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Full-Text Articles in Law
Corporate Culture And Erm, Michelle M. Harner
Corporate Culture And Erm, Michelle M. Harner
Faculty Scholarship
The attitudes and actions of those viewed as leaders within a company (commonly referred to as “tone at the top”) help to define corporate culture and are critical to implementing a successful enterprise risk management (ERM) program. This paper explores the challenges and benefits of creating a risk-aware corporate culture, including the potential legal implications for boards of directors.
The Potential Cost And Value Of Erm, Michelle M. Harner
The Potential Cost And Value Of Erm, Michelle M. Harner
Faculty Scholarship
The concept of enterprise risk managment (ERM) as a holistic approach to managing a company's risk profile has tremendous appeal. However, companies are frequently skeptical about its value and whether the results will justify the cost, effort, and challenges of implementing a meaningful ERM process. This report considers some of those concerns and highlights the governance, compliance, and cultural value of ERM.
Specialization In Law And Business: A Proposal For A J.D./"Mbl" Curriculum, Robert J. Rhee
Specialization In Law And Business: A Proposal For A J.D./"Mbl" Curriculum, Robert J. Rhee
Faculty Scholarship
This paper provides the specific details of how an interdisciplinary program of law and business can be structured in a three-year J.D. program. The program envisioned is a J.D./”M.B.L.”, which is distinguished from the better known J.D./M.B.A. The “M.B.L.” stands for “masters of business law,” which is simply an idea tag. The moniker can represent a program conferring a supplemental degree in law and business, or simply a specialized course of study to complete a J.D. Either way, the program is an interdisciplinary program of concentrated study in core transaction-oriented law courses and core business courses. The most effective education …
The Tort Foundation Of Duty Of Care And Business Judgment, Robert J. Rhee
The Tort Foundation Of Duty Of Care And Business Judgment, Robert J. Rhee
Faculty Scholarship
This Article corrects a misconception in corporation law – the belief that principles of tort law do not apply to the liability scheme of fiduciary duty. A board’s duty of care implies exposure to liability, but the business judgment rule precludes it. Tort law finds fault; corporation law excuses it. The conventional wisdom says that the tort analogy fails. This dismissal of tort prinicples is wrong. Although shareholder derivative suits and ordinary tort cases properly yield systemically antipodal outcomes, they are bound by a common analytical framework. The principles of board liability are rooted in tort doctrines governing duty, customs, …
Tackling "Arithmophobia": Teaching How To Read, Understand, And Analyze Financial Statements, Paula J. Williams, Kris Anne Tobin, Eric Franklin, Robert J. Rhee
Tackling "Arithmophobia": Teaching How To Read, Understand, And Analyze Financial Statements, Paula J. Williams, Kris Anne Tobin, Eric Franklin, Robert J. Rhee
Faculty Scholarship
This discussion presents different ideas on how to teach accounting and practical finance to law students.
A More Realistic Approach To Directors' Duties, Michelle M. Harner
A More Realistic Approach To Directors' Duties, Michelle M. Harner
Faculty Scholarship
Expectations for what fiduciary duties can achieve in the corporate context are unrealistic. This segment of the law—and the alleged deficiencies therein—are blamed for corporate scandals, securities fraud, failed business plans, and even a company's insolvency. Risk is, however, inherent in business, and human beings are flawed. Fiduciary duty law cannot change these basic facts. To the extent we think it can, we will continue to be disappointed and frustrated. This essay considers recasting (and to a greater extent codifying) directors’ duties in a positive frame to help foster better director oversight. It does not suggest that codifying greater clarity …