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Dr Eva Micheler and Mr Edmund-Philipp Schuster

This course is available on the LLM (extended part-time), LLM (full-time) and University of Pennsylvania Law School LLM Visiting Students. This course is available with permission as an outside option to students on other programmes where regulations permit.

This course has a limited number of places and demand is typically high. This may mean that you’re not able to get a place on this course.

The course examines the private law rules governing how companies raise finance. The issues covered include e.g. capital structures, an introduction to basic finance concepts relevant to understanding the legal rules covered, the rules on raising equity capital, initial legal capital and alternatives, dividends, reduction of capital and share buy-backs, property rights in shares, the settlement and holding of securities including through distributed ledger (blockchain) technology.

This course will have 20 hours of teaching content in Michaelmas Term. There will be a Reading Week in Week 6 of Michaelmas Term.

Students will have the opportunity to write a formative essay. All students are strongly encouraged to write at least one essay.

Gower, Principles of Modern Company Law, 11th edn, 2021; Eilis Ferran and Look Chan Ho, Principles of Corporate Finance Law, 2014, Eva Micheler, Interests in Securities, 2007.

Exam (100%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.