Ad-hoc disclosure - A law and economics approach - Fischer, Veronika
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Diploma Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 1,3, University of Augsburg (Prof. Dr. Möllers), course: Diplomarbeit, language: English, abstract: The economic analysis of the duty of ad-hoc disclosure and related issues in this paper led to the following conclusions: Due to information asymmetries between issuers and investors, a regula-tion of the rules of disclosure is necessary, which reduces the incentive for individual investors to costly gather information, and transfer this in-formation process onto issuers. The legislator s…mehr

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Produktbeschreibung
Diploma Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 1,3, University of Augsburg (Prof. Dr. Möllers), course: Diplomarbeit, language: English, abstract: The economic analysis of the duty of ad-hoc disclosure and related issues in this paper led to the following conclusions: Due to information asymmetries between issuers and investors, a regula-tion of the rules of disclosure is necessary, which reduces the incentive for individual investors to costly gather information, and transfer this in-formation process onto issuers. The legislator s goal for such reason can be found in the safeguarding of capital market efficiency as to both correct pricing and liquidity (or sufficient investor participation). The duty of ad-hoc disclosure should fully be transferred to the issuer, as it is the cheapest cost avoider and has sufficient own interests to provide correct and timely information. Nevertheless, legislation must avoid that the issuer can be held liable for information as if it was advice by detail-ing which information has to be given in which form. Furthermore, it must be ensured that investors are not flooded with information, but that only a sensible amount of pertinent information as opposed to advertising information is published. For the lesion of this duty of disclosure, not only the issuer as an entity, but as well the board members should be held liable, as this introduces additional incentives for compliance and adds liable capital for possible damaged parties. Nevertheless, both legislator and jurisdiction will have to limit the risk of abusive investor claims, which are likely to occur in such a constellation. If liability for defective ad-hoc disclosure can be established, the awarded damage should be out-of-pocket measure, as it limits liability to the actual amount of damage and does not transfer the risk of an investment in a way inconsistent with the general principles of the capital market. Furthermore, it provides advantages in processing multiple claims and can be unequivocally determined by a finance-mathematical method based on the Capital Asset Pricing Model.
Autorenporträt
Dr. Veronika von Heise-Rotenburg ist Chief Financial Officer (CFO) und Co-Geschäftsführerin bei everphone. In dieser Rolle ist sie für die Bereiche Finance, People&Culture und Legal Legal des Phone-as-a-Service-Anbieters verantwortlich. Veronika ist ausgewiesene Expertin für digital Finance und Asset-basierte Finanzierungen und hat langjährige Erfahrung im Bereich Fleet Lending. Bevor sie zu everphone kam, war die promovierte Juristin beim britischen Online-Gebrauchtwagenhändler Cazoo. Hier verantwortete sie als Leiterin der Rechts- und Finance-Abteilung die Expansion des Unternehmens in die Europäischen Märkte auf rechtlicher und finanzieller Ebene. Zu Cazoo kam sie im Rahmen der Übernahme des Auto-as-a-service-Services Cluno, welchen sie als CFO und Geschäftsführerin leitete. Von 2014 bis 2018 war Veronika kaufmännische Leiterin und Prokuristin von TraXall Germany, einem Anbieter für nachhaltiges Management von Fuhrparks und Mobilität. Sie hatte den Dienstleister aus der Hannover Leasing Automotive GmbH, wo sie das Risikomanagement verantwortete, gemeinsam mit einem Co-Founder ausgegründet. Ihre Karriere begann sie als Associate bei McKinsey. Veronika hat Recht und Wirtschaft in Augsburg studiert. Außerdem hat sie einen MBA in General Management von der University of Dayton und promovierte im internationalen Kapitalmarktrecht an der der Universität Augsburg.