The Law of Corporate Finance: General Principles and EU Law Volume I
In this three-volume book, the law of corporate finance is defined in a modern way and studied from the perspective of a non-financial firm. The law of corporate finance helps the firm to manage cash flow, risk, principal-agency relationships, and informa
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Petri M¨antysaari
The Law of Corporate Finance: General Principles and EU Law Volume III: Funding, Exit, Takeovers
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Professor Petri M¨antysaari Hanken School of Economics Handelsesplanaden 2 65100 Vaasa Finland [email protected]
This title is part of a three volume set with ISBN 978-3-642-03105-2 ISBN 978-3-642-03057-4 e-ISBN 978-3-642-03058-1 DOI 10.1007/978-3-642-03058-1 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009938577 c Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Table of Contents
1 Introduction......................................................................................................1 1.1 Cash Flow, Risk, Agency, Information, Investments ..............................1 1.2 Funding, Exit, Acquisitions .....................................................................1 1.3 Financial Crisis ........................................................................................2 2 Funding: Introduction.....................................................................................3 2.1 General Remarks .....................................................................................3 2.2 Separation of Investment and Funding Decisions?..................................3 2.3 Forms of Funding, Funding Mix, Ancillary Services ..............................5 2.4 Legal Risks Inherent in Funding Transactions ......................................13 2.5 Particular Remarks on the Subprime Mortgage Crisis...........................17 2.6 Funding Transactions and Community Law..........................................19 3 Reduction of External Funding Needs .........................................................21 3.1 Introduction ...........................................................................................21 3.2 Retained Earnings..................................................................................22 3.3 Management of Capital Invested in Assets............................................22 3.3.1 Introduction ..................................
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