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Corporate Law And Economic Stagnation
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Book Synopsis Corporate Law and Economic Stagnation by : Pavlos E. Masouros
Download or read book Corporate Law and Economic Stagnation written by Pavlos E. Masouros and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The shift in the institutional logics of corporate governance towards shareholder value ('Great Reversal in Corporate Governance') coupled with shareholdership's increasing short-termism ('Great Reversal in Shareholdership') have cumulatively contributed to the low GDP growth rates that are observed in five major Western economies (France, Germany, the Netherlands, the UK, and the US) since the breakdown of the Bretton Woods system in the early 1970s. This book presents - through empirical data and with the help of the post-Keynesian theory of the firm - a historical causality chain: the two Great Reversals led to higher equity payout ratios and lower retention ratios in public corporations that in turn caused lower growth rates of (business) capital accumulation that in turn caused lower GDP growth rates. Corporate law has been an accomplice for the reorientation of corporate governance towards shareholder value, i.e. for the 'Great Reversal in Corporate Governance, ' and thus it indirectly shares the blame for the low rates of capital accumulation that have thrown the five major Western economies in a stagnation mode over the past four decades. The book introduces the post-Bretton Woods shareholder value index: a numerical legal index that shows the progress that the corporate laws of the five major Western economies covered have made at the shareholder value level during the post-Bretton Woods era. Corporate law rules have escalated the divestment of structurally long-termist institutional investors from equity positions and have preserved the trend towards shareholder short-termism that other legal and extra-legal institutions have directly caused. Corporate law has thus sustained the 'Great Reversal in Shareholdership' and hence it has contributed to the maintenance of the second factor that brought about the observed low growth rates in the five major Western economics over the past four decades. The book presents developments in the field of corporate law in the five major Western economies generating bias in favor of short-termism. 'Long Governance' emerges as the only way by which corporate law can fight stagnation. It is a management theory that calls management to set as a benchmark for its actions the long-run interests of all the shareholders who hold, have held, or will hold stock in the firm and also a legal concept requiring directors' duties to be discharged towards the maximization of long-term corporate welfare. Long Governance encourages also the provision of incentives, so that a class of long-termist shareholders, which can subsequently be empowered, can be created
Book Synopsis The Economic Structure of Corporate Law by : Frank H. Easterbrook
Download or read book The Economic Structure of Corporate Law written by Frank H. Easterbrook and published by Harvard University Press. This book was released on 1996-02-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors argue that the rules and practices of corporate law mimic contractual provisions that parties would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides the rules and an enforcement mechanism that govern relations among those who commit their capital to such ventures. The authors work out the reasons for supposing that this is the exclusive function of corporate law and the implications of this perspective.
Book Synopsis Corporate Law and Economic Analysis by : Lucian Arye Bebchuk
Download or read book Corporate Law and Economic Analysis written by Lucian Arye Bebchuk and published by Cambridge University Press. This book was released on 1990-10-26 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection uses economic analysis to study some of the most pressing issues in corporate law. The last decade has brought certain corporate transactions and arrangements to the forefront of public attention and public debate.
Book Synopsis Comparative Corporate Governance : A Chinese Perspective by : Yuwa Wei
Download or read book Comparative Corporate Governance : A Chinese Perspective written by Yuwa Wei and published by Kluwer Law International B.V.. This book was released on 2003-04-01 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis is notable for its insistence that, for a corporate governance system to work, the principles and practicalities of that system must be derived from customary cultural norms. Experience shows that imported models, although they may be enshrined in law, lead to economic stagnation unless actual practice is monitored and reformed and the laws change to reflect these necessary adjustments. Thus the model proposed here begins with the Company Law of 1994, and proceeds to show how practical experience is already providing valuable data for the task of improving the law.
Book Synopsis Law and Macroeconomics by : Yair Listokin
Download or read book Law and Macroeconomics written by Yair Listokin and published by Harvard University Press. This book was released on 2019-03-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.
Book Synopsis Research Handbook on the Economics of Corporate Law by : Claire A. Hill
Download or read book Research Handbook on the Economics of Corporate Law written by Claire A. Hill and published by Edward Elgar Publishing. This book was released on 2012-04-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics.
Book Synopsis Classics in Corporate Law and Economics by : Jonathan R. Macey
Download or read book Classics in Corporate Law and Economics written by Jonathan R. Macey and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance written by U-il Chu and published by . This book was released on 2010 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt: This anthology of recent scholarship on corporate governance has been extensively revised and updated. It explores the application of legal doctrine and theory to topical policy issues such as corporate social responsibility, executive compensation, corporate criminality, federalism, and ethical rules for corporate lawyers. It contains materials on recent developments, including the 2008 financial collapse. The book puts into current context long-running debates on fundamental corporate law issues, such as shareholders' ownership of the corporation, director independence, and management's focus on maximizing share price. The new edition contains a new chapter on creditors and bankruptcy. The book is organized around policy issues rather than the doctrinal areas of the basic law school course. It presents diverse views on each issue through various approaches to analyzing corporate law and incorporating doctrine, law and economics, empirical work; history; and organizational behavior. The book is designed for use as the primary text in a course or seminar in corporate governance, but could also serve as supplemental reading in the basic law school corporations course. It includes questions for classroom discussion or self-directed study. The edited selections are generally longer than in a standard law anthology in order to provide a deeper treatment of the issues.
Book Synopsis The Great Stagnation by : Tyler Cowen
Download or read book The Great Stagnation written by Tyler Cowen and published by Penguin. This book was released on 2011-01-25 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. In The Great Stagnation, Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.
Book Synopsis The Anatomy of Corporate Law by : Reinier H. Kraakman
Download or read book The Anatomy of Corporate Law written by Reinier H. Kraakman and published by Oxford University Press, USA. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second edition of this highly regarded comparative overview of corporate law. It argues that the main function of corporate law is to address conflicts of interests and that, despite economic and social diversity, legal strategies employed across jurisdictions are surprisingly similar.
Book Synopsis Corporate Law by : William W. Bratton
Download or read book Corporate Law written by William W. Bratton and published by Ashgate Publishing. This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this collection critically examine the principal themes and issues shaping contemporary writing on corporate law, and the law and economics of the firm. These include: contractarian theory; the institutional shareholder movement; path-dependent institutional evolution; comparative corporate governance; and team production. In particular, the essays demonstrate how American corporate legal theory embraces and then abandons a market efficiency account of corporate governance, turning outwards and searching worldwide for more effective legal and organizational strategies.
Book Synopsis On the Recurring Circularity of Corporate Law and Regulation by :
Download or read book On the Recurring Circularity of Corporate Law and Regulation written by and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and regulation always arrives at the same place but where that is depends on where it started. The global financial crisis created shared concerns in western jurisdictions about fundamental principles used to regulate companies and financial markets. Initial reactions saw a retreat from market principles which had prevailed in policy making for 20 years and a new recognition of the role of the state and the need for stricter regulation. Galbraith's study of the 1929 Crash led him to observe that the momentum for legal and regulatory reforms resulting from financial crises and scandals does not last. In the next period of economic growth the virtues of unregulated markets are rediscovered by some law and policy makers, as well as by the regulators and enforcers. According to Galbraith the media moves to support this view, marshalling public opinion against those calling for reform. The recent reforms in the United States, the United Kingdom, European Union and Australia indicates that the momentum for reform following the global financial crisis may have been lost but that it has been lost to different degrees, in different ways and at different times. Critical factors affecting these patterns were already embedded in the pre-existing corporate law and its regulatory cultures. Proving Galbraith's point in respect of the United Kingdom and the United States this reaction has been seen in spite of economic growth being stagnant and another recession possible. In jurisdictions initially more sceptical of unregulated markets different outcomes are seen.
Book Synopsis Responsibility Beyond Growth by : de Saille, Stevienna
Download or read book Responsibility Beyond Growth written by de Saille, Stevienna and published by Policy Press. This book was released on 2020-07-15 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Critically assessing growth-based models of innovation policy, this enlightening study sparks new debate on the role and nature of responsible innovation. Drawing on insights from economics, politics, and science and technology studies, it proposes the concept of 'responsible stagnation' as an expansion of present discussions about growth, degrowth, responsibility and innovation within planetary limitations. This important intervention explores real-world relationships between the political economy, innovation policy and concepts of responsibility, and will be an invaluable resource for individuals and civil society organizations who seek to promote responsible innovation.
Book Synopsis An Introduction to Law and Economics by : A. Mitchell Polinsky
Download or read book An Introduction to Law and Economics written by A. Mitchell Polinsky and published by Aspen Publishing. This book was released on 2018-07-23 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distinguished by brevity, lucid writing, and well-chosen examples, An Introduction to Law and Economics, now in its Fifth Edition, focuses on a set of core topics that include property, contracts, torts, criminal law, and litigation. Avoiding specialized jargon and mathematics, Polinsky teaches students how to think like an economist and understand legal issues from an economic perspective. New to the Fifth Edition: A streamlining of the products liability chapter A revised discussion of the redistributive effects of legal rules to reflect more recent scholarship on this topic The addition of several other refinements in the text and in new footnotes An updated bibliography Professors and students will benefit from: Solid coverage of relevant economic principles A normative approach that illustrates how to assess legal rules and policies in terms of economic and social goals Clear explanations of concepts
Book Synopsis Benefit Corporation Law and Governance by : Frederick Alexander
Download or read book Benefit Corporation Law and Governance written by Frederick Alexander and published by Berrett-Koehler Publishers. This book was released on 2017-10-16 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporations with a Conscience Corporations today are embedded in a system of shareholder primacy. Nonfinancial concerns—like worker well-being, environmental impact, and community health—are secondary to the imperative to maximize share price. Benefit corporation governance reorients corporations so that they work for the interests of all stakeholders, not just shareholders. This is the first authoritative guide to this new form of governance. It is an invaluable guide for legal and financial professionals, as well as interested entrepreneurs and investors who want to understand how purposeful corporate governance can be put into practice.
Download or read book Average Is Over written by Tyler Cowen and published by Penguin. This book was released on 2013-09-12 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renowned economist and author of Big Business Tyler Cowen brings a groundbreaking analysis of capitalism, the job market, and the growing gap between the one percent and minimum wage workers in this follow-up to the New York Times bestseller The Great Stagnation. The United States continues to mint more millionaires and billionaires than any country ever. Yet, since the great recession, three quarters of the jobs created here pay only marginally more than minimum wage. Why is there growth only at the top and the bottom? Economist and bestselling author Tyler Cowen explains that high earners are taking ever more advantage of machine intelligence and achieving ever-better results. Meanwhile, nearly every business sector relies less and less on manual labor, and that means a steady, secure life somewhere in the middle—average—is over. In Average is Over, Cowen lays out how the new economy works and identifies what workers and entrepreneurs young and old must do to thrive in this radically new economic landscape.
Book Synopsis Economic Stagnation in Japan by : Dongchul Cho
Download or read book Economic Stagnation in Japan written by Dongchul Cho and published by Edward Elgar Publishing. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan’s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term ‘Japanization’ is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing, and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judiciously timed book investigates in depth the causes of Japan’s ‘lost decades’ versus the real recovery achieved by the United States, and the lessons that can be learned.
