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The Legal Structure of the Firm
The notions of “firm” and “corporation” are very often confused in the literature on the theory of the firm. In this paper, the two notions are sharply distinguished: the corporation is a legalExpand
The Shareholders Rights Directive II
The recent attempt to amend the Shareholders Rights Directive provides an opportunity to review the Commission’s policy towards corporate governance. The evidence is now clear that the Commission isExpand
Being Done With Milton Friedman
In an article of just under 3,000 words, published on September 19, 1970 in The New York Times under the title The Social Responsibility of Business is to Increase its Profits, Milton FriedmanExpand
Science vs. Ideology: A Comment on Lynn Stout's New Thinking on "Shareholder Primacy"
I have never met Lynn Stout. Of course, just like any person even remotely interested in corporate governance and US corporate law, I know her insightful writings. But I do not know her personally. IExpand
The Shareholder Value Mess (And How to Clean it Up)
Abstract Shareholder Value is not only a myth, as forcefully demonstrated by Lynn Stout. It has also led to a mess under the form of extensive negative externalities and growing inequalities. AExpand