Michael L. Wachter

University of Pennsylvania Law School - Institute for Law and Economics

William B. Johnson Professor of Law and Economics; Co-Director, Institute for Law and Economics

3501 Sansom Street

Philadelphia, PA 19104

United States

  • University of Pennsylvania Law School - Institute for Law and Economics

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    • Tel: 215-898-7852
    • Fax: 215-573-2025
SCHOLARLY PAPERS

31

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Scholarly Papers (31)

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1.

Shareholder Primacy's Corporatist Origins: Adolf Berle and 'The Modern Corporation'

Journal of Corporation Law, Vol. 34, Pg. 99, 2008, U of Penn, Inst for Law & Econ Research Paper No. 07-24, Georgetown Law and Economics Research Paper No. 1021273
Number of pages: 54 Posted: 16 Oct 2007 Last Revised: 13 May 2009
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 2,360 (10,843)
Citation 14

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Adolf Berle, E. Merrick Dodd, corporate social responsibility, CSR, shareholder primacy, social welfare

2.

The Case Against Shareholder Empowerment

University of Pennsylvania Law Review, Vol. 158, p. 653, 2010, U of Penn, Inst for Law & Econ Research Paper No. 09-35, Georgetown Law and Economics Research Paper No. 1480290
Number of pages: 76 Posted: 01 Oct 2009 Last Revised: 04 Apr 2010
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 2,292 (11,345)
Citation 39

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Corporations, corporate governance, financial crisis, law reform, regulatory reform, shareholder wealth maximization, shareholder primacy, risk management, leverage, high risk strategies, balance of power between directors and shareholders, agency costs

3.

A Theory of Preferred Stock

University of Pennsylvania Law Review, Vol. 161, P. 1815, 2013, ECGI - Law Working Paper No. 201, U of Penn, Inst for Law & Econ Research Paper No. 13-3
Number of pages: 92 Posted: 10 Feb 2013 Last Revised: 22 Jan 2019
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 899 (46,123)
Citation 8

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Preferred shares, corporate equity, contractual debt, corporate finance, corporation law, securities law

4.

The Political Economy of Fraud on the Market

University of Pennsylvania Law Review, Vol. 160, p. 69, 2011, U of Penn, Inst for Law & Econ Research Paper No. 11-17
Number of pages: 101 Posted: 28 Apr 2011 Last Revised: 20 Dec 2011
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 785 (55,438)

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Antifraud, class actions, corporate governance, law reform, Securities and Exchange Commission, securities regulation, shareholder rights

5.

Takeover Defense When Financial Markets are (Only) Relatively Efficient

Number of pages: 41 Posted: 18 Sep 2002
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 783 (55,638)
Citation 2

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takeover defenses, hostile tender offers, intrinsic value of the corporation, shareholder choice, management discretion, anomalies in capital market efficiency

6.

Islands of Conscious Power: Law, Norms and the Self Governing Corporation

University of Pennsylvania Law Review, Vol. 149, p. 1619, 2001, U of Penn, Inst for Law & Econ Research Paper No. 01-06
Number of pages: 82 Posted: 09 May 2001 Last Revised: 28 Jan 2012
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 714 (62,939)
Citation 9

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7.

Waiting for the Omelet to Set: Match Specific Assets and Minority Oppression in the Close Corporation

Downloads 615 (76,042)
Citation 14

Waiting for the Omelet to Set: Match Specific Assets and Minority Oppression in the Close Corporation

The Journal of Corporation Law, Vol. 24, p. 913, 1999, CONCENTRATED CORPORATE OWNERSHIP, Randall Morck ed., NBER/University of Chicago Press, 2000, University of Pennsylvania, Institute for Law and Economics, Working Paper No. 265
Number of pages: 36 Posted: 15 Feb 1999 Last Revised: 17 Mar 2012
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 615 (75,105)
Citation 14

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Waiting for the Omelet to Set: Match-Specific Assets and Minority Oppression in the Close Corporation

Posted: 11 Dec 1999
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics

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8.

Rationalizing Appraisal Standards in Compulsory Buyouts

Boston College Law Review, Vol. 50, p. 1021, 2009, U of Penn, Inst for Law & Econ Research Paper No. 08-20, Widener Law School Legal Studies Research Paper No. 08-73
Number of pages: 49 Posted: 22 Aug 2008 Last Revised: 04 Apr 2010
Lawrence A. Hamermesh and Michael L. Wachter
Widener University Delaware Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 577 (82,310)
Citation 2

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Corporations, takeovers, squeeze-out mergers, corporate valuation fair value, going concern value, synergies, implicit minority discount, control value, control premium, controlling shareholder, discounted value flow analysis, comparable company analysis, acquisition premium

9.

Labor Unions: A Corporatist Institution in a Competitive World

University of Pennsylvania Law Review, Vol. 155, p. 581, 2007, U of Penn, Inst for Law & Econ Research Paper No. 06-17
Number of pages: 54 Posted: 25 Jul 2006 Last Revised: 06 Apr 2009
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 576 (82,490)
Citation 1

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Corporations, Economics, Employment Practice, Labor Law, Organizations, Antitrust, Labor Unions, Law and Economics, Union Membership

10.

The Fair Value of Cornfields in Delaware Appraisal Law

Delaware Journal of Corporate Law (DJCL), Vol. 31, Pg. 119, 2005, U of Penn, Inst for Law & Econ Research Paper No. 05-24
Number of pages: 48 Posted: 30 Nov 2005 Last Revised: 13 May 2009
Lawrence A. Hamermesh and Michael L. Wachter
Widener University Delaware Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 546 (88,205)
Citation 2

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Delaware appraisal law, corporate finance, valuation

11.

The Rise and Decline of Unions

Regulation, Vol. 30, No. 2, pp. 23-29, Summer 2007
Number of pages: 7 Posted: 19 Jul 2007
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 519 (94,034)

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the rise and decline of unions, michael wachter, unions, union membership, private sector workforce, declines, corporatist, regulated economy, free competition, liberal, liberal pluralist, NIRA, NRA, industry regulation, public interest, deregulation, labor law, corporate law

12.

The Short and Puzzling Life of the 'Implicit Minority Discount' in Delaware Appraisal Law

University of Pennsylvania Law Review, Vol. 156, p. 1, 2007, U of Penn, Inst for Law & Econ Research Paper No. 07-01, Widener Law School Legal Studies Research Paper No. 08-15
Number of pages: 62 Posted: 06 Feb 2007 Last Revised: 06 Apr 2009
Lawrence A. Hamermesh and Michael L. Wachter
Widener University Delaware Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 502 (97,845)
Citation 3

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corporations, corporate appraisal, implicit minority discount, IMD, control shares, valuation, fair value, controller opportunism

13.

Theories of the Employment Relationship: Choosing between Norms and Contracts

Number of pages: 47 Posted: 11 Feb 2005
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 458 (109,279)

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Labor market contracting, union versus nonunion, contracts versus norms, enforcement mechanisms

14.

Finding the Right Balance in Appraisal Litigation: Deal Price, Deal Process, and Synergies

U of Penn, Inst for Law & Econ Research Paper No. 18-01, Widener University Delaware Law School Legal Studies Research Paper Series No. 18-02
Number of pages: 75 Posted: 10 Jan 2018 Last Revised: 04 Mar 2018
Lawrence Hamermesh and Michael L. Wachter
Institute for Law & Economics, University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 425 (119,265)
Citation 2

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appraisal, appraisal arbitrage, valuation, fair value, synergies, discounted cash flow analysis

15.

Bankers and Chancellors

Texas Law Review, Vol. 93, P. 1, 2014, U of Penn, Inst for Law & Econ Research Paper No. 14-23
Number of pages: 84 Posted: 07 Jun 2014 Last Revised: 13 Dec 2014
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 417 (121,919)

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Corporation law, mergers and acquisitions, M & A, M&A, takeovers, corporate finance, investment banking, conflicts of interest, fiduciary v. contractual relationships, conflict management, reputational marketplace

16.

Judging Unions' Future Using a Historical Perspective: The Public Policy Choice between Competition and Unionization

Number of pages: 21 Posted: 12 May 2003
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 348 (149,285)

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labor unions, conditions favoring unions, union density

17.

Tracking Berle’s Footsteps: The Trail of The Modern Corporation’s Last Chapter

Seattle University Law Review, Vol. 33, p. 849, 2010, U of Penn, Inst for Law & Econ Research Paper No. 10-16
Number of pages: 28 Posted: 12 Sep 2010
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 321 (162,802)

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Corporations, Adolf Berle, corporatism, corporate social responsibility, social welfare, public interest, deregulation, regulatory state, corporate compliance, separation of ownership and control

18.

Difficulties of Regulation When Wage Costs are the Major Cost

Number of pages: 24 Posted: 18 Jun 2001
Michael L. Wachter, Barry T. Hirsch, Barry T. Hirsch and James W. Gillula
University of Pennsylvania Law School - Institute for Law and Economics, IZA Institute of Labor EconomicsGeorgia State University and DRI-WEFA
Downloads 281 (186,998)

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19.

Why Defer to Managers? A Strong-Form Efficiency Model

U of Penn, Inst for Law & Econ Research Paper No. 05-19
Number of pages: 58 Posted: 20 Sep 2005
Richard E. Kihlstrom and Michael L. Wachter
University of Pennsylvania - Finance Department and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 277 (189,770)
Citation 5

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corporate takeovers, corporate governance, management discretion, shareholder choice, market efficiency

20.

Shareholders and Social Welfare

Seattle University Law Review, Vol. 36, p. 489, 2013, U of Penn, Inst for Law & Econ Research Paper No. 13-21
Number of pages: 40 Posted: 26 Jun 2013
William W. Bratton and Michael L. Wachter
University of Pennsylvania Carey Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 260 (202,224)

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Corporate governance, securities, management, shareholder value, shareholder empowerment, agency cost, wealth distribution, financial markets, law and economics

21.

The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation

Widener University Delaware Law School Legal Studies Research Paper Series No. 15-16, U of Penn, Inst for Law & Econ Research Paper No. 15-32
Number of pages: 82 Posted: 21 Aug 2015 Last Revised: 17 Sep 2015
Lawrence A. Hamermesh and Michael L. Wachter
Widener University Delaware Law School and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 234 (224,250)
Citation 1

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shareholder class actions, shareholder derivative suits, expedited discovery, pleading standards, motion to dismiss, information asymmetry, litigation agency costs

22.

Neoclassical Labor Economics: Its Implications for Labor and Employment Law

Research Handbook on the Economics of Labor and Employment Law 20 (Cynthia L. Estlund & Michael L. Wachter, eds., 2012), U of Penn, Inst for Law & Econ Research Paper No. 13-34
Number of pages: 36 Posted: 15 Dec 2013
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 211 (247,243)

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Law & economics, union wage premium, union density, allocative efficiency, labor and employment policy, general equilibrium theory, cartels, welfare, internal and external labor markets, employment contracts, market failures, training, risk aversion, information asymmetries, transaction costs

23.

Dangerous Liaisons: Corporate Law, Trust Law, and Inter-Doctrinal Legal Transplants

Northwestern University Law Review, Vol. 96, p. 651, 2002, U of Penn, Inst for Law & Econ Research Paper No. 02-03
Number of pages: 23 Posted: 22 May 2002 Last Revised: 28 Jan 2012
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 148 (342,176)
Citation 1

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Duty of Care, Directors' Liability, Negligence, Governance, Van Gorkom

24.

The Striking Success of the National Labor Relations Act

Research Handbook on the Economics of Labor and Employment Law (Cynthia L. Estlund & Michael L. Wachter, eds.), 2012, U of Penn, Inst for Law & Econ Research Paper No. 13-30
Number of pages: 39 Posted: 17 Oct 2013 Last Revised: 07 Nov 2013
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics
Downloads 109 (424,066)

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Labor law, violent strikes, industrial peace, War Labor Board, seizure of corporations, decline in strike activity, National Industrial Recovery Act, NLRA, National Labor Relations Act, Wagner Act, Taft-Hartley Act, the competitive advantage of the non-union sector

25.

Learning by Observing and the Distribution of Wages

Number of pages: 28 Posted: 09 Jun 2004
Stephen A. Ross, Paul Taubman and Michael L. Wachter
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Department of Economics and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 75 (538,174)
Citation 3

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26.

Time Series Changes in Youth Joblessness

NBER Working Paper No. w0384
Number of pages: 85 Posted: 22 Feb 2001 Last Revised: 22 Jul 2022
Michael L. Wachter and Choongsoo Kim
University of Pennsylvania Law School - Institute for Law and Economics and Kyung-Hee University - Graduate School of Pan-Pacific Studies
Downloads 50 (658,271)

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27.

Union Threat Effects and Nonunion Industry Wage Differentials

NBER Working Paper No. w4046
Number of pages: 45 Posted: 03 Jan 2002 Last Revised: 24 Jul 2022
David Neumark and Michael L. Wachter
University of California, Irvine - Department of Economics and University of Pennsylvania Law School - Institute for Law and Economics
Downloads 48 (669,861)

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28.

Postal Service Compensation and the Comparability Standard

Posted: 09 Nov 2003
Barry T. Hirsch, Barry T. Hirsch, Michael L. Wachter and James W. Gillula
IZA Institute of Labor EconomicsGeorgia State University, University of Pennsylvania Law School - Institute for Law and Economics and DRI-WEFA

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29.

Meeting by Signals, Playing by Norms: Complementary Accounts of Non-Legal Cooperation in Institutions

Posted: 19 Jun 2002
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics

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30.

Tailored Claims and Governance: The Fit between Employees and Shareholders

Posted: 22 Jul 1997
Edward B. Rock and Michael L. Wachter
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics

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31.

Labor Law Reform: One Step Forward and Two Steps Back

Industrial and Labor Relations Review, 1997.
Posted: 22 Jul 1997
Michael L. Wachter
University of Pennsylvania Law School - Institute for Law and Economics

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