Now showing items 1-20 of 36

    • Assessing the Chrysler Bankruptcy 

      Roe, Mark J.; Skeel, David (Michigan Law Review, 2010)
      Chrysler entered and exited bankruptcy in 42 days, making it one of the fastest major industrial bankruptcies in memory. It entered as a company widely thought to be ripe for liquidation if left on its own, obtained massive ...
    • Breaking Bankruptcy Priority: How Rent-Seeking Upends the Creditors' Bargain 

      Roe, Mark J.; Tung, Frederick (Virginia Law Review Association, 2013)
      “Bankruptcy reallocates value in a faltering firm. The bankruptcy apparatus eliminates some claims and alters others, leaving a reduced set of claims to match the firm’s diminished capacity to pay. This restructuring is ...
    • Can Culture Constrain the Economic Model of Corporate Law? 

      Roe, Mark J. (University of Chicago Press, 2002)
      The economic model of corporate law could, with a few simple moves, be seen as potentially having cultural limits. Or, better put, the economic model works well in the United States because not much impedes Coasean-style ...
    • A Capital Market, Corporate Law Approach to Creditor Conduct 

      Roe, Mark J.; Venezze, Federico Cenzi (University of Michigan, Dept. of Law, 2013)
      The problem of creditor conduct in distressed firms — for which policymakers ought to have the economically-sensible repositioning of the distressed firm as a central goal — has vexed courts for decades. Because courts ...
    • Capital Markets and Financial Politics: Preferences and Institutions 

      Roe, Mark J. (Oxford University Press, 2012)
      For capital markets to function, political institutions must support capitalism in general and the capitalism of financial markets in particular. Yet capital markets’ shape, support, and extent are often contested in the ...
    • Chaos and Evolution in Law and Economics 

      Roe, Mark J. (The Harvard Law Review Association, 1996)
      I refine here the classical evolutionary model from law and economics by modifying it to accommodate three related concepts, one from chaos theory, another of path dependence, and a final one of politically-induced punctuated ...
    • Clearinghouse Overconfidence 

      Roe, Mark J. (California Law Review Inc., 2013)
      Regulatory reaction to the 2008-2009 financial crisis focused on complex financial instruments that deepened the crisis. A consensus emerged that these risky financial instruments should move through safe, strong clearinghouses, ...
    • Corporate Governance and Its Political Economy 

      Roe, Mark J.; Vatiero, Massimiliano (2015)
      To fully understand governance and authority in the large corporation, one must attend to politics. Because basic dimensions of corporate organization can affect the interests of voters, because powerful concentrated ...
    • Corporate Law's Limits 

      Roe, Mark J. (University of Chicago Press, 2002)
      A strong theory has emerged that the quality of corporate law primarily determines whether ownership and control separate, particularly to the extent law stymies controllers' self-dealing transactions that damage minority ...
    • The Corporate Shareholder's Vote and its Political Economy, in Delaware and in Washington 

      Roe, Mark J. (Harvard Law School, 2012)
      Shareholder power to effectively nominate, contest, and elect the company's board of directors became core to the corporate governance reform agenda in the past decade, as corporate scandal and financial stress put business ...
    • Corporate Short-termism -- In the Boardroom and in the Courtroom 

      Roe, Mark J. (2013)
      A long-held view in corporate circles has been that furious rapid trading in stock markets has been increasing in recent decades, justifying corporate governance and corporate law measures that would further shield managers ...
    • Delaware and Washington as Corporate Lawmakers 

      Roe, Mark J. (Delaware Law School of Widener College, 2009)
      American corporate law scholars have long focused on state-to-state jurisdictional competition as a powerful engine in the making of American corporate law. Yet much corporate law is made in Washington, D.C. Federal ...
    • Delaware's Competition 

      Roe, Mark J. (Harvard Law School, 2003)
      One of corporate law's enduring issues has been the extent to which state-to-state competitive pressures on Delaware make for a race to the top or the bottom. States, or at least some of them, are said to compete with their ...
    • Delaware's Politics 

      Roe, Mark J. (Ames Foundation at the Harvard Law School, The, 2005)
      Delaware makes the corporate law governing most large American corporations. Since Washington can take away any, or all, of that lawmaking, a deep conception of American corporate law should show how, when, and where ...
    • Delaware's Shrinking Half-Life 

      Roe, Mark J. (Stanford Law School, 2009)
      A revisionist consensus among corporate law academics has begun to coalesce that, after a century of academic thinking to the contrary, states do not compete head-to-head on an ongoing basis for chartering revenues, leaving ...
    • Derivatives Market's Payment Priorities as Financial Crisis Accelerator 

      Roe, Mark J. (Stanford Law School, 2011)
      Chapter 11 bars bankrupt debtors from immediately repaying their creditors, so that the bankrupt firm can reorganize without creditors shredding the bankrupt’s business. Not so for the bankrupt’s derivatives counterparties, ...
    • Derivatives Markets in Bankruptcy 

      Roe, Mark J. (Harvard Law School, 2012)
      By treating derivatives and financial repurchase agreements much more favorably than it treats other financial vehicles, American bankruptcy law subsidizes these arrangements relative to other financing channels. By ...
    • Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in The Law–Growth Nexus 

      Roe, Mark J.; Siegel, Jordan I (American Economic Association, 2009)
      Strong financial markets are widely thought to propel economic development, with many in finance seeing legal tradition as fundamental to protecting investors sufficiently for finance to flourish. Kenneth Dam, in the ...
    • How the Chrysler Reorganization Differed From Prior Practice 

      Roe, Mark J.; Chung, Joo-Hee (Oxford University Press (OUP), 2013)
      Chrysler, a failing auto manufacturer, was reorganized in a controversial chapter 11 in 2009. Financial creditors were paid a quarter of the amount owed them, while other creditors were paid more. The reorganization’s ...
    • The Inevitable Instability of American Corporate Governance 

      Roe, Mark J. (2004)
      American corporate governance faces two core instabilities. The first is the separation of ownership from control - distant and diffuse stockholders own, while concentrated management controls - a separation that creates ...