Company Law

Working Paper

Loyalty Shares with Tenure Voting - Does the Default Rule Matter? Evidence from the Loi Florange Experiment

The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this proposition empirically around a major legal reform. French companies going public used to give...Read more

Marco Becht
Anete Pajuste
16 April 2018

Defined Contribution Plans and the Challenge of Financial Illiteracy

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for...Read more

Jill Fisch
Annamaria Lusardi
Andrea Hasler
07 November 2019

The Place for Creditor Protection on the Agenda for Modernisation of Company Law in the European Union

The European Commission's Action Plan for Company Law, Modernising Company Law and Enhancing Corporate Governance in the European Union, signals a reorientation of the approach to company law at the European level, away from the protection of...Read more

Eilis Ferran
01 October 2005

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