Now showing items 21-40 of 61

    • Investor Protection and Interest Group Politics 

      Bebchuk, Lucian Arye; Neeman, Zvika (Oxford University Press (OUP), 2010)
      This article, which introduces the special issue on corporate governance cosponsored by the Review of Financial Studies and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate ...
    • The Law and Economics of Blockholder Disclosure 

      Bebchuk, Lucian Arye; Jackson, Robert J. (Harvard Law School, 2012)
      The Securities and Exchange Commission is currently considering a rulemaking petition that advocates tightening the rules under the Williams Act, which regulates the disclosure of large blocks of stock in public companies. ...
    • Letting Shareholders Set the Rules 

      Bebchuk, Lucian Arye (Harvard University, Harvard Law School, 2006)
      U.S. corporate law has long denied shareholders the power to make rules-of-the-game decisions - that is, decisions to change the company's charter or state of incorporation. In an article published last year, The Case for ...
    • The Long Term Effects of Hedge Fund Activism 

      Bebchuk, Lucian Arye; Brav, Alon; Jiang, Wei (Columbia University School of Law, 2015)
      We test the empirical validity of a claim that has been playing a central role in debates on corporate governance — the claim that interventions by activist hedge funds have a detrimental effect on the long-term interests ...
    • The Long-Term Effects of Hedge Fund Activism 

      Bebchuk, Lucian Arye; Brav, Alon; Jiang, Wei (Columbia Law Review Association, Inc., 2015)
      We test the empirical validity of a claim that has been playing a central role in debates on corporate governance — the claim that interventions by activist hedge funds have a detrimental effect on the long-term interests ...
    • Lucky CEOS and Lucky Directors 

      Bebchuk, Lucian Arye; Grinstein, Yaniv; Peyer, Urs (Wiley-Blackwell, 2010)
      We study the relation between opportunistic timing of option grants and corporate governance failures, focusing on “lucky” grants awarded at the lowest price of the grant month. Option grant practices were designed to ...
    • Managerial Power and Rent Extraction in the Design of Executive Compensation 

      Bebchuk, Lucian Arye (University of Chicago Press, 2002)
      This paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic ...
    • The Market for Corporate Law 

      Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye (Mohr, 2006)
      This paper develops a model of the competition among states in providing corporate law rules. The analysis provides a full characterization of the equilibrium in this market. Competition among states is shown to produce ...
    • The Myth of the Shareholder Franchise 

      Bebchuk, Lucian Arye (Virginia Law Review Association, 2007)
      The power of shareholders to replace the board is a central element in the accepted theory of the modern public corporation with dispersed ownership. This power, however, is largely a myth. I document in this paper that ...
    • The Myth That Insulating Boards Serves Long-Term Value 

      Bebchuk, Lucian Arye (Columbia Law Review Association, Inc., 2013)
      According to an influential view in corporate law writings and debates, pressure from shareholders leads companies to take myopic actions that are costly in the long term, and insulating boards from such pressure serves ...
    • Negative-Expected-Value Suits 

      Bebchuk, Lucian Arye; Klement, Alon (John M. Olin Center for Law, Economics, and Business. Harvard Law School., 2009)
      We review the literature on negative-expected-value suits (NEV suits) – suits in which the plaintiff would obtain a negative expected return from pursuing the suit all the way to judgment. We discuss alternative theories ...
    • A New Approach to Takeover Law and Regulatory Competition 

      Bebchuk, Lucian Arye; Ferrell, Frank A. (Virginia Law Review Association, 2001)
      The paper puts forward a new approach to two corporate subjects that have been intensively debated in the last three decades, the regulation of takeovers and state competition in the production of corporate law. During ...
    • A New Approach to Valuing Secured Claims in Bankruptcy 

      Bebchuk, Lucian Arye; Fried, Jesse M. (Harvard University, Harvard Law School, 2001)
      In many business bankruptcies in which the firm is to be preserved as a going concern, one of the most difficult and important problems is that of valuing the assets that serve as collateral for secured creditors. Valuing ...
    • Optimal Sanctions When Individuals Are Imperfectly Informed about the Probability of Apprehension 

      Bebchuk, Lucian Arye; Kaplow, Louis (University of Chicago Press, 1992)
      No abstract provided.
    • The Overlooked Corporate Finance Problems of a Microsoft Breakup 

      Bebchuk, Lucian Arye; Walker, David (American Bar Association, 2001)
      This paper identifies problems with the ordered breakup of Microsoft that seem to have been completely overlooked by the government, the judge, and the commentators. The breakup order prohibits Bill Gates and other large ...
    • Pay without Performance: Overview of the Issues 

      Bebchuk, Lucian Arye; Fried, Jesse M. (University of Iowa, College of Law, 2005)
      In our recent book, Pay without Performance, and in several accompanying and subsequent papers, we seek to provide a full account of how managerial power and influence have shaped executive compensation in publicly traded ...
    • Paying for Long-Term Performance 

      Bebchuk, Lucian Arye; Fried, Jesse M. (University of Pennsylvania, 2010)
      Firms, investors, and regulators around the world are now seeking to ensure that the compensation of public company executives is tied to long-term results, in part to avoid incentives for excessive risk taking. This Article ...
    • Placing Election Bylaws on the Corporate Ballot 

      Bebchuk, Lucian Arye; Ferrell, Frank A.; Kraakman, Reinier H.; Roe, Mark J.; Subramanian, Guhan (2005)
      This piece provides our amicus curiae brief in the case of American Federation of State, County & Municipal Employees Pension Plan v. American International Group, which is now under consideration by the Second Circuit ...
    • A Plan for Addressing the Financial Crisis 

      Bebchuk, Lucian Arye (Harvard John M. Olin Center for Law, Economics, and Business, 2008)
      This paper critiques the proposed emergency legislation for spending $700 billion on purchasing financial firms’ troubled assets to address the 2008 financial crisis. It also puts forward a superior alternative for ...
    • The Powerful Antitakeover Force of Staggered Boards: Further Findings and a Reply to Symposium Participants 

      Bebchuk, Lucian Arye; Coates, John; Subramanian, Guhan (Stanford Law School, 2002)
      This paper develops and defends our earlier analysis of the powerful antitakeover force of staggered boards. We reply to five responses to our work, by Stephen Bainbridge, Mark Gordon, Patrick McGurn, Leo Strine, and Lynn ...