It has long been said that the Japanese corporate governance does not pay sufficient attention to shareholders as the owners of the corporation. An yet, despite this seeming lack of shareholder ownership, Japanese firms have performed quite well until recently. This paper seeks to solve this...

Like constructing a building, performance on many contracts occurs in phases. As time passes, the promisor sinks more costs into performance and less expenditure remains. For phased performance, we show that optimal liability for the breaching party decreases as the remaining costs of completing...

Why don't people give more to charity? One reason is that the problems will be there whether individuals give or not. Here is a policy - inspired by the matching grants that charities use so effectively - that could actually make a real difference.

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The Role and Structure of Organizational Law In every society, the law establishes a set of standard legal entities. In the United States, these entities include the business corporation, the cooperative corporation, the nonprofit corporation, the municipal corporation, the limited liability...

In games with strict strategic complementarities, properly mixed Nash equilibria - equilibria that are not in pure strategies - are unstable for broad class of learning dynamics.

Private ordering is in vogue in legal scholarship. Nowhere is this clearer than on the Internet. Legal scholars who study the Internet talk freely about new forms of governance tailored to the specific needs of the Net. Only rarely are these "governance" models ones that involve a significant...

Corporations frequently, make use of precommitment strategies. Examples include such widely used devices as negative pledge covenants and change of control clauses in bond indentures fair price shark repellents, no shop and other exclusivity provisions , in merger agreements, mandatory...

The bias of forward exchange rates as a predictor of future spot rates is typically explained or decomposed as (1) a risk premium and (2) a convexity term which accounts for the fact that, when there is stochastic inflation, nominal gains from forward currency speculation are higher than real...