The stakeholder vision has emerged as an influential stream in corporate governance. In the English-speaking world, Canada was the pioneer in introducing a regulatory stakeholder regime. This article examines the Canada Business Corporations Act (CBCA) for its concern for non-shareholder groups,...

Ownership dispersion is a first-order determinant of M&A practices. Firms with dispersed ownership are more salient, and tend to be larger, but dispersion varies significantly among even large US businesses, and affects M&A deal size, duration, techniques, contract terms, and outcomes. These...

This paper analyzes lawsuits in which at least one side, plaintiff or defendant, is a corporation. In particular, we provide evidence on the relative frequency of the legal issues involved, the incidence of suits by whether the opponent is another firm, governmental entity, or non- corporate...

Українську версію цієї статті можна знайти тут: 'http://ssrn.com/abstract=3012191' http://ssrn.com/abstract=3012191Russian Abstract: Рассмотрено возникновение и развитие производного (косвенного)...

Federal law mandates that audit and compensation committees of public companies be comprised entirely of independent directors. The assumption underlying these legal requirements is that independent directors are more likely to act as monitors of the company's top management. In this paper, we...

The stockholder litigation reform agenda is currently shaped by the felt necessity of the time to eliminate forms of stockholder actions that typically had been settled for nominal relief soon after filing. The empirical rationale for this agenda gives insufficient attention to recent cases in...

An important set of contract terms manages potential disputes. In a detailed, hand-coded sample of mergers and acquisition (M&A) contracts from 2007 and 2008, dispute management provisions correlate strongly with target ownership, state of incorporation, and industry, and with the experience of...

An emerging line of research finds that firms incorporated in Universal Demand (UD) law adopting states experience an increase in the use of entrenchment provisions. Our investigation shows that the empirical link between UD laws and management entrenchment is influenced by a small number of...

I estimate the relationship between increased creditor rights and legal expenditures of debtor corporations by analyzing the effect of a major securitization law in India allowing secured creditors to seize collateral. While the law decreased spending on legal proceedings commonly used by firms...