Tag: theory of the firm
Article
Remutualization
Erik F. Gerding, Professor of Law and Wolf-Nichol Fellow, University of Colorado Law School
Erik F. Gerding, Professor of Law and Wolf-Nichol Fellow, University of Colorado Law School
Lynn Stout heartily embraced heterodox economic theories for describing capital markets and a progressive zeal for reforming them. Yet when she came to formulate her policy prescriptions for financial markets, one of the most prominent progressive corporate and financial law scholars of the twentieth century could sometimes take these twin intellectual engines into surprisingly “conservative”…
Mar 2020
Article
Corporate Law and the Myth of Efficient Market Control
William W. Bratton, Nicholas F. Gallicchio Professor of Law, University of Pennsylvania Law School
Simone M. Sepe, Professor of Law and Finance, James E. Rogers College of Law, University of Arizona; Université Toulouse 1 Capitole; and Toulouse School of Economics
In recent times, there has been an unprecedented shift in power from managers to shareholders, a shift that realizes the long-held theoretical aspiration of market control of the corporation. This Article subjects the market control paradigm to comprehensive economic examination and finds it wanting. The market control paradigm relies on a narrow economic model that…
Mar 2020
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