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University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.

A Contractarian Defense Of Corporate Philanthropy, Margaret M. Blair

Vanderbilt Law School Faculty Publications

Statutory and case law make it clear that corporate officers and directors have very wide discretion to direct reasonable amounts of corporate resources toward artistic, educational, and humanitarian causes, even if those causes have only a remote connection (or no obvious connection at all) to the business goals and profitability of the firm. This stance of the law has been defended primarily by reference to an "entity" theory of the firm. By contrast, contractarian legal scholars, who view the corporation in terms of a principal-agent model, with shareholders as principles, and officers and directors as their agents, have argued that …

Tapping Rainy Day Funds For The Reluctant Entrepreneur: Downsizing, Paternalism, And The Internal Revenue Code, Edward J. Gac, Wayne M. Gazur

Publications

No abstract provided.

Domestic Subsidies Under The Wto Agreement On Subsidies And Countervailing Measures And Their Treatment In Section 771 Of The Tariff Act Of 1930, Cecil Carl-Erich Kramer

LLM Theses and Essays

Governments provide subsidies for a variety of reasons and they are an important tool "to promote important objectives of national policy. The Organization for Economic Co-operation and Development (OECD) is comprised of industrialized countries, all of which are Members of the OECD Convention also have shown a steady rise in the provision of subsidies. The policy behind the fact that subsidies are addressed in international agreements is that they create a distortion in international trade and that they can quickly and destructively spread from nation to nation. They create a disparity between the actual costs incurred in producing a particular …

Corporate Democracy -- Not Such A Radical Idea, Carlin Meyer

Other Publications

No abstract provided.

Disclosure And Corporate Morality: Beginning A Dialogue, David A. Lipton

Scholarly Articles

No abstract provided.

New Combinations: Changing Technologies And Infrastructures And The Business Organizations That Will Deal With Them., Alexander F. Skirpan Jr., Steven J. Rosenstock, Pat Bennett, Douglas Taylor, Alex B. Best

Richmond Journal of Law & Technology

This tale is somewhat unique. It is probably one of the few panels, or the only panel in which there is a certain level of agreement. In fact, every one in this room probably has the basic agreement with this panel, that changes in regulation and changes in policy that we are struggling with are driven by changes in technology. This panel has been put together to look at changes in technology. It has three overall goals. The first is, as you heard one of the panels this morning talk about, to talk about technology itself to try to gain …

What’S Good For General Motors: Corporate Speech And The Theory Of Free Expression, Howard M. Wasserman

Faculty Publications

No abstract provided.

Turning Servile Opportunities To Gold: A Strategic Analysis Of The Corporate Opportunities Doctrine, Eric L. Talley

Faculty Scholarship

Perhaps no single motif permeates corporate law and governance literature like the problem of agency costs. Though modest in concept, the canonical principal-agent framework yields fundamental insights into virtually every economic relationship involving the firm. These insights, in turn, not only animate prevailing positive accounts of the modern corporation, but they also provide a normative basis for regulating the oft-lamented gulf between ownership and control.

Despite their pervasiveness, problems of agency costs are rarely more vexing than when an agent is also a potential competitor. A notable example of such a scenario occurs when a corporate manager acquires information about …

Controlling Corporate Agency Costs: A United States-Israeli Comparative Law, Zohar Goshen

Faculty Scholarship

The "Corporation" assumes a central position in modem economic life. This is due mainly to the fact that major portions of our economic activities are performed by corporations. Numerous authors have pondered the essence of the corporate phenomenon, proposing various theories for the uniqueness of the corporation as opposed to other possible structures for operating a business. The main line of analysis focuses on the central characteristic of the modem corporation: the separation of ownership and control. Managing a business through the means of a corporation allows one to exploit the advantages of specialization. On one hand, shareholders benefit from …

Reflections In A Distant Mirror: Japanese Corporate Governance Through American Eyes, Ronald J. Gilson

Faculty Scholarship

For the last ten years, Japanese corporate governance has served as a distant mirror in whose reflection American academics could better see the attributes of their own system. As scholars came to recognize that the institutional characteristics of the American and Japanese systems were politically and historically contingent, other countries' approaches became serious objects of study, rather than just way stations on the road to convergence. One learned about one's own system from the choices made by others.

As it came to be conceived, the Japanese corporation of the 1980s represented quite a different method of organizing production. Styled the …

The Legal Architecture Of Virtual Stores, Walter Effross

Scholarly Articles in Law Reviews & Journals

INTRODUCTION: A major "selling point" of the World Wide Web is its ability to offer a "virtual storefront" to anyone, from an individual to a multinational corporation, with a product to market. Commercially available software packages enable even those computer users who are not versed in the intricacies of programming to create customized Web sites quickly, and at a relatively low cost. The swift development of this technology and a cultural shift towards encouraging on-line commerce have led to dramatic growth in the demographics and dollar amounts of the on-line marketplace, which in turn offers a challenging new context for …

Reframing The Misappropriation Theory Of Insider Trading Liability: A Post-O'Hagan Suggestion, Donna M. Nagy

Articles by Maurer Faculty

For almost two decades, the United States Supreme Court was silent as to the validity of the so-called 'fraud on the source" misappropriation theory of insider trading liability. This changed in June 1997 when the theory received a resounding endorsement from the Court in United States v. O'Hagan.

Critics of O'Hagan have argued that the Court's decision reaches too far. However, this Article contends that the Court actually endorsed a theory that does not reach far enough. By analyzing and critiquing the reasoning of the majority opinion in O'Hagan, this Article demonstrates that the Court's unnecessarily restrictive misappropriation theory will …

Theories Of The Corporation And The Limited Liability Company: How Should Courts And Legislatures Articulate Rules For Piercing The Veil, Fiduciary Responsibility And Securities Regulation For The Limited Liability Company, David L. Cohen

Oklahoma Law Review

No abstract provided.

Annual Survey Of Virginia Law: Corporate And Business Law, Robert L. Freed

University of Richmond Law Review

Corporate and business law has undergone a variety of changes in the past two years. This article summarizes the developments that occurred in this area of the law from June 1996, through June 1998. In 1997, the Virginia General Assembly amended numerous provisions of the Virginia Code. The amendments became effective January 1, 1998. Virginia state courts and the federal courts have issued opinions which have impacted the law in this area. Part II examines the abundant legislative changes made to title 13.1 of the Virginia Code and the recent judicial decisions affecting corporations. Most of the changes discussed were …

Pinning The Blame & Piercing The Veil In The Mists Of Metaphor: The Supreme Court’S New Standards For The Cercla Liability Of Parent Companies & A Proposal For Legislative Reform, Lucia A. Silecchia

Scholarly Articles

This article tackles the complex question of the liability of parent corporation for the CERCLA misadventures of their subsidiaries. In 1998, the United States Supreme Court tried to resolve this complex question. In many respects, this decision was a significant step in the right direction, and the article begins by analyzing the Court’s opinion. However, the article then identifies three significant questions left open after Best foods. In light of these open questions, the article proposes a legislative proposal to further refine the parent-subsidiary allocation of liability to better serve CERCLA’s broad remedial goals and to clarify the expectations of …

The Duty Of Corporate Directors To Pay Dividends, Randall K. Justice

Kentucky Law Journal

No abstract provided.

The Ethical Implications Of The Limited Liability Status In The Practice Of Law, Elizabeth C. Woodford

Kentucky Law Journal

No abstract provided.

Lessons From A Prophet On Vocational Identity: Profit Or Philanthropy?, Cheryl L. Wade

Faculty Publications

(Excerpt)

After sifting through state statutes that codify corporate behavior and the decisions interpreting those statutes, corporate attorneys may serve their clients and improve our society if they also consulted the teachings of a Baptist preacher. The Baptist preacher to whom I refer is Dr. Martin Luther King, Jr., and the lessons for attorneys and law professors concerned with social justice that can be derived from his life and teachings were the focus of the 1998 Southeast/Southwest Law Teachers of Color Conference. The utility of Dr. King's instruction and the value of his model for ethical living are obvious for …

Notice And Notification Under The Revised Uniform Partnership Act: Some Suggested Changes, J. Dennis Hynes

Publications

This Article addresses the decision by the drafters of the revised Uniform Partnership Act (1996) (RUPA) to reduce the traditional defenses available to partnerships in apparent authority cases. RUPA eliminated the requirement that apparent authority claims against a partnership be based on the claimant's reasonable expectations. Under RUPA a partnership is liable for a partner's unauthorized act even when the claimant had reason to know the act was unauthorized. A defense based on the claimant's knowledge is effective only when the claimant actually knows--is cognitively aware--that the act was unauthorized. This Article argues that this places an unfair burden on …

The Corporate Director's Duty Of Oversight, Mark J. Loewenstein

Publications

No abstract provided.

Why Ownership Matters? Entrepreneurship And The Restructuring Of Enterprises In Central Europe, Roman Frydman, Marek P. Hessel, Andrzej Rapaczynski

Faculty Scholarship

This paper, based on a study of mid-sized firms in the Czech Republic, Hungary, and Poland, seeks to explain the reasons behind the marked impact of ownership on firm performance which has been observed in a number of studies in Eastern Europe and other parts of the world. Focusing in particular on the differential impact of ownership on revenue and cost performance, the paper argues that privatized firms controlled by outside investors are more entrepreneurial than those controlled by corporate insiders or the state. The paper provides evidence that all state and privatized firms in transition economies engage in similar …

S Corporations, Samuel P. Starr

William & Mary Annual Tax Conference

No abstract provided.

Llcs And Llps, Allan G. Donn

William & Mary Annual Tax Conference

No abstract provided.

Planning For The Operation Of Pass Through Entities, Samuel P. Starr

William & Mary Annual Tax Conference

No abstract provided.

S Corporations, Bryan P. Collins

William & Mary Annual Tax Conference

No abstract provided.

Simplified Entity Classification Under The Final Check-The-Box Regulations, Roger F. Pillow, John G. Schmalz, Samuel P. Starr

William & Mary Annual Tax Conference

No abstract provided.

Planning For The Operation Of Pass Through Entities, Allan G. Donn

William & Mary Annual Tax Conference

No abstract provided.

Business Associations, Paul A. Quirós, Lynn Schutte Scott, Lora A. Tarle

Mercer Law Review

This Article surveys recent developments in Georgia law in the areas of corporate, partnership, securities, and banking law. It covers noteworthy cases decided during the survey period by Georgia state and appellate courts, United States district courts located in Georgia, and the Eleventh Circuit Court of Appeals. Also included are legislative enactments by the Georgia General Assembly revising the Official Code of Georgia Annotated ("O.C.G.A.").

The American Corporation In The Twenty-First Century: Future Forms Of Structure And Governance, Azizah Y. Al-Hibri

Law Faculty Publications

This article focuses on corporate governance issues as they relate to the new technological developments and the issue of leapfrogging. I examine various theories about the new technologies and the changes in corporate governance that they may necessitate. I then assess and critique these theories in light of historical and other data. I suggest that our very concept of the corporation will be transformed by the Information Age. I also offer my own view as to the optimal forms of corporate governance that can equip American corporations with sufficient tools to win the accelerating competition anticipated for the next century. …