Résultats 5 ressources
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La Tesis Doctoral tiene por objeto trazar el aspecto de conjunto del fenómeno de la tarjeta de crédito. Tras la delimitación de la figura, realizada a partir de la consideración de sus orígenes y evolución, y luego de tratar del marco jurídico (Derecho Positivo Español, actuaciones de la Comunidad Europea, trabajos de la comisión de las Naciones Unidas para el Derecho Mercantil internacional), se estudian sus caracteres documentales:Idoneidad Legitimadora e Intransmisibilidad. Asimismo se presta atención a las posiciones jurídicas documentalmente representadas por la tarjeta de crédito y a los procedimientos de utilización, distinguiendo entre sus modalidades básicas: las denominadas tarjetas de crédito "bilaterales" y las "trilaterales".
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I examine two potential instances of rent-seeking in financial markets in the 1980s. In the first essay I test whether managers engage in political activity designed to influence federal regulation of the market for corporate control. In the second, I examine whether firms in the financial services sector attempt to affect bank deregulation. Using Federal Election Commission data, I find campaign contributions by corporate political action committees (PACs) are negatively related to levels of inside ownership, my main proxy for managerial vulnerability to hostile tender offers. Contribution patterns for firms with less than 20% insider ownership are relatively highly correlated, and differ from those of firms with greater than 20% inside ownership. Low inside ownership firms have slightly higher levels of contributions to legislators on particular House and Senate committees proposing relevant legislation. However, when I analyze the impact of contributions on legislator support for regulation I find no statistical support for a theory of vote-buying. I conclude that corporate political behavior is tied to levels of inside ownership, and comprises an alternate index of manager-shareholder conflict. Using a similar approach to analyse the financial services industry, I also find significant patterns in political action committee (PAC) campaign contributions for depository (commercial bank and thrift) and non-depository (brokerage and insurance) sectors of the financial services industry during the 98th Congress (1983-84). Contributions by depository firm PACs appear not only to purchase access to legislators serving on important banking committees crucial to their interests, but are also a significant determinant of votes for repealing sections of the Glass-Steagall Act. Nondepository contributions do not appear to influence votes directly, even though the brokerage and insurance sectors effectively lobbied House Banking Committee chairman Fernand St Germain to enforce the regulatory status quo. When I measure the rents at stake in the legislation using a two-factor market model event study approach, I find that the passage of legislation in the Senate had a positive affect on depository firm returns, implying the sector's lobbying effort was justified. However non-depository PACs lobbied just as extensively, and did not experience significant abnormal returns over the same event period, even though this round of deregulation should have been a zero-sum game between the affected sectors of the industry. I then measure the correlation between the market value impacts of new legislation and contribution amounts for individual firms within the sectors. I find rents are correlated with political activity, even for firms in the non-depository sectors.
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L'intervention des personnes morales de droit public en faveur des entreprises en difficulté, due à la multiplication des procédures collectives, a été légitimée par la mise en place d'un cadre juridique et de conditions d'intervention. C'est une manifestation du droit économique qui appelle la transgression de la frontière entre le droit public et le droit privé. Celle-ci se manifeste notamment, dans la mise en œuvre de la responsabilité des personnes morales de droit public du fait de leurs interventions, par l'examen des divers fondements juridiques de leur responsabilité. D'autre part, les personnes morales de droit public sont parties à la procédure collective en tant que créancières. Elles ont à ce titre une place particulière mais leurs droits ont été modifies et le droit positif révèle un équilibre entre les intérêts publics et les intérêts privés. Par ailleurs, si les personnes morales de droit public ne peuvent être débitrices dans une procédure collective, certaines situations de fait sont analysées qui conduisent à proposer une procédure de redressement financier à leur égard. Enfin, l'interventionnisme économique de l'Etat et des collectivités locales par l'intermédiaire de sociétés de droit privé génère des difficultés d'application du droit des procédures collectives issues de l'imbrication du droit privé et du droit public et même une inapplicabilité de fait.
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