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D&C position notes
Commentary on the report of the Legal High Committee for Financial Markets of Paris on “classes of creditors for the transposition of the directive of June 20, 2019 on preventive restructuring frameworks”
by Sophie Vermeille, Thibault Jauffret et Paul Oudin
25 november 2020
The High-Level Legal Committee of the Paris Financial Center has published, on September 25, 2020, a report entitled “Report on classes of creditors for the transposition of the Directive of June 20, 2019 on preventive restructuring frameworks.” Drawing on the lessons learned from the economic analysis of insolvency law, Droit & Croissance has decided to make a series of observations relating to this report in its new position paper. We highlight the need for a coherent articulation of the different procedures and…
26 November 2020Reusing magistrates’ identity data: what future for predictive justice? The French judge facing LegalTechs
by Eva Fourel and Youcef Rahmani
15 january 2020
The recent programming bill for 2019-222, adopted March 23, 2019, prohibits in particular the re-use of the magistrates’ identity data for purposes of statistical or predictive analysis. What are the reasons behind such a choice and what are its economic consequences? How can we take advantage of the positive economic consequences of a greater legal predictability and feed academic research, in a manner that is compatible with the specificities of French justice?
15 January 2020For a real corporate governance in France
by Eva Fourel, Ahmed Guenaoui, Paul Oudin, Sophie Vermeille
25 september 2019
In the wake of the introduction of the PACTE Act, the Rules for Growth Institute invites French and European legislators to move beyond ideological squabbles over the “corporate purpose” and to build on the most recent academic work in order to improve corporate governance and complete the construction of the Capital Markets Union.
25 September 2019
Publications
Activisme short et abus de marché
By Hayk Kehishian
July, 2, 2020
In the context of ongoing debates on shareholder activism and the review of MAR, the study of the application of market abuse to short activism should contribute to identifying the framework for an efficient regulation of this practice.
2 July 2020The Restructuring Directive: a functional law and economics analysis from a French law perspective
by Vasile Rotaru
1er october 2019
This working paper is an enriched version of the article published in the RTDF, June 2019, co-authored with Sophie Vermeille. It provides a thorough functional law and economics analysis of restructuring proceedings and, in particular, the new European Restructuring Directive, its objectives, proposed models and main measures. Our analysis shows that the directive lacks a clear conceptual basis and sometimes pursues the wrong objectives. However, its most significant measures can still be transposed into French law in accordance with the economic analysis, which offers the French legislator…
1 October 2019Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global Debate
Par Aurelio Gurrea-
SSRN – 3 juillet 2019
Comment appréhender le recours croissant aux “dual class shares” par les sociétés entrant en bourse ? Il n’existe pas de réponse unique. Prohiber, autoriser ou encadrer ce type d’instruments dépendra d’une variété de facteurs relatifs à la société souhaitant emprunter cette structure de capital ainsi qu’à son environnement législatif et économique.
3 July 2019
D&C presentations
Loopholes of the European directive 2019/1023 on preventive restructuring frameworks: a law & economic analysis
By Sophie Vermeille
“The convergence in EU rules for insolvency and enforcement” Conference – Bruegel – 31 october 2019The European directive 2019/1023 will be gradually transposed by the Member States by 17 July 2021. As it is the fruit of numerous political compromises, the Directive gives a lot of room for maneuver to Member States in their transposition efforts. However, a Law & Economics analysis of the Directive shows that numerous aspects, either left to the Member States or simply ignored, would have strongly deserved to be dealt with in the interest of the…
31 October 2019The end of restrictions by object
Par Thibault Schrepel
Competition Law Scholars Forum Workshop, “Antitrust at the Intersection of Law & Economics”, Université de Graz (Autriche), 19 avril 2018.Dans cette présentation donnée en Autriche au mois d’avril 2018, Thibault Schrepel défend la nécessité d’éliminer les restrictions par objet du droit de la concurrence. Il évoque trois raisons : l’une linguistique, l’autre juridique et la dernière économique.
20 April 2018Le test amélioré de l’absence de justification économique : étude à travers l’innovation prédatrice
Par Thibault Schrepel
Conférence annuelle de l’Association Française d’Economie du Droit – 8 novembre 2017Plusieurs tests ont été imaginés au fil des années afin de juger de la légalité des pratiques au regard du droit de la concurrence. Aucun ne permet toutefois d’appréhender les pratiques non-tarifaires sans créer de nombreuses erreurs judiciaire. Cette présentation expose un nouveau « test amélioré de l’absence de justification économique » qui permet d’améliorer les règles concurrentielles à court, moyen et long terme.
21 November 2017
Press reviews
Sophie Vermeille, the quest for general interest
by Hugo de Gerauvilliers, Souveraine Finance
November, 10, 2020
Even when it means defending counter-intuitive positions – when they are not frankly unpopular – Sophie Vermeille knows how to do it brilliantly.
As a researcher and lawyer, Sophie has been berated for her heterodox ideas, which she may have acquired through her wandering into the shady worlds of the economics of distressed companies and short selling. Whatever; it’s in the ordeal that one forges one’s convictions.
10 November 2020Interview: Towards actual corporate governance in France?
Interview with Eva Fourel
Recueil Dalloz- 31 october 2019
Extracted from the position paper of Droit et Croissance “For true corporate governance in France”, writen by Ahmed Guenaoui, Paul Oudin, Sophie Vermeille et Eva Fourel, this interview outlines the challenges of corporate governance in France, comments on the limits of the PACTE law and presents the contribution of the most recent economic theories to describe the shareholder-management relationship.
31 October 2019Pourquoi les fonds activistes sont venus chasser en France
Par Laurence Boisseau
Les Echos – 3 octobre 2019
Depuis 2010, une quarantaine de groupes français ont été pris pour cibles par des activistes. Longtemps, les sociétés tricolores ont été à l’abri. Mais, la fin des noyaux durs et le désengagement de l’Etat ont favorisé l’essor de ces fonds. Curieusement, le développement de la gestion passive les aide aussi à prospérer.
3 October 2019
Past conferences
Corporate governance and shareholder engagement conference: the new normal
Vendredi 18 octobre 2019
Corporate governance and shareholder engagement conference: the new normal
18 October 2019Conférence “Gouvernance d’entreprise & engagement actionnarial”
Vendredi 13 avril 2018
Conférence “Gouvernance d’entreprise et engagement actionnarial”
13 April 2018January 19, 2018 – International restructuring symposium
Relive the conference Votre navigateur ne supporte pas les iframes. Read the comment of Debtwire about the symposium Program: Opening of the symposium by Mrs Sophie Vermeille, President of Droit & Croissance / Rules for Growth Keynote speakers Ms Mihaela Carpus Carcea, Legislative officer, Directorate-General for Justice and Consumers, European Commission, Mr Sébastien Raspiller, Deputy Assistant Secretary, Corporate Financing and Financial Markets
19 January 2018