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030297 KU Public Markets, Securities Regulation and Corporate Governance (2021S)

A Comparative EU and US Approach

4.00 ECTS (2.00 SWS), SPL 3 - Rechtswissenschaften
Continuous assessment of course work


Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).


max. 30 participants
Language: English


Classes (iCal) - next class is marked with N

Monday 08.03. 09:00 - 10:30 Digital (Kickoff Class)
Saturday 13.03. 09:00 - 16:00 Digital
Saturday 20.03. 09:00 - 16:00 Digital
Saturday 27.03. 09:00 - 16:00 Digital


Aims, contents and method of the course

How (and why) to take a company from bank-based financing to IPO?
What happens on public securities markets, who regulates them and how can we come up with efficient rules?
What does it mean for a corporation to be "public" and how is management affected by institutional investors, proxy advisers, activist shareholders and regulators?

We will explore these and other questions in our three-session intensive course. The first part of the course aims to provide students with a basic economic understanding of public markets, their purpose and their regulation. In the second part (second and third sessions), we will then address the most important topics of securities regulation from the perspective of a listed corporation and compare the basic regulatory approaches to them in the EU and the US , including:
* The Listing Process
* Corporate Disclosure
* Market Abuse (Insider trading, market manipulation)
* Corporate Governance of the listed company
* Control Transactions.

Note that this course will _not_ require prior knowledge in economics or corporate finance! However, it is strongly recommended that participants have completed their exam in business law (Modulprüfung Unternehmensrecht) prior to registering for this course.
If you are an exchange student, please feel free to contact us to see whether this course makes sense as part of your curriculum.

Hint: This course should make for a good introduction to studying EU capital markets law.

Assessment and permitted materials

Participants will be examined based on
(i) an oral presentation given in the second week of the course (30%);
(ii) classroom participation (40%); and
(iii) a short response paper based on another presentation of choice (30%).

Minimum requirements and assessment criteria

As this course is held in blocked format, continuous participation is essential. Students are required to give a short presentation in class and to write a short response paper (3-5 pp.) on another presentation.

Examination topics

Pre-readings are required for each class. Further materials will be distributed in preparation of oral presentations and response papers.

Reading list

The course will be based on pre-readings of select chapters of:
Brealey, Myers & Allen: Principles of Corporate Finance (12th edn., 2020)
John Armour et al.: Principles of Financial Regulation (2016)
Larry Harris: Trading & Exchanges (2003)

Pre-readings will be introduced as part of the first lesson. No readings are required before the course starts.

Materials on the legal framework will be handed out in each class.

Association in the course directory

Last modified: We 21.04.2021 11:25