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Precontractual Reliance
(University of Chicago Press, 2001)
During contractual negotiation, parties often make (reliance) expenditures that would increase the surplus should a contract be made. This paper analyzes decisions to invest in pre-contractual reliance under alternative ...
Using Options to Divide Value in Corporate Bankruptcy
(Elsevier, 2000)
This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to ...
The Growth of Executive Pay
(Oxford University Press (OUP), 2005)
This paper examines both empirically and theoretically the growth of US executive pay during the period 1993–2003. During this period, pay has grown much beyond the increase that could be explained by changes in firm size, ...
The Case for Increasing Shareholder Power
(Harvard University, Harvard Law School, 2005)
This paper reconsiders the basic allocation of power between boards and shareholders in publicly traded companies with dispersed ownership. U.S. corporate law has long precluded shareholders from initiating any changes in ...
The Costs of Entrenched Boards
(Elsevier, 2005)
This paper investigates empirically how the value of publicly traded firms is affected by arrangements that protect management from removal. Staggered boards, which a majority of U.S. public companies have, substantially ...
Executive Pensions
(University of Iowa, College of Law, 2005)
This paper presents evidence of the extent to which omitting the value of pension benefits has undermined the accuracy of existing estimates of executive pay, its variability, and its sensitivity to performance.We study ...
Director Liability
(Delaware Law School of Widener College, 2006)
This article contains the edited transcript of a forum on personal liability of directors held at Harvard Law School in November 2005. Eleven panelists offer their diverse views and perspectives on this subject. The ...
Pay without Performance: Overview of the Issues
(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 ...
What Matters in Corporate Governance?
(Oxford University Press (OUP), 2009)
We investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholder returns. Based on this analysis, ...
Buying Troubled Assets
(Yale Journal on Regulation, 2009)
This paper analyzes how government intervention in the market for banks' troubled assets is best designed, and also uses this analysis to evaluate the public-private investment program announced by the U.S. government in ...