Topic
Principal (commercial law)
About: Principal (commercial law) is a research topic. Over the lifetime, 1579 publications have been published within this topic receiving 35379 citations. The topic is also known as: Principal (commercial law).
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TL;DR: Principal-cost theory as mentioned in this paper states that each firm's optimal governance structure minimizes the sum of principal costs, produced when investors exercise control, and agent costs, generated when managers exercise control.
Abstract: The dominant paradigm in corporate law is agency-cost theory, which asserts that the law’s proper role is to reduce managerial agency costs by forcing firms to allocate more control to shareholders. That theory cannot explain why shareholders voluntarily invest in firms that circumscribe their powers to hold managers accountable. This Article introduces principal-cost theory, which states that each firm’s optimal governance structure minimizes the sum of principal costs, produced when investors exercise control, and agent costs, produced when managers exercise control. Because the optimal division of control is firm-specific, firms rationally select from a range of governance structures that empower shareholders to varying degrees. Principal-cost theory generates more accurate empirical predictions than agency-cost theory. It also suggests different policy prescriptions: rather than banning some governance features and mandating others, lawmakers should permit each firm to tailor its structure based on its firm-specific substitution rate between principal costs and agent costs.
26 citations
TL;DR: In this article, the authors discuss the four core fiduciary duties of directors: the duty of loyalty, the Duty of care, disclosure, and special care when a company is a takeover target.
Abstract: This article offers my personal, idiosyncratic overview of the principal fiduciary duties of outside directors, from a common law perspective, and what the remedies should be for breach of each of these duties. I discuss the four core fiduciary duties of directors: the duty of loyalty; the duty of care; the duty of disclosure; and the duty of special care when your company is a takeover target.
25 citations
TL;DR: In this paper, a member of the United States Naval Reserve Force, on duty as a despatch driver, was not amenable to the speed laws of the state while on duty, but under the pressure of circumstances the act was justified by necessity.
Abstract: Criminal defendants who intentionally and knowingly violate a criminal statute may nevertheless claim that they have committed no crime. These defendants make this assertion even though they admit committing the act and possessing the mental element proscribed by the law. For example, the Supreme Court of Rhode Island held that a member of the United States Naval Reserve Force, on duty as a despatch driver, was not amenable to the speed laws of the state while on. his way to deliver a message, at the command of his superior officer, which that officer deemed. urgent.' The decision rested on the principal of public necessity, a principle which the court stated is "without application to cases which show a, failure to comply with our laws and ordinances when no military necessity exists." 2 This holding is an example of the application of the defense of necessity. The defendant admitted intentionally exceeding the speed limit knowing the act was illegal. But under the pressure of circumstances the act was justified by "necessity." The National Commission on Reform of Federal Criminal Laws considered whether or not to
25 citations
22 Jun 2012
TL;DR: The legal committee of the International Maritime Organization (IMO), or the Inter-governmental Maritime Consultative Organization, as it was originally known, traces its beginnings to the 1967 Torrey Canyon incident as discussed by the authors.
Abstract: The Legal Committee of the International Maritime Organization (IMO), or the Inter-governmental Maritime Consultative Organization (IMCO), as it was originally known, traces its beginnings to the 1967 Torrey Canyon incident. The purpose of this essay is to examine the treaty making work of the Legal Committee. While the main focus of its work has been to provide internationally applicable rules governing liability and compensation of shipowners, over the course of its history, stretching back more than 40 years, it has tackled other aspects of maritime law. The aim of this essay has been to trace the evolution of the Legal Committee from its humble beginnings, as an ad hoc body operating under the auspices of the IMO Council, to one of the principal committees of the Organization. The Legal Committee has largely completed its work of developing comprehensive rules for liability and compensation for maritime claims. Keywords:International Maritime Organization; Legal Committee; Maritime Consultative Organization; Torrey Canyon
25 citations
Book•
01 Jan 1996
TL;DR: Musson as discussed by the authors focused on the personnel of local justice and the wider administrative context to build up a composite picture of attitudes to public order and law enforcement through a systematic examination of the surviving legal records.
Abstract: "A very welcome book. It deals with a crucial, yet under-studied period in the history of the medieval English legal system, and emphasises the interaction of law and society." - "English Historical Review". "A major contribution not only to legal, but also to political and social history." - "History". The final phase in Angevin administrative advances in England was crucial in determining the shape and principal features of England's new judicial system. This study concentrates on the personnel of local justice and the wider administrative context to build up a composite picture of attitudes to public order and law enforcement through a systematic examination of the surviving legal records. Dr. Anthony Musson gained his Ph.D. from Cambridge University.
25 citations