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Full-Text Articles in Law
The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman
The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman
Fordham Journal of Corporate & Financial Law
For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders based on widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to be completed.
In this Article, we propose to end the problem of discretionary judicial valuation by tracing …
Money Creation And Bank Clearing, Nadav Orian Peer
Money Creation And Bank Clearing, Nadav Orian Peer
Fordham Journal of Corporate & Financial Law
Like many other countries, the U.S. money supply consists primarily of deposits created by private commercial banks. How we understand bank money creation matters enormously. We are currently witnessing a debate between two competing understandings. On the one hand, a long-standing conventional view argues that bank money creation originates in individual market transactions. Based on this understanding, the conventional view narrowly limits the scope of banking regulation to market failure correction. On the other hand, authors in a new legal literature emphasize the public aspects of bank money creation, characterizing it as a “public franchise,” a “public-private partnership,” and part …