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.”
Opening Remarks,
2010
Seattle University School of Law
Opening Remarks, Chancellor William B. Chandler Iii
Seattle University Law Review
Law is, in many ways, a backwards-looking field. We litigate over facts that have already occurred, challenge deals that have already been signed, and apply rules of decision based on previously-established precedent or statutes already enacted. To the extent that this Center and the symposium reflect on Berle’s work, they too are an exercise in looking back. Indeed, some might say the establishment of a Center named in Berle’s honor is a monument to the past.
Revisiting Berle And Rethinking The Corporate Structure,
2010
Seattle University School of Law
Revisiting Berle And Rethinking The Corporate Structure, Kelli A. Alces
Seattle University Law Review
Adolf Berle and Gardiner Means painted what remains a defining portrait of corporate law. The separation of ownership and control they described and the agency costs it causes are still a central concern of the law of corporate governance. For that reason, Berle’s work is relevant nearly eighty years after its publication. Seemingly forgotten, however, is that Berle’s enduring description of the corporate structure was published before most of today’s corporate law was in place. His work preceded the Securities Act of 1933 and the Securities Exchange Act of 1934 and even preceded the dominance of Delaware common law in …
Power Without Property, Still: Unger, Berle, And The Derivatives Revolution,
2010
Seattle University School of Law
Power Without Property, Still: Unger, Berle, And The Derivatives Revolution, Cristie Ford, Carol Liao
Seattle University Law Review
We are in a time when the notion of property is in flux. The derivatives revolution has shattered the “atom of property” well beyond what was originally imagined in 1932 by Adolf Berle and Gardiner Means. This disaggregation has had fascinating, and often adverse, effects on corporate law and securities regulation. Moreover, the phenomenon has had the unexpected effect of permitting some parties that already possess considerable social, economic, and political power to accumulate even more.
The New Financial Assets: Separating Ownership From Control,
2010
Seattle University School of Law
The New Financial Assets: Separating Ownership From Control, Tamar Frankel
Seattle University Law Review
In The Modern Corporation and Private Property, Adolf A. Berle and Gardiner Means wrote about the separation of ownership from control in corporations. They noted that the interests of the controlling directors and managers can diverge from those of the shareholder owners of the firm. . . . There are those who consider such a decoupling beneficial. Others express the same concern that Berle and Means have expressed. And depending on what one focuses on in viewing the pluses and minuses of these separations, one could reach different conclusions. I reach a number of conclusions. First, the separation of …
Then And Now: Professor Berle And The Unpredictable Shareholder,
2010
Seattle University School of Law
Then And Now: Professor Berle And The Unpredictable Shareholder, Jennifer G. Hill
Seattle University Law Review
Shareholders, and the relationship between shareholders and management, lay at the heart of Professor Berle’s scholarship. The goal of this Article is to compare the image of shareholders emerging from The Modern Corporation and Private Property and the Berle/Dodd debate with a range of contemporary visions of the shareholder that underpin some international regulatory responses to recent financial debacles, from Enron to the current global financial crisis. As the Article dis- cusses, these recent developments in the era of financial crises have prompted a reevaluation of the traditional image of the shareholder—and the role of the shareholder in the modern …
Berle And The Entrepreneur,
2010
Seattle University School of Law
Berle And The Entrepreneur, Charles R.T. O'Kelley
Seattle University Law Review
In the first and last four chapters (“the Five Chapters”) of The Modern Corporation and Private Property, Adolf Berle, Jr. describes in sweeping terms a fundamental transformation of the American economy. . . . Writing more than ten years before Berle, another seminal scholar, Frank Knight . . . developed a theory of the entrepreneur as part of his larger effort to more carefully explain the theoretical underpinnings of a free-market economy. . . . Given Knight’s prominence and the fact that Knight apparently reached dramatically different conclusions than did Berle concerning the consequences flowing from separation of ownership …
The Birth Of Corporate Governance,
2010
Seattle University School of Law
The Birth Of Corporate Governance, Harwell Wells
Seattle University Law Review
Part I of this Article briefly examines the concept of “corporate governance” and argues for dating the concept’s origins to the debates of the 1920s. Part II then moves on to examine early scholarly and popular discussions of the separation of ownership and control. After surveying the historical developments that produced the recognizably modern corporate economy around the turn of the century, it examines early scholarly and popular discussions of the separation of ownership and control, focusing on three major thinkers, Louis D. Brandeis, Walter Lippmann, and Thorstein Veblen. It argues that, while each of these authors examined the separation …
Financial Analysis With Microsoft Excel,
2010
University of South Florida
Financial Analysis With Microsoft Excel, Timothy R. Mayes, Todd M. Shank
USF St. Petersburg Campus Faculty Publications
No abstract provided.
Microfinance And Women’S Empowerment In Honduras,
2010
Connecticut College
Microfinance And Women’S Empowerment In Honduras, Katherine Sugg
Sociology Honors Papers
This thesis examines the possibilities for women’s empowerment through microfinance. It utilizes the results of a survey conducted in 2009 with clients of the microfinance organization FINCA Honduras. The analysis of these survey results yields important conclusions on FINCA Honduras’ ability to empower Honduran women economically, psychologically, and socio-culturally. The original hypothesis of this study stated that FINCA Honduras’ financial services would help the female client to improve her standard of living, her psychological well-being, and her gender relationships in the home. FINCA Honduras has partially succeeded in empowering its female clients in these ways, but currently lacks the specific …
The Real Exchange Rate Volatility And U.S. Exports: An Empirical Investigation,
2010
Bethune-Cookman University
The Real Exchange Rate Volatility And U.S. Exports: An Empirical Investigation, E. M. Ekanayake, John R. Ledgerwood, Sabrina D'Souza
Publications
This paper investigates effects of exchange rate volatility on U.S. exports, using disaggregated sectoral data on U.S. exports to its major trading partners. In this paper, we use a generalized ARCH-type model (GARCH) to generate a measure of exchange rate volatility which is then tested in a model of U.S. exports. The analysis uses monthly trade data for the period from January 1990 through December 2007. Testing sectoral trade data allows us to detect whether the direction or magnitude of the impact of volatility differs depending on the types of goods that are traded. The results obtained in this paper …
Monitoring To Reduce Agency Costs: Examining The Behavior Of Independent And Non-Independent Boards,
2010
Seattle University School of Law
Monitoring To Reduce Agency Costs: Examining The Behavior Of Independent And Non-Independent Boards, Anita Anand, Frank Milne, Lynnette Purda
Seattle University Law Review
Berle and Means’s analysis of the corporation—in particular, their view that those in control are not the owners of the corporation—raises questions about actions that corporations take to counter concerns regarding management’s influence. What mechanisms, if any, do corporations implement to balance the distribution of power in the corporation? To address this question, we analyze boards of directors’ propensity to voluntarily adopt recommended corporate governance practices. Because board independence is one way to enhance shareholders’ ability to monitor management, we probe whether firms with independent boards of directors (which we define as boards with either an independent chair or a …
Securities Intermediaries And The Separation Of Ownership From Control,
2010
Seattle University School of Law
Securities Intermediaries And The Separation Of Ownership From Control, Jill E. Fisch
Seattle University Law Review
The Modern Corporation & Private Property is a paradigm-shifting analysis of the modern corporation. The book is perhaps best known for the insights of Berle and Means about the separation of ownership from control and the consequences of that separation for the allocation of power within the corporation. The Berle and Means story focuses on the shareholder as the owner of the corporation. Berle and Means saw the mechanism of centralized management—in which the shareholder retains the economic interest but not the control rights associated with ownership—as threatening the conception of shareholder interests in terms of property rights. In particular, …
The Modern Corporation As Social Construction,
2010
Seattle University School of Law
The Modern Corporation As Social Construction, Mark S. Mizruchi, Daniel Hirschman
Seattle University Law Review
Classic works, Mark Mizruchi and Lisa Fein argued, share a particular fate. Authors often cite classic works without reading them—or without reading them carefully. . . . Yet perhaps no single work fits the above description better than one of the most important books on the large corporation ever published: Adolf Berle and Gardiner Means’s The Modern Corporation and Private Property. One can speculate that few works in the social sciences have been as often cited and as little read. As a consequence, we would expect The Modern Corporation to be a good candidate for either selective interpretation or …
Pricing Bond Yields In The European Bond Market,
2010
Claremont McKenna College
Pricing Bond Yields In The European Bond Market, David Cook
CMC Senior Theses
This paper analyzes macroeconomic factors and their effect on 2-year government bonds of 11 countries in the European Monetary Union. I specifically looked at how a simultaneous budget and trade surplus effect a country's bond yield spread relative to Germany's bond yield. My model showed that double surplus countries have a larger yield spread than countries that do not have a double surplus.
Conflict Of Interest?: Executive-Auditor Relationship And The Likelihood Of A Sec-Prompted Restatement,
2010
Claremont McKenna College
Conflict Of Interest?: Executive-Auditor Relationship And The Likelihood Of A Sec-Prompted Restatement, Henry Lyford
CMC Senior Theses
This study examines the relationship between executives and their independent auditor to see if there is a conflict of interest in their interaction. This study was motivated by the meltdowns, partially caused by fraudulent accounting, of many public companies in the late 1990s and early 2000s and the consequent passage of the Sarbanes-Oxley Act. This study examines the variables of audit fees, fees for other services, and auditor tenure to see if they are connected with the occurrence of an SEC-prompted restatement. The results show no significant correlation between amount of fees and the likelihood of an SEC-prompted restatement but …
How Are Inflation Expectations Formed By Consumers, Economists And The Financial Market?,
2010
Claremont McKenna College
How Are Inflation Expectations Formed By Consumers, Economists And The Financial Market?, Shaun Khubchandani
CMC Senior Theses
Inflation expectations have been of great interest to economists because they predict how agents in an economy set prices and react to changes in various macroeconomic variables. The existence of Keynesian liquidity traps in Japan and the United States have helped emphasize the importance of inflation expectations, especially when monetary policy is rendered ineffective and there is almost perfect substitutability between money and bonds due to the zero bound condition of interest rates. Given the canonical theories of rational and adaptive expectations, this paper will use a simple model of the economy to measure the effect of various macroeconomic variables …
Al-Athar Al-Waridah Fi Al-Buyu' Al-Ribawiyah Fi Musannaf 'Abd Al-Razzaq : Takhrij Wa-Ta'liq.,
2010
University Malaya
Al-Athar Al-Waridah Fi Al-Buyu' Al-Ribawiyah Fi Musannaf 'Abd Al-Razzaq : Takhrij Wa-Ta'liq., Bahaeeddine Mohamed Nidious
Student Works (2010-2019)
This is the summary of the thesis submitted to the depa11tnent of al-Quran and alHadith in Academy Islam in University of Malaya for the Master Degree of Usuluddin. The researcher divided his research into 4 chapters stating in the first one the research problem, objectives, methodology, structure and previous studies, the researcher talked in the second chapter about Abd al-Razzaq and his book AlMussanaf, then the researcher defined in the third chapter al-Bay', al-Riha and their rules in Islam. Whereas the researcher examined in the fourth chapter the authenticity of al-Buyu' al-Ribawiyyah in the Book of Mussanaf Abd al-Razzaq, which …
The Role And Relevance Of Domain Knowledge, Perceptions Of Planning Importance, And Risk Tolerance In Predicting Savings Intentions,
2010
Edith Cowan University
The Role And Relevance Of Domain Knowledge, Perceptions Of Planning Importance, And Risk Tolerance In Predicting Savings Intentions, Peter Croy, Paul Gerrans, Craig Speelman
Research outputs pre 2011
The need for individuals to increase retirement savings has been widely promoted, yet our understanding of the motivations of individuals to save at a higher rate remains sparse. This paper reports the findings of a survey of 2300 retirement savings fund members and their motivations to contribute more to savings and to actively manage their investment strategy. Utilising the theory of planned behavior, the study reveals respondent’s self-reported attitudes, subjective norms and perceptions of behavioral control account for a high proportion of the variance in behavioral intention. Contrary to expectations, the study finds that respondent’s risk tolerance adds little to …
Using Quantile Regression To Estimate Capital Buffer Requirements For Japanese Banks,
2010
Edith Cowan University
Using Quantile Regression To Estimate Capital Buffer Requirements For Japanese Banks, David Allen, Robert Powell, Abhay Singh
Research outputs pre 2011
This paper investigates the impact of extreme fluctuations in bank asset values on the capital adequacy and default probabilities (PD) of Japanese Banks. We apply quantile regression analysis to the Merton structural credit model to measure how capital adequacy and PDs fluctuate over a 10 year period incorporating the Global Financial Crisis (GFC). Quantile regressions allow modelling of the extreme quantiles of a distribution, as opposed to focussing on the mean, which allows measurement of capital and PDs at the most extreme points of an economic downturn. Understanding extreme risk is essential, as it is during these extreme circumstances when …
