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The Law and Economics of Corporate Governance

Changing Perspectives Edited by Alessio M. Pacces, Professor of Law and Finance, Amsterdam Center for Law and Economics, University of Amsterdam, the Netherlands
In this timely book, the law and economics of corporate governance is approached from various angles. Alessio Pacces shows that perspectives are evolving and that they differ between the economic and the legal standpoint, as well as varying between countries. A group of leading scholars offers their views and provides fresh empirical evidence on existing theories as well as developing new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated.
In Association with the Belgian-Dutch Association for Institutional and Political Economy
Extent: 320 pp
Hardback Price: $149.00 Web: $134.10
Publication Date: 2010
ISBN: 978 1 84844 897 1
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  • Economics and Finance
  • Law and Economics
  • Law - Academic
  • Corporate Law and Governance
  • Law and Economics
In this timely book, the law and economics of corporate governance is approached from a range of angles. This study reveals that perspectives are changing: they differ between the economic and the legal standpoint; they vary across countries; they evolve over time. A group of leading scholars offers their views – some provide fresh empirical evidence on existing theories and others attempt to develop new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated. Economic analysis of law proves to be the common language for understanding corporate governance on both sides of the Atlantic.

The law and economics approach is applied to topical issues in the international debate, such as the harmonization of company laws; regulatory competition; determinants of separation of ownership and control; enforcement of investor protection; and the political economy of corporate governance.
Contributors: J. Armour, W.J. Carney, A. de Jong, H. Eidenmüller, A. Engert, L. Hornuf, M.J. Kroeze, P.C. Leyens, H.G. Manne, M. Martynova, A.M. Pacces, U. Pagano, R. Pardolesi, L. Renneboog, G.B. Shepherd, J.M. Shepherd, J. van Oosterhout
Contents:

An Introduction: Changing Perspectives on Corporate Law and Economics
Alessio M. Pacces

1. Delaware Corporate Law: Failing Law, Failing Markets
William J. Carney, George B. Shepherd and Joanna M. Shepherd

Comment – Comparing Company Law in Europe and the United States: Some Remarks Inspired by Carney et al.’s Presentation
Maarten J. Kroeze

2. Incorporating under European Law: The Societas Europaea as a Vehicle for Legal Arbitrage
Horst Eidenmüller, Andreas Engert and Lars Hornuf

Comment – Empirical Law and Economics: The Societas Europaea and its use within Europe
Patrick C. Leyens

3. Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisition
Marina Martynova and Luc Renneboog

Comment – Discussion of ‘Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions’ by Marina Martynova and Luc Renneboog
Abe de Jong

4. Corporate Governance – Getting Back to Market Basics
Henry G. Manne

Comment – Corporate Governance and the Coase’s Legacy: A Reply to Henry Manne
Alessio M. Pacces

5. Enforcement Strategies in UK Corporate Governance: A Roadmap and Empirical Assessment
John Armour

Comment on John Armour, ‘Enforcement Strategies in UK Corporate Governance: A Roadmap and Empirical Assessment’
Roberto Pardolesi

6. Marrying in the Cathedral: A Framework for the Analysis of Corporate Governance
Ugo Pagano

Comment – Can the Firm be Seen to Emerge out of a Pincer Movement of Efficiency Pressures?
J. (Hans) van Oosterhout

Index