A Legal and Economic Assessment of European Takeover Regulation. CEPS Paperbacks. December 2012

Takeovers are one-off events, altering control and strategy within an organisation. But the chances of becoming the target of a bid, even where remote, daily influence corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. This study analyses the corporate governance drivers underpinning takeover bid regulations and assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the US. It finds that similar rules have different effects depending on company-level and country-level characteristics and considers the use of modular legislation and optional provisions to cater for them.

Will the PRIPs' KID live up to its promise to protect investors? ECMI Commentary No. 33, 6 July 2012

Unveiled by the European Commission on July 3rd, the proposed Regulation on key information documents (KID) for packaged retail investment products (PRIPs) represents a step forward in enhancing the protection of retail investors and advancing the single market for financial services. While acknowledging in this Commentary that the KID is a commendable effort, ECMI/CEPS researcher Mirzha de Manuel Aramendía observes that pre-contractual disclosure is just one of the pieces in the jigsaw puzzle of investor protection and regrets that other pieces, such as MiFID and the IMD, are not so ambitiously constructed.

The Catholic Question in Contemporary Portuguese Civil Society: A Case of Muted Vibrancy? CES Papers - Open Forum #14, 2012

The ‘Catholic question’ in contemporary Portugal obliges us to consider whether Catholicism will remain a force in Portuguese associational life in the next century, or whether it faces a future of slow and steady decline. On the one hand, an overall statistical drop of church membership, and the lack of religious practice by almost half of self-identified Roman Catholics, suggests that the future of the Catholic Church in Portugal will probably be very different than the past. On the other hand, the church’s support for democratic processes, the important social services it provides, and its educational establishment, have certainly been a positive factor in Portuguese associational life, and helped the larger process of democratic-regime consolidation since the Carnation Revolution of 1974. This paper suggests that social scientists need to move beyond the lens normally applied to the question of Catholicism in contemporary Europe (i.e. it is a dying, anti-modern, anti-rational, conservative institution), and instead consider the complex interplay of its demographic challenges combined with the popular sources of its theological and spiritual strength, as well as its vital societal contributions, to assess whether or not it will remain a force in Portuguese associational life in the future.