‘Legal Innovations, Long-term Investments and the Birth of the Corporation’

“For the last several decades, organizational law has been predominantly viewed as a menu of default contractual clauses that, as with contracts more generally, can be adapted to the needs of each specific organization. This view, which originated in economics, has permeated legal scholarship and kept the focus on contracts rather than law. However, recent literature has stressed the role of the law in regulating claims on firm assets by creditors and owners, and has set the stage for a property-rights theory of business organizations …” (more)

[Giuseppe Dari-Mattiacci, Oxford Business Law Blog, 12 April]

First posted 2017-04-12 11:44:36

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