Showing papers by "Francisco Marcos published in 2015"

Los Contratos De Adquisición De Empresas En España 2013-2014 (An Empirical Study of M&A Contracts in Spain (2013-2014))

Abstract: Spanish Abstract:A partir de una encuesta realizada entre marzo y julio de 2015 a mas de cien companias espanolas participes en las operaciones de compraventa de empresas este trabajo examina la realidad de diversas clausulas utilizadas por los operadores en esos contratos en cuestiones varias (relativas al precio, la responsabilidad del vendedor, la proteccion del comprador y la resolucion de conflictos). El estudio busca proporcionar sustento empirico a las reflexiones juridicas de caracter teorico que existen sobre el particular en nuestro pais, emulando analisis empiricos similares realizados en otras jurisdicciones.La encuesta se realizo a los directivos encargados de la negociacion de los contratos de 113 companias espanolas, obteniendose 43 respuestas validas. Las contestaciones comprenden 278 operaciones de compraventa de empresas celebradas entre 2013 y 2014. Los resultados y el analisis posterior permiten constatar la influencia angloamericana en la redaccion de los contratos sobre estas transacciones, de manera que la praxis no se aleja de la seguida en otros paises europeos y en los Estados Unidos. Aun asi, existen algunas divergencias notables sobre el grado o el nivel de utilizacion de determinadas clausulas, asi como diferencias significativas en las pautas de contratacion seguidas por las empresas de capital privado en ciertas materias.English Abstract: Based on a survey conducted between March and July 2015 to more than a hundred Spanish companies active in the Spanish MA therefore, Spanish practice does not differ much from that followed in other European countries and in the United States. Still, there are some relevant differences concerning the frequency of use frequency of some clauses, as well as meaningful divergences in the contractual patterns followed by private equity firms on certain issues.

Restricciones Públicas a La Competencia (State Restraints to Competition)

Abstract: Spanish Abstract: Uno de los retos de la politica de la competencia es hacer frente a las restricciones de la competencia provocadas o favorecidas por normas juridicas o por decisiones de los poderes publicos. Sus efectos negativos en el funcionamiento del mercado y en el bienestar de los consumidores pueden ser tan relevantes como los de las practicas anticompetitivas estrictamente privadas realizadas por las empresas.Este trabajo analiza los instrumentos juridicos existentes para prevenir y luchar contra las restricciones publicas a la competencia en Espana. Al margen de las limitaciones que el Derecho de la Union Europea introduce a estas intervenciones de los poderes publicos, a partir de la Constitucion economica este articulo examina los principios que gobiernan la admisibilidad de restricciones publicas a la competencia y los mecanismos previstos en el ordenamiento juridico espanol para informar, prevenir o reaccionar frente a ellas.English Abstract: One of the challenges of competition policy is to address the restrictions of competition caused or favored by the State through legal rules or decisions of public authorities. Its pernicious effects on the functioning of the market and on consumer welfare can equal those arising from private business anticompetitive practices.This paper analyzes existing legal tools to prevent and combat public restrictions on competition in Spain. Apart from the relevant limitations that European Union law introduces in this matter, this article analyzes the principles governing the admissibility of public restraints to competition that can be extracted from Spanish constitutional rules and the mechanisms available under Spanish law regarding information, prevention or reaction to public restraints to competition.

Entertainment Made in Spain: Competition in the Bullfighting Industry

Abstract: Controversial for many reasons, bullfighting is probably one of the most typical entertainment activities in Spain. Bullfights are an idiosyncratic spectacle belonging to the Spanish cultural tradition, but which has also a meaningful economic significance. This paper will look at the role of market forces and competition in the bullfighting industry, describing the peculiarities of its organization and looking at the many anticompetitive features that characterize it. Spanish local authorities are strongly involved in the organization of bullfights and strict and detailed public rules govern the intervening actors and the performance during the shows. Thus, the institutional framework of bullfighting heavily constrains competition conditions in the industry, setting the scenario for a limited role of market forces. Furthermore, history shows that the collective organization of different players involved (promoters, breeders, bullfighters and subordinates) in order to exert their market power has occasionally lead to anticompetitive actions and reactions. Thus, unsurprisingly, the Spanish Competition authorities have dealt with some anticompetitive behaviour by some of the players participating in the bullfighting industry.