The Nexus between Corporate Law and Capital Markets

The transformation of global capital in the context of what is commonly understood as financial globalization is central nowadays for both policymakers as well as entrepreneurs. However, financial globalization can hardly be described in all its complexity since it is closely linked to economic and social globalization. In this regard, the law plays a crucial role because it provides both the framework in which the transformation can occur as well as tools to regulate or restrict such developments.

In this regard, the project tries to unveil the complexities of financial globalization in this regard by examining the nexus between corporate law and capital markets. This nexus becomes more important since the transformation of global capital effectuates new issues in the context of financial regulation, corporate governance and the role of a firm as participant of global capital markets.

In order to understand the general conditions of the nexus between corporate law and financial markets, the role of capital markets will be examined as well an economic analysis of capital markets provided. Moreover, the current framework of regulation and supervision of capital markets will be presented.

However, as the recent developments of capital markets indicate, it might be useful to rethink the current approaches of financial regulation. Constantly ongoing financial innovation, the enormous capital flows worldwide, the easier and quicker money transfers, the issues of money-laundering and corruption are just a few examples financial regulation has to deal with.

Therefore, this project will survey new and innovative approaches of financial regulation and how they could challenge the current strands this regard. The added-value of the project is its interdisciplinary nature covering legal, economic, sociological, organizational and management aspects.

Collaborators: 

Professor Peer Zumbansen, Osgoode Hall Law School, Director, CLPE; Executive Member, Canadian Centre for German and European Studies, York University, Toronto

Leader Profile: 
Dr. Armin J. KAMMEL , Austrian Association of Investment Fund Management Companies, Vienna; Research Associate, CLPE, York University, Toronto
Publications: 

KAMMEL, A.J. ( 2006):An Analysis of Regulation and Enforcement in Securities Law“ in: G.T. Papanikos (Ed.) “Essays on the Economics of Law and Industrial Organization”, ATINER, Athens

KAMMEL, A.J. (2005a): The Law of International Banking Institutions – A Comparative Analysis, Milletre Verlag, Vienna.

KAMMEL, A.J. (2005b): A Proposal for the Governance of Financial Regulation and Supervision in Europe, DIW Vierteljahreshefte zur Wirtschaftsforschung 74 (2005), 4, 167-181.

KAMMEL, A.J. ( 2005c) “How To Find The Red Thread In The Labyrinth Of Financial Crises”? in: Thammasat Economic Journal, Vol. 23, No. 2, Faculty of Economics, Thammasat University, Bangkok