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Why Healthcare Companies Should Be(Come) Benefit Corporations, Yaniv Heled, Liza Vertinsky, Cass Brewer 2019 Georgia State University College of Law

Why Healthcare Companies Should Be(Come) Benefit Corporations, Yaniv Heled, Liza Vertinsky, Cass Brewer

Boston College Law Review

Our healthcare system is broken. Despite spending far more on healthcare per capita than any other country, health outcomes in the United States are relatively poor. There is a pervasive disconnect within the healthcare system between private incentives to develop and provide healthcare products and services and public health needs. Mainstream proposals for how to fix the system have focused on changes in regulation, incentive schemes, consumer behavior, and competition in healthcare markets. All of these proposals share the assumption that the development and provision of healthcare products and services will remain primarily in the hands of traditional corporations and ...


Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Janis P. Sarra, Cynthia Williams 2019 Allard School of Law at the University of British Columbia

Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Janis P. Sarra, Cynthia Williams

Faculty Publications

While there are numerous strategies to be deployed to move Canada to a financially sustainable future, this study addresses two critically important issues: fiduciary obligation of corporate- and pension-fiduciaries, and national action on environmental, social and governance (“ESG”) financial disclosure, including climate-related financial risk disclosure. The Canadian economy is facing significant challenges and disruptions in the transition to a lower carbon world. Absent clear and innovative steps to ensure our corporations and financial institutions act to address carbon emissions and other environmental, social and governance risks and opportunities, we will be seriously prejudiced in a world that is rapidly moving ...


Navigating Sino-American Business Relationships, Ryan Stenquist 2019 Brigham Young University Marriott School

Navigating Sino-American Business Relationships, Ryan Stenquist

Marriott Student Review

Relationships between American and Chinese companies have never been more important or profitable as they are now. With linguistic, moral, governmental, and legal systems developed entirely independent of each other for thousands of years, these relationships also prove the most difficult and complex to navigate. This article explores mistakes foreigners often make while doing business in China, the current environment and culture of joint ventures with native Chinese, and how to succeed in the challenging yet rewarding economy now opening up to the world.


Exploring The Legal Issues Of Blockchain Applications, Nathan Fulmer 2019 The University of Akron

Exploring The Legal Issues Of Blockchain Applications, Nathan Fulmer

Akron Law Review

A decade ago, blockchain technology made its mainstream debut with the introduction of Bitcoin, a cryptocurrency that has generated a lot of buzz in the financial sector. Blockchain’s elegantly simple way of securely and reliably recording data gives the technology the power to disrupt multiple industries. Cryptocurrencies and smart contracts are blockchain’s most common applications, but it can be implemented in a variety of ways.

This article examines blockchain’s core characteristics and mechanics as they apply to its common applications like cryptocurrency and smart contracts, as well as other transactional uses. The author presents some of the ...


A New Look At Criminal Liability For Selling Dangerous Vehicles: Lessons From General Motors And Toyota, Steven B. Dow, Nan S. Ellis 2019 University of California, Hastings College of the Law

A New Look At Criminal Liability For Selling Dangerous Vehicles: Lessons From General Motors And Toyota, Steven B. Dow, Nan S. Ellis

Hastings Business Law Journal

Automobile safety is one of the most serious public health issues facing our country. In addition to the costs in terms of personal injury and death, automobile accidents cost society billions of dollars in lost productivity and medical costs. In 1966, there were over 50,000 deaths from automobile accidents. By 2015, this number had fallen to approximately 35,000 deaths and 2.4 million injuries resulting from automobile accidents. By some measures, this is a remarkable reduction that might lead us to conclude that automobile safety is no longer an important public policy concern. This article argues that automobile ...


Codification Of The Economic Substance Doctrine: Substantive Impact And Unintended Consequences, Rebecca Rosenberg 2019 University of California, Hastings College of the Law

Codification Of The Economic Substance Doctrine: Substantive Impact And Unintended Consequences, Rebecca Rosenberg

Hastings Business Law Journal

Section 7701(o) of the Internal Revenue Code of 1986 (the “Code”) imports the judicial doctrine of economic substance into statutory language. The economic substance doctrine provides that certain tax benefits can be denied if they go beyond congressional intent, even if all of the literal requirements of the Code and its regulations are met. The doctrine is perpetually controversial and has been the subject of recent litigation. This article argues that codification changed the economic substance doctrine (rather than just copying it into statutory form) and produced unintended consequences, many of which have gone unnoticed. The article analyzes the ...


Bad Behavior: Health Insurance Mega-Mergers, Jacqueline C. Lien 2019 University of California, Hastings College of the Law

Bad Behavior: Health Insurance Mega-Mergers, Jacqueline C. Lien

Hastings Business Law Journal

2015 marked the beginning of a long battle for two major health insurance companies. On July 3, 2015, health insurance giant and third largest health insurance company by revenue, Aetna, announced that it entered into an agreement to acquire the fifth largest health insurance company, Humana, for $37 billion. Following a similar timeline, on July 24, 2015, second largest, Anthem, negotiated an even bigger merger with Cigna, the fourth largest, for $54.2 billion. Officials from all four companies lauded the benefits of the mergers, stating that the synergies between the respective companies would result in enhanced health care access ...


A Peek Under The Hood: Why Lawmakers Should Strengthen The Current Dmca Exemption For Security And Safety Research Into Car Software, Holden Benon 2019 University of California, Hastings College of the Law

A Peek Under The Hood: Why Lawmakers Should Strengthen The Current Dmca Exemption For Security And Safety Research Into Car Software, Holden Benon

Hastings Business Law Journal

In the last five years, society has witnessed advancements in automobile technology that Henry Ford himself could not have dreamed. Vehicle software now allows cars to drive themselves; indeed, as of December 2017, close to four dozen vehicle manufacturers have received permits from the California Department of Motor Vehicles for autonomous testing. Many of the advancements in automobile technology involve copyright law, the primary body of law that protects computer source code. Essentially, each line of vehicle source code is protected the same way a film script is protected. Just as camera directions in the script are hidden from movie-goers ...


Competing To Cut Carbon: State Policies, Conflicts With Federally-Regulated Energy Markets, And Recommendations, Arshak Zakarian 2019 University of California, Hastings College of the Law

Competing To Cut Carbon: State Policies, Conflicts With Federally-Regulated Energy Markets, And Recommendations, Arshak Zakarian

Hastings Business Law Journal

Wholesale power markets currently face challenges from changes in federal regulations and advancements in technology, which have significantly changed the composition of energy generation sources across the United States over the last two decades. States have relied increasingly on policy to increase the presence of clean energy sources in their power mix, such as nuclear energy, due to its reliability and environmental benefits. Natural gas, wind, and solar have seen unprecedented growth in the last five years due to declining fuel source and technology costs. Utilities companies and private companies have invested significantly in infrastructure and technology research, attempting to ...


Rwu Law News: The E-Newsletter Of Roger Williams University School Of Law January 2019, Roger Williams University School of Law 2019 Roger Williams University

Rwu Law News: The E-Newsletter Of Roger Williams University School Of Law January 2019, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.


State Capture, Corporate Ownership Structure, And Institutional Reform Issues In Ethiopia- Abstract.Docx, Seid Y. Hassan 2018 Murray State University

State Capture, Corporate Ownership Structure, And Institutional Reform Issues In Ethiopia- Abstract.Docx, Seid Y. Hassan

Seid Hassan

State capture, corporate ownership structure, and institutional reform issues in Ethiopia[1]
(Working paper, incomplete)
Seid Hassan and Minga Negash[2]
Abstract: Examining the ownership structure and the methods of financing of companies provide important insights for the understanding of the type of institutional reforms in a given socio-economic environment. Much of the literature on corporate accountability in developing economies extends the legal and regulatory reforms done in richer nations and on codes provided by organized professions that in turn rely on virtue-centered ethics. More recently, the capture theory of regulation has been revisited by a number of researchers to ...


"Flaw-Backs:" Executive Compensation Clawbacks And Their Costly Flaw, Connor Douglas Maag 2018 Pepperdine University

"Flaw-Backs:" Executive Compensation Clawbacks And Their Costly Flaw, Connor Douglas Maag

The Journal of Business, Entrepreneurship & the Law

Saving money should not be expensive. Compensation “clawbacks” are a legal mechanism for companies to reclaim employee compensation, but the legislative framework is complex and disorganized. There are four primary federal claw-back provisions: Sarbanes-Oxley § 304, Dodd-Frank § 954, 12 U.S.C.A. § 5221(TARP), and Dodd-Frank § 956—as well as voluntary contractual clawback policies. This comment untangles the web of clawback legislation by overlaying each clawback mechanism to extract a single, clear, and concise description of executive compensation clawbacks, called the “Comprehensive Clawback Coverage.” The Comprehensive Clawback Coverage reveals a major flaw in the legal and regulatory framework: clawbacks increase ...


Failed Anti-Activist Legislation: The Curious Case Of The Brokaw Act, Alon Brav, J.B. Heaton, Jonathan Zandberg 2018 Pepperdine University

Failed Anti-Activist Legislation: The Curious Case Of The Brokaw Act, Alon Brav, J.B. Heaton, Jonathan Zandberg

The Journal of Business, Entrepreneurship & the Law

The Brokaw Act was proposed legislation aimed at “financial abuses being carried out by activist hedge funds who promote short-term gains at the expense of long-term growth . . . .” Sponsoring Senators named it after a small town in Wisconsin that, according to the Act’s sponsors, was decimated by the actions of a hedge fund activist in shutting down the local paper mill with a loss of hundreds of jobs. The Brokaw Act represented the first attempt at federal legislation aimed at restricting hedge fund activism. Since then, new and similar bipartisan proposals have appeared as have threats of state regulation. In ...


Fiduciary Blind Spot: The Failure Of Institutional Investors To Prevent The Illegitimate Use Of Working Americans' Savings For Corporate Political Spending, Leo E. Strine Jr. 2018 University of Pennsylvania

Fiduciary Blind Spot: The Failure Of Institutional Investors To Prevent The Illegitimate Use Of Working Americans' Savings For Corporate Political Spending, Leo E. Strine Jr.

Faculty Scholarship at Penn Law

For decades, American workers have been subjected to increasing pressure to become forced capitalists, in the sense that to provide for retirement for themselves, and to pay for college for their children, they must turn part of their income every month over to mutual funds who participate in 401(k) and 529 programs. These “Worker Investors” save for the long term, often hold portfolios that are a proxy for the entire economy, and depend on the economy’s ability to generate good jobs and sustainable growth in order for them to be able to have economic security. In recent years ...


The Problem Of Sunsets, Jill E. Fisch, Steven Davidoff Solomon 2018 University of Pennsylvania Law School

The Problem Of Sunsets, Jill E. Fisch, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

An increasing percentage of corporations are going public with dual class stock in which the shares owned by the founders or other corporate insiders have greater voting rights than the shares sold to public investors. Some commentators have criticized the dual class structure as unfair to public investors by reducing the accountability of insiders; others have defended the value of dual class in encouraging innovation by providing founders with insulation from market pressure that enables them to pursue their idiosyncratic vision.

The debate over whether dual class structures increase or decrease corporate value is, to date, unresolved. Empirical studies have ...


Are Passive Index Funds Active Owners? Corporate Governance Consequences Of Passive Investing, Giovanni Strampelli 2018 University of San Diego

Are Passive Index Funds Active Owners? Corporate Governance Consequences Of Passive Investing, Giovanni Strampelli

San Diego Law Review

The exponential rise of mutual funds designed to track stock indices has been one of the drivers behind the re-concentration of ownership of listed companies in the United States. Because of the high concentration of the passive index funds industry, the three leading passive fund managers—BlackRock, Vanguard, and State Street—make up an increasingly important component of the shareholder base of listed companies. In spite of this however, it remains questionable whether they are actually interested in playing an active role in the corporate governance of investee companies. In fact, although passive investors are, by definition, focused on the ...


Common Ownership And Coordinated Effects, Edward Rock, Daniel L. Rubinfeld 2018 NYU School of Law

Common Ownership And Coordinated Effects, Edward Rock, Daniel L. Rubinfeld

New York University Law and Economics Working Papers

With the growth of common ownership and investor engagement with portfolio firms, the possibility of adverse competitive effects of common ownership has become an important issue. To date, most of the focus has been on “unilateral” effects. In this Article, we shift the focus to the potential “coordinated” effects of common ownership and the appropriate antitrust treatment. After examining the ways in which a common owner could be a particularly effective cartel facilitator, we identify five scenarios, based on antitrust case law and enforcement experience, in which common ownership could plausibly increase the potential for coordinated conduct in concentrated markets ...


Conflicts Of Interest And Law-Firm Structure, Cassandra Burke Robertson 2018 Case Western Reserve University School of Law

Conflicts Of Interest And Law-Firm Structure, Cassandra Burke Robertson

St. Mary's Journal on Legal Malpractice & Ethics

Business and law are increasingly practiced on a transnational scale, and law firms are adopting new business structures in order to compete on this global playing field. Over the last decade, global law firms have merged into so-called “mega-brands” or “mega-firms”—that is, associations of national or regional law firms that join together under a single brand worldwide. For law firms, the most common mega-firm structure has been the Swiss verein, though the English “Company Limited by Guarantee” structure is growing in popularity as well, as is the similar “European Economic Interest Grouping.” All of these structures allow related entities ...


The Perils Of Philanthrocapitalism, Eric Franklin Amarante 2018 University of Maryland Francis King Carey School of Law

The Perils Of Philanthrocapitalism, Eric Franklin Amarante

Maryland Law Review

For over a century, philosophers, politicians, and sociologists have bemoaned philanthropy’s inherent antidemocratic, paternalistic, and amateuristic aspects. The antidemocratic nature of philanthropy is self-evident: When a wealthy person determines the best way to address a societal problem without the input of either society at large or the intended beneficiaries of the philanthropy, the result is a deficit of democracy. Philanthropy’s amateurism stems from the illogical belief that wealthy individuals ought to address some of the world’s most complex and intransigent problems simply because they successfully amassed a fortune in the private sector. The paternalism critique focuses on ...


Index Funds And The Future Of Corporate Governance: Theory, Evidence, And Policy, Scott Hirst 2018 Boston University School of Law

Index Funds And The Future Of Corporate Governance: Theory, Evidence, And Policy, Scott Hirst

Faculty Scholarship

Index funds own an increasingly large proportion of American public companies, currently more than one fifth and steadily growing. The stewardship decisions of index fund managers—how they monitor, vote, and engage with their portfolio companies can be expected to have a profound impact on the governance and performance of public companies and the economy. Understanding index fund stewardship, and how policy making can improve it, is critical for corporate law scholarship. This Article contributes to such understanding by providing a comprehensive theoretical, empirical, and policy analysis of index fund stewardship.

We begin by putting forward an agency-costs theory of ...


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