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Rolf J. Daxhammer, Mate Facsar, Zsolt Alexander Papp - Behavioral Finance

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Rolf J. Daxhammer, Mate Facsar, Zsolt Alexander Papp

Behavioral Finance

2023

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Dedication S. 7-14

„… Theory shaped rational economic behavior ..... 21 1.1 From Traditional Finance to Emotional Finance …” „… .......................................................................................... 178 Table of Content Table of Content 11 6.2 Basis of decision-making from the perspective of …” „… ......................................................................................................... 237 9 Limited rationality during decision-making ...................................... 239 9 …”

Literature S. 373-400

„… ) The 2001 Recession - Y2K Scare, 9/11 Attack, and Beyond. The Balance. https://www.thebalance.com/2001 …” „… journal of cybernetics, systems and man-agement sciences. Vol. 49 No. 11, pp. 2651–2682. https://doi.org …” „… value of common stocks. Journal of Financial Economics Vol. 9, No. 1, pp. 3–18. https://doi.org …”

Section I − The Homo Economicus in the center of Traditional Finance S. 21-80

„… framework of →Neoclassical Economics. 1.1 From Traditional Finance to Emotional Finance The development of …” „… . One tried to combine the economic benefits 1.1 From Traditional Finance to Emotional Finance 23 of …” „… apparent. In his work “General Theory of Employment, Interest and Money", John M. Keynes9 argued that the …”

Section II Recurring speculative bubbles - triggered by the Homo Economicus Humanus S. 81-170

„… bursts or sudden price losses occur. In such moments, as was the case on 9/11, 2001 and in the days …” „… economic downturn or overheating. After 9/11 2001 and the real estate crisis in 2008, key interest rates …” „… prospects) (see Blechschmidt, 2007, pp. 11). The real strength of Behavioral Finance is shown, among other …”

Section III – The Homo Economicus Humanus within the information and decision-making process S. 171-266

„… may also lead to systematic distortions, which are discussed in detail in chapters 7 to 9. The …” „… chapter 7.1.2). Possible regrets should also be reduced by selective decision-making (see chapter 9 …” „… heuristics listed in chapters 7-9 are included (see Laux/Gillenkirch/Schenk-Mathes, 2012, p. 163): 78 …”

Section IV – Applications of Behavioral Finance and Recent Developments S. 267-360

„… third section (chapters 7-9) described the risk/return-damaging effects of heu-ristics to which the Homo …” „… regaining lost trust as it can endanger the long-term relationship with the investor.11 Application of …” „… Premium Puzzle. 11.1 Overconfidence in entrepreneurial investment decisions Chapter 8 examined in detail …”

doi.org/10.24053/9783739881195-0

Klaus Lackhoff - Banking Supervision and COVID-19

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Klaus Lackhoff (Hrsg.)

Banking Supervision and COVID-19

Reihe: Beck International

Band 2021

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Index S. 281-284

„… Administrative principles F 3, F 11, F 26, F 52 Administrative procedure F 3, F 5, F 8, F 9, F 10, F 13, F 26, F …” „… , N 50, N 115 IFRS 9 A 4, A 6-11, A 30-32, A 47, B 33 et seq Impairment N 37, N 52 Interest rates N 60 …” „… clientele G 9 Prudential backstop A 12, A 34 Prudential reporting G 10, G 11 Public disclosure G 10 Public …”

II. Impairment under IFRS 9 S. 59-61

„… , financial guarantee contracts within the scope of IFRS 9 but that are not measured at FVOCI. 11Dependant on …” „… upon initial recognition”11. 14 Indeed, the guidance to IFRS 9 states12: “The significance of a change …” „… later in this chapter. 15 IFRS 9 5.5.9, 5.5.11 and B5.5.15. 16 IFRS 9 B5.5.17 and B5.5.51. 17 IFRS 9 B …”

III. OMT and PSPP as background S. 256-259

„… over time, across asset classes and among jurisdictions.9 Moreover, the ECB decided that to the extent …” „… limit), which does not apply under the PEPP.11 6 The PEPP is a temporary measure and is envisaged to …” „… States and purchased under the OMT programme. The technical features of the OMT programme 9 Article 5 …”

II. Description of the pre-existing (Capital Requirements Regulation) CRR regime and the Commission proposal for quick fixes S. 7-15

„… Standard 9 (OJ L 323, 29.11.2016, p. 1). 20 Regulation (EU) 2017/2395. A. The reaction of the EU legislator …” „… (i) the amendments to the transitional arrangements for the phasing in of IFRS 9 accounting of …” „… the EU (available at: https://ec.europa.eu/commission/presscorner/detail/ en/ip_20_740). 9 Regulation …”

Titelei/Inhaltsverzeichnis

„… , Wilhelmstraße 9, 80801 München, Germany email: bestellung@beck.de Co-published by Hart Publishing, Kemp House …” „… , Chawley Park, Cumnor Hill, Oxford, OX2 9PH, United Kingdom online at: www.hartpub.co.uk and Nomos …” „… Verlag C.H.Beck oHG Wilhelmstr. 9, 80801 München Printed in Germany by Beltz Grafische Betriebe GmbH Am …”

I. Background S. 97-100

„… / chomage-partiel-muriel-penicaud-a-t-elle-raison-de-dire-que-six-salaries-du-prive-sur-dix-sont-payespar-letat_3970221.html). 11 Which under French law is a category of credit institution, see Article L. 511-9 …” „… keyword COVID-192 returned 1 024 results, among which 11 laws, 66 ordinances, 228 decrees or 515 orders …” „… adoption of these Ordinances. Indeed, article 11, II of the law above mentioned provides that Draft …”

I. Overview S. 148-149

„… the interested parties11. 9Banco de España decided to not to apply the suspension of administrative …” „… excluded from the scope of the suspension of administrative deadlines9. 8In addition, public sector bodies …” „… interest or for the basic operation of services12. 11With regards to the duration of the suspension of …”

II. Legal nature of the announcements made by BaFin and Bundesbank S. 115-118

„… database, prominently placed on the front page of its website;9 only some of the measures had to be, and …” „… , 29.10.2013, 63). 6 Article 9(1), subparas. 1 and 2, and Article 4(3), subpara. 1, SSMR. 7 Article 6(6) SSMR …” „… , ECLI:EU:C:2019:372. 9 An English version is available at …”

II. COVID-19 driven legislative measures implemented relevant for banks S. 149-162

„… , without the consent of the interested parties11. 9Banco de España decided to not to apply the suspension …” „… returns and self-declarations, were excluded from the scope of the suspension of administrative deadlines9 …” „… essential to protect the public interest or for the basic operation of services12. 11With regards to the …”

I. Introduction S. 269-272

„… . 267(1) TFEU. As far as the CJEU had held in the Judgement of 11 December 20188 that the PSPP-decision …” „… did not breach the principle of proportionality,9 the Bundesverfassungsgericht found that the CJEU …” „… Bank (“Bundesbank”).11 Following a transitional period of no more than three months allowing for the …”

V. Fungibility of resources and fragmentation of the playing field S. 172-175

„… revision of CRD4 being the so-called “P2R11 re-composition”. 33 Pursuant to Art. 104a para 4 of Directive …” „… SSM Regulation. 11 Pillar 2 Requirements. 12 https://www.bankingsupervision.europa.eu/press/pr/date …” „… authorities moved in line with the EU authorities. In particular, on 11 March, the Bank of England announced …”

IV. Macroeconomic forecasts S. 67-74

„… .pdf, p. 11. 55 IFRS 9 B5.5.52: “Historical information is an important anchor or base from which to …” „… provide guidance on, amongst others, the ECL requirements of IFRS 9. Its second letter, dated 4 June 2020 …” „… to the respective paragraphs of IFRS 9. After all, IFRS 9 already provides concrete solutions by …”

III. Supervisory and regulatory reliefs in reaction to corona crisis for LSIs S. 181-189

„… requirements for institutions, EBA/CP/2020/11, 9 June 2020 …” „… business often only on a local basis.11 The relevance of the sector of LSIs in euro area countries varies …” „… (ECB), 8 May 2019. 11 For details see ECB, Risk report on less significant institutions, Januar 2020 …”

I. The content of the Dividend Recommendation S. 40-43

„… addressed to significant supervised entities and significant supervised groups9 as defined in the SSM …” „… mixed financial holding company established in a participating Member State11, and (d) a branch …” „… significant supervised groups are asked to directly 8 See Section I (1) and (2) of the Recommendation. 9 See …”

IV. Conclusion S. 279-281

„… 3, R 9, R 10, R 18, R 32, R 33, R 35, R 40, R 44, R 45 Buffers A 25, A 29, B 2, B 8, B 11 et seq, B …” „… Administrative circulars Administrative principles F 3, F 11, F 26, F 52 Administrative procedure F 3, F 5, F 8 …” „… , F 9, F 10, F 13, F 26, F 31, F 33, F 34, F 35, F 37, F 42, F 51, F 56, F 58 Administrative procedure …”

II. The PEPP as temporary crisis intervention S. 255-256

„… fluctuations in the distribution of purchase flows over time, across asset classes and among jurisdictions.9 …” „… State’s overall outstanding debt (issuer limit), which does not apply under the PEPP.11 6 The PEPP is a …” „… area Member States and purchased under the OMT programme. The technical features of the OMT programme 9 …”

II. Italy’s legislative provisions on banking supervision in response to the Corona crisis S. 131-135

„… competent authority. 9Nonetheless, the legislator adopted a general emergency provision in March of 2020 …” „… institutions, financial institutions and insurance undertakings. 11Then, in May, the legislator adopted a new …” „… 2020,8 combined with Article 37 of Law Decree No 23 of 8 April 2020,9 all terms and deadlines (including …”

I. Introduction S. 23-25

„… concerning the application of the International Financial Reporting Standard (IFRS 9)7. The release of the …” „… situation. And on 27 March 2020, the ECB published a recommendation9 not to pay dividends for 2019 and 2020 …” „… the economic shock caused by the corona crisis.11 The underlying rationale is that credit institutions …”

II. The broader context at a glimpse S. 2-3

„… tourism9, gastronomy10), are struggling to survive. This raised debates about fundamental questions …” „… economic and social consequences.11 From an economic angle, the crisis also revealed the vulnerabilities of …” „… virtually all areas of production16 which may change established economic structures. The 9 …”

II. Sources of administrative law establishing time-limits for ECB supervisory procedures S. 83-89

„… laws apply. 9 Finally, a differentiation may be made between, on the one hand, time-limits applicable …” „… case law of the EU courts. 11 In this regard, in the exercise of its supervisory tasks, the ECB is …” „… equivalence and effectiveness)9, or the national procedural rules merely transpose what is already …”

III. Compatibility of public investment with State aid rules and conditionality S. 221-226

„… provide public funding to banks. 9(2) Support granted at European level? In theory, support measures may …” „… foremost affected the real economy. 11b) Eligibility of instruments of funding as own funds. In order to …” „… the United Kingdom guaranteed loans by mortgage lender Northern Rock9. Bradford and Bingley, a UK …”

III. Supervisory measures adopted by the Bank of Italy to confront the pandemic S. 135-145

„… Regulation in accordance with the EBA’s Guidelines on internal governance of 21 March 2018 (EBA/GL/ 2017/11 …” „… Provision of the Bank of Italy of 11 October 2018, issued in accordance to Article 2 (4-bis) of Legislative …” „… Decree No 11 of 27 January 2010, published in the Gazzetta Ufficiale No 252 of 29 October 2018. 38 EBA …”

I. Introduction S. 236-238

„… obliged to undertake that action.9 6Finally, the ECB, in its interactions with banking associations and in …” „… Covid-19, 31 March 2020. 9 ESRB, Recommendation of the European Systemic Risk Board of 27 May 2020 on …” „… coronavirus (COVID-19) pandemic. P. Remuneration Glasow/Schaer 237 Directive11 (CRD). In our analysis, we will …”

I. The Corona Crisis S. 1-2

„… - 2020-7?r=DE&IR=T. Lackhoff 1 tourism9, gastronomy10), are struggling to survive. This raised debates …” „… accepted in order to avoid severe economic and social consequences.11 From an economic angle, the crisis …” „… established economic structures. The 9 …”

II. Oversight of LSIs in general S. 180-181

„… significant ones.9 However, the ECB conducts only the direct supervision for SIs in the euro area, whereas the …” „… :// www.bankingsupervision.europa.eu/banking/lsi/html/index.en.html, Date of download: 22 June 2020. 9 Deutsche Bundesbank, The supervision of less significant …” „… lending business and they carry on their business often only on a local basis.11 The relevance of the …”

II. Regulatory challenges for banks during the crisis S. 196-203

„… IFRS 9 Financial Instruments, particularly in the area of risk provisions for loans and loan …” „… already lead to significantly increased IFRS 9 provision levels in Q1 and Q2. This is driven by a …” „… implementation of measures.9 9 European Central Bank (ECB), Press Release, ECB Banking Supervision provides …”

I. Introduction S. 57-59

„… contracts within the scope of IFRS 9 but that are not measured at FVOCI. 11Dependant on whether the …” „… D. IFRS 9 and the COVID-19 Pandemic* I. Introduction 1. A summary of critical issues related to IAS …” „… International Accounting Standards Board (IASB) issuing a new standard on financial instruments: IFRS 9. This …”

II. Relations with the ACPR S. 100-104

„… most active French banks22. Indeed the ECB directly supervises the 11 largest groups, with around 220 …” „… the risks may increase. 9Lastly, with regards to the protection of clientele, which is a task …” „… companies allegedly benefiting from the crisis, etc. 31 Article 11, I, 2°), a). 32 Ordonnance n° 2020-306 …”

I. Introduction S. 130-131

„… complete lockdown started on 10 March 2020, by means of the Prime Ministerial Decree of 9 March 2020 and …” „… competent authority. 9Nonetheless, the legislator adopted a general emergency provision in March of 2020 …” „… institutions, financial institutions and insurance undertakings. 11Then, in May, the legislator adopted a new …”

II. General principles S. 238-242

„… Directive11 (CRD). In our analysis, we will focus on rules as implemented in Germany, in particular …” „… remuneration: Pay for risk-adjusted performance 9 The remuneration structure and the bonus culture in the …” „… the long-term interests of the institutions. The 11 Directive 2013/36/EU of the European Parliament …”

II. Analysis of the supervisory measures taken by the ECB S. 25-34

„… temporarily below the level of capital defined in the P2G and the CCB. 9The rationale underlying this measure …” „… Article 16 of the SSM Regulation are not affected by the above announcement and remain in force. 11 The …” „… Bank of Belgium of 11 March 2020 to release the CCyB, available at www.nbb.be. 31 See Recital 80 of the …”

IV. Legislative measures S. 189-190

„… regard to regulatory technical standards for Own Funds requirements for institutions, EBA/CP/2020/11, 9 …” „… contributions to be transferred to the SRF amounts to EUR 9.2 billion.56 A postponement of this ex-ante …” „… phasing in of IFRS 9 to softening the impact of fair value accounting in times of high market volatility …”

II. Effectiveness of COVID-19-related measures S. 168-170

„… requirements 9 This list of measures illustrates the variety of different actions that ECB can apply in …” „… ) and Art 9 para 1 SSM-Regulation (regarding the extension of timelines) respectively on Art. 16 …” „… SSM-Regulation regarding the SREP 2020 procedure. 11In the information letters and press releases no dedicated …”

III. Collective assessment S. 61-67

„… 5.5.4 of IFRS 920. Paragraph B5.5.19 of IFRS 9 illustrates this point as well by adding the following …” „… : “The [30 days past due] rebuttable presumption in paragraph 5.5.11 is not an absolute indicator that …” „… ECL on a financial instrument, abiding to the requirements spelled out in the standard. IFRS 9 allows …”

III. National laws on suspending time-limits in supervisory procedures S. 89-94

„… COVID-19 Accompanying Law, which has later been amended by the 4th COVID-19 Federal Law38. Sec 1(1) of …” „… the Administrative COVID-19 Accompanying Law provides in Sec 1(1) for the suspension of time-limits in …” „… specific (“subsidiär anwendbar”). As regards those general procedure laws, Sec 1(1) of the Administrative …”

III. Overview of the individual changes pronounced for supervision S. 118-128

„… described above. 11 This administrative rather than legislative nature of MaRisk puts its application at …” „… Remuneration Regulation (Institutsvergütungsverordnung). 44 See footnote 26 and accompanying text. 45 BTO 1.1 …” „… of financial instruments under IFRS 9 in the wake of the market turmoil caused by the pandemic and …”

I. Economic Background S. 193-196

„… Boersch/Erb/Lellmann/Woyand 193 will result in a loss of around 11 percent of working hours compared to the previous year …” „… -19 on the economy 9 The corona crisis will have significant consequences for economic policy. The …” „… percent in Spain and 48 percent in Germany.6 11a) Recession and recovery. These huge economic policy …”

III. Measures addressing internal models for specific risk types S. 77-80

„… rather than model weaknesses.9 23 The Canadian Office of the Superintendent of Financial Institutions …” „… multiplier. 8 See BCBS Consolidated Framework, MAR 99.65 to 99.69. 9 https://www.federalreserve.gov/covid-19 …” „… purpose, competent authorities should be given further flexibility which would allow 11 …”

II. Addressing the impact of the COVID-19 pandemic on the solvency of banks S. 220-221

„… . 9(2) Support granted at European level? In theory, support measures may also be adopted at European …” „… . 11b) Eligibility of instruments of funding as own funds. In order to address any expected shortfall …”

II. Operational relief measures regarding internal models S. 75-77

„… investigations, while ensuring the overall prudential soundness of the supervised banks.”3 9More details on the …” „… through the current models. 2. Postponement of issuance of new internal model related decisions 11 The …”

IV. Implications for variable remuneration for performance in 2020 S. 243-250

„… 2012–10 AZR 385/11, NZA 2013, 148; see also Salomon, NZA 2015, 1089; Riesenhuber/v. Steinau-Steinrück, NZA …” „… , are appropriately documented (see Sec. 11(2) IVV). 44a) Determination of the bonus pool: regulatory …” „… -19, Bankenaufsicht, Governance, 9 April 2020. 39 BaFin, Covid-19 FAQ, Aufsichtsrechtliche und …”

II. Purposes pursued by the dividend recommendation S. 43-48

„… Journal of Accounting, Economics, and Law: A Convivium, 2020, p. 9. Part 2. The European Perspective …” „… and signalling to information-sensitive depositors. Journal of Banking & Finance, 56, 2015, pp. 1–11 …” „… Studies, 42, 2011, p. 236. 57 Biondi, Graeff, cit., p. 11, and literature referred there. 58 Ashraf …”

III. Upcoming challenges for the European banking industry in the long-run S. 203-216

„… significantly increased credit provisions with the introduction of IFRS 9 in 2018. However, it …” „… IFRS 9 figures on the one hand and risk weighted assets on the other hand. 52As outlined in the …” „… previous section, both ECB and EBA published recommendations on IFRS 9 very shortly after the crisis became …”

III. Preliminary assessment of the supervisory measures taken by the ECB S. 34-38

„… Regulation. 93 Commission Interpretative Communication of 28 April 2020 (COM(2020) 169 final), p. 2, 4 and 11 …” „… of the BCBS. Similarly, in its letter of 1 April 2020 concerning the application of IFRS 9, the ECB …”

doi.org/10.17104/9783406779282

Andreas J. Roquette, Tom Christopher Pröstler - International Construction Disputes

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Andreas J. Roquette (Hrsg.), Tom Christopher Pröstler (Hrsg.)

International Construction Disputes

Reihe: Beck International

Band 2022

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Index S. 365-372

„… 9, 10– FIDIC arbitration clause 3A 30– Form 3A 11, 12– Governing law 3A 24–26, 36, 37– Scope 3A …” „… 6B 21NEC– NEC4, NEC3 1 2, 9, 11, 14, 18, 20, 29–33,35, 37–38, 40, 66–68, 76–80, 83Negotiation 2A 2 …” „… 9.1.580; Page size: 160.00mm 240.00mmIndexAAcceleration 5B 72–76ACE 1 43Acknowledgements– Admissions 5A …”

Chapter 1: Early Claims Resolution S. 1-35

„… (Sub-Clause11.9)– Determines achievementof Completion– Assesses Defects and theirvalue (Clauses 40–45 …” „… 16:58:063B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 1EARLY CLAIMS RESOLUTIONContentmn.I. Introduction …” „… ................................................................................................ ..... 11. The need for claims resolution procedures: thecomplexity of projects …”

Chapter 4: Litigation S. 147-205

„… 17:00:523B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 4LITIGATIONA. Litigation (National)Contentmn.I …” „… ) Principle of production of evidence ................................................. 11d) Duty of …” „… 17:00:523B2 9.1.580; Page size: 160.00mm 240.00mm3. The work of the TCC …”

Chapter 5: Evidence in Construction Disputes S. 205-339

„… , Evidence in Civil Law – France, 2015, p. 11.9 Cf. Nagel/Norton, Evidence Law.10 Ibid.Chapter 5. Evidence in …” „… 17:02:583B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 5EVIDENCE IN CONSTRUCTION DISPUTESA. General …” „… 03.08.2022 17:02:583B2 9.1.580; Page size: 160.00mm 240.00mmBibliography: Abdel Wahab, Ascertaining the …”

Chapter 3: Arbitration S. 81-147

„… Arbitration, 1999, p. 31.11 Cf. infra, mn. 9.12 Born, International Commercial Arbitration, p. 251.13 Blackaby …” „… 16:59:493B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 3ARBITRATIONA. Arbitration (Commercial)Contentmn.I …” „… ................................................................................................ ..... 11. Arbitration as a means of final and binding dispute resolution..... 12. Principle of party …”

Chapter 6: The Future of Construction Disputes S. 339-365

„… resolution1 44–47Arbitration agreement– Definition 3A 9, 10– FIDIC arbitration clause 3A 30– Form 3A 11, 12 …” „… 17:03:593B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 6THE FUTURE OF CONSTRUCTION DISPUTESA. The …” „… applications to the construction industry, 1(1) Romanian Construction Law Review 35(2016); CMS, CMS Expert …”

Chapter 2: Alternative Dispute Resolution S. 35-81

„… 16:58:473B2 9.1.580; Page size: 160.00mm 240.00mmCHAPTER 2ALTERNATIVE DISPUTE RESOLUTIONA …” „… . OverviewContentmn.I. Choosing the right dispute resolution mechanism ................................. 11. Negotiation …” „… Publishing Services GmbHo:/Beck/978-3-406-76970-2/3d/02-chapter_B.3d from 03.08.2022 16:58:473B2 9 …”

doi.org/10.17104/9783406792779

Alberto Franceschi, Reiner Schulze, Michele Graziadei, Oreste Pollicino, Federica Riente, Salvatore Sica, Pietro Sirena - Digital Revolution - New Challenges for Law

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Alberto Franceschi (Hrsg.), Reiner Schulze (Hrsg.), Michele Graziadei (Hrsg.), Oreste Pollicino (Hrsg.), Federica Riente (Hrsg.), Salvatore Sica (Hrsg.), Pietro Sirena (Hrsg.)

Digital Revolution - New Challenges for Law

Reihe: Beck International

Band 2020

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E. Towards Fairness and Transparency in the Platform Economy? A First Look at the P2B Regulation (Busch) S. 57-74

„… German Hotel Association (IHA) of 12.4.2017, https://bit.ly/2UPzCu9. 11 According to a study by the …” „… 9.1.580; Page size: 160.00mm 240.00mm E. Towards Fairness and Transparency in the Platform Economy? A …” „… fairness”.3 In addition, a reference to the concept of fairness was included in Article 1(1) of the …”

F. Consent for the Processing of Personal Data and its Relationship to Contract (Schmidt-Kessel) S. 75-83

„… 9.1.580; Page size: 160.00mm 240.00mm PART 3 THE PROCESSING OF PERSONAL DATA F. Consent for the …” „… absolute one. Several provisions – in particular in articles 6 and 9 GDPR – provide controllers ex lege …” „… 12.08.2019 15:01:32 3B2 9.1.580; Page size: 160.00mm 240.00mm GDPR. Consent is a mechanism to dispose of …”

T. The Payment with Bitcoins and other Virtual Currencies – Risks, liabilities and regulatory responses (Barrière) S. 327-340

„… 9.1.580; Page size: 160.00mm 240.00mm T. The Payment with Bitcoins and other Virtual Currencies – Risks …” „… 3B2 9.1.580; Page size: 160.00mm 240.00mm not necessarily the same as the one of monetary value …” „… currencies create new possibilities, but they also create new risks. 9 Most cryptocurrencies are based on the …”

L. Certification mechanisms and liability rules under the GDPR. When the harmonisation becomes unification (Riccio/Pezza) S. 140-151

„… 9.1.580; Page size: 160.00mm 240.00mm L. Certification mechanisms and liability rules under the GDPR …” „… 9.1.580; Page size: 160.00mm 240.00mm shown, the key points to be clarified concern i) the determination …” „… for this purpose9. Notably, like 4 On this point, see Article 42(3) GDPR, requiring the certification …”

A. Digital Revolution – New Challenges for Law: Introduction (De Franceschi/Schulze) S. 1-15

„… 9.1.580; Page size: 160.00mm 240.00mm PART 1 NEW CHALLENGES AND PERSPECTIVES A. Digital Revolution – New …” „… Paris, France, on 11 November 2018, available at 11 …” „… o:/Beck/De_Franceschi/3d/Part_01.3d from 12.08.2019 15:00:31 3B2 9.1.580; Page size: 160.00mm 240.00mm particularly …”

G. The Data Protection Officer (“DPO”) (Fauvarque-Cosson) S. 84-87

„… 38.1. 9 GDPR, article 38.2. 10 GDPR, article 38.2. 11 GDPR, article 38.5. 12 GDPR, article 38.6. 13 …” „… 9.1.580; Page size: 160.00mm 240.00mm G. The Data Protection Officer (“DPO”)1 1 The regulation on the …” „… Publishing Services GmbH o:/Beck/De_Franceschi/3d/Part_03.3d from 12.08.2019 15:01:37 3B2 9.1.580; Page size …”

O. Autonomous Vehicles’ Liability: Need for Change? (Patti) S. 190-213

„… 9.1.580; Page size: 160.00mm 240.00mm O. Autonomous Vehicles’ Liability: Need for Change? I …” „… Publishing Services GmbH o:/Beck/De_Franceschi/3d/Part_05.3d from 12.08.2019 14:02:01 3B2 9.1.580; Page size …” „… The contribution aims to detect if, with respect to the full automation level of driving,11 there is a …”

M. The Right to Compensation for Breach of Data Protection Provisions in the EU Context (Riente) S. 152-168

„… / sites/edp/files/publication/11-01-14_personal_data_protection_en.pdf (access on 9th October 2018). 152 Riente Reemers …” „… 9.1.580; Page size: 160.00mm 240.00mm M. The Right to Compensation for Breach of Data Protection …” „… private sector, the public sector and the EU central bodies1. 9 In this context, the European Union …”

C. Legal Challenges of the Changing Role of Personal and Non-Personal Data in the Data Economy (Drexl) S. 19-41

„… 9.1.580; Page size: 160.00mm 240.00mm PART 2 DIGITAL ECONOMY AND THE DISRUPTION OF TRADITIONAL CONCEPTS …” „… -Mes-data-sont-à-moi-.pdf (accessed 30 September 2018). 4 See Art. 3(1) Proposal of the Commission of 9 December 2015 for a …” „… o:/Beck/De_Franceschi/3d/Part_02.3d from 12.08.2019 13:55:17 3B2 9.1.580; Page size: 160.00mm 240.00mm future digital …”

N. Risk Allocation and Liability Regimes in the IoT (Mezzanotte) S. 169-189

„… 9.1.580; Page size: 160.00mm 240.00mm PART 5 LIABILITY FOR DIGITAL PRODUCTS N. Risk Allocation and …” „… of Robots, 2013, 115. 3 EU Commission, Building a European Data Economy, COM (2017) 9 final, 14. 4 EU …” „… o:/Beck/De_Franceschi/3d/Part_05.3d from 12.08.2019 14:01:51 3B2 9.1.580; Page size: 160.00mm 240.00mm that modern …”

S. Legal Boundaries of Blockchain Technologies: Smart Contracts as Self-Help? (Möslein) S. 313-326

„… 9.1.580; Page size: 160.00mm 240.00mm S. Legal Boundaries of Blockchain Technologies: Smart Contracts as …” „… 9.1.580; Page size: 160.00mm 240.00mm irreversible.5 When coining this term in the 1990s, Nick Szabo …” „… multinational insurance company AXA are already marketing insurance policies of the kind described.9 The …”

Q. A system of governance for Artificial Intelligence through the lens of emerging intersections between AI and EU law (Mazzini) S. 245-298

„… 12.08.2019 14:03:50 3B2 9.1.580; Page size: 160.00mm 240.00mm 11In my view, both those who claim that if …” „… . 11 See the approach taken by the HLEG on AI in their Ethics Guidelines for Trustworthy AI, p. 9 and …” „… 9.1.580; Page size: 160.00mm 240.00mm PART 6 THE APPROACH OF THE EUROPEAN COMMISSION ON ARTIFICIAL …”

D. The ALI-ELI Principles for a Data Economy (Wendehorst) S. 42-56

„… 9.1.580; Page size: 160.00mm 240.00mm D. The ALI-ELI Principles for a Data Economy 1 The ‘Principles for …” „… 9.1.580; Page size: 160.00mm 240.00mm a re-ordering of the Chapters and Principles and a clearer focus …” „… Publishing Services GmbH o:/Beck/De_Franceschi/3d/Part_02.3d from 12.08.2019 13:55:25 3B2 9.1.580; Page size …”

J. Individual Human Autonomy: The Rule of Law v. the Rules of Smart Technologies and their Inherent Manipulations (Graf von Westphalen) S. 99-115

„… , supra (fn. 6), 201. 8 Lanier, supra (fn. 6), 11 seq. 9 For further details vide Aust/Ammann, Digitale …” „… 9.1.580; Page size: 160.00mm 240.00mm PART 4 BIG DATA, ARTIFICIAL INTELLIGENCE AND THE LIABILITY FOR …” „… Publishing Services GmbH o:/Beck/De_Franceschi/3d/Part_04.3d from 12.08.2019 15:04:14 3B2 9.1.580; Page size …”

R. Smart Contracts: Do we need New Legal Rules? (Weber) S. 299-312

„… 9.1.580; Page size: 160.00mm 240.00mm PART 7 BLOCKCHAIN TECHNOLOGY, SMART CONTRACTS AND VIRTUAL …” „… 3B2 9.1.580; Page size: 160.00mm 240.00mm audit transactions inexpensively, the infrastructure is …” „… techno-democratic system “governments themselves may be replaced by decentralized (autonomous) organizations”.9 2 …”

P. Protecting the Values of Consumer Law in the Digital Economy: The case of 3D-printing (Howells/Twigg-Flesner/Willett) S. 214-244

„… _05.3d from 12.08.2019 14:02:11 3B2 9.1.580; Page size: 160.00mm 240.00mm of innovation. According to …” „… preserved ((Consumer Rights Act, s.19(9)-(11)). 68 Of course, the front line seller may have remedies (based …” „… Reemers Publishing Services GmbH o:/Beck/De_Franceschi/3d/Part_05.3d from 12.08.2019 14:02:11 3B2 …”

K. Information “Truth” and Digital Solidarity (Sica/Giannone Codiglione) S. 116-139

„… 11. 9 Beginning from these premises, it is necessary therefore to add that: iii) Every form of …” „… 9.1.580; Page size: 160.00mm 240.00mm K. Information “Truth” and Digital Solidarity* I. Internet …” „… 15:04:22 3B2 9.1.580; Page size: 160.00mm 240.00mm wholly new mrdium of worldwide human communication …”

I. Digital inheritance as a legal issue S. 88-98

„… reports (to name a few: actress Rachel9, Chancellor Bismarck10, and President Mitterand11), the …” „… 15:01:39 3B2 9.1.580; Page size: 160.00mm 240.00mm 11 At the outset, it is worth emphasizing that no …” „… 9.1.580; Page size: 160.00mm 240.00mm H. Digital Inheritance I. Digital inheritance as a legal issue 1 …”

Titelei/Inhaltsverzeichnis

„… d from 12.08.2019 13:52:24 3B2 9.1.580; Page size: 160.00mm 240.00mm De Franceschi/Schulze Digital …” „… from 12.08.2019 13:52:25 3B2 9.1.580; Page size: 160.00mm 240.00mm Reemers Publishing Services GmbH …” „… o:/Beck/De_Franceschi/3d/00_Titelei.3d from 12.08.2019 13:52:25 3B2 9.1.580; Page size: 160.00mm 240.00mm Digital …”

B. Personal autonomy and the digital revolution (Graziadei) S. 16-18

„… 9.1.580; Page size: 160.00mm 240.00mm B. Personal autonomy and the digital revolution 1 The future comes …” „… and norms for safer workplaces. 9 Unfortunately, not all that was necessary was quickly in place …” „… d/Part_01.3d from 12.08.2019 15:00:38 3B2 9.1.580; Page size: 160.00mm 240.00mm matter of material …”

doi.org/10.17104/9783406759048

Wolfgang Weitnauer - International Venture Capital Terms

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Wolfgang Weitnauer (Hrsg.)

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K. China S. 199-222

„… GmbHO:/Beck/Weitnauer_978-3-406-75167-7/3d/11_Part1_K_China(final).3d from 22.03.2022 12:06:203B2 9.1.580; Page size …” „… GmbHO:/Beck/Weitnauer_978-3-406-75167-7/3d/11_Part1_K_China(final).3d from 22.03.2022 12:06:213B2 9.1.580; Page size …” „… /11_Part1_K_China(final).3d from 22.03.2022 12:06:233B2 9.1.580; Page size: 160.00mm 240.00 …”

D. Italy S. 416-454

„… _978-3-406-75167-7/3d/21_Part2_D_Italy(final).3d from 22.03.2022 12:11:003B2 9.1.580; Page size: 160.00mm 240.00mm30 …” „… _978-3-406-75167-7/3d/21_Part2_D_Italy(final).3d from 22.03.2022 12:11:003B2 9.1.580; Page size: 160.00mm 240.00mm35 …” „… _978-3-406-75167-7/3d/21_Part2_D_Italy(final).3d from 22.03.2022 12:11:003B2 9.1.580; Page size: 160.00mm 240.00mmthe …”

E. The Netherlands S. 454-503

„… _E_The-Netherlands(final).3d from 22.03.2022 12:11:583B2 9.1.580; Page size: 160.00mm 240.00mmE. The …” „… d from 22.03.2022 12:11:583B2 9.1.580; Page size: 160.00mm 240.00mm2019, JOR 2020/7, ECLI:NL:GHAMS …” „… _978-3-406-75167-7/3d/22_Part2_E_The-Netherlands(final).3d from 22.03.2022 12:11:583B2 9.1.580; Page size: 160.00mm …”

A. Austria S. 320-351

„… d from 22.03.2022 12:08:253B2 9.1.580; Page size: 160.00mm 240.00mmPART 2STANDARD FORM OF A TERM …” „… B2 9.1.580; Page size: 160.00mm 240.00mmTerm Sheet[Company Name]Series [•] Equity Financing …” „… _978-3-406-75167-7/3d/17_Part2_Term-Sheet(final).3d from 22.03.2022 12:08:253B2 9.1.580; Page size: 160.00mm 240.00 …”

J. United Kingdom S. 188-199

„… _978-3-406-75167-7/3d/11_Part1_K_China(final).3d from 22.03.2022 12:06:193B2 9.1.580; Page size: 160.00mm 240.00mmK …” „… Kingdom(final).3d from 22.03.2022 12:05:513B2 9.1.580; Page size: 160.00mm 240.00mmJ. United …” „… GmbHO:/Beck/Weitnauer_978-3-406-75167-7/3d/10_Part1_J_United Kingdom(final).3d from 22.03.2022 12:05:513B2 9.1.580; Page …”

J. United Kingdom S. 606-652

„… from 22.03.2022 12:15:023B2 9.1.580; Page size: 160.00mm 240.00mm2. Valuation11a) Pre–money/post–money …” „… Kingdom(final).3d from 22.03.2022 12:15:013B2 9.1.580; Page size: 160.00mm 240.00mmJ. United KingdomContentmn.I …” „… ............................................................................................... 11a) Pre–money/post–money valuation............................................. 11b) Dilutive effect …”

L. India S. 692-729

„… 22.03.2022 12:16:543B2 9.1.580; Page size: 160.00mm 240.00mm1.1 Where the Investor proposes to exercise any …” „… from 22.03.2022 12:16:523B2 9.1.580; Page size: 160.00mm 240.00mmL. IndiaBibliography: Taneja/Taneja …” „… ...................................................................................... 9c) Advantages and disadvantages .................................................... 10d) Equity …”

II. Addresses S. 903-910

„… 22.03.2022 12:21:003B2 9.1.580; Page size: 160.00mm 240.00mmII. AddressesAustriaAustrian Private Equity …” „… : office@avco.atAustria Wirtschaftsservice Ge-sellschaft mbHWalcherstraße 11A, 1020 Vienna, Austriaphone: + 43 1 501 75–0 …” „… 9.1.580; Page size: 160.00mm 240.00mmGermanyBundesverband Deutscher …”

C. Germany S. 34-52

„… from 22.03.2022 12:02:403B2 9.1.580; Page size: 160.00mm 240.00mmC. GermanyBibliography: Bank/Möllmann …” „… ....................................... 11. Venture capital investments.............................................................. 12 …” „… ............................................................................... 42. IPO and German stock exchange markets. ................................... 9a) Admission to the …”

N. Japan S. 765-792

„… from 22.03.2022 12:18:353B2 9.1.580; Page size: 160.00mm 240.00mmN. Japan1Bibliography: 江頭憲治郎(2021 …” „… Forum,Japanese Start-Up Financing Documents: Annotated Model Contracts, 2020]; 龍田節他(2020)『逐条解説会社法(全9巻)』 [Tatsuta …” „… et al., Text tracing manuals on the Companies Act, 9 volumes,2020]; 山下友信、神田秀樹他(2021)『会社法コンメンタール (全22 …”

F. Spain S. 503-528

„… from 22.03.2022 12:12:303B2 9.1.580; Page size: 160.00mm 240.00mmF. SpainBibliography: AEBAN, V …” „… ................................................................................................ . 111. Pre financing round investments..................................................... 11a …” „… ) Convertible loans ............................................................................ 11aa) General …”

B. France S. 351-375

„… agreement. Theinvestment structure is usually agreed as follows:9 L. 228–11 Commercial Code: ‘Upon formation …” „… from 22.03.2022 12:09:243B2 9.1.580; Page size: 160.00mm 240.00mmB. FranceBibliography: Loyer (ed …” „… and legal nature of a term sheet ............................................. 11. Legal nature …”

P. South America S. 286-307

„… _P_South-America(final).3d from 22.03.2022 12:07:573B2 9.1.580; Page size: 160.00mm 240.00mmP. South AmericaBibliography …” „… 12:07:573B2 9.1.580; Page size: 160.00mm 240.00mmI. Current figures of the South American VC market1Latin …” „… venture capitalaccording to GDP is below countries like Brazil and Colombia.0, 0,028 0,055 0,083 0,11 …”

K. China S. 652-692

„… from 22.03.2022 12:16:083B2 9.1.580; Page size: 160.00mm 240.00mmK. China1Bibliography: China Venture …” „… 13.5 2009-(2009) Min Er ZhongZi No. 3 – China Judgements Online; Supreme People’s Court 30.9 2014-(2014 …” „… MinZhong No. 671 – China Judgements Online; Shanghai Huangpu District People’s Court 11.2 2018-(2017) Hu …”

Introduction S. 1-3

„… from 22.03.2022 12:01:453B2 9.1.580; Page size: 160.00mm 240.00mmIntroduction1Venture Capital is the …” „… _978-3-406-75167-7/3d/01_Introduction(final).3d from 22.03.2022 12:01:453B2 9.1.580; Page size: 160.00mm 240.00 …” „… 22.03.2022 12:02:023B2 9.1.580; Page size: 160.00mm 240.00mmPART 1GENERAL LEGAL FRAMEWORK FOR VC …”

B. France S. 20-34

„… from 22.03.2022 12:02:203B2 9.1.580; Page size: 160.00mm 240.00mmB. FranceBibliography: Loyer (ed …” „… 22.03.2022 12:02:203B2 9.1.580; Page size: 160.00mm 240.00mmI. Current figures of the French VC market1The …” „… years).After a record EUR 2.9 bn in VC invested in 2018, 2019 had already recordedEUR 2.2 bn invested through …”

A. Austria S. 3-20

„… from 22.03.2022 12:02:023B2 9.1.580; Page size: 160.00mm 240.00mmPART 1GENERAL LEGAL FRAMEWORK FOR VC …” „… Ob 141/08f = GeS 2009, 219 (Haberer/Told); Austrian SupremeCourt (OGH) 16 June 2011, 6 Ob 99/11v …” „… ; Austrian Supreme Court (OGH) 16 November 2012,6 Ob 47/11 x.Contentmn.I. Current figures of the Austrian VC …”

C. Germany S. 375-416

„… from 22.03.2022 12:10:153B2 9.1.580; Page size: 160.00mm 240.00mmC. GermanyBibliography: Bank/Möllmann …” „… ............................................. 11. Legal nature …” „… . ............................................................................................. 7b) Conversion right. ............................................................................ 9 …”

M. Israel S. 729-765

„… from 22.03.2022 12:17:313B2 9.1.580; Page size: 160.00mm 240.00mmM. Israel1Bibliography: Foreign …” „… ............................................. 11. Legal nature …” „… ).3d from 22.03.2022 12:17:313B2 9.1.580; Page size: 160.00mm 240.00mmf) Compensatory capital …”

H. Switzerland S. 161-188

„… ).3d from 22.03.2022 12:05:273B2 9.1.580; Page size: 160.00mm 240.00mmH. SwitzerlandBibliography …” „… ausservertragliches Haftpflichtrecht), Vol. I (11th ed., Zurich 2020); Gericke,‘Vorzugsrechte des Venture Capital …” „… Capital Report, Edition No. 9 and EditionNo. 8, issued by startupticker.ch in cooperation with SECA …”

F. Spain S. 113-133

„… from 22.03.2022 12:04:253B2 9.1.580; Page size: 160.00mm 240.00mmF. SpainBibliography: AEBAN, V …” „… ................................................................................ 9III. Legal regulations of the various ‘players’ of the VC market ......... 191. Target …” „… _F_Spain(final).3d from 22.03.2022 12:04:263B2 9.1.580; Page size: 160.00mm 240.00mm(1) Dividends …”

G. Sweden S. 133-161

„… in companies that are subject to permits granted by the11 9 October 2020.12 SOU 2018:20 …” „… from 22.03.2022 12:04:553B2 9.1.580; Page size: 160.00mm 240.00mmG. SwedenBibliography: Statistik …” „… 12:04:553B2 9.1.580; Page size: 160.00mm 240.00mmIV. Legal documents of a VC investment …”

P. South America S. 850-861

„… _P_South-America(final).3d from 22.03.2022 12:19:443B2 9.1.580; Page size: 160.00mm 240.00mmP. South America1 …” „… ................................................................................................ ... 9III. Basic terms …” „… _978-3-406-75167-7/3d/32_Part2_P_South-America(final).3d from 22.03.2022 12:19:443B2 9.1.580; Page size: 160.00mm …”

M. Israel S. 244-261

„… from 22.03.2022 12:07:063B2 9.1.580; Page size: 160.00mm 240.00mmM. Israel1Bibliography: Foreign …” „… of the Israeli VC market ........................................... 11. Prominent technologies and …” „… ................................................................................... 9a) Usual legal form.............................................................................. 9 …”

G. Sweden S. 528-558

„… from 22.03.2022 12:13:043B2 9.1.580; Page size: 160.00mm 240.00mmG. SwedenBibliography: Statistik …” „… .......................................................................... 11. Legal Nature of a term sheet............................................................. 1a …” „… 22.03.2022 12:13:043B2 9.1.580; Page size: 160.00mm 240.00mm2. Right of first refusal …”

N. Japan S. 261-273

„… from 22.03.2022 12:07:233B2 9.1.580; Page size: 160.00mm 240.00mmN. Japan1Bibliography: 安宅和人(2020 …” „… digital transformation, 2020]; 龍田節他(2020)『逐条解説会社法(全9巻)』 [Tatsuta et al., Text tracing manuals on the …” „… Companies Act, 9 volumes, 2020]; 龍田節(2017)『会社法大要(第2版)』 [Tatsuta, The Companies Act, 2nd edn., 2017]; 冨山和彦 …”

E. The Netherlands S. 83-113

„… _E_The-Netherlands(final).3d from 22.03.2022 12:03:563B2 9.1.580; Page size: 160.00mm 240.00mmE. The Netherlands1 …” „… _E_The-Netherlands(final).3d from 22.03.2022 12:03:563B2 9.1.580; Page size: 160.00mm 240.00mmNJ 2005,467, ECLI:NL:HR:2005 …” „… :AT7337 (CBB/JPO); Amsterdam Court, 21 March 2007, JOR 2007/113 (Vonos); Dutch Supreme Court, 9 July …”

H. Switzerland S. 558-606

„… ).3d from 22.03.2022 12:13:533B2 9.1.580; Page size: 160.00mm 240.00mmH. SwitzerlandBibliography …” „… ausservertragliches Haftpflichtrecht), Vol. I (11th ed., Zurich 2020); Gericke,‘Vorzugsrechte des Venture Capital …” „… Capital Report, Edition No. 9 and EditionNo. 8, issued by startupticker.ch in cooperation with SECA …”

D. Italy S. 52-83

„… from 22.03.2022 12:03:143B2 9.1.580; Page size: 160.00mm 240.00mmD. Italy1Bibliography …” „… 22.03.2022 12:03:153B2 9.1.580; Page size: 160.00mm 240.00mmd) Business angels and family offices …” „… d from 22.03.2022 12:03:153B2 9.1.580; Page size: 160.00mm 240.00mmthe stock market. A third …”

L. India S. 222-244

„… from 22.03.2022 12:06:463B2 9.1.580; Page size: 160.00mm 240.00mmL. IndiaBibliography: Taneja/Taneja …” „… GmbHO:/Beck/Weitnauer_978-3-406-75167-7/3d/12_Part1_L_India(final).3d from 22.03.2022 12:06:463B2 9.1.580; Page size …” „… in FirstCry, valuing the start-up at around USD 1.9 bn.3Private equity and venture capital …”

O. USA S. 792-850

„… from 22.03.2022 12:19:263B2 9.1.580; Page size: 160.00mm 240.00mmO. USABibliography: Pitchbook …” „… ................................................................................................ . 111. Pre financing round investments..................................................... 11a …” „… 22.03.2022 12:19:273B2 9.1.580; Page size: 160.00mm 240.00mm2. Right of first refusal …”

O. USA S. 273-286

„… from 22.03.2022 12:07:363B2 9.1.580; Page size: 160.00mm 240.00mmO. USABibliography: Pitchbook …” „… _978-3-406-75167-7/3d/15_Part1_O_USA(final).3d from 22.03.2022 12:07:363B2 9.1.580; Page size: 160.00mm 240.00mmI …” „… ).3d from 22.03.2022 12:07:363B2 9.1.580; Page size: 160.00mm 240.00mmand reporting requirements of …”

I. Basic features of VC players S. 862-903

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