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    23 views11 pages

    DCO0318 - Aula 3 - Kraakman Haasman Armour

    Uploaded by

    Sara Díaz

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 11
    The Anatomy of Corporate Law A Comparative and Functional Approach Second Edition [REINIER KRAAKMAN JOHN ARMOUR PAUL DAVIES LUCA ENRIQUES HENRY HANSMANN, GERARD HERTIG KLAUS HOPT HIDEKIKANDA EDWARD ROCK OXFORD M hati Coes? ess any of he Ceti that ave een adoped, and hat mand ‘or forthe mnie oes dea with el unin mate ™ Whether thats bal thingie dae Alen soto he ces ape os Aat—uchasunform lair ole eiemeneamight be en st feorngdsbatonal pressor apes or ec. asing te cer hat ely empeersvehaonaton might loka egal Aion ca ae seta cen More cently, among the EU st + cenain depee of spulatory competion ich in cntaohamontan ia ‘estom pe ae ‘opdowa’ poco eal change~has been oleae Oy devison a the Earaenn Cour of Junie As wena eax, the Cort a lack dows a seers by india ats wrote of arpottion aw on ‘rating cal butincrprste noe neers ™ Asa ect urination tis bypass he domestica rope tat he he up [Eide Larmonzaton, Hower no may be seperti, proms fhe peont) choi cmpany xe of ierporton tad 0 ‘ni om dhs dein athe capac fhe conser Te se ph f Bmpean company aw wil be dtrnned sae prey the laine seape ‘hachatmaniaion atl regastory competion se pen nthe yas to come ‘Anil ehoogh mote stead eg-of-var ctw hese ota suf awe he supe rindatorl eel nd eon unl mare fa corre law aco lets ia rely compen as ang hen sling outs wel aang tefl sar ofthe Une Sse Tee reat fa be an uneasy and fh albcaton of espe law betwen the eel fermen onthe oe had snd he nica oa (by Dlr on the thet A wiley-nsed pin he poets ws ae wh he Src Orley ‘coi 203 whch inthe wake che Enon se af topo cada ‘teed eal law outer iets a prs ove previo eo these “Thi i rincpally 2 book abou dhe ste and fancies of curporate Jaw not abuts gins Nonetile in th chp cha low mew oe snd thx explore, bey and bi pelt he inden ofthe cs ut Ssrwjed-—and of che tellin shaping te pref corpora aw at trent act dts 2 Agency Problems and Legal Strategies Job Armour, Henry Hansmanny and Reinier Kraatmast 2.1 Throe Ageney Problems explained inthe preceding cape? copes ew pers wo ger ecto hn, kesblees tetera of cpr om siyclaan ty hescecpng ue cesar to ppt hs ct second ate sro firs tome ee ni ning ie ren corporate insider ich cooing sand op anagem, telomeric darlin oto Te nical be edicts ogy aos plage fobs For eadesantaar withthe peg of canons sh gehy oben’ inthe mont general senso the eta whee twee of te pry terme che pina depen upon acon taken by sabe pe ‘Seed get The problem isn mocetingthe get oc ceric falvincres ser thatmpy athe pnt sown tare. Viewed hee broad {Sie aeney pblens re ns boa ange conten that gy wel band ‘hoe ha woud ral be canted ac apc lana by Ege i a sy cn! ny hh oe uy the “agen pros prormanc to ame e icp, poe jc ‘Sun snc problem. Te cto th fay tha, cae the go ‘moths er infront oe the pnp abot eleven fac, ‘Hepat canoe caly are hime da the ages prfrmanc pre (Sec what we pre” Ar cooequnce, eae ar an inert et ‘Sppertnisialy? king onthe gunlity of hs peroance, or even dee Ingo Macc of what wax prod he anal This nea In ‘hehe vale of he pes prance oh peli wl be raed cher NEI iain telnet wc ince elke re ess ning ‘S2Gihe ian, extn ere or Car 1, 36 Ane Preble el rate icy or bce tase the ay fe gen’ pearance, the ping ‘mac engign only mntringf he age The eer the comply of he ‘ks undraen byte agent he peer te icin the ten a Be vn chee agency con llc wbes ‘AS we noe in Chapt Ts he ener agency prolamin basins fan. The ino the colt beween the Besos aad sited a Firth omnes ae the pcp the manager sete an The Preble sin soo sae mars ae spent owe tes Sater than pursuing tes own pena ltrs Te second gency prob iol te enfet econo and ews wh prs te ery oF ruin interes inthe Rit ad onthe oer ham he oy rho, ‘clog owner: Here the soncoatling owners canbe hog fate pe ‘lular the contig owas the en snd he ify ts ning tha the omer ate nt exroprnted byte later. While this problem is ose ‘enspcuous nro between aot aed minoty sacokiess apes icy one uc owners an concen sen te st "ewes a ole Ths nny harder cjy re ight ln ‘eparicalr decisions ca ie i aspect and gnc ble Siar problems can ar berween oa ad presence share, od ‘eee ir and jinn ets bank Grhen ce sete ce Iveownesof tem The thi grey ps nes the cei een therm tal inching atl owners theca pares ch ‘tom the fim conc chs crt, cgay and csr Hehe “iy sn asin hae the fm, agene does bhave eppertniic Aly evan hse vats ther piel sch by expropriated, ‘spoting work, oe midecingcontrcre Tach of the fgg poe the calege oasatng agen espn svens is ener whee three oie pncpls—and epee ete ‘hey hve cen intrest or heterogenous perce ar ccna ay Make rnp wl eon on wach wil ah hay to engage in calletve acon Therein urn wll inact with agency pro kms in ways. Fl, dickies of cordaing berwcen pial lead them we delegate mre a hi deion-aking co aes Seconds the aceon Br re te ot, ace ‘enc GL aaa Alt Spee ore Se a eee Sere eaten ser 1 Genser pica a foun aes MBean ond Goi bk Te gages hipabenaatae arc eal rags Radin Agen Cs ” soe dial for principals 0 corns on single of goal forthe Seether ovy aca reeamc ata ight ‘Ring? Coordination ens ar bemen nl shy nce agency volene > [aca pay an imprint ke in aco ageey cous Obviows cumple antral proce thar cbse oar opes on on efor inene actions bought by Pencils again dibonest ore ages Prindntaly,echanlsothat impos canton aso ay eo en the principals end w betas sch ara en tne an toy ict pT on i ipl wh wing er tet compenston oan fest whe he pail isms petormance ‘Sac ishonee sd of igh guy To kes compass compli coe ‘ps come alfa tha pros eos fom opprenie broe {the aro cores shot ec he ine eta panne tna py fo ei cs Beneiing corporations wll a reds Likewise {Cpl detsnton th sity ef cesling ard to cpopate miner ‘pce dll the pe hich hrs arf ald

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