Schaden, Kausalität und Kausalitätsbeweis beim Schadensersatzanspruch des Anlegers wegen Verletzung der ad hoc-Publizitätspflicht

If an issuer fails to publicly disclose inside information, investors may suffer—either because they traded without being fully and accurately informed or because the price was unfavourably manipulated by the aforementioned non-disclosure. However, investors’ claims for damages do not often succeed. This work analyses why that is, focusing on damages, causation and burden of proof, in particular on the relaxation of burden of proof. Using economic analysis of the law, the work evaluates to what extent the economic and the psychological prerequisites for a relaxation of burden of proof are being met. This results in a solution de lege lata, which balances the interests of issuers and investors fairly and, at the same time, strengthens the capital market’s ability to function.