Hans Bernd-Schäfer
Professor of Economics, Law Faculty and Economics Faculty, University of Hamburg; Director of the Institute of law and Economics University of Hamburg Institute of Law and Economics

e-mail: schaefer@uni-hamburg.de. I would like to thank the participants of the Cegla workshop at the Tel Aviv University Faculty of Law for their helpful comments, in particular, Ariel Porat and my commentator Alon Klement. Thanks go also to Peter Behrens, Heribert Hirte, Klaus J. Hopt, Johannes Kondgen, and Gerald Spindler, as well as to my assistant Malte Laub. The idea for this paper was developed over the course of a series of conversations with Hein Kotz. All errors are entirely the author's responsibility. My special thanks go to Dana Rothman for the improvement of the English text.