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Corporate Governance And The Cult Of Agency, J.B. Heaton 2019 Villanova University Charles Widger School of Law

Corporate Governance And The Cult Of Agency, J.B. Heaton

Villanova Law Review

No abstract provided.


Public Relations Litigation, Kishanthi Parella 2019 Washington and Lee University School of Law

Public Relations Litigation, Kishanthi Parella

Scholarly Articles

Conventional wisdom holds that lawsuits harm a corporation’s reputation. So why do corporations and other businesses litigate even when they will likely lose in the court of law and the court of public opinion? One explanation is settlement: some parties file lawsuits not to win but to force the defendant to pay out. But some business litigants defy even this explanation; they do not expect to win the lawsuit or to benefit financially from settlement. What explains their behavior?

The answer is reputation. This Article explains that certain types of litigation can improve a business litigant’s reputation in ...


How Did We Get Here? Dissecting The Hedge Fund Conundrum Through An Institutional Theory Lens, Cary Martin Shelby 2019 Washington and Lee University School of Law

How Did We Get Here? Dissecting The Hedge Fund Conundrum Through An Institutional Theory Lens, Cary Martin Shelby

Scholarly Articles

This article dissects both the origins and resulting harms of what the author terms the "hedge fund conundrum," in which institutional investors, such as pension plans and endowments, have consistently increased hedge fund allocations over the past decade despite pervasive evidence of excessive fees and subpar returns. It then utilizes an historical institutionalist lens to examine how lawmakers may have enabled a conundrum of this magnitude. By and large, this phenomenon is a symptom of regulatory loopholes that have permitted the private hedge fund market to increase in "publicness" through its expanding access and subsequent harm to retail investors. Such ...


It's Complicated: The Challenge Of Prosecuting Tncs For Criminal Activity Under International Law, Jena Martin 2019 West Virginia University College of Law

It's Complicated: The Challenge Of Prosecuting Tncs For Criminal Activity Under International Law, Jena Martin

Faculty Scholarship

This essay aims to tackle an increasingly thorny and relevant issue: what do you do if a Transnational Corporation (TNC) commits a crime? The question raises a number of challenges, both philosophically and practically. First, what does it mean to prosecute an organization? Although there are some limited examples (the United States’ prosecution of accounting firm Arthur Andersen being among the most note-worthy), we have relatively little precedence regarding what this would entail; how exactly do you put a corporation on trial? Second, practically speaking, where do you hold the trial? This challenge is magnified by the fact that, by ...


The Need For Increased Possibility Of Director Liability: Refusal To Dismiss In Re Wells Fargo & Co. Shareholder Derivative Litigation, A Step In The Right Direction, Claudia A. Restrepo 2019 Boston College Law School

The Need For Increased Possibility Of Director Liability: Refusal To Dismiss In Re Wells Fargo & Co. Shareholder Derivative Litigation, A Step In The Right Direction, Claudia A. Restrepo

Boston College Law Review

The frequency and magnitude of corporate scandals call into question the effectiveness of the current mechanism to police director misconduct. Presently, directors are rarely held personally liable for failing to fulfill their fiduciary duties. The combination of multiple judicial and statutory protections and the courts’ hesitance to impose director liability shields directors and makes it difficult for shareholder plaintiffs to succeed on such claims. In fact, most claims are dismissed before courts have an opportunity to hear the merits of the case. This Note focuses on the oversight liability doctrine and argues that it is applied too narrowly, at least ...


The King Of The Casl: Canada’S Anti-Spam Law Invades The United States, Arthur Shaykevich 2019 Brooklyn Law School

The King Of The Casl: Canada’S Anti-Spam Law Invades The United States, Arthur Shaykevich

Brooklyn Law Review

U.S. businesses periodically adjust their marketing practices to foreign law innovations. Several years ago, U.S. businesses emailing into Canada had to incorporate Canada’s Anti-Spam Law, otherwise known as CASL. Businesses that believed they email only U.S.-based customers likely dismissed CASL as not applicable. Others may never have heard of the law altogether. As this note discusses, CASL created a compliance conundrum for U.S. businesses. Since CASL methodically differs from the U.S. anti-spam law, CAN-SPAM, it may be in a business’s best interest to apply this law to its Canadian subset and not ...


Why Delaware Courts Should Abolish The Schnell Doctrine, Mary Siegel 2019 American University Washington College of Law

Why Delaware Courts Should Abolish The Schnell Doctrine, Mary Siegel

Mary Siegel

No abstract provided.


De Facto Shareholder Primacy, Jeff Schwartz 2019 S.J. Quinney College of Law, University of Utah

De Facto Shareholder Primacy, Jeff Schwartz

Utah Law Faculty Scholarship

For generations, scholars have debated the purpose of corporations. Should they maximize shareholder value or balance shareholder interests against the corporation’s broader social and economic impact? A longstanding and fundamental premise of this debate is that, ultimately, it is up to corporations to decide. But this understanding is obsolete. Securities law robs corporations of this choice. Once corporations go public, the securities laws effectively require that they maximize share price at the expense of all other goals. This Article is the first to identify the profound impact that the securities laws have on the purpose of public firms — a ...


Effective Corporate Compliance: A Holistic Approach For The Sec And The Doj, Serena Hamann 2019 University of Washington School of Law

Effective Corporate Compliance: A Holistic Approach For The Sec And The Doj, Serena Hamann

Washington Law Review

Today, most global corporations claim to have effective compliance programs that ensure and monitor their compliance with all state, federal, and even international requirements. A growing body of literature and regulatory activity indicates that truly effective compliance programs must incorporate all of the “Seven Elements of an Effective Compliance Program” contained in the Federal Sentencing Guidelines. Despite these Guidelines and growing industry and regulatory interest in effective compliance, noncompliance continues, and many companies run into trouble when noncompliance brings their actions to the attention of the SEC and the DOJ. In turn, the SEC and the DOJ struggle to encourage ...


Mootness Fees, Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon, Randall Thomas 2019 Berkeley Law

Mootness Fees, Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon, Randall Thomas

Faculty Scholarship at Penn Law

We examine the latest development in merger litigation: the mootness fee. Utilizing a hand-collected sample of 2,320 unique deals from 2003-2018, we find that Delaware’s crackdown on merger litigation substantially altered the merger litigation landscape. Although merger litigation rates remain high, and in 2018 83% of deals experienced litigation, plaintiffs’ lawyers have fled Delaware. In 2018 only 5% of completed deals experienced merger litigation in Delaware compared to 50%-60% in prior years. These cases have migrated to federal court where in 2018 92% of deals with litigation experienced a filing. We find that at least 65% of ...


Innovation Agents, Mirit Eyal-Cohen 2019 University of Alabama School of Law

Innovation Agents, Mirit Eyal-Cohen

Washington and Lee Law Review

The standard narrative of entrepreneurship is one of self-employed creative individuals working out of their garage or independently owned start-up companies. Intrapreneurship— where employees are responsible for being alert to new opportunities inside firms—is another model for developing innovations. Relatively little is known, however, about the latter process through which large, complex firms engage in groundbreaking corporate entrepreneurship.

This Article’s focus is on these types of innovation agents. It provides a thorough account of the positive and negative spillovers of intrapreneurial firms while making the following key points: First, intrapreneurial companies utilize their economies of scale, scope, and ...


Collaboration Theory And Corporate Tax Avoidance, Eric C. Chaffee 2019 The University of Toledo College of Law

Collaboration Theory And Corporate Tax Avoidance, Eric C. Chaffee

Washington and Lee Law Review

This Article argues that aggressive corporate tax avoidance is legally impermissible based upon the essential nature of the corporate form. The history of the debate over the essential nature of the corporation is substantial. This debate has been reinvigorated by the Supreme Court’s recent opinions, Citizens United v. Federal Election Commission and Burwell v. Hobby Lobby Stores, Inc., which explore the scope of corporate rights.


Sarbanes-Oxley's Purported Over-Criminalization Of Corporate Offenders, Lisa H. Nicholson 2019 Selected Works

Sarbanes-Oxley's Purported Over-Criminalization Of Corporate Offenders, Lisa H. Nicholson

Lisa H. Nicholson

No abstract provided.


Guarantor Of Last Resort: Is There A Better Alternative?, Morgan Ricks 2019 Vanderbilt University Law School

Guarantor Of Last Resort: Is There A Better Alternative?, Morgan Ricks

Vanderbilt Law School Faculty Publications

What should the government’s financial-crisis-response toolkit consist of? How should we think about its optimal scope and design? In Kate Judge offers a novel perspective on these questions. At a high level she agrees with Summers, Bernanke, Paulson, and Geithner that the existing toolkit is inadequate. In this respect she joins a number of other legal scholars and commentators. . .

The day after Lehman’s bankruptcy, Ken Rogoff—among the world’s leading experts on financial crises—wrote an op-ed titled “No More Creampuffs.” He applauded regulators for letting Lehman fail and “forc[ing] some discipline onto the system.” (To ...


Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon 2019 University of Pennsylvania Law School

Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

We examine the Centros decision through the lens of SB 826 – the California statute mandating a minimum number of women on boards. SB 826, like the Centros decision, raises questions about the scope of the internal affairs doctrine and its role in encouraging regulatory competition. Despite the claim that US corporate law is characterized by regulatory competition, in the US, the internal affairs doctrine has led to less variation in corporate law than in Europe. We theorize that this is due to the shareholder primacy norm in US corporate law which results in the internal affairs doctrine focusing on matters ...


Toward A Horizontal Fiduciary Duty In Corporate Law, Asaf Eckstein, Gideon Parchomovsky 2019 Ono Academic College

Toward A Horizontal Fiduciary Duty In Corporate Law, Asaf Eckstein, Gideon Parchomovsky

Faculty Scholarship at Penn Law

Fiduciary duty is arguably the single most important aspect of our corporate law system. It consists of two distinct sub-duties—a duty of care and a duty of loyalty—and it applies to all directors and corporate officers. Yet, under extant law, the duty only applies vertically, in the relationship between directors and corporate officers and the firm. At present, there exists no horizontal fiduciary duty: directors and corporate officers owe no fiduciary duty to each other. Consequently, if one of them fails her peers, they cannot seek direct legal recourse against her even when they stand to suffer significant ...


Toward A Horizontal Fiduciary Duty In Corporate Law, Asaf Eckstein, Gideon Parchomovsky 2019 Ono Academic College

Toward A Horizontal Fiduciary Duty In Corporate Law, Asaf Eckstein, Gideon Parchomovsky

Cornell Law Review

Fiduciary duty is arguably the single most important aspect of our corporate law system. It consists of two distinct subduties-a duty of care and a duty of loyalty-and it applies to all directors and corporate officers. Yet, under extant law, the duty only applies vertically, in the relationship between directors and corporate officers and the firm. At present, there exists no horizontal fiduciary duty: directors and corporate officers owe no fiduciary duty to each other. Consequently, if one of them falls her peers, they cannot seek direct legal recourse against her even when they stand to suffer significant reputational and ...


Should Shareholders Be Rewarded For Loyalty? European Experiments On The Wedge Between Tenured Voting And Takeover Law, Chiara Mosca 2019 Università Bocconi

Should Shareholders Be Rewarded For Loyalty? European Experiments On The Wedge Between Tenured Voting And Takeover Law, Chiara Mosca

Michigan Business & Entrepreneurial Law Review

Corporate law reveals its democratic background when it comes to the general meetings of shareholders, finding, on both sides of the Atlantic, its most tangible expression in the “one share, one vote” principle. While, in the political landscape, the “one person, one vote” standard is absolute dogma and weighting votes according to people’s preferences and interests has never proved feasible, in the corporate scenario the one share, one vote principle is constantly challenged by the incentives of companies and their shareholders to shape corporate rights according to specific needs. In this respect, some legislators (specifically in France and Italy ...


In Whose Interests Should A Company Be Run? Fiduciary Duties Of Directors During Corporate Failure In India: Looking To The West For Answers, Gautam Sundaresh 2019 Cyril Amarchand Mangaldas

In Whose Interests Should A Company Be Run? Fiduciary Duties Of Directors During Corporate Failure In India: Looking To The West For Answers, Gautam Sundaresh

Michigan Business & Entrepreneurial Law Review

This Comment looks at the debate as it has played out in the legal jurisprudence of the U.S. and the U.K. The analysis of each considers the three financial stages of a corporation’s existence that are specifically addressed in the debate today, i.e.: (i) solvency; (ii) insolvency; and (iii) the zone of insolvency. After setting out the current position, this Comment specifically addresses the various shortcomings and criticisms of the models adopted by each jurisdiction and offers observations on the status quo and the implementation of these models. On this basis, this Comment goes on to ...


Crafting A Corporate Analogue To Criminal Disenfranchisement, B. Graves Lee Jr. 2019 University of Michigan Law School

Crafting A Corporate Analogue To Criminal Disenfranchisement, B. Graves Lee Jr.

Michigan Business & Entrepreneurial Law Review

The Supreme Court’s 2010 decision in Citizens United v. FEC represented a sea change in the world of corporate citizenship. Although the decision dealt with campaign finance law, it has sparked significant discussion of the concept of corporate personhood more broadly. Corporations have increasingly taken advantage of legal rights previously reserved for individuals. This Note argues that where corporations reap the benefits of constitutional entitlements intended for individuals, they should suffer consequences for malfeasance similar to those imposed on individuals who engage in criminal conduct. Specifically, this Note advocates for limitations on corporate electioneering as a collateral consequence of ...


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