Changing Perspectives on Corporate Law and Economics: An Introduction

Abstract

This is a comprehensive introduction to the volume "The Law and Economics of Corporate Governance - Changing Perspectives", collecting the updated proceeds of the conference "Changing Perspectives on Corporate Law and Economics" held in Rotterdam on November 6, 2008 in honour of Guido Calabresi.

In this 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; 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 authority/accountability trade-off in corporate governance.

Keywords: Delaware, Societas Privata Europaea, cross-border mergers, market for corporate control, insider trading, enforcement , investor protection, property rules and liability rules, incomplete contracts

JEL Classification: G34, G38, K22