The Law of Corporate Finance: General Principles and EU Law: Volume III: Funding, Exit, Takeovers

2.3 Forms of Funding, Funding Mix, Ancillary Services 11 In economics, retentions can be defined as the difference between post- ...

12 2 Funding: Introduction ments can be defined through three key characteristics: (1) pooling of assets (ei- ther cash-based or ...

2.4 Legal Risks Inherent in Funding Transactions 13 In the capital market, listed companies have for various reasons used share- ...

14 2 Funding: Introduction First, there is thus a general risk of not having access to sufficient funding. This risk is increase ...

2.4 Legal Risks Inherent in Funding Transactions 15 the asset is leased from a financial intermediary that acts as a specialised ...

16 2 Funding: Introduction This means that it is important to the firm to manage outgoing information (for the distinction betwe ...

2.5 Particular Remarks on the Subprime Mortgage Crisis 17 insufficient effort (the investor may invest too little in the provis ...

18 2 Funding: Introduction banks to set aside capital. Banks looked for ways around the minimum capital rules by shifting assets ...

2.6 Funding Transactions and Community Law 19 IKB did not formally own the conduit (because IKB wanted to keep the conduit off i ...

3 Reduction of External Funding Needs 3.1 Introduction The firm can influence its external funding needs in many ways. The firm ...

22 3 Reduction of External Funding Needs 3.2 Retained Earnings.................................................................. ...

3.3 Management of Capital Invested in Assets 23 streams. Factoring and securitisation can be said to belong to this category, an ...

24 3 Reduction of External Funding Needs ognised).^2 An entity that derecognises a financial asset in its entirety includes the ...

3.3 Management of Capital Invested in Assets 25 Transfer of risks and rewards of ownership. It is not possible to derecognise an ...

26 3 Reduction of External Funding Needs Germany is the largest leasing market in Europe, followed by the UK and Italy. It has b ...

3.3 Management of Capital Invested in Assets 27 Leasing is always based on a contract between the lessor and the lessee. The les ...

28 3 Reduction of External Funding Needs There are nevertheless some international conventions in this area,^22 in particu- lar ...

3.3 Management of Capital Invested in Assets 29 the legal background rules, the lessor as the owner of the asset typically carri ...

30 3 Reduction of External Funding Needs cient to justify the lessor’s expenditure, in terms both of capital repayment and of in ...

3.3 Management of Capital Invested in Assets 31 On the other hand, the lessee is not the owner of the asset. The lessee cannot s ...