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PROFESSOR JILL E. FISCH, PENN LAW, UNIVERSITY OF PENNSYLVANIA LAW

SCHOOL, SAUL A. FOX DISTINGUISHED PROFESSOR OF BUSINESS LAW;

CO-DIRECTOR, INSTITUTE FOR LAW AND ECONOMICS

Abstract

Two models dominate the debate on the theory of the firm. Under the

management- power model, decision-making power exclusively belongs to

corporate insiders (officers and directors). The competing

shareholder-power model contemplates increasing shareholder power to

limit managerial authority. Both models are focused on managerial

agency costs and assume that insiders and shareholders are engaged in

a competitive struggle for corporate power. However, increasingly, the

insider-shareholder dynamic is collaborative, not competitive.

This Seminar will trace the development of insider-shareholder

collaboration and present the novel collaborative model. It will

demonstrate how collaboration adds value that is lost under unilateral

decision- making by the board or the shareholders. The growing

importance of shareholder collaboration requires rethinking several

principles of corporate law.

These issues are of great interest in Europe and Luxembourg,

especially in view of legislative developments such as the revised

Shareholders Rights Directive which is due to be implemented in 2019

and the Market Abuse Regulation (MAR).

 https://bit.ly/2N9gC6O [https://bit.ly/2N9gC6O]

 

     

 

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