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In Defense of Delaware’s Business Judgment Rule
In a recent Dealbook post, Steven M. Davidoff complains that Delaware’s business judgment rule is too lenient. Davidoff contends that “[a] Delaware court is not going to find [directors] liable no matter how stupid their decisions are. Instead, a Delaware court will find them liable only if they intentionally acted wrongfully or were so oblivious ... In Defense of Delaware’s Business Judgment Rule
Note to (a few) commenters
Seems I need to write a post like this every once in a while. I really appreciate comments, particularly including when they disagree with the posts. These comments are what distinguishes an interactive blog from a passive website. I’m glad people are willing to take the time and effort to engage in the discussion. The ... Note to (a few) commenters
Of Small Dealers and Worthy Men, South Korea Antitrust Edition
The South Korea Fair Trade Commission has begun an investigation of the Hyundai Motor Group surrounding allegations that Hyundai has, as the WSJ reports, “forced its auto parts suppliers to lower product prices.” The story comes on the heels of a related fine of 1.6 trillion won ($1.48 billion). What really jumps out in the ... Of Small Dealers and Worthy Men, South Korea Antitrust Edition
Taxing, spending and jurisdictional competition
Back in January Illinois raised corporate taxes to, as I said then, “try to bail Illinois out of the results of their fiscal profligacy.” But I added that raising taxes wouldn’t necessarily work “because of jurisdictional competition– there are many other places the would-be taxpayers can go.” And that “the tax ‘solution’ will drive out ... Taxing, spending and jurisdictional competition
Manne on insider trading as compensation
Henry Manne has a new version of the arguments he’s been making for years for insider trading as an efficient compensation mechanism. It’s Entrepreneurship, Compensation, and the Corporation. Here’s the abstract: This paper revisits the concept of entrepreneurship, which is frequently neglected in mainstream economics, and discusses the importance of defining and isolating this concept ... Manne on insider trading as compensation
A New Chief Economist at the FCC
Its a Bruin. Marius Schwartz will replace Jonathan Baker as the new Chief Economist at the FCC. From the press release: Schwartz’s teaching and research specialties are in industrial organization, competition and regulation. Before joining Georgetown University, Schwartz served as Economics Director of Enforcement at the Antitrust Division of the U.S. Department of Justice and ... A New Chief Economist at the FCC
Levin and Goldman
Pandering and scapegoating are not new activities for politicians, but Carl Levin has perfected these dark arts. Most recently the Senator’s game has been to demonize Goldman, culminating in accusations that its ceo, Lloyd Blankfein, engaged in criminal behavior. Per WaPo last April, Levin said federal prosecutors should review whether to bring perjury charges against ... Levin and Goldman
Ninth Circuit Moves Tying Doctrine in the Right Direction. Will SCOTUS Follow?
The Ninth Circuit recently issued a decision that pushes the doctrine governing tying in the right direction. If appealed, the decision could provide the Roberts Court with an opportunity to do for tying what its Leegin decision did for resale price maintenance: reduce error costs by bringing an overly prohibitory liability rule in line with economic learning. First, some ... Ninth Circuit Moves Tying Doctrine in the Right Direction. Will SCOTUS Follow?
Securities class actions in state court
I’ve previously written about the increasingly unruly market for corporate law, in which many cases involving the governance Delaware corporations are being brought outside of Delaware. Now Jennifer Johnson writes about Securities Class Actions in State Court. Here’s the abstract: Over the past two decades, Congress has gradually usurped the power of state regulators to ... Securities class actions in state court
The Supreme Court teaches a securities lesson
In Erica P. John Fund vs. Halliburton the Court held that the Fifth Circuit erred when it required loss causation for class certification. The Court taught the lower courts the distinction among various elements of securities cases. In order to get Basic’s presumption of reliance you have to prove, e.g., that the alleged misrepresentations were ... The Supreme Court teaches a securities lesson
Dodd-Frank’s regulatory vacuum
There’s been a lot of talk about the regulatory impact on job-creation. Add this: the regulatory vacuum resulting from an absence of rules under Dodd-Frank. A WSJ article notes that More than 100 new derivatives requirements in the law take effect on July 16, even though regulators have yet to issue final rules in the ... Dodd-Frank’s regulatory vacuum
Say on pay as Arab Spring
Did you know that shareholders in US corporations are like oppressed citizens of corrupt governments? Or that “say on pay” is their Arab Spring? If not, you haven’t been reading Gretchen Morgenson. Better that you read Christine Hurt’s excellent critique of Morgenson’s latest screed.
