Federal Intervention to Enhance Shareholder Choice
Lucian A. Bebchuk
Harvard Law School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) and European Corporate Governance Institute (ECGI)
Harvard Law School; European Corporate Governance Institute (ECGI)
Virginia Law Review, Vol. 87, pp. 993-1006, 2001
Harvard Law and Economics Discussion Paper No. 332
In a recent article, we have put forward a new approach to takeover law and regulatory competition. We proposed a "choice-enhancing" federal intervention that would provide: (i) an optional body of substantive federal takeover law which shareholders would be able to opt into (or out of) and which would be more hospitable than existing state takeover law, and (ii) a mandatory process rule that would provide shareholders the right to initiate and adopt, regardless of managers' wishes, proposals for option into (or out of) the federal takeover law. In this paper, we respond to a critique of our proposal by Professors Stephen Choi and Andrew Guzman, and we further develop the case for choice-enhancing intervention.
Number of Pages in PDF File: 21
JEL Classification: G30, H70, K22
Date posted: September 26, 2001 ; Last revised: May 18, 2009
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