We expect competitors to act as each other's foes. Yet some companies own equity stakes in their competitors. The Article explores this phenomenon of companies owning about 5-15% of the competition and conjectures a few explanations for this investment strategy. The focus of the Article is on...

This Article examines some of the extrajudicial activities in which members of the Delaware judiciary engage to minimize the systemic indeterminacy resulting from the resolution of economic disputes by a court of equity. These activities come in three unique forms: 1) the frequent speeches and...

This paper offers new findings on the relation between auditor dismissals and resignations and audit fees. Unlike the prior research, which studies the fees of auditors after an auditor change, we focus on audit fees before an auditor change. Our evidence shows that incumbent auditors charge...

There are several reasons, why money has been taken as the subject of study in this paper. Money is undoubtedly the most important part of monetary economy, but also of numismatics and notaphily. Money's cultural and artistic, as well as its economic dimension and some of the historic monetary...

China has achieved remarkable success in building the necessary institutions for a functional legal system. However, it seems that the Chinese government is more willing to nurture rule of law in some areas, while still striving to maintain excessive administrative discretion - namely rule of...

Insider trading: The words alone evoke conflicting feelings of jealousy and greed. But what is wrong with insider trading? Nothing. In fact, insider trading is good for the economy. Insider trading results in an efficient allocation of capital and thus makes the world wealthier

In recent years, Rule 14a-8 of the Securities Exchange Act - first adopted more than sixty years ago to increase shareholder participation in corporate governance - has been the subject of a flurry of litigation, scholarly analysis, and SEC rulemaking. Most recently, following several years of...

This Article presents a theory of partnership taxation. To provide context for the presentation, the Article examines the history and status of partnerships. That examination reveals humans have a natural tendency to form partnerships and partnerships create a significant challenge for...

The board of directors is the critical link between ownership and management of companies. The governance of the board is at the centre of corporate governance in the United States and US boards are largely held to be effective. What makes a good board? Board independence, board activism,...

The People's Republic of China officially became a member of the World Trade Organization (WTO) on 10 December 2001. Its major commitments under the Protocol on Accession are trade-related. To meet them, systemic reforms in the areas of transparency, uniform application of laws and substantial...