Business Organizations Law Commons^™

Balance And Team Production, Kelli A. Alces

Scholarly Publications

No abstract provided.

Adjudicating Corporate Auctions, Jay B. Kesten

Scholarly Publications

In light of recent developments in auction theory, this Article re-examines Delaware corporate law governing directors' actions when structuring the sale of a corporation. A foundational doctrine of Delaware law is that when the board of directors resolves to sell a corporation, it must obtain the highest price reasonably available. Auction theory posits that, in certain circumstances germane to corporate takeovers, revenues can be maximized through the use of ex ante precommitments to the rules of the auction. Delaware law, however, does not fully endorse directors' ability to make such precommitments, primarily out of the concern that the board will …

Sac Capital: Firm Criminal Liability, Civil Fines, And The Insulated Ceo, Frances E. Chapman, Marianne Jennings, Lauren Tarasuk

American University Business Law Review

No abstract provided.

Zakaz Nadużywania Pozycji Dominującej Na Rynkach Telekomunikacyjnych W Prawie Unii Europejskiej, Konrad Stolarski

Monografie CARS/CARS Monographs

Przedmiot publikacji obejmuje problematykę funkcjonowania zakazu nadużywania pozycji dominującej na rynkach telekomunikacyjnych w prawie Unii Europejskiej. Stanowi ona pogłębioną, kompleksową analizę powyższej instytucji, która ukierunkowana jest na wyjaśnienie problemów, które mogą pojawiać się w związku z jej funkcjonowaniem w praktyce. Co do zasady, punktem odniesienia dla analizy jest prawo Unii Europejskiej, niemniej dla celów komparatystycznych autor podejmuje się również ustalenia w jaki sposób podobne regulacje funkcjonują w systemach prawnych Polski oraz wybranych państw członkowskich. Głównym celem pracy jest wykazanie w jaki sposób specyficzna natura ściśle regulowanych rynków telekomunikacyjnych wpływa na stosowanie instytucji prawa konkurencji, a w szczególności art. 102 TFUE. …

Right To Defence In Eu Competition Law; The Case Of Inspections, Marta Michałek

Monografie CARS/CARS Monographs

Praca stanowi dysertację doktorską obronioną przez autorkę na Uniwersytecie we Fryburgu (Szwajcaria) w 2015 r. W książce przeanalizowana została kwestia ochrony prawa przedsiębiorców do obrony w ramach inspekcji przeprowadzonych przez Komisję Europejską. Ocena poziomu ochrony przyznawanej 978-83-63962-86-9przedsiębiorcom dokonana została na podstawie porównania (i) obecnego porządku prawnego UE i podejścia przyjętego przez Trybunał Sprawiedliwości Unii Europejskiej z (ii) ochroną zapewnioną przez Europejską Konwencję Praw Człowieka i standardami określonymi przez Europejski Trybunał Praw Człowieka w tej kwestii. Analiza obejmuje następujące zagadnienia: charakterystykę prawa do obrony, najbardziej istotne międzynarodowe (zwłaszcza europejskie) systemy lub akty prawne wprowadzające ochronę prawa do obrony, uprawnienia kontrolne Komisji, …

The Future Direction Of Delaware Law (Including A Brief Exegesis On Fee Shifting Bylaws), J. Robert Brown Jr.

Sturm College of Law: Faculty Scholarship

Delaware sets the governance standards for most public companies. The ability to attract corporations could not be explained solely by the existence of a favorable statutory regime. Delaware was not invariably the first or the only state to implement management friendly provisions. Given the interpretive gaps in the statute and the critical importance of the common law in the governance process, courts played an outsized role in setting legal standards. The management friendly nature of the Delaware courts contributed significantly to the state’s attraction to public corporations.

A current example of a management friendly trend in the case law had …

Comment Letter: The Nyse And The End Of The Structural Separation Between Regulatory And Commercial Interests Of The Exchange, J. Robert Brown Jr.

Sturm College of Law: Faculty Scholarship

The NYSE transformed into a for profit entity in 2006. As part of the approval process, the NYSE agreed to structurally separate the regulatory function from the business function. In doing so, the NYSE created NYSE Regulation, a non-profit with an independent board, to handle most regulatory matters. During the comment period, a spirited debate arose over the ability of a for profit company to carry out a regulatory mission. Some suggested that the regulatory function was incompatible with a "for profit" motive and that NYSE Regulation should be spun off. Others accepted the proposed structure but called for additional …

In-House Risk, Eli Wald

Sturm College of Law: Faculty Scholarship

Over the last thirty years or so, as the number of in-house counsel rose and their role increased in scope and prominence, increased attention has been given the various challenges these lawyers face under the ABA Model Rules of Professional Conduct, from figuring out who is the client the in-house lawyer represents, to navigating conflicts of interest, maintaining independence, and engaging in a multijurisdictional practice of law. Less attention, to date, has been given to business risk assessment, perhaps in part because that function appears to be part of in-house counsel’s role as a business person rather than as a …

The 2013 Symposium On Corporate Governance In Japan, David Makman

UC Law Business Journal

The 2013 Symposium on Corporate Governance in Japan was organized by the University of California, Hastings College of the Law, the Japan Society of Northern California, and the Pacific Pension Institute. The goal was to provide a forum where academics and practitioners could meet to exchange information and ideas relating to corporate governance. The Japan Society of Northern California and Pacific Pension Institute have been covering corporate governance issues together since 2001, and have held several conferences on the issue. The Symposium was the first joint program with the University of California, Hastings College of the Law in this area. …

The Logic And Limits Of Liens, Edward Janger

Faculty Scholarship

No abstract provided.

Forum-Selection Bylaws Refracted Through An Agency Lens, Deborah A. Demott

Faculty Scholarship

Both praise and controversy surround director-adopted bylaws that affect shareholders' litigation rights. Recent bylaws specify an exclusive forum for litigation of corporate governance claims, limit shareholder claims to resolution through arbitration, and (most controversially) impose a one-way regime of fee shifting on shareholder litigants. To one degree or another, courts have legitimated each development, while commentators differ in their assessments. This Article brings into clear focus issues so far blurred in debates surrounding these types of bylaws. Focusing on forum-selection bylaws, and on Delaware precedents, I argue that beginning from the standpoint of common law agency reveals the attenuated and …

Brief Of Corporate Law Professors As Amici Curie In Support Of Respondents, John C. Coates, Lucian A. Bebchuk, Bernard S. Black, John C. Coffee, James D. Cox, Ronald J. Gilson, Jeffrey N. Gordon, Lawrence Hamermesh, Henry B. Hansmann, Robert J. Jackson Jr., Marcel Kahan, Vikramaditya S. Khanna, Michael Klausner, Reinier H. Kraakman, Donald C. Langevoort, Brian Jm Quinn, Edward B. Rock, Mark J. Roe, Helen S. Scott

Faculty Scholarship

The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt …

What Kind Of Corporation Tax Regime?, Sijbren Cnossen

Osgoode Hall Law Journal

This article explores the taxation of corporations in the wider context of capital income taxation. The article discusses pros and cons of various income-based and cash-flow forms of corporation tax (CT) and concludes that the dual income tax (DIT), which taxes all capital income at the proportional CT rate, is to be preferred over other forms of taxing capital income. The DIT is best attuned to the reality of capital mobility and is not held hostage by the higher tax on labour income. Levied at a uniform flat rate, the DIT minimizes opportunities for tax arbitrage.

China's National Champions: Governance Change Through Globalization?, Li-Wen Lin

All Faculty Publications

China is regarded as the world’s leading practitioner of state capitalism in which important capitalist enterprises have a close relationship with the state. One prominent feature of China’s state capitalism is the fundamental role of about 100 large state-owned enterprises (SOEs) controlled by organs of the central government in critical industries such as oil, telecom, and transportation. These SOEs are often dubbed “China’s national champions.” They are not only important players in China’s domestic economy but also major contributors to China’s fast growing global investment. Their global expansion however often encounters political and regulatory challenges abroad, partly because their corporate …

Cyber Risks: Emerging Risk Management Concerns For Financial Institutions, Kristin N. Johnson

Georgia Law Review

Rumors posit that, within the last two years, hackers caused outages, disrupting service for the two largest securities exchanges in the world-the NASDAQ and the New York Stock Exchange.

Disappointingly, regulatory reform is often backward-looking. While regulators toil to implement rules to prevent the last crisis from reocurring, new and more perilous threats evade detection. With increasing frequency, cyberattacks threaten critical infrastructure resources such as nuclear centrifuges, electrical grids, and air defense systems. Cyberattacks pose a burgeoning and underexplored universe of emerging concerns impacting areas as diverse as big-box retail stores, casual-dining chains, online retail auctions, and national security. Even …

Series Of Unincorporated Business Entities: The Mobius Strip And Klein Bottle Of Business Entity Law, Daniel S. Kleinberger

Faculty Scholarship

Back in the day – say, 1990 – limited liability companies (LLCs) were the cutting edge of business entity law. Today, LLCs dominate entity formation, and the cutting edge has moved further out – to the notion of a “series,” a quasi-separate, quasi-person existing within an LLC.

Business lawyers are generally familiar with series of stocks and bonds, but those series have nothing to do with the LLC series discussed in this article. To avoid confusion, this article refers to protected series, which, as we will see, are the Mobius strips or Klein bottles of entity law.

La Determinación Obligatoria Del Objeto Social: Una Regla Anacrónica, Alfonso Montoya Stahl, Fernando Loayza Jordán

Scholarly Articles

En el presente artículo, los autores discuten la presunta utilidad como inconvenientes de la obligación de determinar el objeto social. En ese sentido, se analiza las características exigidas al objeto social, como los supuestos beneficios que traería su regulación. Los autores proponen la eliminación de la obligación de determinar el objeto social a fin de permitir a las sociedades configurar libremente su actividad, sin verse limitadas por una norma rígida.

The authors discuss the alleged utility as well as the drawbacks of the mandatory determination of corporate purpose. They analyze and criticize the required characteristics of the corporate purpose by …

Keynote Reflections: The Public Governance Duty, Steven L. Schwarcz

Faculty Scholarship

Firms must take ever greater risks to try to innovate and create value in our increasingly competitive and complex global economy. Corporate governance law generally delegates control over excessive risk-taking to the firm’s investors, principally its risk-seeking shareholders. But this does not cover the type of risk-taking that led to the global financial crisis and that is becoming ever more common - risk-taking that could have systemic consequences to the financial system. I argue for a “public governance duty,” requiring managers of systemically important firms to assess the impact of risk-taking on the public as well as on investors, and …

Corporate Law And The Limits Of Private Ordering, James D. Cox

Faculty Scholarship

Solomon-like, the Delaware legislature in 2015 split the baby by amending the Delaware General Corporation Law to authorize forum-selection bylaws and to prohibit charter or bylaw provisions that would shift to the plaintiff defense costs incurred in connection with shareholder suits that were not successfully concluded. The legislature acted after the Boilermakers Local 154 Retirement Fund. v. Chevron Corp ATP Tour, Inc. v. Deutscher Tennis Bund, broadly empowered the board vis-à-vis the shareholders through the board’s power to amend the bylaws. Repeatedly the analysis used by each court referenced the contractual relationship the shareholders had through the articles of …

If The Question Is Chocolate-Related, The Answer Is Always Yes: Why Doe V. Nestle Reopens The Door For Corporate Liability Of U.S. Corporations Under The Alien Tort Statute, Amanda A. Humphreville

American University Law Review

No abstract provided.