Why would a firm incorporate in Delaware rather than in its home state? Prior explanations have focused on the inherent features of Delaware corporate law and on the positive network externalities created by so many other firms domiciling in Delaware. We offer an additional explanation: a firm...

This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of "territoriality" in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy with a regime of "universality" in which all assets are...

This paper empirically investigates the determinants of firms' decisions where to incorporate. We find that states that offer stronger antitakeover protections are substantially more successful both in retaining in-state firms and in attracting out-of-state incorporations. We estimate that,...