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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”
    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…

  • Reusing magistrates’ identity data: what future for predictive justice? The French judge facing LegalTechs
    Reusing 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?

  • For a real corporate governance in France
    For 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.

Publications

  • Activisme short et abus de marché
    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.

  • The Restructuring Directive: a functional law and economics analysis from a French law perspective
    The 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…

  • Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global Debate
    Theory, 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.

D&C presentations

  • Loopholes of the European directive 2019/1023 on preventive restructuring frameworks: a law & economic analysis
    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 2019

    The 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…

  • The end of restrictions by object
    The 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.

  • Le test amélioré de l’absence de justification économique : étude à travers l’innovation prédatrice
    Le 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 2017

    Plusieurs 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.

Press reviews

  • Sophie Vermeille,  the quest for general interest
    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.

  • Interview: Towards actual corporate governance in France?
    Interview: 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.

  • Pourquoi les fonds activistes sont venus chasser en France
    Pourquoi 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.

Past conferences