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Business Organizations Law

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2005

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Articles 1 - 30 of 141

Full-Text Articles in Law

The Exit Structure Of Venture Capital, D. Gordon Smith Dec 2005

The Exit Structure Of Venture Capital, D. Gordon Smith

Faculty Scholarship

Venture capital contracts contain extensive provisions regulating exit by the venture capitalists. In this Article, Professor Smith employs financial contracting theory in conjunction with original data collected from 367 venture-backed companies to analyze these exit provisions. He concludes that the combination of exit provisions in a typical venture capital relationship serves to lock venture capitalists into the investment during the initial stage. In later stages of the relationship, the venture capitalists acquire increasing control over exit by securing additional seats on the board of directors and by obtaining contractual exit rights. The result is a sophisticated transfer of control from ...


Capital Requirements In United States Corporation Law, Richard A. Booth Dec 2005

Capital Requirements In United States Corporation Law, Richard A. Booth

Working Paper Series

This paper focuses on corporation law in the United States as it relates to capital contributions and capital maintenance. In other words, the paper addresses the provisions of corporation law relating to (1) the obligation of investors to contribute to the corporation a specified amount of capital and (2) the obligation of the corporation to maintain a specified amount of capital (and not to pay it back to the stockholders in the form of dividends or payments to repurchase or redeem shares). Traditionally, the amount of capital that must be contributed to and maintained by a corporation is called the ...


Heights Of Justice (Introduction And Front Matter), Lawrence A. Cunningham Dec 2005

Heights Of Justice (Introduction And Front Matter), Lawrence A. Cunningham

Boston College Law School Faculty Papers

In this pioneering book, Boston College Law School’s Academic Dean, Lawrence Cunningham, arranges selected contributions of his faculty’s scholarship into a meditation upon justice. The book weaves a combination of theory and practice to articulate moral and ethical values that facilitate rational application of law. It envisions legal arrangements imbued with commitments of the Jesuit tradition, including the dignity of persons, the common good and compassion for the poor. This reflective collection of inquiry evokes a signature motif of the BC Law faculty in dozens of different legal subjects. Materials downloadable from this abstract consist of: Table of ...


Capital Requirements In United States Corporation Law, Richard A. Booth Marbury Research Professor Of Law Dec 2005

Capital Requirements In United States Corporation Law, Richard A. Booth Marbury Research Professor Of Law

Faculty Scholarship

This paper focuses on corporation law in the United States as it relates to capital contributions and capital maintenance. In other words, the paper addresses the provisions of corporation law relating to (1) the obligation of investors to contribute to the corporation a specified amount of capital and (2) the obligation of the corporation to maintain a specified amount of capital (and not to pay it back to the stockholders in the form of dividends or payments to repurchase or redeem shares). Traditionally, the amount of capital that must be contributed to and maintained by a corporation is called the ...


Share Price As A Poor Criterion For Good Corporate Law, Lynn A. Stout Dec 2005

Share Price As A Poor Criterion For Good Corporate Law, Lynn A. Stout

Cornell Law Faculty Publications

Academics, reformers, and business leaders all yearn for a single, objective, easy-to-read measure of corporate performance that can be used to judge the quality of public corporation law and practice. This collective desire is so powerful that it has led many commentators to grab onto the first marginally plausible candidate: share price.

Contemporary economic and corporate theory, as well as recent business history, nevertheless warn us against unthinking acceptance of share price as a measure of corporate performance. This Essay offers a brief reminder of some of the many reasons why stock prices often fail to reflect true corporate performance ...


Spare The Rod, Spoil The Director? Revitalizing Directors' Fiduciary Duty Through Legal Liability, Lisa M. Fairfax Nov 2005

Spare The Rod, Spoil The Director? Revitalizing Directors' Fiduciary Duty Through Legal Liability, Lisa M. Fairfax

Faculty Scholarship

It appears that our society has tacitly agreed to spare corporate directors any significant legal liability—which includes both financial and incarceration—for failing to perform their duties as board members. Thus, over the last twenty years, there has been a virtual elimination of legal liability—particularly in the form of financial penalties—for directors who breach their fiduciary duty of care. This is true despite the fact that we entrust directors with the awesome responsibility of monitoring all of America's corporations as well as the officers and agents within those corporations. More surprisingly, this tacit agreement against legal ...


The Corporate Form As A Solution To A Discursive Dilemma, Edward B. Rock Oct 2005

The Corporate Form As A Solution To A Discursive Dilemma, Edward B. Rock

Faculty Scholarship at Penn Law

I examine the connection between the discursive dilemma and corporate law. The discursive dilemma (or doctrinal paradox) is a distinctive social choice problem that was first identified by Kornhauser and Sager and later used as the basis for a theory of organizational personality by Pettit. I examine the ways in which the corporate form prevents the emergence of the discursive dilemma in the firm context and the extent to which the presence of the discursive dilemma can provide the foundation for a theory of corporate personality.


Economic Efficiency And The Parameters Of Fairness: A Marriage Of Marketplace Morals And The Ethic Of Care, Barbara Ann White Oct 2005

Economic Efficiency And The Parameters Of Fairness: A Marriage Of Marketplace Morals And The Ethic Of Care, Barbara Ann White

All Faculty Scholarship

This article provides resolutions to a number of conundrums that have vexed policy-makers and scholars for some decades. The most significant conclusion is that efficiency and fairness concerns do not conflict but rather mutually support each other in the goal of maximizing social welfare. This is contrary to the more widely-held view by both advocates of law and economic reasoning and those favoring deontological concerns that a trade-off between fairness and efficiency is inevitable. This article demonstrates how the coalescence of the two frameworks, the cultivation of fairness with law and economics' efficiency maximization, yields greater enhancements of social welfare ...


The Fair Value Of Cornfields In Delaware Appraisal Law, Lawrence Hamermesh, Michael L. Wachter Oct 2005

The Fair Value Of Cornfields In Delaware Appraisal Law, Lawrence Hamermesh, Michael L. Wachter

Faculty Scholarship at Penn Law

The Delaware Supreme Court’s opinions in Weinberger and Technicolor have left a troublesome uncertainty in defining the proper approach to the valuation of corporate shares. That uncertainty – increasingly important as going private mergers become more frequent – can be resolved by a blend of financial and doctrinal analysis. The primary problem—the potential opportunism by controlling shareholders in timing going private mergers—can be addressed by a more complete understanding of corporate finance. The definition of fair value must include not only the present value of the firm’s existing assets, but also the future opportunities to reinvest free cash ...


Migrating Lawyers And The Ethics Of Conflict Checking, Paul R. Tremblay Sep 2005

Migrating Lawyers And The Ethics Of Conflict Checking, Paul R. Tremblay

Boston College Law School Faculty Papers

Lawyers often leave a practice setting and move to a new practice as their career paths advance or change. The incidence of lawyer migration has increased dramatically in the past decade, as law firms recruit more lateral hires and offer fewer partnership opportunities to their associates. As a lawyer prepares to change employment settings, her prospective new law firm asks her about the clients she has represented in the past. The new law firm must insist on this information, for without it the firm could not screen for possible conflicts of interest. Were the firm to hire a lawyer without ...


Is Forum-Shopping Corrupting America's Bankruptcy Courts? Review Of Lynn M. Lopucki, "Courting Failure: How Competition For Big Cases Is Corrupting The Bankruptcy Courts", Todd J. Zywicki Aug 2005

Is Forum-Shopping Corrupting America's Bankruptcy Courts? Review Of Lynn M. Lopucki, "Courting Failure: How Competition For Big Cases Is Corrupting The Bankruptcy Courts", Todd J. Zywicki

George Mason University School of Law Working Papers Series

In his new book, Courting Failure: How Competition for Big Cases is Corrupting the Bankruptcy Courts, Professor Lynn LoPucki’s book argues that that current bankruptcy venue rules have spawned an improper “competition for big cases” that has “corrupted” America’s bankruptcy courts. LoPucki argues that this competition has harmed the bankruptcy system and the economy, transferring wealth from creditors and employees to incumbent management and bankruptcy professionals. He also argues that the competition that has corrupted the American bankruptcy system is being replicated internationally, resulting in a similar competition and similar harm on the global stage.

This essay reviews ...


Regulating Section 527 Organizations, Gregg D. Polsky, Guy-Uriel E. Charles Aug 2005

Regulating Section 527 Organizations, Gregg D. Polsky, Guy-Uriel E. Charles

Scholarly Works

In this Essay, we consider whether the Federal Election Commission (FEC) has the authority to regulate independent 527 organizations (e.g., Swiftboat Veterans for Truth, Moveon.org, etc.) as political committees under the Federal Election Campaign Act. This issue, which was hotly debated during the last election cycle when it was considered and ultimately tabled by the FEC, is an extremely complex one that requires a deep understanding of election, tax, administrative, and constitutional law. After considering how these areas of law intersect, we conclude that the FEC lacks the authority to regulate independent 527 organizations as political committees.


Extraterritorial Courts For Corporate Law, Henry Hansmann, Jens Dammann Aug 2005

Extraterritorial Courts For Corporate Law, Henry Hansmann, Jens Dammann

Faculty Scholarship Series

A central goal in devising a system of courts is to make judicial services easily accessible. As a consequence, justice is usually administered in a geographically decentralized fashion: trial courts are distributed across the territory in which the jurisdiction’s law is applied. Corporate law, however, does not fit this pattern: courts are often located far away from the companies subject to their jurisdiction. In particular, Delaware law governs most publicly-traded firms in the U.S., and is now extending its reach to encompass corporations headquartered around the globe. But Delaware courts are located only in Delaware. Consequently, there is ...


Why Defer To Managers? A Strong-Form Efficiency Model, Richard E. Kihlstrom, Michael L. Wachter Jul 2005

Why Defer To Managers? A Strong-Form Efficiency Model, Richard E. Kihlstrom, Michael L. Wachter

Faculty Scholarship at Penn Law

We compare the efficiency with which management discretion and shareholder choice regulate hostile tender offers. This is the first paper in a long running debate that rigorously compares these legal rules to analyze both the critical informational assumptions and the interplay of those assumptions with principles of financial market efficiency. A critical innovation of our model is its focus on an informed management’s choice among alternative corporate policies under the protection of the business judgment rule, but where agency costs exist. We assume that corporate assets and reinvestment opportunities are efficiently priced by financial markets, but that markets never ...


Slides: Forestry On The Yakama Reservation: The Balancing Of Natural Resources Management, Philip Rigdon Jun 2005

Slides: Forestry On The Yakama Reservation: The Balancing Of Natural Resources Management, Philip Rigdon

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Philip Rigdon, Yakama Nation, Toppenish, WA

64 slides


Slides: Funding For Acquisitions: Creative And Emerging Mechanisms To Tap Private Funds, Peter R. Stein Jun 2005

Slides: Funding For Acquisitions: Creative And Emerging Mechanisms To Tap Private Funds, Peter R. Stein

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Peter R. Stein, General Partner, The Lyme Timber Company, Hanover, NH

9 slides


Slides: The Downhill Lever Of Current Forest Finance, Tom Tuchmann Jun 2005

Slides: The Downhill Lever Of Current Forest Finance, Tom Tuchmann

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Tom Tuchmann, US Forest Capital, Portland, OR

6 slides


Slides: Long Term Management Of Community Forests: Some Eomf Partner Perspectives, Brian Barkley Jun 2005

Slides: Long Term Management Of Community Forests: Some Eomf Partner Perspectives, Brian Barkley

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Brian Barkley, Ontario Model Forest, Canada

18 slides


Slides: Sustainable Forest Management Of Community Forest Lands: It's A Matter Of Balance, Dave Epperly Jun 2005

Slides: Sustainable Forest Management Of Community Forest Lands: It's A Matter Of Balance, Dave Epperly

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Dave Epperly, St. Louis County Forest, MN

28 slides


Slides: Forest Grove Municipal Watershed: Using Citizen Involvement To Break Gridlock, Scott Ferguson Jun 2005

Slides: Forest Grove Municipal Watershed: Using Citizen Involvement To Break Gridlock, Scott Ferguson

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Scott Ferguson, City of Forest Grove, OR

23 slides


Slides: Long Term Forest Management: Creating A Forest Management Plan, Don Johnson Jun 2005

Slides: Long Term Forest Management: Creating A Forest Management Plan, Don Johnson

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Don Johnson, Forest Land Improvement, Inc., NH town forests

51 slides


Slides: New England Forestry Foundation: Private Forests For The Public Good Since 1944, Frank Reed Jun 2005

Slides: New England Forestry Foundation: Private Forests For The Public Good Since 1944, Frank Reed

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Frank Reed, New England Forestry Foundation

9 slides


Slides: Palmetto-Peartree Preserve: Community Forestry In Eastern North Carolina, Mikki Sager Jun 2005

Slides: Palmetto-Peartree Preserve: Community Forestry In Eastern North Carolina, Mikki Sager

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Mikki Sager, Palmetto-Peartree Preserve, NC

17 slides


Slides: Changes In Timberland Ownership, Peter R. Stein Jun 2005

Slides: Changes In Timberland Ownership, Peter R. Stein

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Peter R. Stein, General Partner, The Lyme Timber Company, Hanover, NH

14 slides


Slides: Overview Of Funding Sources: Land And Water Conservation Fund Act (Lwcf) 1965 (Includes Forest Legacy And Other Cooperative Conservation Programs) And Federal Land Transaction Facilitation Act Of 2000 (Fltfa Aka The "Baca" Act), Dick Todd Jun 2005

Slides: Overview Of Funding Sources: Land And Water Conservation Fund Act (Lwcf) 1965 (Includes Forest Legacy And Other Cooperative Conservation Programs) And Federal Land Transaction Facilitation Act Of 2000 (Fltfa Aka The "Baca" Act), Dick Todd

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Dick Todd, Bureau of Land Management, OR

11 slides


Slides: Community Outreach, Tom Tuchmann Jun 2005

Slides: Community Outreach, Tom Tuchmann

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Tom Tuchmann, US Forest Capital, Portland, OR

10 slides


Slides: Ecotrust Forests, Bettina Von Hagen Jun 2005

Slides: Ecotrust Forests, Bettina Von Hagen

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Bettina Von Hagen, Ecotrust Forests, OR

25 slides


Slides: Public Funding Sources In Mt: State Funding Sources, 3 Partnerships Examples, Alan Wood Jun 2005

Slides: Public Funding Sources In Mt: State Funding Sources, 3 Partnerships Examples, Alan Wood

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Alan Wood, MT Department of Fish, Wildlife and Parks, Helena, MT

12 slides


Community Forests: A Perspective, Robert Mccullough Jun 2005

Community Forests: A Perspective, Robert Mccullough

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

22 pages.

"Robert McCullough teaches in the University of Vermont Graduate Program in Historic Preservation. He wrote The Landscape of Community: Communal Forests in New England."


Slides: City Of Arcata Community Forest, Mark André Jun 2005

Slides: City Of Arcata Community Forest, Mark André

Community-Owned Forests: Possibilities, Experiences, and Lessons Learned (June 16-19)

Presenter: Mark André, Arcata, CA, Community Forest

42 slides