This book investigates the relationship between company law, securities markets and securities regulation. The purpose of this investigation is to try and determine whether listed companies should be treated differently by company law from other companies. The issues here raise questions about corporate governance, the relative power of regulators and markets and the effect of market forces on regulators. INDICE 1. Facts and Figures 1.1 Christoph Van Der Elst: The Equity Markets, Ownership Structures and Control: Towards an International Harmonisation? 1.2 Stefan Prigge: Recent Developments in the Market for Markets for Financial Instruments 1.3 Marco Becht: European Disclosure for the New Millennium 2. Legal Capital 2.1 Friedrich Kubler: The Rules of Capital Under Pressure of the Securities Markets 2.2 Eilis Ferran: Legal Capital Rules and Modern Securities Markets - The Case for Reform, as Illustrated by the UK Equity Markets 2.3 Marcel Kahan: Legal Capital Rules and the Structure of Corporate Law: Some Observations on the Differences Between European and US Approaches 3. Disclosure and Accounting 3.1 Karel van Hulle: Financial Disclosure and Accounting 3.2 Werner F. Ebke: The Impact of Transparency Regulation on Company Law 3.3 Peter Nobel: Audit Within the Framework of Corporate Governance 4. Corporate Governance and Shareholder Value 4.1 Guido Ferrarini: Shareholder Value and the Modernisation of European Corporate Law 4.2 Paul Davies: Shareholder Value, Company Law and Securities Markets Law: A British View 4.3 Klaus J. Hopt: Corporate Governance in Germany 4.4 Laurent Faugerolas: Impact of the Takeovers and Their Regulation on French Company Law and Practice 4.5 Christian Kirchner: Shareholder Value: A New Standard for Company Conduct 4.6 Michael Blair: Shareholder Value: A New Standard for Company Conduct 5. The Institutional Investor 5.1 Wolfgang Gerke, Matthias Bank. and Max Steiger: The Changing Role of Institutional Investors - A German Perspective 5.2 J