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Investors Beware: Assessing Shareholder Derivative Litigation In India And China, Ann M. Scarlett
Investors Beware: Assessing Shareholder Derivative Litigation In India And China, Ann M. Scarlett
All Faculty Scholarship
In response to the 2008 financial crisis, the United States government bailed out many business entities in exchange for equity and debt interests in such entities. It also dramatically increased the regulations imposed on businesses. This level of government ownership and intervention in corporations is rare in free-market capitalist systems such as the United States. Government ownership and control, however, are common among historically socialist countries such as India or communist countries such as China. Yet, the United States’ recent actions stand in stark contrast to the trend in India and China, which have both been moving toward more capitalist …
The False Promise Of One Share, One Vote, Grant M. Hayden, Matthew T. Bodie
The False Promise Of One Share, One Vote, Grant M. Hayden, Matthew T. Bodie
All Faculty Scholarship
Shareholder democracy has blossomed. The once moribund shareholder franchise is now critical in takeover contests, merger decisions, and board oversight. However, the mechanisms of this vote remain largely under theorized. In this Article, we use voting rights and social choice theory to develop a new approach to the corporate franchise. Political democracies typically tie the right to vote to the level of a person's interest in the outcome of the election. Corporate democracies, on the other hand, tend to define the requisite institutional interest quite narrowly, and thus restrict the right to vote to shareholders alone. This restriction has found …