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Articles 31 - 60 of 335
Full-Text Articles in Law
A Director's Good Faith, Elizabeth A. Nowicki
A Director's Good Faith, Elizabeth A. Nowicki
Buffalo Law Review
No abstract provided.
No Imagination: The Marginal Role Of Narrative In Corporate Law, Mae Kuykendall
No Imagination: The Marginal Role Of Narrative In Corporate Law, Mae Kuykendall
Buffalo Law Review
No abstract provided.
Controlling Executive Compensation Through The Tax Code, Gregg D. Polsky
Controlling Executive Compensation Through The Tax Code, Gregg D. Polsky
Scholarly Works
This article analyzes Internal Revenue Code § 162(m), which in general denies public companies a deduction for annual non-performance-based compensation in excess of $1,000,000 paid to senior executive officers. Congress enacted § 162(m) with the intent to reduce the overall level of executive compensation and to influence the composition of executive compensation in favor of components that are more sensitive to firm performance. Notably, § 162(m) represents the most direct Congressional effort to influence executive compensation design. In light of recent events, Congress is being called upon to once again address the perceived problem of overgenerous executive pay packages. Accordingly, …
New Principles For Company Law, Kent Greenfield
The Nireco Poison Pill: The Impact Of A Court Injunction, Toshihiko Shimizu, Toshihiro Igi, Christopher J. Kodama
The Nireco Poison Pill: The Impact Of A Court Injunction, Toshihiko Shimizu, Toshihiro Igi, Christopher J. Kodama
Washington International Law Journal
The emergence of a market for corporate control in Japan is a phenomenon that many commentators on Japan’s business and legal environs had been anticipating since the turn of the new millennium. A gradual decline in corporate crossshareholding and stable shareholding by financial institutions along with a concomitant increase in foreign and individual shareholders, a significant number of inefficient firms still being affected by Japan’s prolonged recession until recent years and trading at prices below their market value, and Commercial Code revisions making the legal environment more conducive to merger and acquisition activity and providing for more flexible restructuring mechanisms, …
Show Me The Money: The Thompson Memo, Stein, And An Employee's Right To The Advancement Of Legal Fees Under The Mcnulty Memo, John Power
Washington and Lee Law Review
No abstract provided.
The Social Construction Of Sarbanes-Oxley, Donald C. Langevoort
The Social Construction Of Sarbanes-Oxley, Donald C. Langevoort
Michigan Law Review
Part I will take a close look at the legitimacy of SOX by examining the two plausible stories of SOX's origins and considering the early post-SOX evidence on its costs and benefits. There is no clear-cut answer to the question of how much SOX benefits investors; both positive and critical positions are plausible. Costs have been far greater than expected, but more from SOX's implementation than from the legislative text. Before turning to how and why implementation has occurred that way-which to me is the central question of interpretation-Part II considers whether there is an alternative interpretation of SOX that …
The Economic Impact Of Backdating Of Executive Stock Options, M. P. Narayanan, Cindi A. Schipani, H. Nejat Seyhun
The Economic Impact Of Backdating Of Executive Stock Options, M. P. Narayanan, Cindi A. Schipani, H. Nejat Seyhun
Michigan Law Review
This Article discusses the economic impact of legal, tax, disclosure, and incentive issues arising from the revelation of dating games with regard to executive option grant dates. It provides an estimate of the value loss incurred by shareholders of firms implicated in backdating and compares it to the potential gain that executives might have obtained through backdating. Using a sample of firms that have already been implicated in backdating, we find that the revelation of backdating results in an average loss to shareholders of about 7%. This translates to about $400 million per firm. By contrast, we estimate that the …
Rewarding Outside Directors, Assaf Hamdani, Reinier Kraakman
Rewarding Outside Directors, Assaf Hamdani, Reinier Kraakman
Michigan Law Review
While they often rely on the threat of penalties to produce deterrence, legal systems rarely use the promise of rewards. In this Article, we consider the use of rewards to motivate director vigilance. Measures to enhance director liability are commonly perceived to be too costly. We, however demonstrate that properly designed reward regimes could match the behavioral incentives offered by negligence-based liability regimes but with significantly lower costs. We further argue that the market itself cannot implement such a regime in the form of equity compensation for directors. We conclude by providing preliminary sketches of two alternative reward regimes. While …
The Corporate Monitor: The New Corporate Czar?, Vikramaditya Khanna, Timothy L. Dickinson
The Corporate Monitor: The New Corporate Czar?, Vikramaditya Khanna, Timothy L. Dickinson
Michigan Law Review
Following the recent spate of corporate scandals, government enforcement authorities have increasingly relied upon corporate monitors to help ensure law compliance and reduce the number of future violations. These monitors also permit enforcement authorities, such as the Securities & Exchange Commission and others, to leverage their enforcement resources in overseeing corporate behavior. However there are few descriptive or normative analyses of the role and scope of corporate monitors. This paper provides such an analysis. After sketching out the historical development of corporate monitors, the paper examines the most common features of the current set of monitor appointments supplemented by interviews …
Sox And Whistleblowing, Terry Morehead Dworkin
Sox And Whistleblowing, Terry Morehead Dworkin
Michigan Law Review
The language of the Sarbanes-Oxley Act ("SOX") leaves no doubt that Congress intended whistleblowing to be an integral part of its enforcement mechanisms. The Act attempts to encourage and protect whistleblowers in a variety of ways, including providing for anonymous whistleblowing, establishing criminal penalties for retaliation against whistleblowers, and clearly defining whistleblowing channels. Unfortunately, these provisions give the illusion of protection for whistleblowers without effectively providing it. There is increasing evidence that virtually no whistleblower who has suffered retaliation and pursued remedies under SOX has been successful. Additionally, social science research and studies of whistleblowing laws indicate that SOX is …
Getting The Word Out About Fraud: A Theoretical Analysis Of Whistleblowing And Insider Trading, Jonathan Macey
Getting The Word Out About Fraud: A Theoretical Analysis Of Whistleblowing And Insider Trading, Jonathan Macey
Michigan Law Review
The purpose of this Article is to show that corporate whistleblowing is not analytically or functionally distinguishable from insider trading when such trading is based on "whistleblower information," that is, the information a whistleblower might disclose to the authorities. In certain contexts, both insider trading and whistleblowing, if incentivized, would reduce the incidence of corporate pathologies such as fraud and corruption. In light of this analysis, it is peculiar that whistleblowing is encouraged and protected, while insider trading on whistleblower information is not only discouraged but criminalized. Often, insider trading will be far more effective than whistleblowing at bringing fraud …
The Use Of Efficient Market Hypothesis: Beyond Sox, Dana M. Muir, Cindy A. Schipani
The Use Of Efficient Market Hypothesis: Beyond Sox, Dana M. Muir, Cindy A. Schipani
Michigan Law Review
This Article focuses on the regulatory use of finance theory, particularly the efficient market hypothesis ("EMH"), in two areas where securities pricing is at issue: shareholder appraisal cases and the use of employer stock in benefit plans. Regarding shareholder appraisal cases, the Article finds that the Delaware courts seem to implicitly respect the principles of EMH when ascertaining the fair value of stock, but recognize that markets cannot operate efficiently if information is withheld. Regarding employer stock in benefit plans, it concentrates on the explicit adoption of EMH by the Department of Labor to exempt directed trustees from traditional duties …
The Normative Foundations Of Trademark Law, Mark Mckenna
The Normative Foundations Of Trademark Law, Mark Mckenna
Journal Articles
This paper challenges the conventional wisdom that trademark law traditionally sought to protect consumers and enhance marketplace efficiency. Contrary to widespread contemporary understanding, early trademark cases were decidedly producer-centered. Trademark infringement claims, like all unfair competition claims, were intended to protect producers from illegitimate attempts to divert their trade. Consumer deception was relevant in these cases only to the extent it was the means by which a competitor diverted a producer's trade. Moreover, American courts from the very beginning protected a party against improperly diverted trade in part by recognizing a narrow form ofproperty rights in trademarks. Those rights were …
What's Good For The Goose Is Not Good For The Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Lumen N. Mulligan
What's Good For The Goose Is Not Good For The Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Lumen N. Mulligan
Faculty Works
In this article, I contend that these Sarbanes-Oxley-inspired, state, nonprofit reforms, particularly the costly disclosure requirements, will be of little value in the effort to improve ethical nonprofit board governance. The article proceeds as follows. Part II provides a primer on the oversight of nonprofit organizations. Part III reviews the recent Sarbanes-Oxley-like nonprofit reforms introduced in seven states. Part IV contends that the disclosure-focused reforms, which form the bulwark of these acts, will not foster ethical nonprofit board governance. Part V argues that this failure stems from the inappropriate application of a stockholder-based, normative perspective in the nonprofit sector. The …
Where's The Beef: A Few Words About Paying For Performance In Bankruptcy, Jonathan C. Lipson
Where's The Beef: A Few Words About Paying For Performance In Bankruptcy, Jonathan C. Lipson
All Faculty Scholarship
This brief essay responds to Yair Listokin’s article, “Paying for Performance in Bankruptcy: Why CEOs Should Be Compensated with Debt,” 155 U. PA. L. REV. 777 (2007). Professor Listokin argues that we should give official creditors’ committees the power to pay management of reorganizing debtors with corporate debt. This, he argues, would properly align their incentives with those who are most likely affected, the “residual claimant” unsecured creditors. Although Professor Listokin’s proposal is a welcome addition to our literature on corporate reorganization, this essay points out several basic problems with it: • First, nothing currently prevents parties from doing this …
The European Commission's Action Plan To Modernize European Company Law: How Far Should The Sec Go In Exempting European Issuers From Complying With The Sarbanes-Oxley Act?, Kristina A. Sadlak
The European Commission's Action Plan To Modernize European Company Law: How Far Should The Sec Go In Exempting European Issuers From Complying With The Sarbanes-Oxley Act?, Kristina A. Sadlak
Brigham Young University International Law & Management Review
No abstract provided.
The Mythical Benefits Of Shareholder Control, Lynn A. Stout
The Mythical Benefits Of Shareholder Control, Lynn A. Stout
Cornell Law Faculty Publications
In "The Myth of the Shareholder Franchise," Professor Lucian Bebchuk elegantly argues that the notion that shareholders in public corporations have the power to remove directors is a myth. Although a director facing a proxy contest might find this to be a bit of an overstatement, the core idea is sound. In a public company with widely dispersed share ownership, it is difficult and expensive for shareholders to overcome obstacles to collective action and wage a proxy battle to oust an incumbent board. Nor is success likely when directors can use corporate funds to solicit proxies to stay in place. …
Domestic Regulatory Autonomy Under The Tbt Agreement: From Non-Discrimination To Harmonization, Michael Ming Du
Domestic Regulatory Autonomy Under The Tbt Agreement: From Non-Discrimination To Harmonization, Michael Ming Du
Michael Ming Du
Compared with other World Trade Organization (WTO) Agreements, the Technical Barriers to Trade (TBT) Agreement has received relatively little scholarly attention. This paper will illustrate that the TBT agreement has already exhibited potential to penetrate inappropriately into the domestic regulatory order and threaten domestic regulatory autonomy in unexpected ways, even if many important provisions are still to be elucidated in follow-up dispute settlement practice. This unwarranted intrusion into domestic regulatory autonomy is largely due to the reluctance of WTO panels and the AB to explore the telos of the TBT Agreement. Under the TBT Agreement, not only the conflict between …
Segundo Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Segundo Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Bruno L. Costantini García
Memorias del Segundo Congreso Nacional de Organismos Públicos Autónomos. "Autonomía, Profesionalización, Control y Transparencia"
Algunos Apuntes En Torno A La Prescripción Extintiva Y La Caducidad, Edward Ivan Cueva
Algunos Apuntes En Torno A La Prescripción Extintiva Y La Caducidad, Edward Ivan Cueva
Edward Ivan Cueva
No abstract provided.
Article 9'S Incorporation Strategy And Novel, New Markets For Collateral: A Theory Of Non-Adoption, Michael Korybut
Article 9'S Incorporation Strategy And Novel, New Markets For Collateral: A Theory Of Non-Adoption, Michael Korybut
Buffalo Law Review
No abstract provided.
Licensing The Word On The Street: The Sec's Role In Regulating Information, Onnig H. Dombalagian
Licensing The Word On The Street: The Sec's Role In Regulating Information, Onnig H. Dombalagian
Buffalo Law Review
No abstract provided.
On Financial Sector Reform In Emerging Markets: Enhancing Creditors' Rights And Securitizing Non-Performing Loans In The Indian Banking Sector—An Elephant's Tale, Anshu S. K. Pasricha
On Financial Sector Reform In Emerging Markets: Enhancing Creditors' Rights And Securitizing Non-Performing Loans In The Indian Banking Sector—An Elephant's Tale, Anshu S. K. Pasricha
Buffalo Law Review
No abstract provided.
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
Faculty Scholarship
In recent years, Rule 14a-8 of the Securities Exchange Act - first adopted more than sixty years ago to increase shareholder participation in corporate governance - has been the subject of a flurry of litigation, scholarly analysis, and SEC rulemaking. Most recently, following several years of debate, the SEC issued a significant clarification of the rule, reversing the Second Circuit's hotly contested interpretation of it in AFSCME v. AIG. For the most part, the debates surrounding Rule 14a-8 - including in the latter case - have focused on the scope of the rule's exceptions. This paper, selected for reprinting in …
The Duty To Creditors In Near-Insolvent Firms: Eliminating The "Near-Insolvency" Distinction, Cory D. Kandestin
The Duty To Creditors In Near-Insolvent Firms: Eliminating The "Near-Insolvency" Distinction, Cory D. Kandestin
Vanderbilt Law Review
'Even at our best, we are only out for ourselves." It is human nature to act in one's own interest. Though ethicists and psychologists may disagree about the extent to which self-interest is a motivating factor behind human behavior, most accept that it plays some role. Assuming that human behavior is at least in part a function of self-interest, laws should be expected to reflect that behavior. Many already do: the law of agency imposes a duty on the agent to act with obedience towards his principal, and the ABA Model Rules of Professional Conduct prohibit a lawyer from representing …
Reverse Monitoring: On The Hidden Role Of Employee Stock-Based Compensation, Sharon Hannes
Reverse Monitoring: On The Hidden Role Of Employee Stock-Based Compensation, Sharon Hannes
Michigan Law Review
This Article develops a new understanding of equity-based compensation schemes, such as employee stock option plans. Current literature views such schemes as a measure aimed at motivating the recipient employees to work harder for the firm. Under that view, this method of remuneration either complements or substitutes for other measures used to monitor the performance of the recipient employees. In contrast, this Article proposes that recipient employees be viewed as potential monitors of other employees and that stock options (or similar types of compensation) motivate them to fulfill this task. This view has many applications and can shed light on …
Hedge Funds In Corporate Governance And Corporate Control, Marcel Kahan, Edward B. Rock
Hedge Funds In Corporate Governance And Corporate Control, Marcel Kahan, Edward B. Rock
All Faculty Scholarship
Hedge funds have become critical players in both corporate governance and corporate control. In this article, we document and examine the nature of hedge fund activism, how and why it differs from activism by traditional institutional investors, and its implications for corporate governance and regulatory reform. We argue that hedge fund activism differs from activism by traditional institutions in several ways: it is directed at significant changes in individual companies (rather than small, systemic changes), it entails higher costs, and it is strategic and ex ante (rather than intermittent and ex post). The reasons for these differences may lie in …
Lecture, “Current Issues In Us-Swedish Tax Relationships, Hugh Ault
Lecture, “Current Issues In Us-Swedish Tax Relationships, Hugh Ault
Hugh J. Ault
No abstract provided.
Lecture, “The Work Of The Oecd In International Tax Matters, Recent Developments, Hugh Ault
Lecture, “The Work Of The Oecd In International Tax Matters, Recent Developments, Hugh Ault
Hugh J. Ault
No abstract provided.