Patricia Clavin
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199577934
- eISBN:
- 9780191744211
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199577934.003.0005
- Subject:
- History, World Modern History, Economic History
The period between 1933 and 1936 was an important period of transition, and EFO was used as a means through which states sought to make sense of a world now characterized by tariff walls, currency ...
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The period between 1933 and 1936 was an important period of transition, and EFO was used as a means through which states sought to make sense of a world now characterized by tariff walls, currency blocs and reinforced imperial ties. For EFO, in turn, although National Socialism, Italian Fascism and Japanese imperialism threatened, British economic nationalism posed an equally grave challenge. The depreciation of sterling and the US dollar had brought significant benefits, but the absence of international consensus on monetary policy, as the gold bloc (which included key EFO powers such as France, Belgium and the Netherlands) cleaved to monetary orthodoxy created rage obstacles for international co-operation and co-ordination. After 1934 France sought to use EFO as a means to negotiate its way out of the gold standard impasse, while EFO's secretariat, preoccupied with the impact of blocked accounts, turned increasingly to the US.Less
The period between 1933 and 1936 was an important period of transition, and EFO was used as a means through which states sought to make sense of a world now characterized by tariff walls, currency blocs and reinforced imperial ties. For EFO, in turn, although National Socialism, Italian Fascism and Japanese imperialism threatened, British economic nationalism posed an equally grave challenge. The depreciation of sterling and the US dollar had brought significant benefits, but the absence of international consensus on monetary policy, as the gold bloc (which included key EFO powers such as France, Belgium and the Netherlands) cleaved to monetary orthodoxy created rage obstacles for international co-operation and co-ordination. After 1934 France sought to use EFO as a means to negotiate its way out of the gold standard impasse, while EFO's secretariat, preoccupied with the impact of blocked accounts, turned increasingly to the US.
Luca Enriques, Gerard Hertig, Hideki Kanda, and Mariana Pargendler
- Published in print:
- 2017
- Published Online:
- March 2017
- ISBN:
- 9780198739630
- eISBN:
- 9780191837982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198739630.003.0006
- Subject:
- Law, Company and Commercial Law
This chapter centers on a technique that managers and controlling shareholders may use to divert value from the corporation: related-party transactions. These transactions range from traditional ...
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This chapter centers on a technique that managers and controlling shareholders may use to divert value from the corporation: related-party transactions. These transactions range from traditional self-dealing to more subtle forms of potential misappropriation of company value, such as compensation agreements, intercompany guarantees, insider trading, and the usurpation of corporate opportunities. Despite the potential for abuse, related party-transactions provide countervailing economic benefits and are rarely outlawed. Instead, the representative “core jurisdictions” employ a variety of legal strategies to police them, including: applying affiliation strategies through disclosure requirements and dissolution rights; intervening on agent incentives by requiring disinterested board approval; granting decision rights to shareholders; and imposing legal constraints such as prohibitions, the duty of loyalty, and the special regime of group law. The chapter concludes by analyzing the effectiveness of the different approaches to related-party transactions in core jurisdictions in view of their enforcement, and their relationship to the underlying ownership structures.Less
This chapter centers on a technique that managers and controlling shareholders may use to divert value from the corporation: related-party transactions. These transactions range from traditional self-dealing to more subtle forms of potential misappropriation of company value, such as compensation agreements, intercompany guarantees, insider trading, and the usurpation of corporate opportunities. Despite the potential for abuse, related party-transactions provide countervailing economic benefits and are rarely outlawed. Instead, the representative “core jurisdictions” employ a variety of legal strategies to police them, including: applying affiliation strategies through disclosure requirements and dissolution rights; intervening on agent incentives by requiring disinterested board approval; granting decision rights to shareholders; and imposing legal constraints such as prohibitions, the duty of loyalty, and the special regime of group law. The chapter concludes by analyzing the effectiveness of the different approaches to related-party transactions in core jurisdictions in view of their enforcement, and their relationship to the underlying ownership structures.
