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2009

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Full-Text Articles in Law

Managers, Shareholders, And The Corporate Double Tax, Michael Doran Jan 2009

Managers, Shareholders, And The Corporate Double Tax, Michael Doran

Georgetown Law Faculty Publications and Other Works

The United States generally imposes two levels of federal income tax on corporate profits. The first level taxes income to the corporation; the second level taxes dividends to the shareholders. Academics and policymakers have long considered this double tax to be "unusual, unfair, and inefficient." Legislators from both political parties have proposed integration of the corporate and individual income taxes on many occasions, but the proposals consistently fail. Prior academic analyses have struggled to explain the failure of integration. This paper demonstrates how certain managers, shareholders, and collateral interests rationally favor certain integration proposals and oppose other integration proposals, while …


Do International Organisations Play Favourites? An Impartialist Account, Steven Ratner Jan 2009

Do International Organisations Play Favourites? An Impartialist Account, Steven Ratner

Book Chapters

The recent turn of politics and philosophy to serious appraisals of international law is welcome news for politics, ethics and law. Politics can offer us rich description of the international landscape – the actors and their policies, conflicts and approaches to overcoming them; and political and moral philosophy can produce reasoned prescription for devising a just world order. But international law is a critical bridge between them, for law, with its grounding in the institutional arrangements devised by global actors, provides a path to implementing theories of the right or of the good. Just as scholars of politics have realised …


Director Elections And The Role Of Proxy Advisors, Stephen Choi, Jill E. Fisch, Marcel Kahan Jan 2009

Director Elections And The Role Of Proxy Advisors, Stephen Choi, Jill E. Fisch, Marcel Kahan

All Faculty Scholarship

Using a dataset of proxy recommendations and voting results for uncontested director elections from 2005 and 2006 at S&P 1500 companies, we examine how advisors make their recommendations. Of the four firms we study, Institutional Shareholder Services (ISS), Proxy Governance (PGI), Glass Lewis (GL), and Egan Jones (EJ), ISS has the largest market share and is widely regarded as the most influential. We find that the four proxy advisory firms differ substantially from each other both in their willingness to issue a withhold recommendation and in the factors that affect their recommendation. It is not clear that these differences, or …