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Articles 1 - 19 of 19
Full-Text Articles in Law
Gandhi’S Prophecy: Corporate Violence And A Mindful Law For Bhopal, Nehal A. Patel
Gandhi’S Prophecy: Corporate Violence And A Mindful Law For Bhopal, Nehal A. Patel
Nehal A. Patel
AbstractOver thirty years have passed since the Bhopal chemical disaster began,and in that time scholars of corporate social responsibility (CSR) havediscussed and debated several frameworks for improving corporate responseto social and environmental problems. However, CSR discourse rarelydelves into the fundamental architecture of legal thought that oftenbuttresses corporate dominance in the global economy. Moreover, CSRdiscourse does little to challenge the ontological and epistemologicalassumptions that form the foundation for modern economics and the role ofcorporations in the world.I explore methods of transforming CSR by employing the thought ofMohandas Gandhi. I pay particular attention to Gandhi’s critique ofindustrialization and principle of swadeshi (self-sufficiency) …
Mindful Justice: The Search For Gandhi’S Sympathetic State After Bhopal, Nehal A. Patel
Mindful Justice: The Search For Gandhi’S Sympathetic State After Bhopal, Nehal A. Patel
Nehal A. Patel
One of the most startling examples of unmitigated disaster occurred in Bhopal, India, in 1984, when a Union Carbide pesticide plant exploded tons of methyl isocyanate into the air, killing 3800 people overnight. 30 years later, the plant site has not been remediated, and the estimated death toll from the explosion now has reached over 20,000. Disaster victims repeatedly have sought relief directly from the government. Yet, the Indian and US governments and Union Carbide have refused to provide the necessary resources for proper remediation. In this Article, I examine the state’s response to the Bhopal disaster using the thought …
After Citizens United: Extending The Liberal Revolution To The Multinational Corporation, Daniel J.H. Greenwood
After Citizens United: Extending The Liberal Revolution To The Multinational Corporation, Daniel J.H. Greenwood
Daniel J.H. Greenwood
This Article proposes several routes to reverse Citizens United, the Supreme Court case holding that corporate campaign spending is “speech” protected by the First Amendment.
The core problem of Citizens United is that corporations are illegitimate participants in our politics. Corporate law requires corporate officers to pursue the corporate interest. They are thus disqualified from considering the central political questions of a democratic capitalist country: defining the rules of the market (which define corporate interests) and balancing profit against other, more important, values.
The high road to fixing Citizens United is a constitutional amendment to extend the fundamental insights …
Puzzles In Controlling Shareholder Regimes And China: Shareholder Primacy And (Quasi) Monopoly, Sang Yop Kang
Puzzles In Controlling Shareholder Regimes And China: Shareholder Primacy And (Quasi) Monopoly, Sang Yop Kang
Sang Yop Kang
Professor Mark Roe explained that the shareholder wealth maximization norm (“the norm”) is not fit for a country with a (quasi) monopoly, because the norm encourages managers to maximize monopoly rents, to the detriment of the national economy. This Article provides new findings and counter-intuitive arguments as to the tension created by the norm and (quasi) monopoly by exploring three key corporate governance concepts that Roe did not examine—(1) “controlling minority structure” (CMS), where dominant shareholders hold a fractional ownership in their controlled-corporations, (2) “tunneling” (i.e., illicit transfer of corporate wealth to controlling shareholders), and (3) Chinese state-owned enterprises (SOEs). …
Institutional Investors In Corporate Governance, Edward B. Rock
Institutional Investors In Corporate Governance, Edward B. Rock
All Faculty Scholarship
This chapter of the Oxford Handbook on Corporate Law and Governance examines the role of institutional investors in corporate governance and the role of regulation in encouraging institutional investors to become active stewards. I approach these topics through asking what lessons we can draw from the U.S. experience for the E.U.’s 2014 proposed amendments to the Shareholder Rights Directive.
I begin by defining the institutional investor category, and summarizing the growth of institutional investors’ equity holdings over time. I then briefly survey how institutional investors themselves are governed and how they organize share voting. This leads me to two central …
An Approach To The Regulation Of Spanish Banking Foundations, Miguel Martínez
An Approach To The Regulation Of Spanish Banking Foundations, Miguel Martínez
Miguel Martínez
The purpose of this paper is to analyze the legal framework governing banking foundations as they have been regulated by Spanish Act 26/2013, of December 27th, on savings banks and banking foundations. Title 2 of this regulation addresses a construct that is groundbreaking for the Spanish legal system, still of paramount importance for the entire financial system insofar as these foundations become the leading players behind certain banking institutions given the high interest that foundations hold in the share capital of such institutions.
Avenues To Foreign Investment In China’S Shipping Industry—Have Lease Financing Arrangements And The Free Trade Zones Opened Markets For Foreign Non-Bank Investment?, Rick Beaumont
Rick Beaumont
No abstract provided.
Jobsohio: Don’T Let Progress Stand In The Way Of Progress, Patrick Martin
Jobsohio: Don’T Let Progress Stand In The Way Of Progress, Patrick Martin
Patrick Martin
In February of 2011, Governor of Ohio John Kasich signed legislation that created JobsOhio. This has been a controversial program based on the method that it was implemented and some of the rules that govern the program.it. In November of 2013, ProgressOhio, a citizens advocacy group, challenged the constitutionality of the program but the suit was dismissed by the Ohio Supreme Court for lack of standing by the plaintiffs. There has been no court decision that adjudicates the program on the merits, only on the jurisdictional standing of a party to a suit that challenged the legislation. To date, only …
The Moral Undercurrent Beneath The Regulatory Regime Of Investor Protection, Huhnkie Lee
The Moral Undercurrent Beneath The Regulatory Regime Of Investor Protection, Huhnkie Lee
Huhnkie Lee
No abstract provided.
Empirical Study Redux On Choice Of Law And Forum In M&A: The Data And Its Limits, Juliet P. Kostritsky, Wojbor Woyczynski, Harold Haller, Kyle Chen
Empirical Study Redux On Choice Of Law And Forum In M&A: The Data And Its Limits, Juliet P. Kostritsky, Wojbor Woyczynski, Harold Haller, Kyle Chen
Juliet P Kostritsky
No abstract provided.
Person, State Or Not: The Place Of Business Corporations In Our Constitutional Order, Daniel J.H. Greenwood
Person, State Or Not: The Place Of Business Corporations In Our Constitutional Order, Daniel J.H. Greenwood
Daniel J.H. Greenwood
Business corporations are critical institutions in our democratic republican market-based economic order. The United States Constitution, however, is completely silent as to their status in our system. The Supreme Court has filled this silence by repeatedly granting corporations rights against the citizenry and its elected representatives.
Instead, we ought to view business corporations, like municipal corporations, as governance structures created by We the People to promote our general Welfare. On this social contract view, corporations should have the constitutional rights specified in the text: none. Instead, we should be debating which rights of citizens against governmental agencies should also apply …
Through The Lens Of Innovation, Mirit Eyal-Cohen
Through The Lens Of Innovation, Mirit Eyal-Cohen
Mirit Eyal-Cohen
The legal system constantly follows the footsteps of innovation and attempts to discourage its migration overseas. Yet, present legal rules that inform and explain entrepreneurial circumstances lack a core understanding of the concept of innovation. By its nature, law imposes order. It provides rules, remedies, and classifications that direct behavior in a consistent manner. Innovation turns on the contrary. It entails making creative judgments about the unknown. It involves adapting to disarray. It thrives on deviations as opposed to traditional causation. This Article argues that these differences matter. It demonstrates that current laws lock entrepreneurs into inefficient legal routes. Using …
Law, Fugitive Capital, And Karl Polanyi's The Great Transformation, Walter J. Kendall Lll
Law, Fugitive Capital, And Karl Polanyi's The Great Transformation, Walter J. Kendall Lll
Walter J. Kendall lll
No abstract provided.
The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell
The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell
Evan M Purcell
No abstract provided.
Optimized Theft: Why Some Controlling Shareholders “Generously” Expropriate From Minority Shareholders, Sang Yop Kang
Optimized Theft: Why Some Controlling Shareholders “Generously” Expropriate From Minority Shareholders, Sang Yop Kang
Sang Yop Kang
Although controlling shareholder agency problems have been well studied so far, many questions still remain unanswered. In particular, an important puzzle in a bad-law jurisdiction is: why some controlling shareholders (“roving controllers”) loot the entire corporate assets at once, and why others (“stationary controllers”) siphon a part of corporate assets on a continuous basis. To solve this conundrum, this Article provides analytical frameworks exploring the behaviors and motivations of controlling shareholders. To begin with, I reinterpret Olson’s political theory of “banditry” in the context of corporate governance in developing countries. Based on a new taxonomy of controlling shareholders (“roving controllers” …
Framing Elite Consensus, Ideology And Theory And A Classcrits Response, Athena D. Mutua
Framing Elite Consensus, Ideology And Theory And A Classcrits Response, Athena D. Mutua
Journal Articles
This short paper, really a thought piece, builds upon the examination begun in the Foreword of the ClassCrits VI Symposium which sought to outline a ClassCrits critique of neoclassical economic principles. It argues that neoliberal practices, theory and ideology, built on the scaffold of neoclassical economic ideas, frame an elite consensus that makes elites feel good but which are ethically, intellectually, and structurally problematic for the social well-being of most Americans. It does so, in part, by chronicling a number of recent practices of large corporations, including for example, the practice of inversion. Again, this paper takes as its specific …
The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch
The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch
All Faculty Scholarship
The financial crisis of 2008 focused increasing attention on corporate America and, in particular, the risk-taking behavior of large financial institutions. A growing appreciation of the “public” nature of the corporation resulted in a substantial number of high profile enforcement actions. In addition, demands for greater accountability led policymakers to attempt to harness the corporation’s internal decision-making structure, in the name of improved corporate governance, to further the interest of non-shareholder stakeholders. Dodd-Frank’s advisory vote on executive compensation is an example.
This essay argues that the effort to employ shareholders as agents of public values and, thereby, to inculcate corporate …
Rediscovering Corporate Governance In Bankruptcy, David A. Skeel Jr.
Rediscovering Corporate Governance In Bankruptcy, David A. Skeel Jr.
All Faculty Scholarship
In this Essay on Lynn LoPucki and Bill Whitford’s corporate reorganization project, written for a symposium honoring Bill Whitford, I begin by very briefly describing its historical antecedents. The project draws on the insights and perspectives of two closely intertwined traditions: the legal realism of 1930s, whose exemplars included William Douglas and other participants in the SEC study; and the law in action movement at the University of Wisconsin. In Section II, I briefly survey the key contributions of the corporate governance project, which punctured the then-conventional wisdom about the treatment of shareholders in bankruptcy, managers’ principal allegiance, and many …
Liquidity, Systemic Risk, And The Bankruptcy Treatment Of Financial Contracts, Riz Mokal
Liquidity, Systemic Risk, And The Bankruptcy Treatment Of Financial Contracts, Riz Mokal
Riz Mokal