Alessio M. Pacces

Amsterdam Law School / Amsterdam Business School (ACLE)

Professor of Law and Finance

Roetersstraat 11

Amsterdam, 1018 WB

Netherlands

http://www.uva.nl/profiel/p/a/a.m.pacces/a.m.pacces.html

European Corporate Governance Institute (ECGI)

Research Member

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

http://https://ecgi.global/users/alessio-pacces

European Banking Institute

Fellow Academic Member

Frankfurt

Germany

SCHOLARLY PAPERS

34

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24,961

TOTAL CITATIONS
Rank 16,580

SSRN RANKINGS

Top 16,580

in Total Papers Citations

85

Ideas:
“  Regulating FinTech; Hedge fund activism in concentrated ownership; Supply chain liability and negative externalities; Sustainable corporate governance.  ”

Scholarly Papers (34)

1.

Civil Liability in the EU Corporate Sustainability Due Diligence Directive Proposal: A Law & Economics Analysis

European Corporate Governance Institute - Law Working Paper No. 691/2023, Amsterdam Law School Research Paper No. 2023-14, Amsterdam Center for Law & Economics Working Paper No. 2023-02, Ondernemingsrecht 2023/37, pp. 268-276
Number of pages: 16 Posted: 17 Mar 2023 Last Revised: 09 Jan 2025
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 2,542 (11,717)
Citation 9

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European Union, negative externalities, corporate groups, due diligence, limited liability, supply chain, outsourcing, causation, burden of proof

2.

Methodology of Law and Economics

Bart van Klink and Sanne Taekema (Eds.), Law and Method. Interdisciplinary research into Law (Series Politika, nr 4), Tübingen: Mohr Siebeck 2011, pp. 85-107
Number of pages: 16 Posted: 03 May 2013
Alessio M. Pacces, Louis T. Visscher and Louis T. Visscher
Amsterdam Law School / Amsterdam Business School (ACLE) and Erasmus University Rotterdam (EUR) - Erasmus School of LawErasmus University Rotterdam (EUR) - Rotterdam Institute of Law and Economics
Downloads 1,894 (18,774)

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Law and Economics, Methodology, Rational Choice Theory, Behavioural Economics, Efficiency, Market Failure

3.

The Case for an Unbiased Takeover Law (with an Application to the European Union)

Harvard Business Law Review, Vol. 4, Issue 1 (2014), pp. 85-127, ECGI - Law Working Paper No. 212, Columbia Law and Economics Working Paper No. 450, Stanford Law and Economics Olin Working Paper No. 444
Number of pages: 50 Posted: 02 May 2013 Last Revised: 22 Feb 2015
Luca Enriques, Ronald J. Gilson and Alessio M. Pacces
Bocconi University - Bocconi Law Department, Stanford Law School and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 1,594 (24,432)
Citation 9

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corporate governance, takeovers, takeover defenses, regulation of takeovers, poison pills, control contests, European takevoer regulation

Control Matters: Law and Economics of Private Benefits of Control

ECGI - Law Working Paper No. 131/2009, Rotterdam Institute of Law and Economics (RILE) Working Paper No. 2009/04
Number of pages: 50 Posted: 17 Aug 2009
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 807 (63,781)

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entrepreneurship, firm-specific investments, incomplete contracts, distribution of powers, private benefits of control, entrenchment, ownership structure, friendly takeovers, control premium, severance payments

Rethinking Corporate Law and Economics in a Theory of Private Benefits of Control

RILE Working Paper Series No. 2008/05
Number of pages: 41 Posted: 26 Mar 2008 Last Revised: 17 Jan 2009
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 617 (90,460)

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entrepreneurship, private benefits of control, entrenchment, comparative corporate governance, ownership structure, takeovers, Coase Theorem, agency costs, incomplete contracts, distribution of powers, self-dealing, control premium

5.

Regulation of Banking and Financial Markets

ENCYCLOPEDIA OF LAW AND ECONOMICS: REGULATION AND ECONOMICS, 2nd Edition, A.M. Pacces and R.J. Van den Bergh, eds., Elgar, 2012 , Rotterdam Institute of Law and Economics (RILE) Working Paper No. 2011/04
Number of pages: 49 Posted: 23 Aug 2011 Last Revised: 13 Apr 2017
Alessio M. Pacces and Dirk Heremans
Amsterdam Law School / Amsterdam Business School (ACLE) and KU Leuven - Center for Economic Studies
Downloads 1,250 (35,008)
Citation 6

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Regulation, Information, Moral Hazard, Banking, Insurance, Financial Markets, Financial Crisis, Corporate Governance, Uncertainty, Liquidity

6.

The Law and Economics of Shadow Banking

Forthcoming in Iris H. Chiu & Iain MacNeil (eds.), Research Handbook on Shadow Banking: Legal and Regulatory Aspects, Edward Elgar (2017), European Corporate Governance Institute (ECGI) - Law Working Paper No. 339/2017
Number of pages: 52 Posted: 20 Dec 2016 Last Revised: 13 Apr 2017
Alessio M. Pacces and Hossein Nabilou
Amsterdam Law School / Amsterdam Business School (ACLE) and
Downloads 1,119 (41,220)
Citation 2

Abstract:

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Shadow banking, maturity transformation, safe assets, leverage, liquidity, collateral, haircut, externalities, quantity regulation, Pigovian tax, Money Market Mutual Funds, repo, derivatives, central clearing, Qualified Financial Contracts

7.

Sustainable Corporate Governance: The Role of the Law

European Corporate Governance Institute - Law Working Paper No. 550/2020, Amsterdam Law School Research Paper No. 2020-66, Amsterdam Center for Law & Economics Working Paper No. 2020-05
Number of pages: 24 Posted: 02 Nov 2020 Last Revised: 28 Jun 2021
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 1,073 (43,793)
Citation 7

Abstract:

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negative externalities, corporate governance, institutional investors, exit v. voice, sustainable finance, investor preferences, disclosure, EU Taxonomy Regulation

The Role and the Future of Regulation in the Financial Crisis: The Uncertainty Perspective

Number of pages: 40 Posted: 12 Feb 2010 Last Revised: 23 Jul 2013
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 552 (104,173)
Citation 3

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Financial Crisis, Innovation, Maturity Transformation, Externalities, Shadow Banking, Ratings, Corporate Governance

Consequences of Uncertainty for Regulation: Law and Economics of the Financial Crisis

European Company and Financial Law Review, Vol. 4, 2010
Number of pages: 44 Posted: 01 Nov 2010 Last Revised: 16 Nov 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 443 (136,301)

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Financial Crisis, Maturity Transformation, Externalities, Shadow Banking, Credit Rating, Corporate Governance of Banks, Dodd-Frank Act, EU Financial Reform

9.

Hedge Fund Activism and the Revision of the Shareholder Rights Directive

European Corporate Governance Institute (ECGI) - Law Working Paper No. 353/2017
Number of pages: 31 Posted: 21 Apr 2017 Last Revised: 05 Jul 2017
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 982 (49,580)
Citation 2

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shareholder activism, hedge funds, agency costs, conflict of entrepreneurship, institutional investors, index funds, R&D, ESG, short-termism, Shareholder Rights Directive, asset management, financial stability

10.

An Introduction to the Law and Economics of Regulation

REGULATION AND ECONOMICS: SECOND EDITION ENCYCLOPEDIA OF LAW AND ECONOMICS, Alessio M. Pacces, Roger J. Van den Berg, eds., Cheltenham: Elgar, 2012, Rotterdam Institute of Law and Economics (RILE) Working Paper No. 2011/03
Number of pages: 37 Posted: 23 Aug 2011 Last Revised: 23 Jul 2013
Alessio M. Pacces and Roger van den Bergh
Amsterdam Law School / Amsterdam Business School (ACLE) and Erasmus University Rotterdam (EUR) - Erasmus School of Law
Downloads 916 (54,525)
Citation 8

Abstract:

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market failure, regulatory capture, litigation versus regulation, Nirvana economics, public utilities, social regulation, economic regulation, professions

11.

Will the EU Taxonomy Regulation Foster a Sustainable Corporate Governance?

European Corporate Governance Institute - Law Working Paper No. 611/2021, Amsterdam Law School Research Paper No. 2021-32, Amsterdam Center for Law & Economics Working Paper No. 2021-09, Forthcoming in Sustainability (2021)
Number of pages: 31 Posted: 11 Oct 2021 Last Revised: 11 Nov 2021
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 863 (59,163)
Citation 8

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Environmental Sustainability, Law and Economics, Securities Regulation, Corporate Governance, Institutional Investors, Greenwashing, Voice vs. Exit

12.

Uncertainty and the Financial Crisis

Journal of Financial Transformation, Vol. 29, pp. 79-93, 2010, ECGI - Law Working Paper No. 159/2010
Number of pages: 32 Posted: 04 Mar 2010 Last Revised: 24 Nov 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 849 (60,493)
Citation 5

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Securitization, Liquidity, Maturity Transformation, Externalities, Shadow Banking, Ratings, Capital Adequacy, Corporate Governance of Banks

13.

FinTech and The Law & Economics of Disintermediation

European Corporate Governance Institute - Law Working Paper No. 540/2020, Forthcoming as a chapter in The Routledge Handbook of Financial Technology and law edited by Iris Chiu and Gudula Deipenbrock, Amsterdam Law School Research Paper No. 2020-67, Amsterdam Center for Law & Economics Working Paper No. 2020-06
Number of pages: 26 Posted: 03 Sep 2020 Last Revised: 28 Jun 2021
Fatjon Kaja, Edoardo D. Martino and Alessio M. Pacces
University of Amsterdam, University of Amsterdam - University of Amsterdam Faculty of Law and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 822 (63,445)
Citation 4

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Law & economics, disintermediation, fintech, financial stability, asymmetric information.

Exit, Voice and Loyalty from the Perspective of Hedge Funds Activism in Corporate Governance

Erasmus Law Review, Vol. 9, No. 4, 2016 (pp. 199-216), European Corporate Governance Institute (ECGI) - Law Working Paper No. 320/2016
Number of pages: 45 Posted: 12 Jul 2016 Last Revised: 15 Feb 2017
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 527 (110,406)
Citation 3

Abstract:

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uncertainty, entrepreneurship, agency costs, overt and covert activism, causality in empirical research, loyalty shares, institutional investors, quasi-indexers, R&D expenditures, wolf packs, proxy advisors, shareholder voting, one-share-one-vote

Exit, Voice and Loyalty from the Perspective of Hedge Funds Activism in Corporate Governance

Erasmus Law Review, Vol. 9, No. 4, 2016
Number of pages: 18 Posted: 26 Jan 2017
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 200 (315,527)

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uncertainty, entrepreneurship, agency costs, loyalty shares, institutional investors

15.

A Strict Liability Regime for Rating Agencies

European Corporate Governance Institute (ECGI) - Law Working Paper No. 245/2014
Number of pages: 41 Posted: 15 Mar 2014
Alessio M. Pacces and Alessandro Romano
Amsterdam Law School / Amsterdam Business School (ACLE) and Bocconi University - Department of Law
Downloads 683 (80,486)
Citation 1

Abstract:

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law & economics; financial regulation; rating inflation; probability of default; crushing liability; imperfect foresight; systemic risk; structured finance

16.
Downloads 594 (96,223)
Citation 3

Controlling the Corporate Controller's Misbehaviour

RILE Working Paper Series No. 2009/01
Number of pages: 50 Posted: 14 Jan 2009 Last Revised: 18 May 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 410 (149,239)
Citation 3

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discretion and accountability, related-party transactions, enforcement, shareholder litigation, institutional investors, independent directors, disclosure, enforcement, standards of review, distribution of powers, discretion and accountability, shareholder litigation, independent directors

Controlling the Corporate Controller’s Misbehaviour

Journal of Corporate Law Studies, Vol 11, pp. 177–214, 2011
Number of pages: 47 Posted: 15 May 2010 Last Revised: 31 Aug 2011
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 184 (341,057)

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economic analysis of law, self-dealing, discretion and accountability, enforcement, shareholder litigation, institutional investors, independent directors

17.

Why Investor Protection is Not All That Matters in Corporate Law and Economics

The Icfai University Journal of Corporate and Securities Law, Vol. VI, No. 2, pp. 8-28, May 2009, RILE Working Paper Series No. 2009/03
Number of pages: 28 Posted: 22 Feb 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 576 (100,074)
Citation 1

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18.

Normative Law and Economics: Asking the Right Questions

Hamburg Law Review (Forthcoming), RILE Working Paper Series No. 2015/03
Number of pages: 21 Posted: 25 Mar 2015 Last Revised: 28 Apr 2015
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 574 (100,539)

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EAL; law & economics; Pareto efficiency; Kaldor-Hicks efficiency; wealth; welfare; redistribution; growth; uncertainty; law & finance; constitutional political economy; public choice; empirical legal studies.

19.

Controlling Shareholders and Sustainable Corporate Governance: The Role of Dual-Class Shares

European Corporate Governance Institute - Law Working Paper No. 700/2023, Amsterdam Law School Research Paper No. 2023-16, Amsterdam Center for Law & Economics Working Paper No. 2023-05
Number of pages: 40 Posted: 11 Apr 2023 Last Revised: 18 Oct 2023
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 567 (102,099)

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corporate social responsibility, innovation, climate change, Paris agreement, institutional investors, entrepreneurship, private benefits of control, dual-class shares, wedge, commitment, sunsets

20.

Featuring Control Power: Corporate Law and Economics Revisited

RePub, January 2008
Number of pages: 20 Posted: 01 Feb 2008 Last Revised: 16 Jan 2009
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 518 (114,205)

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Entrepreneurship, private benefits of control, entrenchment, comparative corporate governance, nexus of contracts, incomplete contracts, law matters, distribution of powers, one-share, one-vote, self-dealing, independent directors, shareholder suit, takeovers, control premium, mandatory bid

21.

Comparative Financial Regulation: The Analytical Framework

European Corporate Governance Institute - Law Working Paper No. 726/2023, Amsterdam Law School Research Paper No. 2023-29, Amsterdam Center for Law & Economics Working Paper No. 2023-10
Number of pages: 29 Posted: 27 Jul 2023 Last Revised: 06 Sep 2023
Edoardo D. Martino, Hossein Nabilou and Alessio M. Pacces
University of Amsterdam - University of Amsterdam Faculty of Law, and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 511 (116,121)

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Comparative Law & Economics, Financial Regulation, Banking, Capital Markets, Regulatory Convergence, Regulatory Competition

22.
Downloads 505 (117,753)

Illiquidity and Financial Crisis

University of Pittsburgh Law Review, Vol. 74, No. 3, 2013
Number of pages: 58 Posted: 19 Jan 2013
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 274 (231,467)

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uncertainty, financial crisis, expectations, securitization, haircuts, liquidity, lender of last resort, corporate governance, private benefits of control

Uncertainty, Liquidity, and Financial Crisis

RILE Working Paper No. 2011/8
Number of pages: 56 Posted: 01 Dec 2011 Last Revised: 24 Jun 2013
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 231 (274,837)

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uncertainty, financial crisis, expectations, securitization, haircuts, liquidity, lender of last resort, corporate governance, private benefits of control

23.

The Hedge Fund Regulation Dilemma: Direct vs. Indirect Regulation

William & Mary Business Law Review, Vol 6, Issue 1, 183-236 (2015)
Number of pages: 55 Posted: 10 Sep 2013 Last Revised: 17 Nov 2015
Hossein Nabilou and Alessio M. Pacces
and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 503 (118,321)
Citation 3

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Hedge Fund, Direct Regulation, Indirect Regulation, Systemic Risk, Prime Broker, Law & Economics, Rules vs. Standards

24.

The Future in Law and Finance

Erasmus Law Lecture No. 32, ECGI - Law Working Paper No. 217/2013
Number of pages: 53 Posted: 19 Jun 2013 Last Revised: 14 Apr 2017
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 483 (124,266)

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uncertainty, Keynes, financial crisis, banking, Minsky, liquidity, haircuts, lender of last resort, Basel 3, Banking Union, corporate governance, short-termism, private benefits of control

25.

Procedural and Substantive Review of Related Party Transactions (RPTs): The Case for Non-Controlling Shareholder-Dependent (NCS-Dependent) Directors

A version of this paper will appear as a chapter in Luca Enriques and Tobias Tröger, eds., The Law and Finance of Related Party Transactions (Cambridge University Press, Forthcoming), European Corporate Governance Institute (ECGI) - Law Working Paper No. 399/2018
Number of pages: 35 Posted: 07 May 2018 Last Revised: 14 May 2018
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 439 (139,347)
Citation 8

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self-dealing, corporate governance, controlling shareholders, independent directors, Majority of Minority (MOM), Transaction Cost Economics, hedge fund activism, institutional investors

26.

Shareholders Right Directive II: The Italian Implementation

Edoardo D Martino, Alessio M Pacces, Shareholders Right Directive II: the Italian Implementation. Revue Trimestrielle de Droit Financier (2) 2020, p. 43-56
Number of pages: 12 Posted: 07 Dec 2020
Edoardo D. Martino and Alessio M. Pacces
University of Amsterdam - University of Amsterdam Faculty of Law and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 322 (196,662)

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Company Law, Shareholders Right Directive, Say on Pay, Related Party Transaction, Shareholders Engagement, Italian Law, CONSOB

27.

Changing Perspectives on Corporate Law and Economics: An Introduction

THE LAW AND ECONOMICS OF CORPORATE GOVERNANCE - CHANGING PERSPECTIVES, Alessio M. Pacces, ed., Cheltenham: Elgar, 2010
Number of pages: 18 Posted: 12 Feb 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 304 (209,303)

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Delaware, Societas Privata Europaea, cross-border mergers, market for corporate control, insider trading, enforcement , investor protection, property rules and liability rules, incomplete contracts

28.

Corporate Governance of Banks: Is More Board Independence the Solution?

Dovenschmidt Quarterly, Forthcoming
Number of pages: 33 Posted: 04 May 2013
Edyta M. Dorenbos and Alessio M. Pacces
Tilburg Law School and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 294 (216,684)

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executive remuneration, independent directors, shareholder empowerment, banking, externalities, moral hazard, bail-in

29.

Corporate Governance and the Coase’s Legacy: A Reply to Henry Manne

THE LAW AND ECONOMICS OF CORPORATE GOVERNANCE - CHANGING PERSPECTIVES, Alessio M. Pacces, ed., Elgar, 2010
Number of pages: 16 Posted: 16 Feb 2010
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 285 (223,898)

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Coase Theorem, Incomplete Contracts, Authority vs. Accountability, Shareholder Empowerment, Shareholder Protection, Market for Corporate Control, Mandatory vs. Default Rules

30.

How Does Corporate Law Matter? ‘Law and Finance’ and Beyond

M. Faure & J. Smits (eds.), Does Law Matter? On Law and Economic Growth, Antwerp: Intersentia, December 2011
Number of pages: 46 Posted: 04 May 2013 Last Revised: 18 Jun 2013
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 215 (295,846)
Citation 2

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law & finance, LLSV, corporate governance, private benefits of control, entrepreneurship, investor protection

31.

From Diversity to Coordination: A European Approach to COVID19

Forthcoming, European Journal of Risk Regulation, Amsterdam Law School Research Paper No. 2020-10, Amsterdam Centre for European Law and Governance Research Paper No. 2020-01, Amsterdam Center for Law & Economics Working Paper No. 2020-02
Number of pages: 16 Posted: 15 Apr 2020 Last Revised: 17 Apr 2020
Alessio M. Pacces and Maria Weimer
Amsterdam Law School / Amsterdam Business School (ACLE) and Amsterdam Centre for European Law and Governance, University of Amsterdam
Downloads 181 (347,000)

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Coronavirus; European law; health law; free movement; cross-border externalities; political economy

32.

The Neglected Role of Justification Under Uncertainty in Corporate Governance and Finance

European Corporate Governance Institute (ECGI) - Law Working Paper No. 429/2018
Number of pages: 110 Posted: 09 Jan 2019
Claire A. Hill and Alessio M. Pacces
University of Minnesota Law School and Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 180 (350,441)
Citation 1

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Accountability, Justification, Agency cost, Hostile takeover, Hedge fund activism, Dual-class shares, Tenure voting, Systemic risk, Corporate governance, Uncertainty, Entrepreneurship, Psychology

33.

Regulation of Banking and Banks Governance: When Liquidity Drives Financial Behavior

European Journal of International Management, Vol. 6, No. 6, 2012, pp.613–629.
Number of pages: 28 Posted: 19 Jan 2013
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)
Downloads 177 (353,933)

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uncertainty, liquidity, lender of last resort, corporate governance, short-termism, private benefits of control

34.

'The Good, the Bad, and the Ugly': Private Benefits of Control and Their Regulatory Implications

Corporate Ownership and Control, Vol. 5, No. 4, pp. 477-491, Summer 2008
Posted: 29 May 2008 Last Revised: 17 Jan 2009
Alessio M. Pacces
Amsterdam Law School / Amsterdam Business School (ACLE)

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entrepreneurship, private benefits of control, entrenchment, comparative corporate governance, ownership structure, takeovers, Coase Theorem, agency costs, incomplete contracts, control premium