Managerial Entrenchment And Shareholder Wealth Revisited: Theory And Evidence From A Recessionary Market,
2010
Florida State University College of Law
Managerial Entrenchment And Shareholder Wealth Revisited: Theory And Evidence From A Recessionary Market, Jay B. Kesten
Scholarly Publications
Does managerial entrenchment create or destroy shareholder value? This Article presents both theory and evidence that the answer to this question is not monolithic, but rather depends on factors that vary greatly with the macroeconomic climate, such as firm profitability, takeover frequency, and valuation of takeover premiums. The mainstream view, both of academics and market participants, is that entrenchment reduces accountability to shareholders and amplifies agency costs, thus decreasing shareholder wealth. Two influential studies (Bebchuk, Cohen & Ferrell (2009) and Gompers, Ishii & Metrick (2003)) present empirical evidence consistent with this conclusion, finding statistically significant negative correlations between entrenchment and …
Breaking Up Is Hard To Do: Should Financial Conglomerates Be Dismantled?,
2010
Brooklyn Law School
Breaking Up Is Hard To Do: Should Financial Conglomerates Be Dismantled?, James A. Fanto
Faculty Scholarship
No abstract provided.
China’S Response To The Global Financial Crisis: Implications For U.S. – China Economic Relations ,
2010
The Ohio State University Moritz College of Law
China’S Response To The Global Financial Crisis: Implications For U.S. – China Economic Relations , Daniel C.K. Chow
Global Business Law Review
The consequences of the global financial crisis for United States-China economic relations are still unfolding, and it is still unclear whether trade tensions will escalate into trade sanctions. What seems clear, however, is that there is a rising tide of protectionism in both countries based upon what hardliners on each side perceive to be unfair practices and policies implemented by the other. Historically, mutual policies of protectionism between trading partners leads to trade sanctions, which would be an unfortunate result for United States-China economic relations. It remains to be seen whether hardliners in both countries will push the two trading …
The Jumbled Alphabet Soup Of The Collapsed Home Mortgage Market: Abcp, Cdo, Cds And Rmbs,
2010
University of Miami Law School
The Jumbled Alphabet Soup Of The Collapsed Home Mortgage Market: Abcp, Cdo, Cds And Rmbs, Georgette Chapman Phillips
University of Miami Business Law Review
No abstract provided.
Checks And Balances: Using The Freedom Of Information Act To Evaluate The Federal Reserve Banks,
2010
American University Washington College of Law
Checks And Balances: Using The Freedom Of Information Act To Evaluate The Federal Reserve Banks, Kara Karlson
American University Law Review
No abstract provided.
See No Evil? Revisiting Early Visions Of The Social Responsibility Of Business: Adolf A. Berle’S Contribution To Contemporary Conversations,
2010
Seattle University School of Law
See No Evil? Revisiting Early Visions Of The Social Responsibility Of Business: Adolf A. Berle’S Contribution To Contemporary Conversations, Erika George
Seattle University Law Review
Much corporate legal scholarship considers such fact patterns as beyond the scope of the discipline’s core concerns. Yet, increasingly, questions are asked concerning the scale and scope of modern corporate power. This Article will challenge the conventional understanding of what the core discipline of corporate law should encompass and argues that the failure to focus on precisely these sorts of factual scenarios involving allegations of corporate complicity in human rights violations and environmental degradation is misguided and short-sighted.
Neo-Brandeisianism And The New Deal: Adolf A. Berle, Jr., William O. Douglas, And The Problem Of Corporate Finance In The 1930s,
2010
Seattle University School of Law
Neo-Brandeisianism And The New Deal: Adolf A. Berle, Jr., William O. Douglas, And The Problem Of Corporate Finance In The 1930s, Jessica Wang
Seattle University Law Review
This essay revisits Adolf A. Berle, Jr. and The Modern Corporation and Private Property by focusing on the triangle of Berle, Louis D. Brandeis, and William O. Douglas in order to examine some of the underlying assumptions about law, economics, and the nature of modern society behind securities regulation and corporate finance in the 1930s. I explore Douglas and Berle’s academic and political relationship, the conceptual underpinnings of Brandeis, Berle, and Douglas’s critiques of modern finance, and the ways in which the two younger men—Berle and Douglas—ultimately departed from their role model, Brandeis.
Leverhulme Lecture: The Global Financial Crisis And Systemic Risk,
2010
Duke Law School
Leverhulme Lecture: The Global Financial Crisis And Systemic Risk, Steven L. Schwarcz
Faculty Scholarship
Lecture given November 9, 2010, is the first of three delivered by Prof. Schwarcz as Leverhulme Visiting Professor of Law, Oxford University. Prof. Schwarz examines the causes of the global financial crisis, showing it was triggered by market failures, not by financial institution failures, and arguing that any regulatory framework for managing systemic risk must address markets as well as institutions. The lecture also analyzes how regulation should be designed under that broader framework to mitigate systemic risk and its consequences. Finally, the lecture examines the potential systemic effects of sovereign debt crises, demonstrating how regulation can mitigate those effects.
How To Avoid The Constraints Of Rule 10b-5(B): A First Circuit Guide For Underwriters, 43 J. Marshall L. Rev. 931 (2010),
2010
UIC School of Law
How To Avoid The Constraints Of Rule 10b-5(B): A First Circuit Guide For Underwriters, 43 J. Marshall L. Rev. 931 (2010), Eric H. Franklin
UIC Law Review
No abstract provided.
Does An Economic Crisis Merit A Prima Facie Finding Of "Exigent Circumstances" Or Other Emergency Relief? The Impact Of The Credit Counseling Provision Of Bapcpa Upon Distressed Homeowners In A Severe National Economic Downturn, 44 J. Marshall L. Rev. 129 (2010), Gloria J. Liddell, Pearson Liddell Jr., Michael J. Highfield
UIC Law Review
No abstract provided.
Don't Tread On Me: Has The United States Government's Quest For Customer Records From Ubs Sounded The Death Knell For Swiss Bank Secrecy Laws,
2010
Northwestern Pritzker School of Law
Don't Tread On Me: Has The United States Government's Quest For Customer Records From Ubs Sounded The Death Knell For Swiss Bank Secrecy Laws, Bradley J. Bondi
Northwestern Journal of International Law & Business
Privacy protection is a defining characteristic of Swiss culture and a pillar of the Swiss economy. For centuries, the Swiss people have coveted the principles of individual privacy, regularly reaffirming those principles in response to referendums designed to limit them. Swiss banking secrecy, one aspect of privacy, is protected by Swiss criminal and civil laws and professional duties. Swiss banks pride themselves on protecting customer identity and have leveraged their legal and cultural commitment to secrecy to gain a competitive advantage in the global banking market. This brief Article discusses the Swiss banking laws that prohibit a Swiss bank from …
Transparency In Lending In The United States And The United Kingdom: Which Business Model Does It Best,
2010
Northwestern Pritzker School of Law
Transparency In Lending In The United States And The United Kingdom: Which Business Model Does It Best, Mara Hart
Northwestern Journal of International Law & Business
The recent downturn of the global economy, spurred in large part by an unparalleled housing crisis and credit crunch in the United States and abroad, cannot be practicably understood or explained by an examination of isolated factors. Although the impact of the economic downturn has been felt globally, many blame the meltdown of the U.S. subprime mortgage market for their individual country's woes. Therefore, the mortgage regulatory scheme in the United States, in terms of lending practices and housing policies, is an important place to begin an inquiry into the origins of the global crisis. In order to better understand …
Rethinking The Foreign Direct Investment Process And Incentives In Post-Conflict Transition Countries,
2010
Northwestern Pritzker School of Law
Rethinking The Foreign Direct Investment Process And Incentives In Post-Conflict Transition Countries, Kojo Yelpaala
Northwestern Journal of International Law & Business
Burdened by the remnants of conflict, continuing threats of security lapses, significant market failures and weak institutions, post-conflict transition countries can hardly be described as normal economies. The task of transforming them into vibrant, productive, and self-sustaining economies is no simple assignment. Constructing the blueprint for reconstruction and economic development requires creativity of the first order. Conventional theories or pure neo-liberal market driven policy levers preached by the Washington Consensus Group are not likely to be productive. The design of the investment regime for development should therefore focus on non-conventional policy constructs. Contrary to the received theories, the history and …
Stakeholder Theory In Corporate Law: Has It Got What It Takes?,
2010
University of Leeds
Stakeholder Theory In Corporate Law: Has It Got What It Takes?, Andrew Keay
Richmond Journal of Global Law & Business
There has been much debate for many years regarding what should be the objective of the large public corporation. This issue is important for a number of reasons, not least of which is that the theory nominated will underpin corporate governance and dictate, to a large extent, the kind of corporate governance system that will exist. As far as the corporation’s objective is concerned, two theories have been dominant: the shareholder primacy theory and the stakeholder theory. The former is operative in what I will call “Anglo-American jurisdictions,” namely jurisdictions that model their law and practice on one or both …
The Effect Of The Financial Crisis On The Middle East,
2010
King & Spalding
The Effect Of The Financial Crisis On The Middle East, Isam Salah
Global Business Law Review
The impact of the world economic crisis on the Middle East, and in particular on the countries of the GCC, was similar to the impact elsewhere in the West − collapse of the real estate sector, credit constraints, and economic contraction. The reaction of governments of the GCC was similar to the reaction of governments in the West − support of financial institutions and provisions of liquidity to the financial markets. Islamic finance has established itself as an important component of the commercial and financial sectors in these countries, so it is interesting to examine whether this segment of the …
Foreword,
2010
Cleveland State University
Recurring Storms: Weathering The Future By Understanding The Past ,
2010
Greenebaum, Doll & McDonald
Recurring Storms: Weathering The Future By Understanding The Past , Robert L. Brown Ph.D.
Global Business Law Review
In this article, I describe the major financial crises that evolved into economic crises during the past four hundred years in Europe, the United States, and Asia, before turning to the 2007-10 global financial and economic crisis. My focus will be Tulipmania of 1637, Mississippi Scheme of 1720, South Sea Bubble of 1720, Great Crash of 1929, Crash of 1987, Asian Financial Crisis of 1997, Dot-com Bubble of 2000, and Financial Crisis of 2007-10. I identify commonalities as well as distinguishing characteristics among the events. In the discussion and description that follows, I note that the tendency is for more …
Piigs, Itraxx Soyx, Neoliberalism, And Unshackled Finance Capital,
2010
Seattle University School of Law
Piigs, Itraxx Soyx, Neoliberalism, And Unshackled Finance Capital, Tayyab Mahmud Ph.D.
Global Business Law Review
Banking and finance play a critical role in the economy by channeling savings towards productive investments. By the early twentieth century the lessons were learned that, left to its own devices, finance capital tends towards unbridled speculation and ends up playing havoc with the economy. The collective response was a Keynesian compromise whereby finance capital was regulated both nationally and internationally to put a check on speculation and to channel it to support the productive economy. The result was an extended period of economic growth and stability. Over the last thirty years, the neoliberal counter revolution reversed these regimes and …
Supervisory Colleges: The Global Financial Crisis And Improving International Supervisory Coordination,
2010
University of South Carolina - Columbia
Supervisory Colleges: The Global Financial Crisis And Improving International Supervisory Coordination, Duncan E. Alford
Faculty Publications
No abstract provided.
Foreword: In Berle’S Footsteps,
2010
Seattle University School of Law
Foreword: In Berle’S Footsteps, Charles R.T. O'Kelley
Seattle University Law Review
On the weekend of November 6–8, 2009, scholars from around the world gathered in Seattle for a symposium—In Berle’s Footsteps—celebrating the launch of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. As founding director of the Berle Center, I described our undertaking: “It is with a profound sense of obligation to the legacy that has been entrusted to my care, that I announce the launching of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. It is a privilege to follow in Berle’s footsteps.”
