In a political structure with several power levels, how should regulatory authority in the area of corporate law be efficiently allocated between the different levels ? This question arises amidst a larger debate over the issue of the organization of governmental action when it takes place in a...

This paper aims to analyze the impact of recent industrial changes on the governance structure of power relationships. To achieve this goal, three insights are discussed. First, the definition of what a firm is in both economic theory and in corporate law is clarified. Second, the four core...

Business corporations seek profit. That is, after subtracting cost, they maximize net revenue. Spillovers (both costs and benefits) involve trade-offs governing boards should make. Spillovers, especially when coupled with clumsy applications of discounted present value, distort a business'...

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of...

French business law has been deeply influenced by the theory of ?Corporate Governance? since the middle of the Nineties. Among others, Marc Viénot and Daniel Bouton?s reports supported innovations, such as principles of transparency and of compliance, and institutions acting as independent...

In this paper we extend the stationarity test proposed by Kurozumi and Tanaka (2010) for reducing size distortion with one structural break. We find the bias up to the order of 1/T for four types of models containing structural breaks. The simulations on finite samples show a reduction of size...

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The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications,...