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Introduction to the Law of Enterprise Organization  Author's view of the organization law is 'standard set of contracts' with some 'property' aspects. 1.1 Efficiency and the Social Significance of Enterprise Organization  The Scope of Corporate Law □ The creation of economic welfare through the facilitation of voluntary, ongoing collective action.  What do we mean by 'efficiency' ? □ Pareto efficiency □ Kaldor-Hicks Efficiency - primary criteria measuring efficiency of the enterprise law. 1.2 Law from Inside and Out: Shared Meanings and Skepticism  'Interior' perspective: 法 律 家 の 中 だ け で 通 じ る 理 論 的 体 系 ?  'Exterior perspective: 社 会 科 学 一 般 の 手 法 。 対 象 を 客 観 的 に 見 る 。  Courts are disinclined to acknowledge the policy rationale, rather inclined to use 'fairness' or other moral reasoning.  Insofar as the traditional 'fairness' means the fairness to shareholders, it would be consistent with efficiency in the sense of Kaldor-Hicks meaning. 1.3 Development of the Modern Theory of the Firm  Coase, The Theory of the Firm - transaction cost  Transaction cost theory  Agency Cost theory □ Manager - owner □ majority holders - minority holders □ company - other constituencies, such as creditors  A principal purpose of corporate law is to reduce the agency cost. 8/31 2005 年 8 月 28 日 11:53 Schedule : ○ Introduction and Overview ○ Assignment :  pp. 1-12  Corporation - 1 ペ ー ジ xVohUesݕt5ꮴQK7K]T?*dI3QW`3\aŮranӠ֗DZ_\yi?=9g}]y8 1Bd÷QSlW`~PL_1W0r3v&xKk̢y^9n?nsVwWNKw%űKPo _"g=Ko#>rChkשׁHzU[Dw}?n39缲/9skZs/{ڕN)̎5O19 [`5*gh@rfq.)'J0r *{Qs)n#QsAvi lħ!wh䦄LΎG5{5}'RrneqK1}Jb(WPk )oq>e $ZLG3 UZ7Wi'PLj?A̡K, O^GsM? o!f8%|J.gWfOԗ {&|!1b7ĠgA=C>e=D&e=e:o{ԏcMs2r!uj?*IȾo/[h_G!Y򳟇S@/{zBƫy-eMSku>zKLdhlŀv5&9#QkA=֯[B[fTM~S;ɭ'l&ӾoӮ·^@~5w#D7"b-T;9Z**f\l?oW߄;و5>H#Bnv# ^!/F)?gu%*>B,Җ~Qr s96iu]g"yV̳q*Q̿=ӶdƘofmm8[k](FOXNPw{]h\.Tg؉Lyv/~o%{ƺSZcݭ'kWx= D&0E.z D&0iMicrosoft Office Document Image Writer 11.03.2175.00 2005:09:01 15:31:27  0 000(16;2;/\001*70f{(x͝ p^U[BÊXIk)l) 0]' B2MCZ$-S Xaˠ0Ka*aɊUf~`EdsOι99<:}Kιv T9zs:]>Jn} RM(gUYJ Kڛʮmt":I-mnӔ?U3vMU&}FР$V^Cri<2hcN"Dޥ{~pԑx֬:#I2~G{+ή v5_t6Em&Nn )Ɨ䕂n1LՎIIdc8*Yi1X#|xəuoX]r>|ZLGts T <  .[sGbϗVt쉢ĚqBKUiQ4/zTܻܞRzhÉ?Ls;(}}_zʥӘ^D~{ʻ ە~/:NNۍ~rF;6[nsktsŴ;9ݽ^1 Ȋi[K6ƿ٧;Z>=[@:=_5_n4xƳ̯O>C=He7{3K n=y)*k_PV}7/\yrv>͡C?FZ^٧G]9+qpܐQεRp`ؼ*oًg)Dᒋj}Zsm~_p~]8! 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Closely Held (Non-public) Corporation  Written assignment (required) ○ collecting information of a real company as SEC would do  In-Class participation  Exam ○ In-class part: short answer questions (1 hour)  will be open book, design not easy ○ Take-home part: Essay Corporation - 2 ペ ー ジ UxVkhNqs7+kh|7fh(܊@lO-P6RR([FnlR)5~|=?}yX"җD5ђ4X??5}}eH' kOMNZ5&N}g)MqP>M!Kϰ3[)&׉>YA>(!ʉD!QF*gf9?FPo.R>CHDȠ4Z!b xaK%DHgb+t$n4%J a:Rs0=Neߣ?&D!&O|,N\&\GH6~e>͢]j5I-|"r]7Dx+f%1{ԊGi^7[?ۣiÈ˅ݝȧ9ٟ^KI<5sԭ`M[H;oߑ/!)qi,B7 e=)4W dNyݑ*°>O}ա>J肱7La )g?Y_4ONSd.w+K]z$OMo`ԓ@)TR:˯ Microsoft Office Document Image Writer 11.03.2175.00 2005:09:01 15:31:27  \< \\(16e2f/l\1b&{x{Vy ( " 3 `8 IeBDG$+g10*f@1FeM4T4+INjĠ3@4P HP1*2{{fϞҫtb{ʂ Qm:cbόA. l}VʃcL0[T^eqe\:`6*7W{d୆U}ЁΡ7`9r(^ 4u 5] ^V ky~=_ ^-r^Ѝy ST(=F i*TN ?n#5?xy)RLϩ3~f،R+՟gbyb?`3T?[|Fyr't!EW<|_ISxz9Bab\og!c}3suq v"k nM:nurLcҧܟvq"ڃ5hu)WtR b}]=[ʑ*㔹#C9"[R7<ꯘ=et&U̠)gb8r]BÓT3nGh2sقcJ|):# gL0Q68l?Ae\/TD(+=Z*=z;Tq[^mV70*e߾տ^}Qtܢȸub:(;[)&0mQw.?pGHm-hJ;*uY0^ -13Oܶ-w<β%7{ϼoSLO#ɛág?֦ W6 Oرњ?]bz>C١|髻zL߻l掃~֭֭slLq1=JMϔE F;m&zmkE'O"%&􌟽>>/_۷Oھ=czPjz&y>8kX4jqÞ={۷gO+zzC١G!]mۺwcS.N`=^}똳7EK;wvWL wE-[Ă iQW죱YNRia݁$_`'n[ˮ]YLCߘc(;oh`_˦Aۮ|@fO9,?cٗqFuY0_խd >-FC8z<4Pe?)1(ݶ+qe_? uA١'vϼ[xSHi7ŴB١Դ,u}ω61N2$CiYWcϸ |X??rZL eRӂP'UxwU|Fo?FBATTj!{dBu@łbQ9΢h`.XQk99( x&OTy6`lyRC:TJ;e'a Zo:WRT;Kk7~=\{BAgZέWx{D6F"yy}gTd:XX-zR;p_λ?8l^3iyheAZWFo[G?73CsX2:o}GS18K B3S}(\+\i>,}Z/SH;)7su FOqe*8x˺| -+.,‡ߐ 'O.EᯐhBUtֲ-|xu߉|l %óXqP?2SEgI`7S6sypಠzl<4wyEzpˈOs^}fLAQԂUaR~OXy^mvYۭSÐ;v{lӎ>I蛴o'a6^_Ci4^J⡯ǡu{C=,t Pˬxw2GV\4U*џ>~!ga_yRG{ۯؗ?팗vƟlOd?è'ﱠ12-#nEz^p]Z@[1*]'s^̮<~-+2迕R%msM \"Xޞ oY/2[33l|"l;A&SRhۣL> 蛴R޿]T//W6TC7y4ؚuQ"ks1T2E krz(fUs߱ 잣jZ<3~]t;nE~\J<ځҰEOaժ:ο죝caUJ>~~\}6>l/XNy0YW)mI i1d]0-Y}:$ܗ_=3RmpI, #fU =оYˊ!,;;ZͷZYjJiP%mw5fSDY? >+?>N鱿)8L1oZecks[y/83Fł#cy| gefZv,礎nI%6Dㆃs9=xs,=JLJg@ 6C|Niw,n>_Fcپhc HQe"pݏ6iJv7xeM .!%;.,d|Fv!O5>Ki_wx[Qϒñ*j^ܯbz]u"͑Ʌs:{y bgc^"w sv>Rwp&,1^swr E>W4sypsS#<@4K1_E}c ئ#FxyjI/:" <'u li?K)> nC;pz,AпS2?E_E xz T,(wޣx 5bmR3r*S޼: +.O詪s=^r+&e4LWx[1'@ dGU9o^/؅1Mqw6)n3=@#zP) t]{ru,{I :SLw +&0<&gC~O>;k [ȯ3S?@D>$'9OT]E NS=P{dOo:$ko]qϳE2p0.K_JᘆV:s{'/}zS Wӫz{}N> j;+e۰mmmYs(giX-zcx7J?oPK8m7SDfb/Eѳ 㗡w)¶3OD9XVD-'sڻ)҆q}hCDhvTzЩscQ=5@SPL^Q{_kx~bpMu \Y^I6(FOJWm9E:u(h0pK>W=isɧjI;|ezp|)e?}깷Ӳo̯v?o~ 7,9mg4rr%= z)ɩmxRƏSJ| U?{77~|_gBz rg􌾗"7k_F1O׫YaMg}vh*Sa|a~ؾ49Oח3F ɣ{ʻ[?4.*v1~=蹙Lq)z:ߒT{ի&zߓޕ}5EyjOyxJ:H?ד[>N~9 ϲ= OtA#I`˔Ț̣Ae<([X_;w4c˫~=|ygRDۇc*^:zl9$1(DX8Rglۍʆ|tnΆK%XOկyr@= kP%طeOPFyso@?`d|osJ- 4QJkrACAn}N_IWV?s p/ќOާ=g{j1Mn1s7PzԻLПiIiwު-2lm'uzؓuP(N?&FrtLtqɱ&@ 6τ͸̟6R-844Y NWt$N uM.Z4X究UuiF9K $ß!ꛧw vl!h}Z֗WS pNxCw PdnMc}#}M^*& x~,8;璴`#9;srt@jH;YtB~PmRM;p9r:g# 6]63KS?T5X6@_}۬p-m?}]v`Hml3I61PL1azAOGi7<+]W$:y;Ny86J79;jxb7L2_:3)5W #o&ٷEiSF};,VKک[ğ;H/s޾ţrVރ/:ڂhbm>{h}F3wRl:ېmnC;u;X[-\6x K~ItQ&O`}LKx^LJϙ{ů$?g7mݲ^Ye<>Tws\nxz %7K&,^7Y/6Tk x-y<#_8M^hgm/Z~N-%LXÿ ʸyӷM$t d-_(=2&ʛƖ|%(xቨ~?~M{ZzWC-Z=k;i,}yMrMj?| b"9AB}s`<;˹ieuķ>U]>6dךؼ~ols䩷 }%y"mܞ} =7>&E1uSrY=R*|W*v*sG*/,WAﯕc8>?YoZWCU*RGXM$<}A:ixz SlMb!x ϒ 6{ɮ ٓ=#Kt"ORɊ=p㹡w喁yط?ګm)MeKۛ™ǷK\G2EOmFk<:E.  Z%~/H+\ E]_@AwjZ :GmNoGj@hn<>9368e{]Li/m,c3YShuoh8<ׇB {E?7#^u(As@Nԇ."TM|saGȿ S?ΪE~*z`O#RuZ;lv 炌y'-VΓ1,ol|oy"!ra+! u4Ӻ}ᨢv1*)MZ*Uסwf*|Υ9yQcj"#'+h[-tr]￞8᛹?A<۳܀J.A8nb?E؏KI2i.RG'Ϙy>ٖ(/4}O_@qz>ib 7Ym _lWU <6k̻^3<8;Mnɻחݧk=r'Uo-$lV;gaA|hiܳlš7sԖl Go_ܯ%nԦB~0|Э#fh\icBߋcv iyT.l5^6#_i6.|]EJ|!84Y}[uOSe8(b8eВEzEAEfnרbhkUnV:/"i5&k/Ǐipo{.+({MOi)ypn\cGQS&h&m'TRxwtvjД)aO!O%;oO2J'UOHZt8ylQCۅ>11t|-[`Э\l|so߈"-ߑp;pc F&;ǥ"nʠFikUEl.,?0[Ds`ɹПP|\i!mpI=ooWUwԖ8X1ɷ&֥j_Pz}:O*j1X/Q3Cp mJ6< Pm]A/ ,,Lecture Note/ Economic Theory for Corporate Law cf. Bolton-Dewartripont "Contract Theory" So many "why"s about the firm or enterprise law. Why does the firm exist ? A. Smith Emphasizing importance of division of labor (specialization) and coordination. Downside: boring R. Coase Emphasizing hierarchy in s firm. Sometimes hierarchical decision making is more efficient than that through the market. Why ? - "Transaction Cost" Cost of sharing information Regulations (sales tax) People's preference O. Williamson The boundaries on rationality and the opportunitism. Hart - Moore Formalizing Williamson's thinking Incompleteness of contract ( 契 約 の 不 完 備 性 ) Property approach mismatch of costs and benefits over time Why does the law exist ? ○ Cost effective ? - forms are available in cheap price.  Why there are 50 separate corporate statutes, which is not efficient ? □ Delaware is dominant. □ Substance are quite similar. □ Politics - path dependence ? ○ How are business organization created ?  Today, anyone can establish an organization. - quite voluntary nature.  Much freedom to change "default" rules. ○ Corporate law - Private, long-term, voluntary contracts. ○ The longer the relationship exist, the more the uncertainty.  filling gaps for long term relationship  Historically true : From the era of East India Co. the government shaped the law so as to fill the gaps in the long term relationship.  What points should be focused on. ○ Agency - principal relationship ○ Joint ownership  20 million enterprises, 2/3 are no employee companies. 20% are corporation. 90% of total tax revenue is produced by enterprises. 10,000 public companies - 6,000 largest companies Small companies hire 20% employment, but the percentage in the revenue is much lower. 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