Alessio M. Pacces

Amsterdam Law School / Amsterdam Business School

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

Research Associate

c/o ECARES ULB CP 114

B-1050 Brussels

Belgium

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

SCHOLARLY PAPERS

26

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CITATIONS
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42

Ideas:
“  shadow banking hedge fund activism in concentrated ownership law and finance of related party transactions short-termism in corporate governance  ”

Scholarly Papers (26)

1.

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
University of Oxford Faculty of Law, Stanford Law School and Amsterdam Law School / Amsterdam Business School
Downloads 1,266 (14,892)
Citation 8

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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
Downloads 637 (39,381)
Citation 5

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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
Downloads 517 (51,769)
Citation 1

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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

3.

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 and Louis T. Visscher
Amsterdam Law School / Amsterdam Business School and Erasmus University Rotterdam (EUR) - Rotterdam Institute of Law and Economics
Downloads 910 (24,487)

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

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
Downloads 492 (55,140)
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
Downloads 386 (74,218)
Citation 5

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

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 and KU Leuven - Center for Economic Studies
Downloads 808 (28,922)
Citation 6

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

6.

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
Downloads 704 (34,940)
Citation 4

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

7.

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 and Universite du Luxembourg - Faculty of Law, Economics and Finance
Downloads 685 (36,298)
Citation 7

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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

8.

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
Downloads 629 (40,656)
Citation 3

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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

9.

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 and Erasmus University Rotterdam (EUR) - Erasmus School of Law
Downloads 603 (43,032)

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

10.

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 and Yale Law School
Downloads 547 (48,762)

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

11.

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
Downloads 505 (53,963)

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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
Downloads 384 (74,674)
Citation 1

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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
Downloads 65 (342,622)

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

13.
Downloads 433 ( 65,288)
Citation 6

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
Downloads 278 (107,501)
Citation 5

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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
Downloads 155 (188,180)
Citation 2

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

14.

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
Downloads 417 (68,293)
Citation 3

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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

15.

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
Downloads 408 (70,200)

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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

16.
Downloads 401 ( 71,607)

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
Downloads 212 (141,666)

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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
Downloads 189 (157,900)

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

17.

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
Universite du Luxembourg - Faculty of Law, Economics and Finance and Amsterdam Law School / Amsterdam Business School
Downloads 298 (100,228)
Citation 2

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

18.

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
Downloads 256 (117,774)
Citation 2

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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

19.

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
Downloads 231 (130,714)

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

20.

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
Downloads 217 (138,862)

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

21.

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
Downloads 152 (191,009)

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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.

22.

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
Downloads 142 (201,902)
Citation 5

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

23.

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
Downloads 113 (240,567)
Citation 2

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

24.

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
Downloads 86 (288,453)

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

25.

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
Downloads 47 (393,693)

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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

26.

'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

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