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Full-Text Articles in Business
Message In Mortgage: What Dodd-Frank's 'Qualified Mortgage' Tells Us About Ourselves, David Reiss
Message In Mortgage: What Dodd-Frank's 'Qualified Mortgage' Tells Us About Ourselves, David Reiss
Faculty Scholarship
No abstract provided.
Dispersed Ownership: The Theories, The Evidence, And The Enduring Tension Between "Lumpers" And "Splitters", John C. Coffee Jr.
Dispersed Ownership: The Theories, The Evidence, And The Enduring Tension Between "Lumpers" And "Splitters", John C. Coffee Jr.
Faculty Scholarship
This article argues that dispersed ownership resulted less from inexorable forces and more from private ordering. Neither legal nor political conditions mandated or prevented the appearance of dispersed ownership. Rather, entrepreneurs, investment bankers, and investors — all seeking to maximize value — sometimes saw reasons why selling control into the public market would maximize value for them. But when and why? That is the article's focus. It argues that law played less of a role than specialized intermediaries — investment banks, securities exchanges, and other agents — who found it to be in their self-interest to foster dispersed ownership and …