Delaware's Shrinking Half-Life. (Competition in Corporation Law) - Stanford Law School

Delaware's Shrinking Half-Life. (Competition in Corporation Law)

By Stanford Law School

  • Release Date - Published: 2009-12-01
  • Book Genre: Law
  • Author: Stanford Law School
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Delaware's Shrinking Half-Life. (Competition in Corporation Law) Stanford Law School read online review & book description:

INTRODUCTION Corporate law academics have long sought to fully understand the process of state corporate lawmaking. Do states compete to issue corporate charters? Do they compete in a race to the top that hones an efficient law, or one to the bottom, by states currying favor with corporate insiders? For decades the debate was premised upon strong, ongoing state-to-state competition, with sharp disagreement on the directionality of that competition. In this decade, however, a powerful revisionist perspective has emerged that states do not compete, leaving Delaware alone with a monopoly in the interstate charter market. Marcel Kahan and Ehud Kamar showed in their influential The Myth of State Competition in Corporate Law in the Stanford Law Review that no state other than Delaware actively seeks chartering revenues and concluded, as the title indicates, that states just do not compete. (1) Their perspective has proven to be convincing. Ronald Gilson said in describing the coalescing consensus to a European corporate audience, "Kahan and Kamar ha[ve] demonstrated [that] there is no[] competition for corporate charters in the U.S. [and] no competition among states for the revenue from incorporation...." (2) Others offer similar views, sometimes with differing analytics. (3)

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