Albert H. Choi

University of Michigan Law School

625 South State Street

Ann Arbor, MI 48109-1215

United States

http://www.law.umich.edu/FacultyBio/Pages/FacultyBio.aspx?FacID=alchoi

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

http://ecgi.global/users/albert-h-choi

  • University of Michigan Law School

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

44

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34,213

TOTAL CITATIONS
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Top 12,545

in Total Papers Citations

115

Scholarly Papers (44)

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1.

Concentrated Ownership and Long-Term Shareholder Value

8:1 Harvard Business Law Review 53 (2018), Virginia Law and Economics Research Paper No. 19
Number of pages: 48 Posted: 17 Jun 2015 Last Revised: 14 Aug 2018
Albert H. Choi
University of Michigan Law School
Downloads 3,049 (8,579)
Citation 10

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Controlling Shareholder, Private Benefits of Control, Dual Class Stock, Control Sale, Freezeout

2.

Facilitating Mergers and Acquisitions with Earnouts and Purchase Price Adjustments

2 Journal of Law, Finance & Accounting 1 (2017)
Number of pages: 42 Posted: 01 Jul 2014 Last Revised: 27 Jun 2018
Albert H. Choi
University of Michigan Law School
Downloads 2,421 (12,326)
Citation 2

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3.

Strategic Vagueness in Contract Design: The Case of Corporate Acquisitions

Yale Law Journal, Vol. 119, 2010, Virginia Law and Economics Research Paper No. 2009-16
Number of pages: 77 Posted: 04 Apr 2009 Last Revised: 31 Mar 2010
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 1,736 (20,953)
Citation 1

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contract design, mergers and acquisitions, options, litigation

4.

Contractarian Theory and Unilateral Bylaw Amendments

104:1 Iowa Law Review 1 (2018), U of Penn, Inst for Law & Econ Research Paper No. 17-37
Number of pages: 44 Posted: 29 Aug 2017 Last Revised: 08 Jun 2021
Albert H. Choi and Geeyoung Min
University of Michigan Law School and Michigan State University College of Law
Downloads 1,439 (27,778)
Citation 1

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5.

Appraising the 'Merger Price' Appraisal Rule

34:4 Journal of Law, Economics & Organization 543 (2018)
Number of pages: 36 Posted: 22 Dec 2016 Last Revised: 08 Jun 2021
Albert H. Choi and Eric L. Talley
University of Michigan Law School and Columbia University - School of Law
Downloads 1,325 (31,408)
Citation 4

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Mergers and Acquisitions, Appraisal, Fair Value, Merger Price Appraisal

6.

The Effect of Bargaining Power on Contract Design

98:8 Virginia Law Review 1665 (2012), Stanford Law and Economics Olin Working Paper No. 421, Virginia Law and Economics Research Paper No. 2012-04
Number of pages: 80 Posted: 25 Feb 2012 Last Revised: 08 Jun 2021
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 1,295 (32,490)
Citation 18

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Contracts, Negotiation, Bargaining Power

7.

Taking a Financial Position in Your Opponent in Litigation

108:12 American Economic Review 3626 (2018)
Number of pages: 39 Posted: 17 Feb 2016 Last Revised: 08 Jun 2021
Albert H. Choi and Kathryn E. Spier
University of Michigan Law School and Harvard University - Law School - Faculty
Downloads 1,192 (36,579)
Citation 7

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8.

Designing and Enforcing Preliminary Agreements

98:3 Texas Law Review 439 (2020)
Number of pages: 50 Posted: 01 Jun 2017 Last Revised: 08 Jun 2021
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 1,140 (39,001)

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Preliminary Agreement, Letter of Intent, Memorandum of Understanding, Duty to Negotiate in Good Faith

9.

A Rent Extraction Theory of Right of First Refusal

Number of pages: 15 Posted: 22 Dec 2006
Albert H. Choi
University of Michigan Law School
Downloads 1,090 (41,693)
Citation 1

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10.

Meme Corporate Governance

U of Michigan Law & Econ Research Paper 23-009, European Corporate Governance Institute - Law Working Paper No. 681/2023, Northwestern Public Law Research Paper No. 23-17, Southern California Law Review, Forthcoming
Number of pages: 50 Posted: 07 Feb 2023 Last Revised: 06 Nov 2024
Dhruv Aggarwal, Albert H. Choi and Yoon-Ho Alex Lee
Northwestern Pritzker School of Law, University of Michigan Law School and Northwestern Pritzker School of Law
Downloads 1,084 (42,048)

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Meme Stock, Retail Investors, Corporate Governance, Shareholder Voting, ESG

11.

Should Consumers Be Permitted to Waive Products Liability? Product Safety, Private Contracts, and Adverse Selection

30:4 Journal of Law, Economics, and Organization 734 (2014), Virginia Law and Economics Research Paper No. 2010-11, Harvard Law and Economics Discussion Paper No. 680
Number of pages: 42 Posted: 23 Sep 2010 Last Revised: 08 Jun 2021
Albert H. Choi and Kathryn E. Spier
University of Michigan Law School and Harvard University - Law School - Faculty
Downloads 1,048 (44,102)
Citation 14

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12.

Golden Parachute as a Compensation Shifting Mechanism

Downloads 1,034 (44,940)
Citation 1

Golden Parachute as a Compensation Shifting Mechanism

Number of pages: 24 Posted: 27 Jul 2002
Albert H. Choi
University of Michigan Law School
Downloads 1,034 (44,237)
Citation 1

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Golden Parachute as a Compensation Shifting Mechanism

The Journal of Law, Economics, and Organization, Vol. 20, No. 1, pp. 170-191, 2004
Posted: 19 Nov 2003
Albert H. Choi
University of Michigan Law School

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Golden Parachute as a Compensation-Shifting Mechanism

The Journal of Law, Economics, and Organization, Vol. 20, Issue 1, pp. 170-191, 2004
Posted: 29 Feb 2008
Albert H. Choi
University of Michigan Law School

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13.

Market Conditions and Contract Design: Variations in Debt Contracting

88:1 New York University Law Review 51 (2013), Stanford Law and Economics Olin Working Paper No. 428, Virginia Law and Economics Research Paper No. 2012-07
Number of pages: 32 Posted: 01 May 2012 Last Revised: 08 Jun 2021
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 923 (52,625)
Citation 2

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contracts, corporate finance, bargaining power, adverse selection, moral hazard

14.

Fee-Shifting and Shareholder Litigation

104:1 Virginia Law Review 59 (2018), Virginia Law and Economics Research Paper No. 2016-15
Number of pages: 53 Posted: 20 Sep 2016 Last Revised: 08 Jun 2021
Albert H. Choi
University of Michigan Law School
Downloads 921 (52,791)

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15.

Contract's Role in Relational Contract

101:3 Virginia Law Review 559 (2015), Virginia Law and Economics Research Paper No. 2014-01, Virginia Public Law and Legal Theory Research Paper No. 2014-04
Number of pages: 50 Posted: 03 Jan 2014 Last Revised: 08 Jun 2021
Scott Baker and Albert H. Choi
Washington University in St. Louis - School of Law and University of Michigan Law School
Downloads 837 (60,200)
Citation 4

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16.

The Meme Stock Frenzy: Origins and Implications

96 Southern California Law Review 1387 (2024)
Number of pages: 30 Posted: 01 May 2023 Last Revised: 18 Apr 2024
Dhruv Aggarwal, Albert H. Choi and Yoon-Ho Alex Lee
Northwestern Pritzker School of Law, University of Michigan Law School and Northwestern Pritzker School of Law
Downloads 818 (62,118)

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meme stock; meme surge; zero-commission trading; GameStop; AMC Entertainment; Bed Bath & Beyond; Robinhood; retail investor; corporate governance; short squeeze; predatory trades; shareholder vote; 14a-8

17.

Reputation and Litigation: Why Costly Legal Sanctions Can Work Better than Reputational Sanctions

47:1 Journal of Legal Studies 45 (2018), Virginia Law and Economics Research Paper No. 2013-02, Washington University in St. Louis Legal Studies Research Paper No. 13-03-01
Number of pages: 32 Posted: 02 Jan 2013 Last Revised: 08 Jun 2021
Scott Baker and Albert H. Choi
Washington University in St. Louis - School of Law and University of Michigan Law School
Downloads 806 (63,449)
Citation 5

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18.

Non-Profit Status and Relational Sanctions: Commitment to Quality through Repeat Interactions and Organizational Choice

58:4 Journal of Law and Economics 969 (2015), Virginia Law and Economics Research Paper No. 2014-07, Virginia Public Law and Legal Theory Research Paper No. 2014-19
Number of pages: 32 Posted: 10 Mar 2014 Last Revised: 08 Jun 2021
Albert H. Choi
University of Michigan Law School
Downloads 725 (72,796)
Citation 1

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19.

Golden Parachutes and the Limits of Shareholder Voting

73:1 Vanderbilt Law Review 223 (2020)
Number of pages: 44 Posted: 20 Aug 2018 Last Revised: 22 Jan 2020
Albert H. Choi, Andrew Lund and Robert J. Schonlau
University of Michigan Law School, Villanova University School of Law and Colorado State University, Fort Collins - Department of Finance & Real Estate
Downloads 722 (73,193)
Citation 1

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Golden Parachutes, Executive Compensation, Shareholder Voting, Say on Golden Parachutes, Corporate Governance

20.

Class Actions and Private Antitrust Litigation

14:3 American Economic Journal: Microeconomics 131 (2022), U of Michigan Law & Econ Research Paper No. 20-021
Number of pages: 53 Posted: 28 Sep 2020 Last Revised: 11 Aug 2022
Albert H. Choi and Kathryn E. Spier
University of Michigan Law School and Harvard University - Law School - Faculty
Downloads 713 (74,397)

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Antitrust Lawsuits, Class Actions, Class Action Waivers

21.

Completing Contracts in the Shadow of Costly Verification

37:2 Journal of Legal Studies 503 (2008)
Number of pages: 29 Posted: 24 Jan 2007 Last Revised: 08 Jun 2021
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 676 (79,583)
Citation 1

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Incomplete Contracts, Costly Verification

22.

Retail Investors and Corporate Governance: Evidence from Zero-Commission Trading

Northwestern Law & Econ Research Paper No. 24-01, Northwestern Public Law Research Paper No. 24-01, European Corporate Governance Institute – Finance Working Paper No. 957/2024, U of Michigan Law & Econ Research Paper No. 24-013
Number of pages: 50 Posted: 30 Jan 2024 Last Revised: 30 Aug 2024
Dhruv Aggarwal, Albert H. Choi and Yoon-Ho Alex Lee
Northwestern Pritzker School of Law, University of Michigan Law School and Northwestern Pritzker School of Law
Downloads 648 (83,934)

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Corporate Governance, ESG, Financial Technology, Retail Investors

23.

Are Non-Profit Firms Simply For-Profits in Disguise? Evidence from Executive Compensation in the Nursing Home Industry

Number of pages: 42 Posted: 12 Nov 2004
Anup Malani and Albert H. Choi
University of Chicago - Law School and University of Michigan Law School
Downloads 615 (89,776)
Citation 2

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non-profit, nursing home, tax, executive compensation

24.

Successor Liability and Asymmetric Information

Downloads 562 (100,645)
Citation 1

Successor Liability and Asymmetric Information

Number of pages: 23 Posted: 28 Feb 2006
Albert H. Choi
University of Michigan Law School
Downloads 562 (99,356)
Citation 1

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Successor Liability and Asymmetric Information

American Law and Economics Review, Vol. 9, Issue 2, pp. 408-434, 2007
Posted: 16 Jun 2008
Albert H. Choi
University of Michigan Law School

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K13, K22, K32

25.

Optimal Agency Contracts: The Effect of Vicarious Liability and Judicial Error

Number of pages: 22 Posted: 05 Apr 2006
Albert H. Choi and Juan Carlos Bisso
University of Michigan Law School and University of Virginia - Department of Economics
Downloads 540 (105,815)
Citation 1

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26.

Contract Design When Relationship-Specific Investment Produces Asymmetric Information

50:2 Journal of Legal Studies 219 (2021), U of Michigan Law & Econ Research Paper No. 19-014
Number of pages: 34 Posted: 08 Feb 2019 Last Revised: 18 Nov 2021
Albert H. Choi and George G. Triantis
University of Michigan Law School and Stanford Law School
Downloads 516 (111,862)
Citation 2

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Preliminary Agreement, Letter of Intent, Memorandum of Understanding, Term Sheet, Duty to Negotiate in Good Faith

27.

Allocating Settlement Authority Under a Contingent-Fee Arrangement

Downloads 516 (111,862)
Citation 2

Allocating Settlement Authority Under a Contingent-Fee Arrangement

Number of pages: 24 Posted: 25 Oct 2001
Albert H. Choi
University of Michigan Law School
Downloads 516 (110,492)
Citation 2

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litigation, contingent fee, delegation

Allocating Settlement Authority Under a Contingent-Fee Arrangement

Journal of Legal Studies, Vol. 23, No. 2, June 2003
Posted: 16 Apr 2004
Albert H. Choi
University of Michigan Law School

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Litigation, contingent fee, delegation

28.

Deal Protection Devices

88:4 University of Chicago Law Review 757 (2021), U of Michigan Public Law Research Paper No. 674, U of Michigan Law & Econ Research Paper No. 20-002
Number of pages: 71 Posted: 07 Apr 2020 Last Revised: 07 Jun 2021
Albert H. Choi
University of Michigan Law School
Downloads 504 (115,128)

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mergers and acquisitions, deal protection devices, termination fee, match right, stock and asset lockups

29.

Federal Forum Provisions and the Internal Affairs Doctrine

10 Harvard Business Law Review 383 (2020), U of Michigan Law & Econ Research Paper No. 19-009, U of Michigan Public Law Research Paper No. 646, Duke Law School Public Law & Legal Theory Series No. 2019-58
Number of pages: 52 Posted: 25 Aug 2019 Last Revised: 27 Aug 2020
Dhruv Aggarwal, Albert H. Choi and Ofer Eldar
Northwestern Pritzker School of Law, University of Michigan Law School and University of California, Berkeley - School of Law
Downloads 502 (115,650)
Citation 2

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corporate law, forum selection, securities litigation, internal affairs, Delaware, private ordering

30.

Should Plaintiffs Win What Defendants Lose?: Litigation Stakes, Litigation Effort, and the Benefits of 'Decoupling'

Downloads 493 (117,589)
Citation 18

Should Plaintiffs Win What Defendants Lose?: Litigation Stakes, Litigation Effort, and the Benefits of 'Decoupling'

USC CLEO Research Paper No. C02-7; and UVA Law and Economics Research Paper No. 02-1
Number of pages: 36 Posted: 12 Apr 2002
Albert H. Choi and Chris William Sanchirico
University of Michigan Law School and University of Pennsylvania Carey Law School
Downloads 493 (116,735)
Citation 18

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Should Plaintiffs Win What Defendants Lose?: Litigation Stakes, Litigation Effort, and the Benefits of 'Decoupling'

U of Penn, Inst for Law & Econ Research Paper 04-02; USC CLEO Research Paper No. C02-7
Posted: 19 Jan 2004
Albert H. Choi and Chris William Sanchirico
University of Michigan Law School and University of Pennsylvania Carey Law School

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31.

Pricing Corporate Governance

U of Michigan Law & Econ Research Paper No. 22-004, U of Michigan Public Law Research Paper No. 22-004, European Corporate Governance Institute - Law Working Paper No. 719/2023, Hastings Law Journal, Vol. 75, No. 1, 2023
Number of pages: 48 Posted: 22 Feb 2022 Last Revised: 16 Jan 2024
Albert H. Choi
University of Michigan Law School
Downloads 439 (135,820)
Citation 1

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initial public offering, corporate governance, antitakeover provisions, dual class stock

32.

Crisis-Driven Tax Law: The Case of Section 382

23:1 Florida Tax Review 1 (2019), Virginia Public Law and Legal Theory Research Paper No. 2019-29, Virginia Law and Economics Research Paper No. 2019-11
Number of pages: 72 Posted: 23 May 2018 Last Revised: 29 Feb 2020
Albert H. Choi, Quinn Curtis and Andrew T. Hayashi
University of Michigan Law School, University of Virginia School of Law and University of Virginia School of Law
Downloads 421 (142,577)

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33.

A Critique of the Odious Debt Doctrine

U of Chicago Law & Economics, Olin Working Paper No. 323
Number of pages: 22 Posted: 17 Jan 2007
Albert H. Choi and Eric A. Posner
University of Michigan Law School and University of Chicago - Law School
Downloads 388 (156,403)
Citation 5

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34.

The Parol Evidence Rule, Information Disclosure, and the Value of an Oral Promise

Virginia Law and Economics Research Paper No. 2009-17
Number of pages: 23 Posted: 07 Apr 2008 Last Revised: 14 Oct 2009
Albert H. Choi
University of Michigan Law School
Downloads 365 (167,485)

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integration, parol evidence rule, incomplete contracts

35.

Creditors, Shareholders, and Losers In Between: A Failed Regulatory Experiment

110 Cornell Law Review, Forthcoming, European Corporate Governance Institute - Law Working Paper No. 753/2024, U of Michigan Law & Econ Research Paper No. 24-012, U of Michigan Public Law Research Paper No. 24-012
Number of pages: 58 Posted: 23 Jan 2024 Last Revised: 26 Aug 2024
Albert H. Choi and Jeffery Y. Zhang
University of Michigan Law School and University of Michigan Law School
Downloads 347 (176,985)

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financial regulation, contingent convertible bonds, CoCos, bailouts

36.

The Role of Headquarters in Firm-Specific Investment and Intra-Firm Trade

Number of pages: 37 Posted: 24 Nov 2001
Albert H. Choi
University of Michigan Law School
Downloads 340 (181,003)

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37.

The Economics of Class Action Waivers

38 Yale Journal on Regulation 543 (2021), U of Michigan Law & Econ Research Paper No. 20-020
Number of pages: 23 Posted: 04 Aug 2020 Last Revised: 22 Apr 2024
Albert H. Choi and Kathryn E. Spier
University of Michigan Law School and Harvard University - Law School - Faculty
Downloads 339 (181,560)
Citation 2

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class actions, class action waivers, mandatory individual arbitration clause

38.

Addressing Informational Challenges with Earnouts in Mergers and Acquisitions

Research Handbook on Mergers and Acquisitions, Forthcoming; Virginia Law and Economics Research Paper No. 2016-17
Number of pages: 20 Posted: 13 Sep 2016 Last Revised: 26 Sep 2016
Albert H. Choi
University of Michigan Law School
Downloads 332 (185,596)

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Earnouts, Mergers and Acquisitions, Information Asymmetry, Post-Closing Verification

39.

Contractual Remedies in Mergers

Northwestern Law & Econ Research Paper No. 24-03, Northwestern Public Law Research Paper No. 24-09, European Corporate Governance Institute - Law Working Paper No. 789/2024, U of Michigan Law & Econ Research Paper No. 24-027
Number of pages: 46 Posted: 29 Apr 2024 Last Revised: 17 Jan 2025
Dhruv Aggarwal, Albert H. Choi and Geeyoung Min
Northwestern Pritzker School of Law, University of Michigan Law School and Michigan State University College of Law
Downloads 314 (196,977)

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40.

Liability for Non-Disclosure in IPOs

U of Michigan Law & Econ Research Paper No. 22-007, U of Michigan Public Law Research Paper No. 22-007, European Corporate Governance Institute - Law Working Paper No. 678/2023, Journal of Law, Economics, and Organization, Forthcoming
Number of pages: 59 Posted: 16 Mar 2022 Last Revised: 10 Oct 2024
Albert H. Choi and Kathryn E. Spier
University of Michigan Law School and Harvard University - Law School - Faculty
Downloads 304 (203,973)

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Equity Financing, IPO Liability, Non-Disclosure, Securities Litigation, Liability Waiver, Class Action Waiver

41.

Amicus Brief of Law and Finance Professors in Verition Partners v. Aruba Networks (Appraisal Lawsuit)

Number of pages: 21 Posted: 02 Jan 2019
Brian J. Broughman, Audra L. Boone, Albert H. Choi, Jesse M. Fried, Mira Ganor, Antonio J. Macias and Noah Stoffman
Vanderbilt University Law School, Texas Christian University - M.J. Neeley School of Business, University of Michigan Law School, Harvard Law School, University of Texas at Austin - School of Law, Baylor University and Indiana University - Kelley School of Business - Department of Finance
Downloads 254 (245,179)

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Appraisal, Efficient Market Hypothesis, Mergers

42.

Just Say No? Shareholder Voting on Securities Class Actions

1 University of Chicago Business Law Review 41 (2022), U of Michigan Law & Econ Research Paper No. 22-009, NYU Law and Economics Research Paper No. 21-21
Number of pages: 55 Posted: 24 Sep 2021 Last Revised: 23 Jan 2023
Albert H. Choi, Stephen J. Choi and Adam C. Pritchard
University of Michigan Law School, New York University School of Law and University of Michigan Law School
Downloads 213 (290,772)

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securities class actions, shareholder voting

43.

Shrink-Wraps: Who Should Bear the Cost of Communicating Mass-Market Contract Terms?

Virginia Law and Economics Research Paper No. 2009-15
Number of pages: 26 Posted: 16 Apr 2009 Last Revised: 15 May 2014
Yeon-Koo Che and Albert H. Choi
Columbia University and University of Michigan Law School
Downloads 209 (295,914)
Citation 6

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shrink-wraps, EULA, quality search, duty to read, duty to speak

44.

Environmentalism and Antitrust

U of Michigan Law & Econ Research Paper No. 24-037, U of Michigan Public Law Research Paper No. 24-037
Number of pages: 13 Posted: 31 Oct 2024 Last Revised: 12 Dec 2024
Albert H. Choi and Daniel A. Crane
University of Michigan Law School and University of Michigan Law School
Downloads 58 (730,196)

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