| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9380 |
| 来源ID | Working Paper 9380 |
| Does the Evidence Favor State Competition in Corporate Law? | |
| Lucian Bebchuk; Alma Cohen; Allen Ferrell | |
| 发表日期 | 2002-12-09 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In the ongoing debate on state competition over corporate charters, supporters of state competition have long claimed that the empirical evidence clearly supports their view. This paper suggests that the body of empirical evidence on which supporters of state competition have relied does not warrant this claim. The paper first demonstrates that reported findings of a positive correlation between incorporation in Delaware and increased shareholder wealth are not robust and, furthermore, do not establish causation. The paper then shows that, even if Delaware incorporation were found to cause an increase in shareholder value, this finding would not imply that state competition is working well; benefits to incorporating in the dominant state would likely exist in a race-toward-the bottom' equilibrium in which state competition provided undesirable incentives. Third, the analysis shows that empirical claims that state competition rewards moderation in the provision of antitakeover protections are not well grounded. Finally, we endorse a new approach to the empirical study of the subject that is based on analyzing the determinants of companies' choices of state of incorporation. Recent work based on this approach indicates that, contrary to the beliefs of state competition supporters, states that amass antitakeover statutes are more successful in the incorporation market. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w9380 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566999 |
| 推荐引用方式 GB/T 7714 | Lucian Bebchuk,Alma Cohen,Allen Ferrell. Does the Evidence Favor State Competition in Corporate Law?. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9380.pdf（988KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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