Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Keyword
-
- Corporate Finance (2)
- Corporate governance (2)
- Corporations (2)
- Regulated Industries (2)
- Accounting (1)
-
- Antitakeover strategies (1)
- Asymmetrical information (1)
- Auctions (1)
- Bankruptcy (1)
- Bidding rings (1)
- Boards of directors (1)
- Bookbuilding (1)
- Business Entities (1)
- Charity (1)
- Clientele effect (1)
- Collateralized debt obligation (1)
- Comisión de Derechos Humanos (1)
- Competitive advantage (1)
- Competitiveness (1)
- Control shares (1)
- Controller opportunism (1)
- Copyright (1)
- Corporate appraisal (1)
- Corporations—Finance (1)
- Credit default swap (1)
- Credit derivatives (1)
- Credit quality (1)
- Credit ratings (1)
- Debt-financed investments (1)
- Disclosure (1)
- Publication
- Publication Type
- File Type
Articles 1 - 15 of 15
Full-Text Articles in Law
The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter
The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter
All Faculty Scholarship
The “implicit minority discount,” or IMD, is a fairly new concept in Delaware appraisal law. A review of the case law discussing the concept, however, reveals that it has emerged haphazardly and has not been fully tested against principles that are generally accepted in the financial community. While control share blocks are valued at a premium because of the particular rights and opportunities associated with control, these are elements of value that cannot fairly be viewed as belonging either to the corporation or its shareholders. In corporations with widely dispersed share holdings, the firm is subject to agency costs that …
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
All Faculty Scholarship
After grateful alumni acquired the Mueller Spaghetti Company on behalf of New York University, and the courts held that the university did not have to pay tax on the pasta maker’s income, Mueller’s competitors cried foul. Congress responded to their pleas and enacted the unrelated business income tax (UBIT). The UBIT subjects an otherwise tax-exempt entity, such as a charitable institution or a religious organization, to tax on its income from a trade or business that is not substantially related to the organization’s tax-exempt purpose. The UBIT is widely viewed as leveling the playing field between taxable for-profit businesses and …
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"
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 …
America’S Bad Bet: How The Unlawful Internet Gambling Enforcement Act Of 2006 Will Hurt The House, Peterpaul Shaker J.D.
America’S Bad Bet: How The Unlawful Internet Gambling Enforcement Act Of 2006 Will Hurt The House, Peterpaul Shaker J.D.
Fordham Journal of Corporate & Financial Law
No abstract provided.
Hedge Funds And Governance Targets, William W. Bratton
Hedge Funds And Governance Targets, William W. Bratton
All Faculty Scholarship
Corporate governance interventions by hedge fund shareholders are triggering debates between advocates of management empowerment and advocates of aggressive monitoring by actors in the capital markets. This Article intervenes with an empirical question: What, based on the record so far, have the hedge funds actually done to their targets? Information has been collected on 130 domestic firms identified in the business press since 2002 as targets of activist hedge funds, including the funds’ demands, their tactics, and the results of their interventions for the targets’ governance and finance. The survey results show that the hedge funds have an enviable record …
Five Ways Computer Forensics Can Aid Discovery, Robert L. Kardell
Five Ways Computer Forensics Can Aid Discovery, Robert L. Kardell
Robert L Kardell
No abstract provided.
The Lessons Of Fraud, Robert L. Kardell
Who Writes The Rules For Hostile Takeovers, And Why? The Peculiar Divergence Of Us And Uk Takeover Regulation, John Armour, David A. Skeel Jr.
Who Writes The Rules For Hostile Takeovers, And Why? The Peculiar Divergence Of Us And Uk Takeover Regulation, John Armour, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
The Dutch Auction Myth, Peter B. Oh
The Dutch Auction Myth, Peter B. Oh
Articles
The bursting of the internet bubble continues to have ripple effects on the initial public offering (IPO) process. Critics of this process have fashioned a complex set of interconnected objections to the orthodox bookbuilding method for conducting IPOs, pricing shares, and allocating them to preferred investors. Critics instead hail online reverse-bid, or Dutch, auctions (Dutch IPOs) as an alternative method promising more equitable access, efficient prices, and egalitarian allocations.
This article comprehensively assesses the case for Dutch IPOs. Part I dissects critiques of bookbuilding, which rely on anomalous data, derogate established financial literature, and largely evaporate in the face of …
Jurisprudential Schizophrenia: On Form And Function In Islamic Finance, Haider Ala Hamoudi
Jurisprudential Schizophrenia: On Form And Function In Islamic Finance, Haider Ala Hamoudi
Articles
Despite its explosive growth over the past several decades, Islamic finance continues to have trouble attracting large numbers of otherwise pious Muslims as potential investors. The underlying reason for this is that the means that the practice employs to circumvent some of the central Muslim bans relating to finance (most notably, the ban on interest) are entirely formal in their structure and are equivalent to conventional structures both legally and economically. However, the practice purports to serve functional ends; namely, through offering Muslims alternative means of finance that are intended to further Islamic ideals of fairness and social justice. This …
Classified Boards And Firm Value, Michael D. Frakes
Classified Boards And Firm Value, Michael D. Frakes
Faculty Scholarship
Classified boards constitute one of the most potent takeover defenses for U.S. firms today. However, as with takeover defenses more generally, economic theory offers an ambiguous prediction as to the effect that classified boards have on bottom-line firm value. A resolution of this ambiguity will require sound and convincing empirical methodology. In an effort to address limitations in the existing empirical literature, this article approaches the relationship between corporate governance and firm value while taking various measures to account for unobserved sources of heterogeneity across firms. Using the instrumental variables model developed by Hausman and Taylor, I find evidence of …
Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton
Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton
All Faculty Scholarship
The Financial Accounting Standards Board (the “FASB”) presents a puzzle: How has this private standard setter managed simultaneously (1) to remain independent, (2) to achieve institutional stability and legitimacy, and (3) to operate in a politicized context in the teeth of op-position from its own constituents? This Article looks to governance design to account for this institutional success. The FASB’s founders made a strategic choice to create a regulatory agency that sought independence rather than political responsiveness. The FASB also set out a coherent theory of accounting, the “Conceptual Framework,” to contain and direct its decisions. The Conceptual Framework contributed …
The Promise And Perils Of Credit Derivatives, Frank Partnoy, David A. Skeel Jr.
The Promise And Perils Of Credit Derivatives, Frank Partnoy, David A. Skeel Jr.
All Faculty Scholarship
In this Article, we begin what we believe will be a fruitful area of scholarly inquiry: an in-depth analysis of credit derivatives. We survey the benefits and risks of credit derivatives, particularly as the use of these instruments affect the role of banks and other creditors in corporate governance. We also hope to create a framework for a more general scholarly discussion of credit derivatives. We define credit derivatives as financial instruments whose payoffs are linked in some way to a change in credit quality of an issuer or issuers. Our research suggests that there are two major categories of …
Under Cover Of Science: American Legal-Economic Theory And The Quest For Objectivity, James Hackney Jr.
Under Cover Of Science: American Legal-Economic Theory And The Quest For Objectivity, James Hackney Jr.
James R. Hackney Jr.
No abstract provided.