Delaware’s courts and well-developed case law are widely seen as integral elements of Delaware’s success in attracting incorporations. However, as we show using empirical evidence involving reported judicial decisions and filed cases concerning...Read more
European corporate law and corporate governance are moving ahead beyond expectation. Some British voices called this ?a renaissance in the past decade?. In December 2012, the European Commission came forward with an Action Plan that combines both...Read more
The Volcker rule ? a key part of Congress?s response to the financial crisis ? is best
understood as a ?structural law,? a traditional Anglo-American technique for governance of hybrid public-private institutions such as banks and central...Read more
The most fundamental comparative corporate governance debates have often focused
on two issues. The first one concerns ownership structure: Why are large corporations in some corporate governance system owned by a multitude of disempowered...Read more
This paper explores the issue of ?re-making? corporate law through the prism of the United Nations? recent efforts at reducing legal obstacles experienced by micro, small and medium-sized enterprises in starting and scaling a business. In order...Read more
We examine the within-firm resource allocation and restructuring effects of creditor intervention and their relationship to performance gains at firms violating covenants in private credit agreements. By linking firms to establishment-level data...Read more
The UK’s recent vote for Brexit has sparked a fierce debate over the implications for the rights of EU citizens living in the UK and UK citizens living in the rest of the EU. So far, however, there has been relatively little discussion of the...Read more
This paper is the first chapter of the third edition of The Anatomy of Corporate Law: A Comparative and Functional Approach, by Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda...Read more
Despite predictions of their demise in the aftermath of the collapse of socialist economies in Eastern Europe, state-owned enterprises (SOEs) are very much alive in the global economy. The relevance of listed SOEs — firms still subject to...Read more
We study the resolution of financial distress in shipping, where the ex-territorial nature of assets has distanced the industry from on-shore bankruptcy legislation. We demonstrate how contracts and private institutions have adapted to the...Read more
In this chapter we analyze ancient Rome?s law of business entities from the perspective of asset partitioning, by which we mean the delimiting of creditor collection rights based on the distinction between business assets and personal assets....Read more
Corporations operate in numerous markets -- product markets, labor markets, capital-markets. This chapter focuses on the market that is the prerequisite for firms? successful operation in all other markets, as it is the market that frames their...Read more