Deffains, Bruno; Demougin, Dominique - 2006
’ view. As noted by Roe: “Corporate law is in fact a standard contract that shareholders and managers can
vary at will …
approach to incomplete contracts providing the corner stone of the modern property rights
theory. Contract incompleteness … forces parties to renegotiate when eventualities not foreseen
by the contract occur.
9
In such a context, ownership plays …
