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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

Using Corporate Law to Compete for Investments

Using Corporate Law to Compete for Investments

Chapter:
(p.59) 3 Using Corporate Law to Compete for Investments
Source:
Investor Protection in Europe
Author(s):

Ehud Kamar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0003

This chapter documents and analyzes a powerful form of regulatory competition — competition for investments — that has transformed national corporate laws in the European Union (EU) in recent years. Unlike competition for incorporations, competition for investments shapes corporate law when firms cannot easily incorporate outside the jurisdiction in which they operate. These dynamics also characterized state lawmaking in the United States in the early 19th century, and may well characterize lawmaking outside the EU today. The high political payoffs that await successful participants in the competition for investments enable them to overcome opposition that could stifle competition for incorporations. Together with the fact that no single jurisdiction can monopolize the market for investments, these payoffs drive multiple jurisdictions, including large ones, to compete. Allowing firms to incorporate abroad, as recent European Court of Justice rulings require, may or may not breed competition for incorporations. Judging from the reforms that the competition for investments has produced so far, it will be positive.

Keywords:   regulatory competition, competition for investments, corporate law, European Court of Justice, European Union, politics

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