US

Structuring Securities Regulation in the European Union: Lessons from the US experience

The Equilibrium Content of Corporate Federalism

This Article offers a positive political economy of corporate federalism. It draws on the history of corporate law and basic concepts of evolutionary...

Has New York become less competitive in global markets? Evaluating foreign listing choices over time

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us...

Accounting and Convergence in Corporate Governance: Doctrinal or Economic Path Dependence?

Convergence in corporate governance has been debated for more than 20 years. This paper seeks to explain convergence – and the lack thereof – in...

Comparing Insider Trading in the United States and in the European Union: History and Recent Developments

In the European Union insider trading has been regulated much more recently than in the United States, and it can be argued that, at least traditionally,...

Delaware's Balancing Act

Delaware’s courts and well-developed case law are widely seen as integral elements of Delaware’s success in attracting incorporations. However,...

The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments

This paper empirically examines the Capital Purchase program (CPP) under TARP that was used by the U.S. government to bail out distressed banks with...

A Simple Theory of Takeover Regulation in the United States and Europe

The U.S. Listing Gap

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its...

The U.S. Left Behind: The Rise of IPO Activity Around the World

Extraterritorial Courts for Corporate Law

A central goal in devising a system of courts is to make judicial services easily accessible. As a consequence, justice is usually administered in a...

Corporate Opportunities in the US and in the UK: How Differences in Enforcement Explain Differences in Substantive Fiduciary Duties

Fiduciary duties are often today held out as typical instruments of shareholder protection in the common law of both the US and the UK, which are sometimes...