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Two Agency-Cost Explanations of Dividends
The economic literature about dividends usually assumes that managers are perfect agents of investors, and it seeks to determine why these agents pay dividends. Other literature about the firmExpand
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The Economic Structure of Corporate Law
The corporate contract limited liability voting the fiduciary principle the business judgment rule, and the derivative suit corporate control transactions the appraisal remedy tender offers theExpand
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Criminal Procedure as a Market System
I argue in this essay that the aspects of criminal procedure treated with the greatest skepticism by academics and the popular press-prosecutorial discretion, plea bargaining, and sentencingExpand
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Voting in Corporate Law
ONE of the themes of The Modern Corporation and Private Property is that managers use the machinery of voting to seize control of corporations. Managers name the slates of candidates and control theExpand
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Mandatory Disclosure and the Protection of Investors
IT HE Securities Act of 1933 and the Securities Exchange Act of 1934 have escaped the fate of many other early New Deal programs. Some of their companions, such as the National Industrial RecoveryExpand
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Newly Listed Firms: Fundamentals, Survival Rates, and Returns
After 1979, the rate at which new firms are listed on the major U.S. stock exchanges increases sharply, asset growth rates of new lists are high, but their profitability declines and remains low forExpand
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Cyberspace and the Law of the Horse
When he was dean of this law school, Gerhard Casper was proud that the University of Chicago did not offer a course in "The Law of the Horse." He did not mean by this that Illinois specializes inExpand
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Limited Liability and the Corporation
Limited liability is a fundamental principle of corporate law. Yet liability has never been absolutely limited. Courts occasionally allow creditors to "pierce the corporate veil," which means thatExpand
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Limits of Antitrust
In this article, Frank Easterbrook sets out the basic components of what has become known as the error-cost framework in antitrust, an approach that has gained influence in recent years.
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