This paper explores how compliance proves to be an effective shield against corporate criminal liability claims. In … mitigate or even exclude its liability for the misconduct of its employees. Implementing an effective compliance mechanism … compliance in cases where corporate criminal liability has been invoked is not as valuable as the analysis of how a preventive …

In the theory of public enforcement of law the choice of the liability rules is between strict liability and fault …-based liability. In this paper, we study the determinants of compliance when in addition to standard economic incentives wrongdoers … non-guiltiness standard - the fault standard equal to the deterrence level - is never optimal. In this scenario, we show …

A bonus on the fine in response to the defendant running a corporate compliance program is superfluous because working … leniency programs provide all the incentives necessary to implement efficient compliance. Others opposed to such a bonus argue … that unreduced fines are sufficient to incentivize the adoption of effective corporate compliance programs. Proponents, on …

We examine the effect of liability protection on the compensation of directors and on takeover outcomes. Consistent … with the hypothesis that directors require additional compensation if they bear liability, we find that director … compensation is higher for firms that provide less liability protection. Examining takeovers, we find evidence that takeovers of …