An Economic Analysis of Limited Liability in Corporation Law

Halpern, Paul; Trebilcock, Michael J.; Turnbull, Stuart M.

doi:10.2307/825483

Cited by 134 publications

(57 citation statements)

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“…Fifth, as the maturity of the zero-coupon bond tends to zero, the credit spread also tends to zero. 6 See Halpern et al (1980). 7 For an introduction to the pricing of options, see Jarrow and Turnbull (1996b).…”

mentioning

confidence: 99%

The intersection of market and credit risk

Jarrow

Turnbull

2000

Journal of Banking & Finance

235

102

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mentioning

confidence: 99%

The intersection of market and credit risk

Jarrow

Turnbull

2000

Journal of Banking & Finance

235

102

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“…As has been argued persuasively by a number of commentators, there are no reasons why innocent third parties and society in general should subsidize business activities, especially hazardous or polluting ones. 81 It has been argued that the justification for imposing shareholder liability is the strongest on behalf of tort victims, who generally do not have a prior opportunity to negotiate with the company for protection. 82 The justification for veil lifting is supposedly much weaker when it comes to contractual creditors who have had a prior opportunity to negotiate with the company.…”

Section: A Theoretical Discussion Of the Limited Liability Principmentioning

confidence: 99%

The Lifting of Corporate Veil Doctrine in Hong Kong: An Empirical, Comparative and Development Perspective

Cheng¹

2011

Common Law World Review

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This paper provides an empirical, comparative, and development perspective on the corporate veil doctrine. It contains a comprehensive survey of the corporate veil cases in Hong Kong. The survey results are then compared with comparable surveys of the US cases to highlight relevant characteristics in the Hong Kong courts' approach to the doctrine. The paper also analyses the doctrine and the limited liability principle in a development perspective to suggest that the Hong Kong courts should apply the doctrine more assertively to address externalization of corporate business costs, which is the inevitable consequence of limited liability.

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“…The same effect has been demonstrated in evolutionary computation (Wagner and Altenberg 1996), where the evolvability of computer code is enhanced by increased modularity. Similarly, an example of a modularity-enhancing trait from the perspective of the firm is the limited liability corporate structure (Douglas and Shanks 1929;Halpern et al 1980;Kingston 2006, pp. 100-101).…”

Section: What Is Evolvability?mentioning

confidence: 98%

Evolvability and progress in evolutionary economics

Cochrane

Maclaurin

2011

J Bioecon

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This paper develops an account of evolutionary progress for use in the field of evolutionary economics. Previous work is surveyed and a new account set out, based on the idea of evolvability as it has been used recently in evolutionary developmental biology. The biological underpinnings of this idea are explained using examples of a series of phenomena that influence the evolvability of biological systems. It is further argued that biological and economic selection pressures and developmental processes are sufficiently similar to make this biological concept useful in economics. The new account is defended against a number of common objections to the notion of progress in evolving systems, including the claim that all stipulated measures of evolutionary progress are essentially arbitrary and the idea that economic evolutionary progress might not accord with the preferences of economic actors. It is argued that progress, understood as an increase in evolvability over time, is both philosophically well-justified and provides useful predictive and explanatory resources to those seeking to understand and manipulate evolving economic systems.

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An Economic Analysis of Limited Liability in Corporation Law

Cited by 134 publications

References 0 publications

The intersection of market and credit risk

The intersection of market and credit risk

The Lifting of Corporate Veil Doctrine in Hong Kong: An Empirical, Comparative and Development Perspective

Evolvability and progress in evolutionary economics

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