on the role of the regulatory competition on corporate law for more than one decade. A Comparative Bibliography In the United States legal academia, corporate law is conventionally said to be the product of a "race" among states to attract incorporations by making their corporate laws attractive to those who choose where to incorporate. Given that it has long been possible to incorporate in one state while doing business primarily in other states, US states have rarely been able or willing to use law tied to where a firm is incorporated to regulate or constrain corporations or those who run them. However, U.S. states have long regulated corporations with other laws (e.g., environmental laws, employment laws) that are not tied to where a firm is incorporated, but are based on where a firm does business. From the "race" to attract incorporations, Delaware has emerged as the winner, at least among publicly traded corporations. The corporate franchise tax accounts for between 15% and 20% of the state's budget. In Europe, regulatory competition has long been prevented by the real seat doctrine prevailing in private international law of many EU and EEA member countries, which essentially required companies to be incorporated in the state where their main office was located. However, in a series of cases between 1999 and 2003 (Centros Ltd. vs. Erhvervs- og Selskabsstyrelsen, Überseering BV v Nordic Construction Company Baumanagement GmbH, Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd.), the European Court of Justice has forced member states to recognize companies chartered in other member states, which is likely to foster regulatory competition in European company law. For instance, in 2008, Germany adopted new regulations on the GmbH (Limited Liability Company), allowing the incorporation of Limited Liability Companies [UG (haftungsbeschränkt)] without a minimum capital of EUR 25,000 (though 25% of earnings have to be retained until this threshold is reached). Labour law Countries may, for instance, seek to attract foreign direct investment by enacting a lower minimum wage than other countries, or by making the labor market more flexible. International Transport Workers Federation v Viking Line ABP or The Rosella [2008] IRLR 143 (C-438/05 Taxation Tax competition Environmental law Legal scholars often cite environmental law as a field in which regulatory competition is particularly likely to produce a “race to the bottom” due to the externalities produced by changes in any individual state's environmental law. Because