Corporate Law And Economic Stagnation

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Corporate Law and Economic Stagnation

Author : Pavlos E. Masouros
Publisher :
ISBN 13 : 9789490947828
Total Pages : 0 pages
Book Rating : 4.9/5 (478 download)

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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

Comparative Corporate Governance : A Chinese Perspective

Author : Yuwa Wei
Publisher : Kluwer Law International B.V.
ISBN 13 : 904119908X
Total Pages : 263 pages
Book Rating : 4.0/5 (411 download)

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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.

Corporation Law and Economics

Author : Stephen M. Bainbridge
Publisher :
ISBN 13 :
Total Pages : 922 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Corporation Law and Economics by : Stephen M. Bainbridge

Download or read book Corporation Law and Economics written by Stephen M. Bainbridge and published by . This book was released on 2002 with total page 922 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporations classes present students with two related problems: First, many students have trouble understanding the cases studied because they do not understand the transactions giving rise to those cases. Second, Corporations classes at many law schools are taught from a law and economics perspective, which many students find unfamiliar and/or daunting. Yet, with few exceptions, corporate law treatises and other study aids have essentially ignored the law and economics revolution. Corporations Law and Economics is intended to remedy these difficulties. The pedagogy is up-to - date, with a strong emphasis on the doctrinal issues taught in today's Corporations classes and, equally important, a mainstream economic analysis of the major issues in the course. As such, the text is coherent and cohesive: It provides students not only with an overview of the course, but also (and more importantly) with a unifying method of thinking about the course. Using a few basic tools of law and economics-price theory, game theory, and the theory of the firm literature-students will come to see corporate law as the proverbial ?seamless web.' Finally, the text is highly readable: The style is simple, direct, and reader- friendly. Even when dealing with complicated economic or financial issues, the text seeks to make those issues readily accessible.

The Economic Structure of Corporate Law

Author : Frank H. Easterbrook
Publisher :
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.3/5 (91 download)

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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 . This book was released on 1991-10 with total page 392 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.

Research Handbook on the Economics of Corporate Law

Author : Claire A. Hill
Publisher : Edward Elgar Publishing
ISBN 13 : 1781005214
Total Pages : 497 pages
Book Rating : 4.7/5 (81 download)

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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.

Classics in Corporate Law and Economics

Author : Jonathan Macey
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (836 download)

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Book Synopsis Classics in Corporate Law and Economics by : Jonathan Macey

Download or read book Classics in Corporate Law and Economics written by Jonathan Macey and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Law and Economic Analysis

Author : Lucian Arye Bebchuk
Publisher : Cambridge University Press
ISBN 13 : 0521360544
Total Pages : 338 pages
Book Rating : 4.5/5 (213 download)

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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.

The Anatomy of Corporate Law

Author : Reinier Kraakman
Publisher : Oxford University Press
ISBN 13 : 0191059544
Total Pages : 305 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis The Anatomy of Corporate Law by : Reinier Kraakman

Download or read book The Anatomy of Corporate Law written by Reinier Kraakman and published by Oxford University Press. This book was released on 2017-01-19 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.

Law and Macroeconomics

Author : Yair Listokin
Publisher : Harvard University Press
ISBN 13 : 0674976053
Total Pages : 281 pages
Book Rating : 4.6/5 (749 download)

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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.

The Great Stagnation

Author : Tyler Cowen
Publisher : Penguin
ISBN 13 : 1101502258
Total Pages : 98 pages
Book Rating : 4.1/5 (15 download)

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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 98 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.

On the Recurring Circularity of Corporate Law and Regulation

Author :
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (13 download)

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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.

Corporate Law

Author : William W. Bratton
Publisher : Ashgate Publishing
ISBN 13 : 9780754620860
Total Pages : 0 pages
Book Rating : 4.6/5 (28 download)

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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.

Corporate law economic reform program

Author : Australia. The Treasury. Business Law Division
Publisher :
ISBN 13 :
Total Pages : 119 pages
Book Rating : 4.:/5 (993 download)

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Book Synopsis Corporate law economic reform program by : Australia. The Treasury. Business Law Division

Download or read book Corporate law economic reform program written by Australia. The Treasury. Business Law Division and published by . This book was released on 1998 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Collected Works of Henry G. Manne: The economics of corporations and corporate law

Author : Henry G. Manne
Publisher :
ISBN 13 : 9780865977693
Total Pages : 0 pages
Book Rating : 4.9/5 (776 download)

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Book Synopsis The Collected Works of Henry G. Manne: The economics of corporations and corporate law by : Henry G. Manne

Download or read book The Collected Works of Henry G. Manne: The economics of corporations and corporate law written by Henry G. Manne and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Professor Henry G. Manne is one of the founding scholars of the influential discipline of law and economics, as well as founder of the Law and Economics Center at George Mason University and dean emeritus of the George Mason School of Law. Among the first to apply economic analysis to concepts of corporations and corporate law, Manne developed a comprehensive theory of the modern corporation that has provided a framework for legal, economic, and financial analysis of the corporate firm for more than forty years. The works in this three-volume collection, selected by Professor Fred S. McChesney of the Northwestern University School of Law and introduced by leading academics in the field, span nearly half a century of Manne scholarship. Each volume covers a different aspect of Henry Manne's large body of scholarly works. Volume 1, The Economics of Corporations and Corporate Law, includes Manne's seminal writings on corporate law and economics. Manne's theory of the market for corporation control revolutionized thinking about the nature of corporations and the shareholder-corporation relationship. Challenging the accepted wisdom of his time, Manne insisted that market forces could help constrain corporate managers to act in shareholders' interests. Volume 2, Insider Trading, gives not only a retrospective on Manne's innovative contributions to insider trading but also a context for understanding the complex world of corporate law and securities regulation. Manne's proposal to deregulate insider trading shocked the academy and forced a reevaluation of long-held views on the subject. The works included here, which range from scholarly papers to newspaper columns, span forty years and demonstrate the evolution of his understanding of insider trading. Volume 3, Liberty and Freedom in the Economic Ordering of Society, explores Manne's philosophy on corporate social responsibility in modern society and his views on corporate philanthropy. This volume also contains works on the regulation of capital markets and securities offerings; the role of the law school in the modern university; and the relationships between law, regulation, and the free market." -- Back cover.

Economic Stagnation in Japan

Author : Dongchul Cho
Publisher : Edward Elgar Publishing
ISBN 13 : 1788110447
Total Pages : 339 pages
Book Rating : 4.7/5 (881 download)

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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 2018-01-26 with total page 339 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.

Hard Lessons in Corporate Governance

Author : Bryce C. Tingle
Publisher : Cambridge University Press
ISBN 13 : 1009186213
Total Pages : 315 pages
Book Rating : 4.0/5 (91 download)

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Book Synopsis Hard Lessons in Corporate Governance by : Bryce C. Tingle

Download or read book Hard Lessons in Corporate Governance written by Bryce C. Tingle and published by Cambridge University Press. This book was released on 2024-05-30 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should corporations be run? Who should get a say, and what results can we expect? Hard Lessons in Corporate Governance provides an accessible introduction to the various failed attempts at using corporate governance to improve society. It introduces the record of these failures and illuminates hard lessons spread across thousands of empirical studies. If we look at the outcomes generated by various corporate governance 'best'; practices, we find that none of the practices work. If we look at the theories and assumptions that support modern corporate governance, we find they are likely wrong. And if we look at the prospect of corporate governance to improve political, environmental, and social outcomes, we find ample evidence that governance will fail us here too. After documenting these failures, Bryce Tingle KC turns to the most important lesson: how to fix this important, but broken, system.

Responsibility Beyond Growth

Author : de Saille, Stevienna
Publisher : Policy Press
ISBN 13 : 1529208351
Total Pages : 184 pages
Book Rating : 4.5/5 (292 download)

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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.