Corwin v. KKR, one of many recent cases aiming to mitigate the “deal tax” in M&A represented by baseless litigation, is considered one of the most important corporate law decisions of the 2000s. Corwin shields directors from the enhanced scrutiny of Revlon in favor of the business judgment...

‘Shareholder rights' are the legal entitlements of shareholders via-a-vis companies in which they invest. A large body of research has sought to investigate how shareholder rights foster accountability of controllers. The concern has been that without accountability, managers and dominant...

'One-share, one-vote,' a bedrock principle of Anglo-Saxon corporate governance, is back in the spotlight. Except this time, the aim is to diminish its application rather than to extend its global footprint.Hoping to stem the tide of short-termism in the financial markets, prominent commentators...

This study provides the first large-sample empirical analysis on the characteristics, determinants, and returns from appraisal petitions during 2000-2014. We find that appraisal petitions increase from 2-3% of the eligible M&A deals in the early 2000s to around 25% of such deals in the most...

The literature posits that some CEO overconfidence benefits shareholders, though high levels may not. We argue adequate controls and independent viewpoints provided by an independent board mitigates the costs of CEO overconfidence. We use the concurrent passage of the Sarbanes-Oxley Act and...

In a typical public company, shareholders can elect the board, appoint auditors, and approve fundamental changes. Firms with dual class share (DCS) structures alter this balance by inviting the subordinate shareholders to carry the financial risk of investing in the corporation without providing...

Deciding between mandatory and/or default rules (or as they are also called: eligible law, enabling rules, optional rules, legal menus, rules allowing contracting around, fallback provisions, and dispositives Recht) is a fundamental choice for the law. To what degree do legislators, courts,...

Historische Entwicklung und rechtliche Ausgestaltung von Vorzugsaktien -- Stimmrechtslose Vorzugsaktien als Finanzierungsquelle und als Anlageinstrument -- Ökonomische Analyse von Dual-Class-Strukturen -- Kursunterschiede, Renditen und Aktionärsstrukturen von Dual-Class-Unternehmen

Die ökonomische Bedeutung der Organhaftung im nationalen Aktienrecht -- Der Einfluss von D&O-Versicherungen auf die Organhaftung -- Die materiell-rechtliche Organhaftung de lege lata -- Das Haftungsdurchsetzungsdefizit, seine Ursachen und die Konsequenzen -- Die Reform der Aktionärsklage als...

This paper presents an overview of the history of corporate governance in the United States, emphasizing the period before the advent of federal securities laws and the Securities and Exchange Commission (SEC). Recent research has overturned many widely accepted beliefs about corporate...

This paper presents an overview of the history of corporate governance in the United States, emphasizing the period before the advent of federal securities laws and the Securities and Exchange Commission (SEC). Recent research has overturned many widely accepted beliefs about corporate...

Corporate governance frameworks in the Middle East and North Africa region have undergone a substantial evolution in the past decade. Better enforcement of corporate governance rules and regulations has in the past three years emerged as both a policy challenge and a priority for the region....