A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2019; you can also visit the original URL.
The file type is application/pdf
.
Optimal Defaults for Corporate Law Evolution
2001
Social Science Research Network
Public corporations live in a dynamic and ever-changing business environment. This paper examines how courts and legislators should choose default arrangements in the corporate area to address new circumstances. We show that the interests of the shareholders of existing companies would not be served by adopting those defaults arrangements that public officials view as most likely to be valueenhancing. Because any charter amendment requires the board's initiative, opting out of an inefficient
doi:10.2139/ssrn.293585
fatcat:lwaki3f5zfgvvcg5jznueompjq