The environmental problems of the United States and the European nations have generated a dynamic body of literature in legal and economic research. One of the most significant branches of this research has been the analysis of strict liability versus ex post negligence standards, and the...

In academic circles, there are now a myriad of proposals for reform of Chapter 11 of the U.S. bankruptcy law. Many of these proposals call for the replacement of Chapter 11 with market-oriented alternatives, including in some cases, auction of insolvent, publicly held companies. Auctions in...

If shareholders own diversified portfolios, and if companies impose externalities on one another, shareholders do not want value maximization to be corporate policy. Instead, shareholders want companies to maximize portfolio values. This occurs when firms internalize between-firm externalities....