Open Access. Powered by Scholars. Published by Universities.®
- File Type
Articles 1 - 6 of 6
Full-Text Articles in Law
Deferred Corporate Prosecution As Corrupt Regime: The Case For Prison
Deferred Corporate Prosecution As Corrupt Regime: The Case For Prison
Lawrence E. Mitchell
Abstract: This paper looks at the growing phenomenon of deferred corporate criminal prosecutions from a new perspective. The literature accepts the practice and is largely concerned with the degree to which efficient and effective criminal deterrence is achieved through pretrial diversion. I examine the practice and conclude that it presents, from a structural perspective, a case of a corrupt law enforcement regime centered in the United States Department of Justice. The regime works in effective –if unintentional-- conspiracy with corporate officials to produce an inefficient enforcement regime that disregards democratic processes and threatens a loss of respect for the rule …
Toward A New Law And Economics: The Case Of The Stock Market, Lawrence E. Mitchell
Toward A New Law And Economics: The Case Of The Stock Market, Lawrence E. Mitchell
Lawrence E. Mitchell
Toward a New Law and Economics: The Case of the Stock Market
Abstract
Do the public equity markets play the macroeconomic role we believe them to play? What is the relationship between the U.S. public equity markets and American economic growth? What do these conclusions teach us about the approaches we take and should take in evaluating and designing the laws of corporate governance and securities regulation?
The law and economics paradigm of the last forty years may be mistaken in assuming that economic efficiency on an individual (or institutional) level is sufficient to ensure economic welfare on a macroeconomic …
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
Lawrence E. Mitchell
In recent years there has been significant ongoing academic debate over the expansion of public shareholders’ participation rights in corporate governance. The debate has accompanied a dramatic increase in institutional shareholder and hedge fund activism attempting to influence the conduct of corporate affairs.
The legitimacy of shareholder participation rights depends upon the actual role public shareholders play in contributing to the corporation’s function of providing goods and services and, ultimately, to economic growth and social welfare. Nobody in the debate has stopped to examine this question. This paper presents original empirical evidence that demonstrates that public shareholders do not, on …
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
Lawrence E. Mitchell
In recent years there has been significant ongoing academic debate over the expansion of public shareholders’ participation rights in corporate governance. The debate has accompanied a dramatic increase in institutional shareholder and hedge fund activism attempting to influence the conduct of corporate affairs.
The legitimacy of shareholder participation rights depends upon the actual role public shareholders play in contributing to the corporation’s function of providing goods and services and, ultimately, to economic growth and social welfare. Nobody in the debate has stopped to examine this question. This paper presents original empirical evidence that demonstrates that public shareholders do not, on …
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
The Legitimate Rights Of Public Shareholders, Lawrence E. Mitchell
Lawrence E. Mitchell
In recent years there has been significant ongoing academic debate over the expansion of public shareholders’ participation rights in corporate governance. The debate has accompanied a dramatic increase in institutional shareholder and hedge fund activism attempting to influence the conduct of corporate affairs.
The legitimacy of shareholder participation rights depends upon the actual role public shareholders play in contributing to the corporation’s function of providing goods and services and, ultimately, to economic growth and social welfare. Nobody in the debate has stopped to examine this question. This paper presents original empirical evidence that demonstrates that public shareholders do not, on …
Who Needs The Stock Market? Part I: The Empirical Evidence, Lawrence E. Mitchell
Who Needs The Stock Market? Part I: The Empirical Evidence, Lawrence E. Mitchell
Lawrence E. Mitchell
Data on historical and current corporate finance trends drawn from a variety of sources present a paradox. External equity has never played a significant role in financing industrial enterprises in the United States. The only American industry that has relied heavily upon external financing is the finance industry itself. Yet it is commonly accepted among legal scholars and economists that the stock market plays a valuable role in American economic life, and a recent, large body of macroeconomic work on economic development links the growth of financial institutions (including, in the U.S, the stock market) to growth in real economic …