschelrath, Kai; Veith, Tobias;
2014
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link Link

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8. A primer on damages of cartel suppliers : determinants, standing US vs. EU and econometric estimation

abstract

While private actions for damages against price-cartels by direct and indirect customers receive much attention, it is largely unresolved to what extent other groups that are negatively affected may claim compensation. This paper focuses on probably the most important one: suppliers to a downstream sellers’ cartel. The paper shows graphically and analytically that cartel suppliers are negatively affected by the conspiracy depending on three effects: a direct quantity, a price and a cost effect. The article then examines whether suppliers are entitled to claim ensuing losses as damages in the US and the EU, with exemplary looks at England and Germany, thereby delineating the boundaries of the right to damages in different legal systems. We find that, while the majority view in the US denies standing, the emerging position in the EU, considering also recent case law and the forthcoming Damages Directive, allows for approving cartel supplier damage claims. We argue that this can indeed be justified in view of the different institutional context and the goals assigned to the right to damages in the EU. The Annex complements our result that supplier damage claims are practically viable by showing how supplier damages can be estimated econometrically with an adjusted residual demand model.

Bueren, Eckart; Smuda, Florian;
2014
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

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9. A primer on damages of cartel suppliers : determinants, standing US vs. EU and econometric estimation

abstract

While private actions for damages by customers against price-cartels receive much attention, the treatment of other groups affected by such conspiracies is largely unresolved. This article narrows the research gap with respect to suppliers to a downstream price cartel. First, we show that such suppliers incur losses driven by a direct quantity, a price and a cost effect. We then analyze whether suppliers are entitled to claim these losses as damages in the two leading competition law regimes. We find that, while the majority view in the US denies standing, the emerging position in the EU and important member states is to grant supplier standing. We argue that this can indeed be justified in view of the different institutional context and the goals assigned to the right to damages in the EU. We finally present an econometric approach based on residual demand estimation that allows to quantify all determinants of cartel suppliers’ damages, thereby showing that supplier damage claims are a viable option in practice that can contribute to full compensation and greater cartel deterrence.

Bueren, Eckart; Smuda, Florian;
2013
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

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10. A primer on damages of cartel suppliers : determinants, standing US vs. EU and econometric estimation

abstract

While private actions for damages by customers against price-cartels receive much attention, the treatment of other groups affected by such conspiracies is largely unresolved. This article narrows the research gap with respect to suppliers to a downstream price cartel. First, we show that such suppliers incur losses driven by a direct quantity, a price and a cost effect. We then analyze whether suppliers are entitled to claim these losses as damages in the two leading competition law regimes. We find that, while the majority view in the US denies standing, the emerging position in the EU and important member states is to grant supplier standing. We argue that this can indeed be justified in view of the different institutional context and the goals assigned to the right to damages in the EU. We finally present an econometric approach based on residual demand estimation that allows to quantify all determinants of cartel suppliers’ damages, thereby showing that supplier damage claims are a viable option in practice that can contribute to full compensation and greater cartel deterrence.

Bueren, Eckart; Smuda, Florian;
2013
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link

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