Corporate Law and Economic Analysis by Lucian Arye Bebchuk

By Lucian Arye Bebchuk

The previous decade has introduced definite company transactions and preparations to the leading edge of public cognizance and debate. whilst, a brand new mode of company legislations research has been developed--one that makes use of economics to spot the results and fascinating positive factors of company legislation principles. This choice of papers makes use of financial research to review many of the major matters in company legislations. by way of amassing paintings on the frontier of this technique of study, the quantity offers a transparent photo of the ability, present kingdom, and destiny path of the commercial research of company legislations. Written through the most sought after individuals to the sphere, some of the papers concentration at once at the company keep an eye on transactions that experience attracted a lot curiosity and controversy some time past decade--corporate takeovers, buyouts, recapitalizations, and reorganizations.

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585). The leveraged buyouts of the 1980s have elicited similar concern. Thus although Louis Lowenstein concedes "a tendency for lawyers to see devils in the boardroom and in the executive suite" (1985, p. 740), he regards the abuse potential of leveraged buyouts as intensely real (1985, pp. 740, 749). B Troublesome concerns As Friedrich Hayek observed, markets are "marvels" (1945, p. 527). Albeit perhaps in less profound degree, the same is true of many internal and hybrid forms of economic organization.

Hirschey, M. 1986. "Mergers, Buyouts and Fakeouts," American Economic Review, 76 (May): 317-22. Assessing mergers, acquisitions, and buyouts 27 Horvat, Bronko. 1982. The Political Economy of Socialism. E. Sharpe. Jarrell, Gregg, and Michael Bradley. 1980. "The Economic Effect of Federal and State Regulation of Cash Tender Offers," Journal of Law and Economics, 23 (October): 305-60. Jensen, M. 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, 76 (May): 323-29.

22 I am grateful to Bernard Black for suggesting a more developed form of this liquidity discount theory in the context of closed-end investment funds. , R. Thompson, The Information Content of Discounts and Premiums on Closed-End Fund Shares, Journal of Financial Economies 6: 151 (1978), pp. 180-2 (suggesting heterogeneous demand as possible source of discounts on closed-end funds). "24 Large-scale noise trading - arising from misconceived strategies, erroneous valuationassumptions, fashion and fads, or simple pleasure in trading25 - might distort share prices and generate discounts or premia through the sheer pressure of trading.

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