Browsing by Author "Sitkoff, Robert"

Now showing items 1-20 of 22

    • An Agency Costs Theory of Trust Law 

      Sitkoff, Robert H (Cornell Law Review, 2004)

    • Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off 

      Sitkoff, Robert H; Klick, Jonathan L. (Columbia Law Review Association, Inc., 2008)
      In July 2002 the trustees of the Milton Hershey School Trust announced a plan to diversify the Trust's investment portfolio by selling the Trust's controlling interest in the Hershey Company. The Company's stock jumped ...

    • Comment: "Mend the Hold" and Erie: Why an Obscure Contracts Doctrine Should Control in Federal Diversity Cases 

      Sitkoff, Robert H (University of Chicago Press, 1998)

    • Corporate Political Speech, Political Extortion, and the Competition for Corporate Charters 

      Sitkoff, Robert H (University of Chicago Press, 2002)
      This article explores the policy bases for, and the political economy of, the law's long-standing discrimination against corporate political speech. This Article also explores the relevance of state law regulation of ...

    • Did Reform of Prudent Trust Investment Laws Change Trust Portfolio Allocation? 

      Sitkoff, Robert H (University of Chicago Press, 2007)
      This paper investigates the effect of changes in state prudent trust investment laws on asset allocation in noncommercial trusts. The old prudent-man rule favored "safe" investments and disfavored "speculation" in stock. ...

    • The Economic Structure of Fiduciary Law 

      Sitkoff, Robert H (The Boston University School of Law, 2011)
      This essay revisits the economic theory of fiduciary law. Nearly two decades have passed since the publication of the seminal economic analyses of fiduciary law by Cooter and Freedman (1991), and by Easterbrook and Fischel ...

    • An Economic Theory of Fiduciary Law 

      Sitkoff, Robert H (Oxford University Press, 2014)
      This chapter restates the economic theory of fiduciary law, making several fresh contributions. First, it elaborates on earlier work by clarifying the agency problem that is at the core of all fiduciary relationships. In ...

    • The Fiduciary Obligations of Financial Advisors Under the Law of Agency 

      Sitkoff, Robert H (Financial Planning Association, 2014)
      This paper considers how agency fiduciary law might be applied to a financial advisor with discretionary trading authority over a client's account. It (i) surveys the agency problem to which the fiduciary obligation is ...

    • Jurisdictional Competition for Trust Funds: An Empirical Analysis of Perpetuities and Taxes 

      Sitkoff, Robert H; Schanzenbach, Max (Yale Law School, 2005)
      This Article presents the first empirical study of the domestic jurisdictional competition for trust funds. To allow donors to exploit a loophole in the federal estate tax, since 1986 a host of states have abolished the ...

    • The Lurking Rule Against Accumulations of Income 

      Sitkoff, Robert H (Northwestern Law School, 2006)
      For 200 years the rule against accumulations of income, which limits the time during which a settlor may direct the trustee to accumulate and retain income in trust, has lurked in the shadow of its older and more distinguished ...

    • Perpetuities or Taxes? Explaining the Rise of the Perpetual Trust 

      Sitkoff, Robert H; Schanzenbach, Max (Benjamin N Cardozo School of Law, 2006)
      By abolishing the Rule Against Perpetuities, 21 states have now validated perpetual trusts. The prevailing view among scholars is that enactment of the generation skipping transfer (GST) tax in 1986 prompted the movement ...

    • Perpetuities, Taxes, and Asset Protection: An Empirical Assessment of the Jurisdictional Competition for Trust Funds 

      Sitkoff, Robert H; Schanzenbach, Max M. (Matthew Bender, 2008)
      This chapter provides an accessible overview of our previous work on the impact of the abolition of the Rule Against Perpetuities (RAP) on trust fund situs. The implementation of the Generation Skipping Transfer (GST) Tax ...

    • Politics and the Business Corporation 

      Sitkoff, Robert H (Cato Institute, 2004)
      This essay explores the policy bases for, and the political economy of, the law's long-standing regulation of corporate political speech. The essay has three parts. First, it contends that the conventional justifications ...

    • Prudent Investor Rule and Market Risk: An Empirical Analysis 

      Sitkoff, Robert H; Schanzenbach, Max (2015)
      The prudent investor rule, enacted in every state over the last 30 years, is the centerpiece of fiduciary investment law. Repudiating the prior law's emphasis on avoiding risk, the rule reorients fiduciary investment toward ...

    • The Prudent Investor Rule and Market Risk: An Empirical Analysis 

      Schanzenbach, Max M.; Sitkoff, Robert H (Harvard John M. Olin Center for Law, Economics, and Business, 2015)
      The prudent investor rule, enacted in every state over the last 30 years, is the centerpiece of fiduciary investment law. Repudiating the prior law's emphasis on avoiding risk, the rule reorients fiduciary investment toward ...

    • The Prudent Investor Rule and Trust Asset Allocation: An Empirical Analysis 

      Sitkoff, Robert H; Schanzenbach, Max (American College of Trust and Estate Counsel, 2010)
      This article reports the results of an empirical study of the effect of the new prudent investor rule on asset allocation by institutional trustees. Using federal banking data spanning 1986 through 1997, the authors find ...

    • Torts and Estates: Remedying Wrongful Interference with Inheritance 

      Goldberg, John C. P.; Sitkoff, Robert H (Stanford Law School, 2013)
      This Article examines the nature, origin, and policy soundness of the tort of interference with inheritance. We argue that the tort should be repudiated because it is conceptually and practically unsound. Endorsed by the ...

    • The Trust as "Uncorporation": A Research Agenda 

      Sitkoff, Robert H (University of Illinois, 2005)
      Trust has long been a competitor of corporation as a form of business organization. Though corporation today dominates trust for operating enterprises, trust dominates corporation in certain specialized niches. The market ...

    • Trust Law as Fiduciary Governance Plus Asset Partitioning 

      Sitkoff, Robert H (Cambridge University Press, 2013)
      The theme of this essay, a commentary on two papers forthcoming in the same volume on “The Worlds of the Trust,” is that trust law is not a species of property law or contract law, but rather is a species of organizational ...

    • Trust Law, Corporate Law, and Capital Market Efficiency 

      Sitkoff, Robert H (University of Iowa, 2003)
      In both the publicly-traded corporation and the private donative trust a crucial task is to minimize the agency costs that arise from the separation of risk-bearing and management. But where the law of corporate governance ...