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Randomizing Law, Michael B. Abramowicz, Ian Ayers, Yair Listokin
Randomizing Law, Michael B. Abramowicz, Ian Ayers, Yair Listokin
GW Law Faculty Publications & Other Works
Governments should embrace randomized trials to estimate the efficacy of different laws and regulations. Just as random assignment of treatments is the most powerful method of testing for the causal impact of pharmaceuticals, randomly assigning individuals or firms to different legal rules can help resolve uncertainty about the consequential impacts of law. We explain why randomized testing is likely to produce better information than nonrandom evaluation of legal policies and offer guidelines for conducting legal experimentation successfully, considering a variety of obstacles, including ethical ones. Randomization will not be useful for all policies, but once government gains better experience with …
Shareholders As Proxies: The Contours Of Shareholder Democracy, Dalia Tsuk Mitchell
Shareholders As Proxies: The Contours Of Shareholder Democracy, Dalia Tsuk Mitchell
GW Law Faculty Publications & Other Works
This article explores the long-standing suspicion of the individual shareholder and the corresponding ambivalence about shareholder democracy as it is seen in conversations about the shareholder's role in the modern public corporation throughout the twentieth century.
The article examines two competing conceptions of the shareholder's role in the corporation: one focuses on the role of shareholders as investors, the other emphasizes the role of shareholders as potential participants in corporate management. I argue that scholars and reformers who have conceived of shareholders as investors limited the locus of shareholder democracy to the market. The writings of Louis Brandeis, Henry Manne, …