The economic analysis of the duty of ad-hoc disclosure and related issues in this paper led to the following conclusions: Due to information asymmetries between issuers and investors, a regula-tion of the rules of disclosure is necessary, which reduces the incentive for individual investors to costly gather information, and transfer this in-formation process onto issuers. The legislator‟s goal for such reason can be found in the safeguarding of capital market efficiency as to both correct pricing and liquidity (or sufficient investor participation). The duty of ad-hoc disclosure should fully be transferred to the issuer, as it is the cheapest cost avoider and has sufficient own interests to provide correct and timely information. Nevertheless, legislation must avoid that the issuer can be held liable for information as if it was advice by detail-ing which information has to be given in which form. Furthermore, it must be ensured that investors are not flooded with information, but that only a sensible amount of pertinent information as opposed to advertising information is published. For the lesion of this duty of disclosure, not only the issuer as an entity, but as well the board members should be held liable, as this introduces additional incentives for compliance and adds liable capital for possible damaged parties. Nevertheless, both legislator and jurisdiction will have to limit the risk of abusive investor claims, which are likely to occur in such a constellation. If liability for defective ad-hoc disclosure can be established, the awarded damage should be out-of-pocket measure, as it limits liability to the actual amount of damage and does not transfer the risk of an investment in a way inconsistent with the general principles of the capital market. Furthermore, it provides advantages in processing multiple claims and can be unequivocally determined by a finance-mathematical method based on the Capital Asset Pricing Model.
Inhaltsverzeichnis (Table of Contents)
- I. Einleitung
- II. Ad-hoc-Publizität nach dem Wertpapierhandelsgesetz
- 1. Bedeutung und Zweck der Ad-hoc-Publizität
- 2. Voraussetzungen für die Ad-hoc-Publizität
- 3. Die Pflicht zur unverzüglichen Veröffentlichung
- 4. Die Haftung für fehlerhafte Ad-hoc-Mitteilungen
- III. Die Haftung des Vorstands nach § 826 BGB
- 1. Rechtsnatur der deliktischen Haftung des Vorstands
- 2. Die Voraussetzungen der Haftung nach § 826 BGB
- a) Rechtswidrigkeit
- b) Verschulden
- c) Schaden
- d) Kausalität
- 3. Die Bedeutung der Ad-hoc-Publizitätspflicht im Rahmen von § 826 BGB
- IV. Wirtschaftliche Aspekte der Ad-hoc-Publizität
- 1. Die Bedeutung der Informationseffizienz für den Kapitalmarkt
- 2. Die Rolle der Ad-hoc-Publizität für die Informationseffizienz
- 3. Die ökonomischen Folgen von fehlerhaften Ad-hoc-Mitteilungen
- V. Rechtsvergleichende Betrachtung
- 1. Die Ad-hoc-Publizitätspflichten im anglo-amerikanischen Recht
- 2. Die Ad-hoc-Publizitätspflichten im europäischen Recht
- 3. Vergleich der Haftungssysteme für fehlerhafte Ad-hoc-Mitteilungen
- VI. Schlussbemerkungen
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis examines the legal and economic aspects of ad-hoc disclosure in the German capital market. It aims to analyze the legal framework surrounding ad-hoc disclosure, particularly focusing on the liability of management board members under § 826 of the German Civil Code (BGB). The work also explores the economic implications of ad-hoc disclosure for market efficiency and investor protection. Key themes of this thesis include: * **Legal framework of ad-hoc disclosure:** This includes the requirements for ad-hoc disclosure under the German Securities Trading Act (WpHG), the obligation to publish information promptly, and the liability for providing inaccurate ad-hoc disclosures. * **Delictual liability of management board members:** The thesis focuses on the application of § 826 BGB to ad-hoc disclosure, analyzing the elements of unlawful conduct, fault, damage, and causation. * **Economic implications of ad-hoc disclosure:** The work examines the impact of ad-hoc disclosure on market efficiency and its role in protecting investors from misleading information. * **Comparative analysis of ad-hoc disclosure rules:** The thesis compares ad-hoc disclosure requirements in German law with those in Anglo-American and European jurisdictions, analyzing the different liability regimes for inaccurate disclosures.Zusammenfassung der Kapitel (Chapter Summaries)
This section provides a brief overview of the main themes and arguments presented in each chapter, excluding the conclusion. **Chapter II: Ad-Hoc Disclosure under the German Securities Trading Act (WpHG)** This chapter focuses on the legal framework of ad-hoc disclosure under the WpHG. It examines the purpose and significance of ad-hoc disclosure, the prerequisites for its application, the obligation to publish information promptly, and the legal consequences of providing inaccurate ad-hoc disclosures. **Chapter III: The Liability of the Management Board under § 826 BGB** This chapter examines the liability of management board members for inaccurate ad-hoc disclosures under § 826 BGB. It delves into the legal nature of delictual liability, analyzing the necessary elements for establishing liability, including unlawful conduct, fault, damage, and causation. The chapter also explores the significance of ad-hoc disclosure requirements within the context of § 826 BGB. **Chapter IV: Economic Aspects of Ad-Hoc Disclosure** This chapter analyzes the economic implications of ad-hoc disclosure. It examines the importance of market efficiency for the capital market and the role of ad-hoc disclosure in achieving this goal. The chapter also discusses the economic consequences of inaccurate ad-hoc disclosures, highlighting their potential impact on investor behavior and market confidence. **Chapter V: Comparative Analysis of Ad-Hoc Disclosure** This chapter provides a comparative analysis of ad-hoc disclosure regulations in different legal systems. It examines ad-hoc disclosure requirements in Anglo-American and European jurisdictions, highlighting key differences and similarities in the legal frameworks and liability regimes. This chapter also analyzes the comparative effectiveness of different approaches to regulating ad-hoc disclosure. **Chapter VI: Concluding Remarks** This chapter is not included in this preview to avoid spoilers.Schlüsselwörter (Keywords)
This work primarily explores the legal and economic aspects of ad-hoc disclosure, with a particular focus on the liability of management board members under § 826 BGB. Core concepts explored include the legal framework of ad-hoc disclosure, market efficiency, investor protection, and the economic consequences of misleading information. Further areas of interest include the comparison of ad-hoc disclosure regulations across various legal systems and the potential implications for the functioning of the capital market.- Arbeit zitieren
- Dipl. oec. iur. univ; MBA (University of Dayton) Veronika Fischer (Autor:in), 2006, Ad-hoc disclosure - A law and economics approach, München, GRIN Verlag, https://www.grin.com/document/131569
