Fiduciary Duty in Transitional Civil Law Jurisdictions Lessons from the Incomplete Law Theory
In Anglo-American law, fiduciary duty is the core legal concept to address conflicts among directors/managers and shareholders. The concept is...
Read moreWorking Paper
Executive Compensation: A Modern Primer
This article studies traditional and modern theories of executive compensation, bringing them together under a simple unifying framework accessible...
Read more
Viewing Artificial Persons in the AI Age Through the Lens of History
With talk of driverless companies and bots substituting for human beings on company boards either in part or completely, the spectre of a future...
Read more
Does Improved Information Improve Incentives?
This paper studies the value of more precise signals on agent performance in an optimal contracting model with endogenous effort. With limited...
Read more
The Team Production Model as a Paradigm
This paper forms part of the proceedings for the 6th Annual Berle Symposium (2014), which focused on Margaret Blair and Lynn Stout?s 1999 Virginia Law...
Read more
A Theory of Friendly Boards
This paper analyzes the consequences of the board's dual role as an advisor as well as a monitor of management. As a result of this dual role, the CEO faces a...
Read more
Examining the Wates Principles for Large Private Companies as a Social Contract for Business-Society Relations
In December 2018, a Corporate Governance Code aimed at large private companies was unveiled, the culmination of an industry-led effort in producing a...
Read more
Blood and Money: Kin altruism, governance, and inheritance inthe family firm
This paper develops a theory of governance and inheritance within family firms based on kin altruism (Hamilton, 1964). Family members weigh the payoffs...
Read more
Defensive Tactics and Optimal Search: A Simulation Approach
The appropriate division of authority between a company?s board and its shareholders has been the central issue in the corporate governance debate for...
Read more