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Corporate Governance

Value Creation and Corporate Governance

Steen Thomsen

Shareholder value maximization has been severely criticized in recent years, but it is not clear what, if anything, is to take its place. In a new working paper I review three models of corporate...

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Corporate Governance

Missing in Friedman’s Shareholder Value Maximization Credo: The Shareholders

Luca Enriques, Faculty of Law

Fifty years after the publication of Milton Friedman’s essay ‘The Social Responsibility of Business Is to Increase Its Profits’, the debate on whether directors and managers should only aim to...

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COVID-19
Corporate Governance

The New Geographies of Corporate Law Production

Dionysia Katelouzou | Peer Zumbansen

Writing about the past trajectories and future prospects of corporate law production amidst the COVID-19 crisis presents several challenges, above all with regard to motivation and justification. In...

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Commercial Law
Corporate Governance
Financial Regulation

Investor-Consumer or Total Value? A Question for Economics-Based Research

Stefan Grundmann | Fabrizio Esposito

Economic-based legal research normally assumes that market or allocative efficiency is about the maximization of total value. In a recent working paper, we argue that consumer and shareholder value...

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