Enterprise Law Conference of 2014: Edited Transcript

202 Pages Posted: 26 Sep 2014

See all articles by Bruce E. Aronson

Bruce E. Aronson

Hitotsubashi University Graduate School of International Corporate Strategy

Kenneth Ayotte

University of California, Berkeley - School of Law

Takaaki Eguchi

Hitotsubashi University

David Gamage

Indiana University Maurer School of Law

Mark P. Gergen

University of California, Berkeley - School of Law

Gen Goto

University of Tokyo - Graduate School of Law and Politics

Benjamin E. Hermalin

University of California, Berkeley

Yohsuke Higashi

Independent

Akio Hoshi

Gakushuin University

Hidefusa Iida

University of Tokyo - Faculty of Law

Hideshi Itoh

Waseda Business School; CESifo (Center for Economic Studies and Ifo Institute)

Takahito Kato

University of Tokyo

Nobuo Matsuki

Tokyo Institute of Technology

Manabu Matsunaka

Nagoya University, Graduate School of law; Nagoya University, Graduate School of law

Curtis J. Milhaupt

Stanford Law School

Hiroshi Mitoma

Independent

Hideaki Miyajima

Waseda University - Graduate School of Commerce; Research Institute of Economy, Trade and Industry (RIETI)

Sadakazu Osaki

Nomura Institute of Capital Markets Research

J. Mark Ramseyer

Harvard Law School

Shruti Rana

Indiana University Bloomington - School of Global and International Studies; Affiliated Faculty, Indiana University Maurer School of Law, Stewart Center on the Global Legal Profession

Roberta Romano

Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Takuji Saito

Waseda University

Kenichi Sekiguchi

Independent

Masakazu Shirai

Doshisha University, Faculty of Law

Zenichi Shishido

Hitotsubashi University Graduate School of Law; Independent

Shinjiro Takagi

Independent

Wataru Tanaka

Independent

Takashi Toichi

Independent

Hideaki Umetsu

Independent

J. H. Verkerke

University of Virginia School of Law

Tetsuya Watanabe

Waseda University - School of Law

Noriyuki Yanagawa

University of Tokyo - Faculty of Economics

Date Written: September 24, 2014

Abstract

Two persistent questions of enterprise law are raised and addressed: First, how does law matter to business practice? Second, how can we make law that stimulates economic efficiency? These questions are difficult to answer because of two important complementarities: the complementarity between areas of law within a country’s legal regime and the complementarity between law and other social environments such as markets and social norms. Over the course of the two-day conference, academics and practitioners from the U.S. and Japan in the areas of corporate law, securities regulation, labor law (including both employment protection law and labor union law), bankruptcy law, and tax law investigate the ways that enterprise law affects practice complementarily with markets and social norms. A key analytical framework is introduced, in which the business enterprise is viewed as an incentive mechanism among the four indispensable capital providers of the firm: management, employees, shareholders, and creditors. Only through close attention to the incentive bargain between these four players can optimal legislative design and economic efficiency be achieved.

Suggested Citation

Aronson, Bruce E. and Ayotte, Kenneth and Eguchi, Takaaki and Gamage, David and Gergen, Mark P. and Goto, Gen and Hermalin, Benjamin E. and Higashi, Yohsuke and Hoshi, Akio and Iida, Hidefusa and Itoh, Hideshi and Kato, Takahito and Matsuki, Nobuo and Matsunaka, Manabu and Milhaupt, Curtis J. and Mitoma, Hiroshi and Miyajima, Hideaki and Osaki, Sadakazu and Ramseyer, J. Mark and Rana, Shruti and Romano, Roberta and Saito, Takuji and Sekiguchi, Kenichi and Shirai, Masakazu and Shishido, Zenichi and Takagi, Shinjiro and Tanaka, Wataru and Toichi, Takashi and Umetsu, Hideaki and Verkerke, J. H. and Watanabe, Tetsuya and Yanagawa, Noriyuki, Enterprise Law Conference of 2014: Edited Transcript (September 24, 2014). Available at SSRN: https://ssrn.com/abstract=2501143 or http://dx.doi.org/10.2139/ssrn.2501143

Bruce E. Aronson

Hitotsubashi University Graduate School of International Corporate Strategy ( email )

2-1-2 Hitotsubashi, Chiyoda-ku
Tokyo 101-0003, Chiyoda-ku 101-8439
Japan
81-3-4212-3138 (Phone)
81-3-4212-3149 (Fax)

HOME PAGE: http://www.ics.hit-u.ac.jp

Kenneth Ayotte

University of California, Berkeley - School of Law ( email )

215 Boalt Hall
Berkeley, CA 94720-7200
United States

Takaaki Eguchi

Hitotsubashi University ( email )

2-1 Naka Kunitachi-shi
Tokyo 186-8601
Japan

David Gamage

Indiana University Maurer School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States

HOME PAGE: http://www.law.indiana.edu/about/people/bio.php?name=gamage-david

Mark P. Gergen

University of California, Berkeley - School of Law ( email )

215 Boalt Hall
Berkeley, CA 94720-7200
United States

Gen Goto

University of Tokyo - Graduate School of Law and Politics ( email )

7-3-1 Hongo Bunkyo-Ku
Tokyo, 113-0033
Japan

Benjamin E. Hermalin

University of California, Berkeley ( email )

545 Student Services Building, #1900
2220 Piedmont Avenue
Berkeley, CA 94720
United States
510-642-7575 (Phone)
510-643-1420 (Fax)

Yohsuke Higashi

Independent ( email )

No Address Available

Akio Hoshi

Gakushuin University ( email )

1-5-1 Mejiro
Toshima-ku Tokyo 171-8588
United States

Hidefusa Iida

University of Tokyo - Faculty of Law ( email )

7-3-1 Hongo Bunkyo-Ku
Tokyo, 113
Japan

Hideshi Itoh

Waseda Business School ( email )

1-6-1 Nishi-Waseda
Shinjuku-ku
Tokyo, Tokyo 169-8050
Japan

HOME PAGE: http://https://www.waseda.jp/fcom/wbs/en

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Takahito Kato

University of Tokyo ( email )

Yayoi 1-1-1
Bunkyo-ku
Tokyo, Tokyo 113-8657
Japan

Nobuo Matsuki

Tokyo Institute of Technology ( email )

2-12-1 O-okayama, Meguro-ku
Tokyo 152-8550, 52-8552
Japan

Manabu Matsunaka

Nagoya University, Graduate School of law ( email )

Furo-cho, Chikusa-ku
Nagoya, 464-8601
Japan

Nagoya University, Graduate School of law ( email )

Furocho, Chikusa-ku
Nagoya, 4600024
Japan

Curtis J. Milhaupt

Stanford Law School ( email )

559 Nathan Abbott Way
Stanford, CA 94305-8610
United States

Hiroshi Mitoma

Independent ( email )

No Address Available

Hideaki Miyajima

Waseda University - Graduate School of Commerce ( email )

1-6-1, Nishi-Waseda
Shinjuku-ku, Tokyo 169-8050
Japan
(81 3) 5286 2019 (Phone)
(81 3) 3203 7067 (Fax)

Research Institute of Economy, Trade and Industry (RIETI) ( email )

1-3-1 Kasumigaseki
Chiyoda-ku
Tokyo 100-8901
Japan

Sadakazu Osaki

Nomura Institute of Capital Markets Research ( email )

Urbannet Otemachi Building
2-2-2, Otemachi, Chiyoda-ku
Tokyo, 100-8130
Japan

J. Mark Ramseyer

Harvard Law School ( email )

1575 Massachusetts
Hauser 406
Cambridge, MA 02138
United States
617-496-4878 (Phone)
617-496-6118 (Fax)

Shruti Rana

Indiana University Bloomington - School of Global and International Studies ( email )

355 N. Jordan Avenue
Bloomington, IN 47405
United States
812-856-7328 (Phone)

HOME PAGE: http://https://sgis.indiana.edu/faculty/directory/rana-shruti.html

Affiliated Faculty, Indiana University Maurer School of Law, Stewart Center on the Global Legal Profession ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States
812-856-7328 (Phone)

HOME PAGE: http://https://sgis.indiana.edu/faculty/directory/rana-shruti.html

Roberta Romano

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
203-432-4965 (Phone)
203-432-4871 (Fax)

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

HOME PAGE: http://www.ecgi.org

Takuji Saito

Waseda University ( email )

Okhubo Campus, Shinjuku-ku, Room 59-416B
Tokyo, Tokyo 169-8555
Togo

Kenichi Sekiguchi

Independent ( email )

No Address Available

Masakazu Shirai

Doshisha University, Faculty of Law ( email )

Karasuma Higashi-iru, Imadegawa-dori
Kamigyo-ku, Kyoto 602-8580
No Address Available
Japan

Zenichi Shishido (Contact Author)

Hitotsubashi University Graduate School of Law ( email )

2-1-2 Hitotsubashi
Chiyoda-ku, Tokyo 101-8439
Japan
81-(0)3-4212-3148 (Phone)
81-(0)3-4212-3149 (Fax)

Independent ( email )

No Address Available

Shinjiro Takagi

Independent ( email )

No Address Available

Wataru Tanaka

Independent ( email )

No Address Available

Takashi Toichi

Independent ( email )

No Address Available

Hideaki Umetsu

Independent ( email )

No Address Available

J. H. Verkerke

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States
434-924-3463 (Phone)
434-924-7536 (Fax)

HOME PAGE: http://pells.org/rip/

Tetsuya Watanabe

Waseda University - School of Law ( email )

1-104 Totsukamachi
Shinjuku-ku
Tokyo, 169-8050
Japan

Noriyuki Yanagawa

University of Tokyo - Faculty of Economics ( email )

7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033
Japan

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