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

34 Pages Posted: 28 Dec 2003 Last revised: 10 May 2009

See all articles by Lucian A. Bebchuk

Lucian A. Bebchuk

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

Marcel Kahan

New York University School of Law; European Corporate Governance Institute

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 Classification: G24, G30, G34, K22

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: https://ssrn.com/abstract=478567 or http://dx.doi.org/10.2139/ssrn.478567

Lucian A. Bebchuk (Contact Author)

Harvard Law School ( email )

Cambridge, MA 02138
United States
617-495-3138 (Phone)
617-812-0554 (Fax)

HOME PAGE: http://www.law.harvard.edu/faculty/bebchuk/

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
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1000 Brussels
Belgium

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
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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)

European Corporate Governance Institute ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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