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Fairness Opinions: How Fair are They and What Can Be Done About it?

Lucian A. Bebchuk
Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Marcel Kahan
New York University - School of Law

Duke Law Journal, Vol. 27, pp. 27-53, 1989
Harvard Law and Economics Discussion Paper No. 50, 1988

Abstract:
Fairness opinions are a regular feature of every major corporate transaction. We analyze the conflict of interest problems that afflict fairness opinions and the extent to which courts should give weight to such opinions.

Keywords: Investment bankers, fairness opinions, takeovers, freezeouts, corporate governance, conflict of interest, professionals

JEL Classifications: G24, G30, G34, K22

Accepted Paper Series

Date posted: December 28, 2003 ; Last revised: May 10, 2009

Suggested Citation

Bebchuk, Lucian A. and Kahan, Marcel, Fairness Opinions: How Fair are They and What Can Be Done About it?. Duke Law Journal, Vol. 27, pp. 27-53, 1989; Harvard Law and Economics Discussion Paper No. 50, 1988. Available at SSRN: http://ssrn.com/abstract=478567 or doi:10.2139/ssrn.478567

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Contact Information

Lucian A. Bebchuk (Contact Author) Harvard University - Harvard Law School ( email ) Cambridge, MA 02138 United States 617-495-3138 (Phone) 617-496-3119 (Fax) HOME PAGE: http://www.law.harvard.edu/faculty/bebchuk/
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States
European Corporate Governance Institute (ECGI) c/o ECARES ULB CP 114 B-1050 Brussels Belgium
Marcel Kahan New York University - School of Law ( email ) 40 Washington Square South New York, NY 10012-1099 United States 212-998-6268 (Phone) 212-995-4341 (Fax)