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Commentaries and Cases on the Law of Business Organization 3rd ed. [Kõva köide]

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  • Ilmumisaeg: 01-Aug-2009
  • Kirjastus: Aspen Publishers Inc.,U.S.
  • ISBN-10: 0735586004
  • ISBN-13: 9780735586000
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  • Formaat: Hardback, 724 pages, kõrgus x laius x paksus: 259x196x41 mm, kaal: 1361 g
  • Ilmumisaeg: 01-Aug-2009
  • Kirjastus: Aspen Publishers Inc.,U.S.
  • ISBN-10: 0735586004
  • ISBN-13: 9780735586000
Allen (law and business, New York U.), Kraakman (law, Harvard Law School), and Subramanian (law and business, Harvard Law School) introduce students and non-specialist lawyers to the basic principles of US law that define the legal structures within which business operates. Opening chapters deal with fundamentals, including agency law, the partnership form and its modern variants, the corporate form as contrasted against the partnership and its variants, and concepts of valuation. The remaining chapters discuss the legal rules governing the protection of creditors, normal governance and the voting system, normal governance and the duty of care, conflict transactions and the duty of loyalty, shareholder lawsuits, transactions in control, mergers and acquisitions, public contests for corporate control, and trading in the corporation's securities. Annotation ©2010 Book News, Inc., Portland, OR (booknews.com)
Preface xxi
Acknowledgments xxv
Introduction to the Law of Enterprise Organization
1(14)
Efficiency and the Social Significance of Enterprise Organization
2(3)
Wealth Creation and the Corporate Form of Organization
3(1)
What Do We Mean by Efficiency?
3(1)
Pareto Efficiency
4(1)
Kaldor-Hicks Efficiency
5(1)
Law from Inside and Out: Shared Meanings and Skepticism
5(3)
The Outside and the Inside
6(1)
Fairness and Efficiency
7(1)
Development of the Modern Theory of the Firm
8(7)
Ronald Coase's 1937 Insight
9(1)
Transactions Cost Theory
9(1)
Agency Cost Theory
10(5)
Acting Through Others: The Law of Agency
15(26)
Introduction to Agency
15(1)
Agency Formation, Agency Termination, and Principal's Liability
16(18)
Formation
16(1)
Termination
17(1)
Parties' Conception Does Not Control
17(1)
Jenson Farms Co. v. Cargill, Inc.
18(3)
Liability in Contract
21(1)
Actual and Apparent Authority
21(1)
White v. Thomas
22(3)
Inherent Authority
25(1)
Gallant Ins. Co. v. Isaac
26(4)
Liability in Tort
30(1)
Humble Oil & Refining Co. v. Martin
30(2)
Hoover v. Sun Oil Co.
32(2)
The Governance of Agency (The Agent's Duties)
34(7)
The Nature of the Agent's Fiduciary Relationship
34(1)
The Agent's Duty of Loyalty to the Principal
35(1)
Tarnowski v. Resop
36(2)
The Trustee's Duty to Trust Beneficiaries
38(1)
In re Gleeson
38(3)
The Problem of Joint Ownership: The Law of Partnership
41(44)
Introduction to Partnership
41(11)
Why Have Joint Ownership?
42(1)
Klein & Coffee, The Need to Assemble At-Risk Capital
43(2)
Hansmann, Kraakman & Squire, Law and the Rise of the Firm
45(2)
The Agency Conflict Among Co-Owners
47(1)
Meinhard v. Salmon
47(5)
Partnership Formation
52(3)
Vohland v. Sweet
52(3)
Relations with Third Parties
55(6)
Who Is a Partner?
55(1)
Third-Party Claims Against Departing Partners
56(1)
Third-Party Claims Against Partnership Property
57(1)
Claims of Partnership Creditors to Partner's Individual Property
58(3)
Partnership Governance and Issues of Authority
61(2)
National Biscuit Co. v. Stroud
61(2)
Termination (Dissolution and Dissociation)
63(12)
Accounting for Partnership's Financial Status and Performance
63(2)
Adams v. Jarvis
65(4)
Dreifuerst v. Dreifuerst
69(4)
Page v. Page
73(2)
Limited Liability Modifications of the Partnership Form
75(10)
The Limited Partnership
76(2)
Limited Liability Partnerships and Companies
78(1)
The Limited Liability Partnership
78(1)
The Limited Liability Company
79(6)
The Corporate Form
85(30)
Introduction to the Corporate Form
85(2)
Creation of a Fictional Legal Entity
87(9)
A Note on the History of Corporate Formation
88(4)
The Process of Incorporating Today
92(1)
The Articles of Incorporation, or ``Charter''
93(1)
The Corporate Bylaws
94(1)
Shareholders' Agreements
95(1)
Limited Liability
96(3)
Easterbrook & Fischel, Limited Liability and the Corporation
97(2)
Transferable Shares
99(2)
Centralized Management
101(14)
Legal Construction of the Board
102(1)
The Holder of Primary Management Power
102(1)
Automatic Self-Cleansing Filter Syndicate Co., Ltd. v. Cunninghame
103(3)
Structure of the Board
106(1)
Formality in Board Operation
107(1)
A Critique of Boards
108(2)
Corporate Officers: Agents of the Corporation
110(1)
Jennings v. Pittsburgh Mercantile Co.
110(5)
Debt, Equity, and Economic Value
115(16)
Capital Structure
115(4)
Legal Character of Debt
116(2)
Legal Character of Equity
118(1)
Basic Concepts of Valuation
119(8)
The Time Value of Money
119(3)
Risk and Return
122(3)
Diversification and Systematic Risk
125(2)
Valuing Assets
127(4)
The Discount Cash Flow (DCF) Approach
127(2)
The Relevance of Prices in the Securities Market
129(2)
The Protection of Creditors
131(38)
Mandatory Disclosure
132(1)
Capital Regulation
133(7)
Financial Statements
133(4)
Distribution Constraints
137(2)
Minimum Capital and Capital Maintenance Requirements
139(1)
Standard-Based Duties
140(21)
Director Liability
141(2)
Creditor Protection: Fraudulent Transfers
143(2)
Shareholder Liability
145(1)
Equitable Subordination
145(1)
Costello v. Fazio
145(6)
Piercing the Corporate Veil
151(1)
Sea-Land Services, Inc. v. The Pepper Source
152(5)
Kinney Shoe Corp. v. Polan
157(4)
Veil Piercing on Behalf of Involuntary Creditors
161(8)
Walkovszky v. Carlton
161(8)
Normal Governance: The Voting System
169(70)
The Role and Limits of Shareholder Voting
169(3)
Electing and Removing Directors
172(4)
Electing Directors
172(1)
Removing Directors
173(3)
Shareholder Meetings and Alternatives
176(1)
Proxy Voting and Its Costs
177(4)
Rosenfeld v. Fairchild Engine & Airplane Corp.
179(2)
Class Voting
181(2)
Shareholder Information Rights
183(1)
Techniques for Separating Control from Cash Flow Rights
184(20)
Circular Control Structures
185(1)
Speiser v. Baker
186(6)
Vote Buying
192(1)
Easterbrook & Fischel, Voting in Corporate Law
192(1)
Schreiber v. Carney
193(7)
Controlling Minority Structures
200(1)
Bebchuk, Kraakman & Triantis, Stock Pyramids, Cross-Ownership, and Dual Class Equity
200(4)
The Collective Action Problem
204(5)
Easterbrook & Fischel, Voting in Corporate Law
205(1)
Black, Next Steps in Proxy Reform
205(2)
Pozen, Institutional Investors: The Reluctant Activists
207(1)
Kahan & Rock, Hedge Funds in Corporate Governance and Corporate Control
208(1)
The Federal Proxy Rules
209(27)
Rules 14a-1 Through 14a-7: Disclosure and Shareholder Communication
209(4)
Rule 14a-8: Shareholder Proposals
213(7)
CA, Inc. v. AFSCME Employees Pension Plan
220(8)
Rule 14a-9: The Antifraud Rule
228(2)
Virginia Bankshares, Inc. v. Sandberg
230(6)
State Disclosure Law: Fiduciary Duty of Candor
236(3)
Normal Governance: The Duty of Care
239(56)
Introduction to the Duty of Care
239(1)
The Duty of Care and the Need to Mitigate Director Risk Aversion
240(3)
Gagliardi v. TriFoods International, Inc.
241(2)
Statutory Techniques for Limiting Director and Officer Risk Exposure
243(7)
Indemnification
243(2)
Waltuch v. Conticommodity Services, Inc.
245(4)
Directors and Officers Insurance
249(1)
Judicial Protection: The Business Judgment Rule
250(8)
Kamin v. American Express Co.
250(3)
Understanding the Business Judgment Rule
253(2)
The Duty of Care in Takeover Cases: A Note on Smith v. Van Gorkom
255(1)
Additional Statutory Protection: Authorization for Charter Provisions Waiving Liability for Due Care Violations
256(2)
Delaware's Unique Approach to Adjudicating Due Care Claims Against Corporate Directors: From Technicolor to Emerald Partners
258(3)
The Board's Duty to Monitor: Losses ``Caused'' by Board Passivity
261(30)
Francis v. United Jersey Bank
263(5)
Graham v. Allis-Chalmers Manufacturing Co.
268(4)
In the Matter of Michael Marchese
272(6)
In re Caremark International Inc. Derivative Litigation
278(7)
In re Citigroup Inc. Shareholder Derivative Litigation
285(6)
``Knowing'' Violations of Law
291(4)
Miller v. AT&T
291(4)
Conflict Transactions: The Duty of Loyalty
295(68)
Duty to Whom?
296(6)
The Shareholder Primacy Norm
296(3)
A.P. Smith Manufacturing Co. v. Barlow
299(2)
Constituency Statutes
301(1)
Self-Dealing Transactions
302(12)
Early Regulation of Fiduciary Self-Dealing
303(1)
The Disclosure Requirement
304(1)
State ex rel. Hayes Oyster Co. v. Keypoint Oyster Co.
304(5)
Controlling Shareholders and the Fairness Standard
309(1)
Sinclair Oil Corp. v. Levien
310(4)
The Effect of Approval by a Disinterested Party
314(16)
The Safe Harbor Statutes
314(1)
Cookies Food Products v. Lakes Warehouse
315(5)
Approval by Disinterested Members of the Board
320(1)
Eisenberg, Self-Interested Transactions in Corporate Law
320(2)
Cooke v. Oolie
322(3)
Approval by a Special Committee of Independent Directors
325(1)
Shareholder Ratification of Conflict Transactions
326(1)
Lewis v. Vogelstein
327(1)
In re Wheelabrator Technologies, Inc.
328(2)
Director and Management Compensation
330(18)
Perceived Excessive Compensation
331(1)
Option Grants and the Law of Director and Officer Compensation
332(1)
Lewis v. Vogelstein
332(3)
Regulatory Responses to Executive Compensation
335(3)
The Disney Decision
338(3)
In re The Walt Disney Company Derivative Litigation
341(7)
Corporate Opportunity Doctrine
348(3)
Determining Which Opportunities ``Belong'' to the Corporation
348(1)
When May a Fiduciary Take a Corporate Opportunity?
349(2)
The Duty of Loyalty in Close Corporations
351(12)
Donahue v. Rodd Electrotype Co.
351(6)
Easterbrook & Fischel, Close Corporations and Agency Costs
357(2)
Smith v. Atlantic Properties, Inc.
359(4)
Shareholder Lawsuits
363(50)
Distinguishing Between Direct and Derivative Claims
363(3)
Solving a Collective Action Problem: Attorneys' Fees and the Incentive to Sue
366(7)
Fletcher v. A.J. Industries, Inc.
367(6)
Standing Requirements
373(2)
Balancing the Rights of Boards to Manage the Corporation and Shareholders' Rights to Obtain Judicial Review
375(32)
The Demand Requirement of Rule 23
376(1)
Levine v. Smith
376(5)
Rales v. Blasband
381(7)
Special Litigation Committees
388(1)
Zapata Corp. v. Maldonado
389(6)
In re Oracle Corp. Derivative Litigation
395(8)
Joy v. North
403(4)
Settlement and Indemnification
407(4)
Settlement by Class Representatives
407(1)
Settlement by Special Committee
408(1)
Carlton Investments v. TLC Beatrice International Holdings, Inc.
409(2)
When Are Derivative Suits in Shareholders' Interests?
411(2)
Transactions in Control
413(30)
Sales of Control Blocks: The Seller's Duties
415(13)
The Regulation of Control Premia
416(1)
Zetlin v. Hanson Holdings, Inc.
416(1)
Perlman v. Feldmann
417(6)
A Defense of the Market Rule in Sales of Control
423(1)
Easterbrook & Fischel, Corporate Control Transactions
423(5)
Sale of Corporate Office
428(1)
Looting
429(4)
Harris v. Carter
429(4)
Tender Offers: The Buyer's Duties
433(6)
Brascan Ltd. v. Edper Equities Ltd.
435(4)
The Hart-Scott-Rodino Act Waiting Period
439(4)
Fundamental Transactions: Mergers and Acquisitions
443(68)
Introduction
443(1)
Economic Motives for Mergers
444(4)
Integration as a Source of Value
444(1)
Other Sources of Value in Acquisitions: Tax, Agency Costs, and Diversification
445(1)
Suspect Motives for Mergers
446(1)
Do Mergers Create Value?
447(1)
The Evolution of the U.S. Corporate Law of Mergers
448(2)
When Mergers Were Rare
448(1)
The Modern Era
449(1)
The Allocation of Power in Fundamental Transactions
450(2)
Overview of Transactional Form
452(10)
Asset Acquisition
453(1)
Katz v. Bregman
453(5)
Stock Acquisition
458(1)
Mergers
459(2)
Triangular Mergers
461(1)
Structuring the M&A Transaction
462(9)
Timing
462(1)
Regulatory Approvals, Consents, and Title Transfers
463(1)
Planning Around Voting and Appraisal Rights
463(1)
Due Diligence, Representations and Warranties, Covenants, and Indemnification
464(1)
Deal Protections and Termination Fees
465(1)
Accounting Treatment
465(1)
A Case Study: Excerpt from Timberjack Agreement and Plan of Merger
466(5)
Taxation of Corporate Combinations
471(3)
Basic Concepts
471(1)
Tax-Free Corporate Reorganizations
472(2)
The Appraisal Remedy
474(5)
History and Theory
474(2)
The Appraisal Alternative in Interested Mergers
476(2)
The Market-Out Rule
478(1)
The Nature of ``Fair Value''
478(1)
The De Facto Merger Doctrine
479(4)
Hariton v. Arco Electronics, Inc.
481(2)
The Duty of Loyalty in Controlled Mergers
483(28)
Cash Mergers or Freeze-Outs
484(2)
Weinberger v. UOP, Inc.
486(11)
What Constitutes Control and Exercise of Control
497(1)
Kahn v. Lynch Communication Systems, Inc.
497(5)
Special Committees of Independent Directors in Controlled Mergers
502(2)
Controlling Shareholder Fiduciary Duty on the First Step of a Two-Step Tender Offer
504(1)
In re Pure Resources, Inc., Shareholders Litigation
504(7)
Public Contests for Corporate Control
511(104)
Introduction
511(4)
Defending Against Hostile Tender Offers
515(7)
Unocal Corp. v. Mesa Petroleum Co.
515(7)
Private Law Innovation: The Poison Pill
522(11)
Moran v. Household International, Inc.
525(8)
Choosing a Merger or Buyout Partner: Revlon, Its Sequels, and Its Prequels
533(13)
Smith v. Van Gorkom
533(8)
Revlon, Inc. v. MacAndrews and Forbes Holdings, Inc.
541(5)
Pulling Together Unocal and Revlon
546(29)
Paramount Communications, Inc. v. Time, Inc.
547(7)
Paramount Communications, Inc. v. QVC Network, Inc.
554(14)
Lyondell Chemical Co. v. Ryan
568(7)
Protecting the Deal
575(13)
``No Shops/No Talks'' and ``Fiduciary Outs''
578(1)
Shareholder Lock-ups
579(1)
Omnicare, Inc. v. NCS Healthcare, Inc.
579(9)
State Antitakeover Statutes
588(9)
First- and Second-Generation Antitakeover Statutes (1968-1987)
588(1)
CTS Corp. v. Dynamics Corp. of America
589(4)
Third-Generation Antitakeover Statutes (1987-2000)
593(4)
Proxy Contests for Corporate Control
597(9)
Schnell v. Chris-Craft Industries, Inc.
598(1)
Blasius Industries, Inc. v. Atlas Corp.
599(7)
The Takeover Arms Race Continues
606(9)
``Dead Hand'' Pills
606(2)
Mandatory Pill Redemption Bylaws
608(2)
Unisuper v. News Corp.
610(5)
Trading in the Corporation's Securities
615(82)
Common Law of Directors' Duties When Trading in the Corporation's Stock
615(5)
Goodwin v. Agassiz
616(4)
The Corporate Law of Fiduciary Disclosure Today
620(6)
Corporate Recovery of Profit from ``Insider'' Trading
621(1)
Freeman v. Decio
622(3)
Board Disclosure Obligations Under State Law
625(1)
Exchange Act § 16(b) and Rule 16
626(3)
Exchange Act § 10(b) and Rule 10b-5
629(68)
Evolution of Private Right of Action Under § 10
630(1)
Elements of a 10b-5 Claim
631(1)
Elements of a 10b-5 Claim: False or Misleading Statement or Omission
632(1)
SEC v. Texas Gulf Sulphur Co.
633(6)
Santa Fe Industries Inc. v. Green
639(7)
Elements of 10b-5 Liability: The Equal Access Theory
646(1)
Elements of 10b-5 Liability: The Fiduciary Duty Theory
647(2)
Chiarella v. United States
649(4)
Dirks v. SEC
653(9)
United States v. Chestman
662(5)
United States v. O'Hagan
667(5)
Elements of 10b-5 Liability: Materiality
672(1)
Basic Inc. v. Levinson
672(4)
Elements of 10b-5 Liability: Scienter
676(2)
Elements of 10b-5 Liability: Standing, in Connection with the Purchase or Sale of Securities
678(1)
Elements of 10b-5 Liability: Reliance
679(1)
Basic Inc. v. Levinson
679(6)
Elements of 10b-5 Recovery: Causation
685(1)
Remedies for 10b-5 Violations
686(1)
Elkind v. Liggett & Myers, Inc.
686(4)
The Academic Debate
690(1)
Insider Trading and Informed Prices
691(2)
Insider Trading as a Compensation Device
693(2)
Are Deal Makers on Wall Street Leaking Secrets?
695(2)
Table of Cases 697(6)
Index 703