AbstractTunnelling is defined as the transfer of assets and profits out of firms for the benefit of their controlling shareholders. We describe the various forms that tunnelling can take, and examine under what circumstances it is legal. We discuss two important legal principles--the duty of care and the duty of loyalty--which courts use to analyze involving tunnelling. Several important legal cases from France, Belgium, and Italy illustrate how and why the law accommodaates tunnelling in civil law countries, and why certain kinds of tunnelling are less likely to pass legal scrutiny in common law countries.
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Bibliographic InfoPaper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1887.
Date of creation: 1999
Date of revision:
Other versions of this item:
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Inefficient and unfair
by chris dillow in Stumbling and Mumbling on 2012-01-21 12:53:52
- Shares in people
by chris dillow in Stumbling and Mumbling on 2008-01-25 11:14:10
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