In 1976, the Journal of Financial Economics published "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" by Michael Jensen and William Meckling. Soon, these economists’ (and others’) ideas migrated into the world of legal scholarship and strongly influenced fundamental concepts of property rights, share ownership, and the obligations of corporate leaders. In the 1980s and 1990s, Law and Economics dominated corporate law and theory. Then came the pushback. Critics argued that the Law and Economics movement had created perverse incentives for managers, advocated that stakeholders other than share owners played an important role in corporate law, and advanced critiques from behavioral economics and behavioral finance. Where are we now? How, if at all, will economics and finance scholarship shape the next decade of corporate law scholarship? What is the next big idea? Or have we, once again, reached “the end of corporate law?”
At the conclusion of the program, the officers of the
Section on Business Associations would like to honor 13 faculty members for
their mentorship work throughout the year. Please join us as we applaud their
exemplary mentorship and good work. They are:
Lynne L. Dallas (San Diego); Claire M. Dickerson (Tulane) (posthumous); Christopher R.
Drahozal (Kansas); Egon Guttman (American); William A. “Bill” Klein (UCLA);
Donald C. Langevoort (Georgetown); Juliet M. Moringiello (Widener
Commonwealth); Marleen O’Connor (Stetson); Terry O’Neill (Emerita, Tulane);
Charles “Chuck” R.T. O’Kelley (Seattle); Alysa Christmas Rollock (formerly of
Indiana-Bloomington); Roberta Romano (Yale); and D. Gordon Smith (BYU).
The Section on Business Associations held a virtual business meeting in advance of the Annual Meeting.
Business meeting of Section on Law and Economics held at program conclusion.