LL4G8      Half Unit
Law of Corporate Finance

This information is for the 2019/20 session.

Teacher responsible

Dr Eva Micheler (NAB 5.14), Dr Elizabeth Howell (NAB.6.05) and Mr Edmund-Philipp Schuster (NAB 6.30)


This course is available on the LLM (extended part-time), LLM (full-time), MSc in Law and Accounting 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 is capped at 90 students.

Course content

The course examines the private law rules governing how companies raise finance. The issues covered include e.g. capital structures, identifying and protecting shareholder rights, issuing shares and debt, 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 and insider dealing and market manipulation.


20 hours of lectures and 4 hours of seminars in the MT. 2 hours of lectures in the ST.

Formative coursework

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

Indicative reading

Gower and Davies, Principles of Modern Company Law, 10th edn, 2016; 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.

Key facts

Department: Law

Total students 2018/19: 110

Average class size 2018/19: 14

Controlled access 2018/19: No

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Communication
  • Specialist skills