maximize their own welfare within the boundaries of the regulatory rulebook. Applying a fiduciary standard to all financial …

Investment managers owe fiduciary duties to clients, including the duty of loyalty and the duty of care. A persistent … much of investment management regulation is a response by regulators to the uncertainty inherent in the fiduciary …, are attempting to specify what precisely is required of investment managers in the context of exercising their fiduciary …

. Organizational law supplies a set of contractarian rules, some of a fiduciary character, that provide for the governance of the …

Fiduciary remedies are notoriously potent. Fiduciaries who profit from their disloyalty are liable to be ordered to … matter of primary right, by virtue of their exclusive claim over fiduciary power as a means derived from their own legal …

Fiduciary law is both celebrated as unbound by rules and deplored as unprincipled. Moralists see in fiduciary law a … fixed and mandatory system, even as legal economists and contractarians have cast fiduciary law as the ultimate set of … defaults to fill in incomplete contracts. Like general equity, out of which it grew, modern fiduciary law suffers from the hard …

This essay revisits the economic theory of fiduciary law. Nearly two decades have passed since the publication of the … together have come to underpin the prevailing economic, contractarian model of fiduciary law. The economic theory of agency … of this essay is to restate the economic theory of fiduciary law in an updated and accessible synthesis …