In Australia, the credit crisis has generated an odd collection of legal issues. One is the difficulty of valuing investment products for which there is no longer any market. What is a board of directors to do if it simply does not know what impact market turmoil has had, or will have, on the value of the company's assets? Then there are problems arising from the dramatic decline of the equities market during 2008, such as the escalation of price decline when directors' shares are sold into the market to meet margin calls; and the rapid dissemination of rumours, and aggressive short selling to take advantage of those rumours.
Columbia University's Professor John C Coffee Jr and a group of Australian financial and legal experts came together under the auspices of the Supreme Court of New South Wales and the Law Society of New South Wales to explore such issues at a conference held in Sydney in August 2008. This book is, in part, an edited transcript of that conference. It also contains brief essays on the credit crisis.
The fifth in a series of monographs published by the Ross Parsons Centre of Commercial, Corporate and Taxation Law of the University of Sydney's Faculty of Law, this book will be of interest to lawyers, bankers and company directors, and others interested in Australian and global financial markets.
Size: 246 × 172 × 8 mm
Copyright: © 2008
Publication: 01 Jul 2008