Efnisyfirlit

• Title Page
• Copyright Page
• Contents
• List of Authors
• 1. What Is Corporate Law?
  • 1.1 Introduction
  • 1.2 What Is a Corporation?
    • 1.2.1 Legal personality
    • 1.2.2 Limited liability
    • 1.2.3 Transferable shares
    • 1.2.4 Delegated management with a board structure
    • 1.2.5 Investor ownership
  • 1.3 Sources of Corporate Law
    • 1.3.1 Special and partial corporate forms
    • 1.3.2 Other bodies of law
  • 1.4 Law versus Contract in Corporate Affairs
    • 1.4.1 Mandatory laws versus default provisions
    • 1.4.2 The benefits of legal rules
    • 1.4.3 Choice of legal regime
  • 1.5 What Is the Goal of Corporate Law?
  • 1.6 What Forces Shape Corporate Law?
• 2. Agency Problems and Legal Strategies
  • 2.1 Three Agency Problems
  • 2.2 Legal Strategies for Reducing Agency Costs
    • 2.2.1 Rules and standards
    • 2.2.2 Setting the terms of entry and exit
    • 2.2.3 Trusteeship and reward
    • 2.2.4 Selection and removal
    • 2.2.5 Initiation and ratification
    • 2.2.6 Ex post and ex ante strategies
  • 2.3 Disclosure
  • 2.4 Compliance and Enforcement
    • 2.4.1 Enforcement and intervention
    • 2.4.2 Initiators of enforcement
    • 2.4.3 Penalties
  • 2.5 Legal Strategies in Corporate Context
  • 2.6 Systematic Differences
• 3. The Basic Governance Structure: The Interests of Shareholders as a Class
  • 3.1 Delegated Management and Corporate Boards
  • 3.2 Appointment and Decision Rights
    • 3.2.1 Appointing directors
    • 3.2.2 Removing directors
    • 3.2.3 Decision rights
    • 3.2.4 Shareholder coordination
  • 3.3 Agent Incentives
    • 3.3.1 The trusteeship strategy: Independent directors
    • 3.3.2 The reward strategy: Executive compensation
  • 3.4 Legal Constraints and Affiliation Rights
    • 3.4.1 The constraints strategy
    • 3.4.2 Corporate governance-related disclosure
  • 3.5 Explaining Jurisdictional Variation
• 4. The Basic Governance Structure: Minority Shareholders and Non-Shareholder Constituencies
  • 4.1 Protecting Minority Shareholders
    • 4.1.1 Shareholder appointment rights and deviations from one-share–one-vote
    • 4.1.2 Minority shareholder decision rights
    • 4.1.3 The incentive strategy: Trusteeship and equal treatment
    • 4.1.4 Constraints and affiliation rights
  • 4.2 Protecting Employees
    • 4.2.1 Appointment and decision rights strategies
    • 4.2.2 The incentives and constraints strategies
  • 4.3 Protecting External Constituencies
    • 4.3.1 Affiliation strategies
    • 4.3.2 Appointment and decision rights strategies
    • 4.3.3 The incentives and constraints strategies
  • 4.4 Explaining Jurisdictional Differences and Similarities
    • 4.4.1 The law-on-the-books
    • 4.4.2 The law in practice
• 5. Transactions with Creditors
  • 5.1 Asset Partitioning and Agency Problems
  • 5.1.1 Asset partitioning and corporate creditors
  • 5.1.2 Shareholder–creditor agency problems
  • 5.1.3 Creditor–creditor coordination and agency problems
• 5.2 Solvent Firms
  • 5.2.1 The affiliation strategy—mandatory disclosure
  • 5.2.2 The rules strategy: Legal capital
• 5.3 Distressed Firms
  • 5.3.1 The standards strategy
  • 5.3.2 Governance strategies
• 5.4 Ownership Regimes and Creditor Protection
  • 5.4.1 Regulatory or contractual controls for solvent firms?
  • 5.4.2 The role of bankruptcy law
• 6. Related-Party Transactions
  • 6.1 Why Are Related-Party Transactions Permitted at All?
  • 6.2 Legal Strategies for Related-Party Transactions
    • 6.2.1 The affiliation strategy
    • 6.2.2 Agent incentives strategies
    • 6.2.3 The decision rights strategy: Shareholder voting
    • 6.2.4 The rules strategy: Prohibiting conflicted transactions
    • 6.2.5 The standards strategy: The duty of loyalty and intra-group transactions review
  • 6.3 Ownership Regimes and Related-Party Transactions
• 7. Fundamental Changes
  • 7.1 What are Fundamental Changes in the Relationship among the Participants in the Firm?
  • 7.2 Charter Amendments
  • 7.2.1 The management–shareholder conflict in charter amendments
  • 7.2.2 The majority–minority shareholder conflict in charter amendments
  • 7.3 Share Issuance
    • 7.3.1 The manager–shareholder conflict
    • 7.3.2 The majority–minority conflict
  • 7.4 Mergers and Divisions
    • 7.4.1 The management–shareholder conflict in mergers
    • 7.4.2 The majority–minority shareholder conflict in mergers
    • 7.4.3 The protection of non-shareholder constituencies in mergers
    • 7.4.4 Corporate divisions
  • 7.5 Reincorporation and Conversion
  • 7.6 General Provisions on Significant Transactions
  • 7.7 Explaining Differences in the Regulation of Fundamental Changes
• 8. Control Transactions
  • 8.1 Regulatory Problems in Control Transactions
    • 8.1.1 Control transactions
    • 8.1.2 Agency and coordination issues
  • 8.2 Agency Problems in Control Transactions
    • 8.2.1 The decision rights choice: Shareholders only or shareholders and board jointly
    • 8.2.2 The “no frustration” rule
    • 8.2.3 Joint decision-making
    • 8.2.4 Pre-bid defensive measures
  • 8.3 Coordination Problems among Target Shareholders
    • 8.3.1 Disclosure
    • 8.3.2 Trusteeship strategy
    • 8.3.3 Reward (sharing) strategy
    • 8.3.4 Exit rights: Mandatory bid rule and keeping the offer open
    • 8.3.5 Acquisition of non-accepting minorities
  • 8.4 Specific Issues upon Acquisition from a Controlling Shareholder
    • 8.4.1 Exit rights and premium-sharing
    • 8.4.2 Facilitating bids for controlled companies
  • 8.5 Explaining Differences in the Regulation of Control Transaction
    • 8.5.1 Differences in form and differences in substance
    • 8.5.2 Different regulatory environments
    • 8.5.3 Political economy considerations
    • 8.5.4 Regulatory uncertainty
• 9. Corporate Law and Securities Markets
  • 9.1 Securities Regulation and Legal Strategies
    • 9.1.1 Why securities regulation?
    • 9.1.2 Affiliation terms strategies
    • 9.1.3 Governance and regulatory strategies
  • 9.2 Securities Law Enforcement
    • 9.2.1 Public enforcement
    • 9.2.2 Private enforcement
    • 9.2.3 Gatekeeper control
  • 9.3 Convergence and Persistence in Securities Regulation
• 10. Beyond the Anatomy
  • 10.1 Beyond the Analysis
  • 10.2 Beyond the Scope
  • 10.3 Beyond the Present
• Index

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