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Corporation law --- Disclosure of information --- Securities --- Information, Disclosure of --- Truthfulness and falsehood

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This work provides integrated analysis of and guidance on the Prospectus Regulation 2017. The volume examines the harmonisation of the Prospectus Regulation, the areas not covered by the rules, and the impact of Brexit and provides valuable reference for all advising and researching this field.

Law. --- Securities --- Disclosure of information --- Prospectus writing --- Law and legislation --- Investments --- Report writing --- Information, Disclosure of --- Truthfulness and falsehood

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Die Frage nach der Privatautonomie und ihren Grenzen spielt seit jeher eine bedeutende Rolle in den nationalen Vertrags- und Privatrechten. Auf europäischer Ebene dominieren Regeln, die zwar die Informationenpreisgabe zwingend vorschreiben, die Bestimmung des Vertragsinhalts dann jedoch wieder den Parteien überantworten. Dieses Grundsatzthema über Geist und Funktionieren des Binnenmarktes, mit dem nach einer möglichst weitgehenden Erhaltung von Freiheit bei gleichzeitiger Verbürgung der notwendigen Schutzziele gefragt ist, ist Gegenstand des vorliegenden Bandes. Es wird hier von Rechtswissenschaftlern und Ökonomen aus verschiedenen Mitgliedstaaten und den U.S.A. erörtert.Zentraler Betrachtungsgegenstand ist die Informationsregel und ihre Ausgestaltung. Insgesamt vereint der Band zweierlei, zum einen die Grundsatzdiskussion - rechtswissenschaftlich, europarechtlich und ökonomisch - zum Regelungsansatz im Recht des Binnenmarkthandels und zum wichtigsten Instrument, der Informationsregel mit ihrer freiheitserhaltenden Grundausrichtung. Andererseits bietet er eine dogmatische Aufbereitung wesentlicher Teile des Rechts des Binnenmarkthandels, des Europäischen Schuldvertragsrechts.

Freedom of information --- Disclosure of information --- Free trade --- Information, Disclosure of --- Truthfulness and falsehood --- Law and legislation --- European Union --- E.U. --- Information services. --- Contracts --- Liberty of contract

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This paper studies the effects of voluntary accounting information disclosure through auditing on firm access to finance, exposure to corruption, and sales growth. Relying on a data set of more than 70,000 firms in 121 countries, the analysis finds that disclosure can be a double-edged sword. On the one hand, audited firms exhibit a slightly lower level of financial constraints than unaudited firms. On the other hand, audited firms face a significantly higher level of corruption obstacles. The net effects of voluntary information disclosure on firm growth are negative, which can largely be explained by the fact that most of the countries in the sample are developing countries where institutions are weak. The beneficial effect of disclosure increases as a country's property rights protection improves. The qualitative results are robust to considerations of the endogeneity of auditing and to alternative measures of corruption and financial constraints. The findings reveal the dark side of voluntary information disclosure: exposing firms to government expropriation where institutions are weak.

Access to Finance --- Audit --- Corruption --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial Constraint --- Governance --- Information Asymmetry --- Information Disclosure --- Institutions --- National Governance --- Private Sector Development

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Interpersonal communication --- Interpersonal relations --- Engagement (Philosophy) --- Mass communications --- Pragmatics --- Disclosure of information --- Involvement (Philosophy) --- Participation --- Philosophy --- Information, Disclosure of --- Truthfulness and falsehood --- Human relations --- Interpersonal relationships --- Personal relations --- Relations, Interpersonal --- Relationships, Interpersonal --- Social behavior --- Social psychology --- Object relations (Psychoanalysis) --- Communication