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Full-Text Articles in Law
The Manager's Share, David I. Walker
The Manager's Share, David I. Walker
William & Mary Law Review
It is sometimes argued in the corporate governance literature that the total share of corporate value that can be extracted by a manager is fixed and independent of the avenues through which value is extracted. Shareholders need not worry about an activity such as insider trading, the story goes, because any profits achieved by a manager through insider trading will simply offset conventional compensation. This Article challenges that idea and argues that whether one views the manager's share as being capped by external market forces, set by an optimal principal/agent contract, or limited by saliency and outrage in accordance with …
Reduction Of Earnings And Profits To Reflect The Bargain Spread Accompanying Restricted Stock Options
William & Mary Law Review
No abstract provided.