Business organization and finance: legal and economic principles
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | German |
| Veröffentlicht: |
New York, NY
Foundation Press [u.a.]
2007
|
| Ausgabe: | 10. ed. |
| Schriftenreihe: | Concepts and insights series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIX, 445 S. |
| ISBN: | 9781599412320 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804137578508582912 |
|---|---|
| adam_text | TABLE OF CONTENTS PAGE PREFACE III INTRODUCTION - 1 CHAPTER 1. THE SOLE
PROPRIETOR I. OWNERSHIP ATTRIBUTES A. PROPRIETORSHIPS AS ORGANIZATIONS 5
B. OWNERSHIP AND MANAGEMENT 5 C. NATURE OF OWNERSHIP INTEREST - 5 II.
OWNERS AND CREDITORS A. LIABILITY FOR DEBTS; OPEN ACCOUNTS 6 B.
LIABILITY FOR DEBTS; UNLIMITED LIABILITY 6 C. NONRECOURSE LOANS 7 D.
BUSINESS AND PERSONAL DEBT - 7 E. DEBT AND EQUITY -- - 7 F. LEVERAGE - -
8 G. POTENTIAL EQUITY ATTRIBUTES OF DEBT 11 III. OWNERS AND ORDINARY
EMPLOYEES A. INTRODUCTION: JOINT ENTERPRISE VERSUS PURCHASED INPUTS 12
B. IMPLIED STANDARD CONTRACTS AND THEIR APPEAL -* 12 C. COOPERATION,
TRUST, FAIRNESS, AND REPUTATION 13 IV. OWNERS AND ORDINARY EMPLOYEES:
CONTROL A. THE SERVANT-TYPE AGENT AND THE LEGAL RIGHT TO CONTROL 14 B.
THE ECONOMIC SIGNIFICANCE OF THE LEGAL RIGHT TO CONTROL 16 1. RELATION
TO POWER TO TERMINATE 16 2. RELATION TO DURATION OF CONTRACT 17 3.
RELATION TO INCENTIVES -- - - 17 4. RELATION TO FEASIBLE DEGREE OF
SPECIFICITY - 17 5. RELATION TO AVAILABILITY OF REPLACEMENTS - 18 C.
VICARIOUS LIABILITY 19 V. ORGANIZATION WITHIN FIRMS AND ACROSS MARKETS
VI. OWNERS AND MANAGERIAL EMPLOYEES: CONTROL, RISK, AND DURATION OF
RELATIONSHIP A. MANAGERS RESEMBLANCE TO CO-OWNERS -* -- 21 B.
DELEGATION OF BROAD DECISION-MAKING AUTHORITY - 21 C. MAJOR VERSUS MINOR
DECISIONS 22 D. DURATION OF RELATIONSHIP, EASE OF REPLACEMENT, AND
SYMBIOSIS 22 VII TABLE OF CONTENTS PAGE E. MODE OF COMPENSATION,
INCENTIVE, RISK, AND THE EMPLOYEE S INTEREST IN CONTROL 23 F. RISK,
CONTROL, AND DURATION OF CONTRACT 25 VII. OWNERS AND MANAGERIAL
EMPLOYEES: DUTY OF CARE A. FOUR TYPES OF LACK OF DUE CARE 27 1.
NEGLIGENT INJURY TO THIRD PERSON 27 2. NEGLIGENT INJURY TO EMPLOYER 27
3. INCOMPETENT BUSINESS DECISION 28 4. INACCURATE INFORMATION 28 B.
CONTRACTS REGARDING DUTY OF CARE 29 1. INSURANCE FOR NEGLIGENT INJURY TO
THIRD PERSON 29 2. SELF INSURANCE BY EMPLOYER 29 3. WAIVER OF LIABILITY
FOR NEGLIGENT INJURY TO EMPLOYER 30 4. WAIVER OF LIABILITY FOR
INCOMPETENT BUSINESS DECISIONS; EFFECTS ON BEHAVIOR OF EMPLOYEE 30 C.
LIMITING SCOPE OF AUTHORITY 30 1. PROBLEMS OF INTERNAL BUSINESS PRACTICE
30 2. PROBLEMS OF NOTIFICATION OF OTHERS 31 3. LIABILITIES OF CREDITORS
31 VIII. OWNERS AND MANAGERIAL EMPLOYEES: LOYALTY A. CONFLICT CONCERNING
INFORMATION PROVIDED TO OWNER 32 1. IN CONNECTION WITH PURCHASE OF
OWNERSHIP INTERESTS BY EMPLOYEE 32 2. REGARDING PERFORMANCE BY MANAGER
33 3. ROLE OF AUDITORS 33 4. LOYALTY OF AUDITORS 34 B. LOYALTY AND
CONFLICT PROBLEMS AND THEIR COSTS 34 C. SELF-DEALING AND THE USE OF
INCENTIVES 35 D. SELF-DEALING, JOINT VENTURES, WASTE, AND THE MYTHICAL
IDEAL 37 E. THE LEGAL DUTY OF LOYALTY 38 F. LOYALTY AND PROBLEMS OF
AMBIGUITY 39 G. ABSOLUTE BARRIERS TO DISLOYALTY 39 LX. IRREDUCIBLE
DIVERGENCIES OF INTEREST X. AVOIDANCE OF CONFLICT XI. RECAPITULATION
XII. SPECULATION ON RELATIONSHIPS AMONG RISK, RETURN, CONTROL, DURATION,
AND SPECIFICITY A. RISK AND RETURN 45 B. RISK AND CONTROL 45 C. DURATION
AND SPECIFICITY 46 D. DURATION AND CONTROL 46 VM TABLE OF CONTENTS PAGE
E. DURATION AND RISK 46 F. RISK AND CONTROL*OWNERS AND EMPLOYEES 47
XIII. TRANSFER OF OWNERSHIP*PURCHASE SUBJECT TO DEBT AND OPTION TO
PURCHASE A. PURCHASE SUBJECT TO DEBT 48 B. OPTION TO PURCHASE 48 C.
LEASE WITH OPTION TO PURCHASE 50 CHAPTER 2. PARTNERSHIPS AND LIMITED
LIABILITY COMPANIES I. INTRODUCTION A. JOINT OWNERSHIP 51 B. RULES
DESIGNED FOR SMALL FIRMS 52 II. REASONS FOR JOINT OWNERSHIP A. JOINT
OWNERSHIP VERSUS PURCHASED INPUTS -- 53 B. THE NEED TO ASSEMBLE AT-RISK
CAPITAL - 54 C. CONTROL FOLLOWS RISK 56 D. RESTATEMENT*AN EXTREME CASE
56 E. OTHER EQUITY-TYPE FORMS OF INVESTMENT - 58 F. SUMMARY 59 G. THE
ELEMENT OF PERSONAL SERVICES 59 H. COMBINING CAPITAL AND SERVICES 60
III. NATURE AND SIGNIFICANCE OF PARTNERSHIP A. NATURE 62 B.
SIGNIFICANCE 63 IV. FORMATION A. CREATION WITHOUT FORMALITY 63 B. THE
SILENT PARTNER 63 C. IMPLIED TERMS 64 D. TAILOR-MADE PROVISIONS - 65
E. SPOILING THE DEAL - - * 66 F. THE PARTNERSHIP AGREEMENT AS A
DRAFTING CHALLENGE 67 V. THE ENTITY AND AGGREGATE CONCEPTS A.
REIFICATION AND THE ENTITY-AGGREGATE DISTINCTION 68 B. WHO CARES? - 69
C. AN ILLUSTRATION - - 70 VI. FIDUCIARY OBLIGATION A. FIDUCIARY
OBLIGATION*A LEGAL DUTY OF FAIRNESS 71 B. ILLUSTRATION: THE
SCOPE-OF-BUSINESS PROBLEM 73 C. ECONOMIC AND OTHER EFFECTS - 75 IX TABLE
OF CONTENTS PAGE D. PROMOTERS*DRAFTING AROUND THE RULE 76 E. SUMMARY 78
VII. CONTRIBUTIONS, ACCOUNTS, AND RETURNS A. CAPITAL ACCOUNTS 79 B. DRAW
81 C. CAPITAL ACCOUNTS AND VALUE OF A PARTNER S INTEREST 83 D.
ADDITIONAL CAPITAL 84 E. DEBT HELD BY, AND SALARIES PAID TO, PARTNERS 89
VIII. CONTROL, AGENCY, AND LIABILITY A. INTRODUCTION 90 B. CONTROL 90 1.
MAJORITY RULE WITH ONE PARTNER, ONE VOTE 90 2. CONSEQUENCES 91 3.
MODIFICATION OF MAJORITY RULE 91 4. MODIFICATION OF ONE PARTNER, ONE
VOTE 92 5. REPRESENTATIVE GOVERNMENT 92 6. LOAN AGREEMENTS 93 C.
PARTNERS AS AGENTS OF THE PARTNERSHIP 93 D. LIABILITY 94 LX. DURATION
AND TRANSFERABILITY A. TERMINOLOGY 95 B. DISSOCIATION AT WILL 95 1.
GOING-OUT-OF-BUSINESS SALE 96 2. SALE OF GOING CONCERN TO OUTSIDER 96 3.
SALE TO MAJORITY 97 4. SALE TO MINORITY 97 5. CONCEPTUAL ASPECTS 97 C.
PROVIDING FOR CONTINUITY 97 1. USEFULNESS OF AGREEMENT 97 2. AGREEMENT
ON DURATION 98 3. CONSEQUENCES OF WITHDRAWAL IN CONTRAVENTION OF
AGREEMENT 98 4. UNRESOLVED PROBLEMS 99 5. CONTINUATION AND BUY-OUT
AGREEMENTS 99 D. TRANSFERABILITY 99 X. VARIATIONS A. LIMITED
PARTNERSHIPS 100 B. LIMITED LIABILITY COMPANIES 102 C. LIMITED LIABILITY
PARTNERSHIPS 104 D. MINING PARTNERSHIPS 105 X TABLE OF CONTENTS CHAPTER
3. CORPORATIONS PAGE I. A BRIEF OVERVIEW A. PRELIMINARY OBSERVATIONS 106
B. THE IMPORTANT CHARACTERISTICS 108 C. VARIATIONS: CLOSELY HELD,
INTERMEDIATE, AND START-UP CORPORATIONS 110 1. CLOSELY HELD CORPORATIONS
110 2. INTERMEDIATE TYPES ILL 3. STARTUP CORPORATIONS AND VENTURE
CAPITAL 112 II. THE DEVELOPMENT OF THE AMERICAN BUSINESS CORPORATION: A
HISTORICAL OVERVIEW III. THE REIFICATION ILLUSION A. DECOMPOSING THE
CORPORATION 117 B. LLUSTRATIONS - 119 1. LOAN-OUT CORPORATIONS 119 2.
THE TRIANGULAR MERGER *- - 120 IV. THE BASIC STRUCTURE FOR CONTROL AND
OPERATION A. INTRODUCTION - 122 B. SHAREHOLDERS 124 1. SHAREHOLDER
VOTING 124 2. VOTING BY PROXY 127 3. SPECIAL VOTING MECHANISMS 129 4.
SHARES WITH ALTERED ECONOMIC CLAIMS 130 5. PREFERRED SHARES 131 C.
DIRECTORS 131 1. THE CLOSELY HELD CORPORATION 133 2. THE PUBLIC
CORPORATION 134 D. OFFICERS 137 V. FORMATION A. THE FORMAL PROCESS - --
139 B. AMENDMENT - * 141 C. NEGOTIATIONS AT THE FORMATION STAGE -- -*
142 D. DURATION AND TRANSFERABILITY -* 144 E. LIMITED LIABILITY AND ITS
EXCEPTIONS - 146 F. CHOICE OF LAW * 150 G. PURPOSES, POWERS, AND ULTRA
VIRES - 155 VI. OBLIGATIONS OF OFFICERS AND DIRECTORS A. DUTY OF CARE -
- 156 B. DUTY OF LOYALTY 162 1. SELF-DEALING TRANSACTIONS*- 162 2.
CORPORATE OPPORTUNITY 164 XI TABLE OF CONTENTS PAGE 3. COMPETITION 165
4. FEDERAL LAW 166 5. PROTECTING CONTROL: THE BASIC CONFLICT - 166 6.
SHAREHOLDER DUTIES 168 C. DUTIES REGARDING INFORMATION: RULE 10B-5 170
1. FALSE OR MISLEADING STATEMENTS - 172 2. INSIDER TRADING 174 VII.
CORPORATE ACCOUNTABILITY: THE ISSUE OF SEPARATION OF OWNERSHIP AND
CONTROL A. IMPLICATIONS OF THE SEPARATION OF OWNERSHIP AND CONTROL 178
1. THE NEO-CLASSICAL SCHOOL - - 178 2. THE MANAGERIALISTS - 179 3. THE
TRANSACTION COST SCHOOL 180 4. POLITICAL THEORIES OF THE AMERICAN
CORPORATION 182 5. RECENT EXPERIENCE: ENRON AND THE SARBANES-OXLEY ACT-*
184 B. THE MECHANISMS OF CORPORATE ACCOUNTABILITY - 185 1. THE PROXY
CONTEST - ----- 185 2. THE TAKEOVER BID - 189 A. BEGINNINGS 189 B.
DEVELOPMENTS IN THE 1980S AND 1990S - 190 C. TYPES OF TAKEOVERS-* - -
190 D. THE WILLIAMS ACT - 193 E. THE PROBLEM OF COERCION - 194 F.
DEFENSIVE TACTICS - 195 G. MOTIVATIONS AND THEIR ECONOMIC IMPLICATIONS
199 H. THE LEGAL SYSTEM S RESPONSE 202 3. DERIVATIVE LITIGATION - 207 4.
FEDERAL AND STATE SECURITIES LAWS 213 5. THE APPRAISAL REMEDY:
PROTECTING THE SHAREHOLDER S EXIT 215 6. GATEKEEPERS 218 VIII.
FUNDAMENTAL CHANGES: MERGERS AND ACQUISITIONS DC. A SLICE OF FINANCIAL
HISTORY: WATERED STOCK AND ITS LESSONS IN FRAUD X. DIVIDENDS, RETAINED
EARNINGS, AND COMPENSATION A. DIVIDENDS - - 230 B. RETAINED EARNINGS AND
CAPITAL GAIN - - 233 C. COMPENSATION FOR SERVICES - - 233 XI. ADDITIONAL
CAPITAL XII. THE SHAREHOLDER AS LENDER XIII. FEDERAL INCOME TAX
CONSIDERATIONS A. FORMATION - 235 XII TABLE OF CONTENTS PAGE B.
SUBSTITUTED ATTRIBUTES 236 C. THE CORPORATION AS A TAXABLE ENTITY - 237
D. LOSSES - 238 E. S CORPORATIONS 239 CHAPTER 4. BASIC CORPORATE
INVESTMENT DEVICES: ECONOMIC ATTRIBUTES AND FORMAL CHARACTERISTICS I.
INTRODUCTION II. SOME DEFINITIONS A. EXPECTED RETURN - - 242 B. RISK AND
UNCERTAINTY -- 243 1. VOLATILITY RISK - - 243 2. DEFAULT RISK - - - 244
C. YIELD - - - 245 D. RISK PREMIUM - -- - - 246 E. RISK AVERSION - - --
248 F. COMPENSATION FOR VOLATILITY RISK - * 249 III. TYPES OF
SECURITIES: FORMAL AND FUNCTIONAL CHARACTERISTICS A. BONDS, DEBENTURES,
AND NOTES -- - 251 1. PREFACE - - 251 2. SOME BASIC ATTRIBUTES - - 251
3. PUBLIC VERSUS PRIVATE OWNERSHIP - 253 4. THE RISE OF THE
ORIGINAL-ISSUE HIGH-YIELD, OR JUNK, BOND - 254 5. COVENANTS AND THE
INDENTURE* - 255 6. SUBORDINATION - - 259 7. AMENDMENTS AND EXCHANGE
OFFERS - 260 8. CONSEQUENCES OF DEFAULT; BANKRUPTCY * * 262 9.
CALLABILITY * - - 265 10. SINKING FUND - * 268 11. INFLATION, DEFAULT
RISK, AND DURATION * 269 12. CONTROL - - - 270 A. CONTROL FOLLOWS RISK -
270 B. STRIP FINANCING * 270 13. CONTROL, THE DEBT/EQUITY CONFLICT,
AND THE VALUE OF THE FIRM - -* * 271 14. THE RISKINESS OF INVESTMENTS *
* 271 15. THE DECISION TO INVEST ADDITIONAL CAPITAL - - 273 A. THE
PROBLEM - - - 273 B. DURATION, VALUE, AND INSOLVENCY REORGANIZATION 276
C. BARGAINING POSSIBILITIES -- 277 XIII TABLE OF CONTENTS PAGE D.
ADDITIONAL CAPITAL 277 E. COVENANTS AND THE EQUITY CUSHION * 277 F.
MANIPULATION OF CORPORATE ENTITIES 277 16. THE DIVIDEND DECISION - 278
17. MANAGERS AND RISK -- 280 18. DURATION, RISK, AND CONTROL - 282 19.
FURTHER OBSERVATIONS ON DURATION 284 20. INNOVATION IN DEBT INSTRUMENTS
284 A. RATES ----- 284 B. DURATION - - 285 C. COMBINATIONS 285 21. A
BASIC THEME REVISITED 285 B. SHARES OF COMMON STOCK -* 286 1.
INTRODUCTION 286 2. REIFICATION AND LANGUAGE - -* 287 3. DURATION - 287
4. RISK - - - 287 5. CONTROL - 288 6. SPECIFICITY - - - - 288 7. RETURN
- 288 A. DIVIDENDS - - 288 B. EARNINGS - - 290 C. DIVIDENDS, EARNINGS,
AND SHARE PRICES * 290 D. STOCK DIVIDENDS AND STOCK SPLITS 291 8.
CLASSES OF STOCK *- 293 9. ANTI-DILUTION PROVISIONS - 293 10. TRACKING
STOCK 295 C. INTERESTS DERIVED FROM COMMON STOCK 295 1. STOCK RIGHTS -
295 2. OPTIONS AND WARRANTS 298 A. PREFACE 298 B. OPTIONS - 298 C.
WARRANTS - - 301 D. THE OPTIONS MARKETS 302 E. FURTHER OBSERVATIONS ON
OPTIONS AND WARRANTS 303 D. PREFERRED STOCK - 305 1. INTRODUCTION - -
305 2. CONTROL 306 3. RETURN - 306 4. RISK *- 307 5. DURATION AND ITS
CONSEQUENCES - 307 6. PARTICIPATING PREFERRED 309 E. OTHER FORMS OF
INVESTMENT - 310 1. SHORT-TERM BANK LOANS 310 2. COMMERCIAL PAPER - 311
3. CONVERTIBLE SECURITIES 311 XIV TABLE OF CONTENTS PAGE 4. LEASES - 312
5. TRADE CREDIT - 313 6. ASSET-BACKED SECURITIES - - 313 F.
MISCELLANEOUS DEVICES AND HEDGING - 313 IV. FINANCIAL ALTERNATIVES
INSIDE AND OUTSIDE THE FIRM CHAPTER 5. VALUATION, FINANCIAL STRATEGIES,
AND CAPITAL MARKETS I. VALUATION A. THE INTEREST RATE 320 B. MARKET
PRICE* - - 321 C. DISCOUNTED PRESENT VALUE 322 1. SINGLE AMOUNTS - 322
2. ANNUITIES - - *- 324 3. ILLUSTRATIONS - * 325 A. BONDS - 325 B.
PROJECTS OR VENTURES; NET PRESENT VALUE METHOD 326 4. FIXED PERPETUITIES
- -- * 328 5. PERPETUITIES WITH GROWTH *- - -- 330 6. COMMON STOCK:
DIVIDEND VALUATION METHOD * 331 A. THE IMPORTANCE OF DIVIDENDS - 331 B.
VALUATION TECHNIQUES - - 332 D. THE DISCOUNT RATE - - - 333 1.
INDIVIDUALS AND FIRMS: OPPORTUNITY COST 333 2. DIGRESSION: MANAGERIAL
VERSUS INVESTOR PERSPECTIVE - 335 3. THE LARGE CORPORATION: COST OF
CAPITAL - - 336 4. TAXATION AND MARKET VALUATION - * 341 E. ALLOWING FOR
RISK: TWO METHODS - * 341 II. LEVERAGE AND CHOICE OF CAPITAL STRUCTURE
A. INTRODUCTION - -* - 343 B. PURE LEVERAGE EFFECT * - 344 C. LEVERAGE
AND RISK - * -- 345 D. SOME VARIATIONS * 346 1. OPTIONS * * 346 2.
PYRAMIDING *- - 346 E. SPURIOUS LEVERAGE - 349 F. LEVERAGE AND WEALTH
350 III. CAPITAL STRUCTURE A. INTRODUCTION - * - 352 B. A HYPOTHETICAL
CORPORATION IN A SIMPLIFIED WORLD 353 C. THE ADVANTAGE OF UNBUNDLING --
353 D. THE NET INCOME PERSPECTIVE - 354 XV TABLE OF CONTENTS PAGE E. HOW
MUCH LEVERAGE? * 355 F. ANOTHER VIEW: HOMEMADE LEVERAGE 356 G. EXTENDING
THE ARGUMENT: ARBITRAGE 357 H. ANOTHER PERSPECTIVE: THE ONE-OWNER
CORPORATION 359 I. UNLEVERAGING 360 J. THE REAL WORLD 361 1. RATIONAL
INVESTORS - 361 2. BORROWING COSTS 361 3. TRANSACTION AND INFORMATION
COSTS 362 4. INSTITUTIONAL CONSIDERATIONS 362 5. BANKRUPTCY COSTS 363 6.
LEVERAGE, CONTROL, AND INCENTIVES - 363 K. TAX EFFECTS 363 1. THE
RELEVANT RULES 363 2. INDIVIDUAL RATE LOWER THAN CORPORATE RATE 364 3.
CORPORATE RATE LOWER THAN INDIVIDUAL RATE 365 A. FOCUS ON THE
CORPORATION - 366 B. THE COMPLETE PICTURE-- 367 C. ANOTHER PERSPECTIVE -
370 L. MONITORING PROBLEMS - 373 M. MANAGERIALISM - - - 377 N.
ASYMMETRIC INFORMATION AND SIGNALING - 380 O. ANOTHER PERSPECTIVE:
EXTREME LEVERAGE 382 IV. DIVIDEND POLICY A. CONSTRAINTS - 385 B. THE
CONVENTIONAL VIEW - 386 1. GENERAL DESCRIPTION 386 2. UNWARRANTED
ASSUMPTIONS 386 A. EARNINGS AND IDLE CASH - 386 B. THE DIVIDEND DECISION
AND THE INVESTMENT DECISION ~ 386 3. ELABORATION - 387 4. A REVISIONIST
RESTATEMENT - 388 5. TAX EFFECTS AND CLIENTELE EFFECTS - - 389 6.
TRANSACTION AND INFORMATION COSTS -* 393 7. WEALTH TRANSFERS BETWEEN
EQUITYHOLDERS AND DEBTHOLDERS- *- 394 8. MANAGEMENT S INCENTIVE
COMPENSATION - - 395 C. SEPARATION OF THE INVESTMENT DECISION AND THE
DIVIDEND DECISION - * 395 1. INTRODUCTION: THE IRRELEVANCE OF DIVIDENDS
395 2. DEMONSTRATION - - 396 3. TAXES AND TRANSACTION COSTS 398 D.
REDEMPTION 398 V. THE SECURITIES MARKETS A. THE CHANGING STRUCTURE OF
THE SECURITIES MARKETS 402 XVI TABLE OF CONTENTS PAGE 1. THE MAJOR STOCK
EXCHANGES 403 2. NASDAQ AND THE OTC MARKET 405 3. AUCTION MARKETS VERSUS
DEALER MARKETS 407 4. THE RISE OF ECNS AND ALTERNATIVE TRADING SYSTEMS
409 5. THE NEW NATIONAL MARKET SYSTEM - 412 6. THE IMPACT OF NEW
TECHNOLOGY - 414 7. A TRANSITIONAL EVALUATION 416 B. THE EFFICIENT
CAPITAL MARKET HYPOTHESIS 417 C. FORCES IMPACTING ON THE MARKET * 425 1.
GLOBALIZATION AND FOREIGN COMPETITION 425 2. DISCLOSURE AND ACCOUNTING
HARMONIZATION 426 3. DEREGULATION 427 A. INTEGRATED DISCLOSURE AND SHELF
REGISTRATION 428 B. PRIVATE PLACEMENTS AND RULE 144A 431 C.
GLASS-STEAGALL ACT REFORM 433 TABLE OF CASES - - 435 INDEX 439 XVN PPN:
269992189 TITEL: BUSINESS ORGANIZATION AND FINANCE : LEGAL AND ECONOMIC
PRINCIPLES / BY WILLIAM A. KLEIN AND JOHN C. COFFEE, JR.. - . - NEW
YORK, NY : FOUNDATION PRESS [U.A.], 2007 ISBN: 978-1-59941-232-0
BIBLIOGRAPHISCHER DATENSATZ IM SWB-VERBUND
|
| adam_txt |
TABLE OF CONTENTS PAGE PREFACE III INTRODUCTION - 1 CHAPTER 1. THE SOLE
PROPRIETOR I. OWNERSHIP ATTRIBUTES A. PROPRIETORSHIPS AS ORGANIZATIONS 5
B. OWNERSHIP AND MANAGEMENT 5 C. NATURE OF OWNERSHIP INTEREST - 5 II.
OWNERS AND CREDITORS A. LIABILITY FOR DEBTS; OPEN ACCOUNTS 6 B.
LIABILITY FOR DEBTS; UNLIMITED LIABILITY 6 C. NONRECOURSE LOANS 7 D.
BUSINESS AND PERSONAL DEBT - 7 E. DEBT AND EQUITY -- - 7 F. LEVERAGE - -
8 G. POTENTIAL EQUITY ATTRIBUTES OF DEBT 11 III. OWNERS AND ORDINARY
EMPLOYEES A. INTRODUCTION: JOINT ENTERPRISE VERSUS PURCHASED INPUTS 12
B. IMPLIED STANDARD CONTRACTS AND THEIR APPEAL -* 12 C. COOPERATION,
TRUST, FAIRNESS, AND REPUTATION 13 IV. OWNERS AND ORDINARY EMPLOYEES:
CONTROL A. THE SERVANT-TYPE AGENT AND THE LEGAL RIGHT TO CONTROL 14 B.
THE ECONOMIC SIGNIFICANCE OF THE LEGAL RIGHT TO CONTROL 16 1. RELATION
TO POWER TO TERMINATE 16 2. RELATION TO DURATION OF CONTRACT 17 3.
RELATION TO INCENTIVES -- - - 17 4. RELATION TO FEASIBLE DEGREE OF
SPECIFICITY - 17 5. RELATION TO AVAILABILITY OF REPLACEMENTS - 18 C.
VICARIOUS LIABILITY 19 V. ORGANIZATION WITHIN FIRMS AND ACROSS MARKETS
VI. OWNERS AND MANAGERIAL EMPLOYEES: CONTROL, RISK, AND DURATION OF
RELATIONSHIP A. MANAGERS' RESEMBLANCE TO CO-OWNERS -* -- 21 B.
DELEGATION OF BROAD DECISION-MAKING AUTHORITY - 21 C. MAJOR VERSUS MINOR
DECISIONS 22 D. DURATION OF RELATIONSHIP, EASE OF REPLACEMENT, AND
SYMBIOSIS 22 VII TABLE OF CONTENTS PAGE E. MODE OF COMPENSATION,
INCENTIVE, RISK, AND THE EMPLOYEE'S INTEREST IN CONTROL 23 F. RISK,
CONTROL, AND DURATION OF CONTRACT 25 VII. OWNERS AND MANAGERIAL
EMPLOYEES: DUTY OF CARE A. FOUR TYPES OF LACK OF DUE CARE 27 1.
NEGLIGENT INJURY TO THIRD PERSON 27 2. NEGLIGENT INJURY TO EMPLOYER 27
3. INCOMPETENT BUSINESS DECISION 28 4. INACCURATE INFORMATION 28 B.
CONTRACTS REGARDING DUTY OF CARE 29 1. INSURANCE FOR NEGLIGENT INJURY TO
THIRD PERSON 29 2. SELF INSURANCE BY EMPLOYER 29 3. WAIVER OF LIABILITY
FOR NEGLIGENT INJURY TO EMPLOYER 30 4. WAIVER OF LIABILITY FOR
INCOMPETENT BUSINESS DECISIONS; EFFECTS ON BEHAVIOR OF EMPLOYEE 30 C.
LIMITING SCOPE OF AUTHORITY 30 1. PROBLEMS OF INTERNAL BUSINESS PRACTICE
30 2. PROBLEMS OF NOTIFICATION OF OTHERS 31 3. LIABILITIES OF CREDITORS
31 VIII. OWNERS AND MANAGERIAL EMPLOYEES: LOYALTY A. CONFLICT CONCERNING
INFORMATION PROVIDED TO OWNER 32 1. IN CONNECTION WITH PURCHASE OF
OWNERSHIP INTERESTS BY EMPLOYEE 32 2. REGARDING PERFORMANCE BY MANAGER
33 3. ROLE OF AUDITORS 33 4. LOYALTY OF AUDITORS 34 B. LOYALTY AND
CONFLICT PROBLEMS AND THEIR COSTS 34 C. SELF-DEALING AND THE USE OF
INCENTIVES 35 D. SELF-DEALING, JOINT VENTURES, "WASTE," AND THE MYTHICAL
IDEAL 37 E. THE LEGAL DUTY OF LOYALTY 38 F. LOYALTY AND PROBLEMS OF
AMBIGUITY 39 G. ABSOLUTE BARRIERS TO DISLOYALTY 39 LX. IRREDUCIBLE
DIVERGENCIES OF INTEREST X. AVOIDANCE OF CONFLICT XI. RECAPITULATION
XII. SPECULATION ON RELATIONSHIPS AMONG RISK, RETURN, CONTROL, DURATION,
AND SPECIFICITY A. RISK AND RETURN 45 B. RISK AND CONTROL 45 C. DURATION
AND SPECIFICITY 46 D. DURATION AND CONTROL 46 VM TABLE OF CONTENTS PAGE
E. DURATION AND RISK 46 F. RISK AND CONTROL*OWNERS AND EMPLOYEES 47
XIII. TRANSFER OF OWNERSHIP*PURCHASE SUBJECT TO DEBT AND OPTION TO
PURCHASE A. PURCHASE SUBJECT TO DEBT 48 B. OPTION TO PURCHASE 48 C.
LEASE WITH OPTION TO PURCHASE 50 CHAPTER 2. PARTNERSHIPS AND LIMITED
LIABILITY COMPANIES I. INTRODUCTION A. JOINT OWNERSHIP 51 B. RULES
DESIGNED FOR SMALL FIRMS 52 II. REASONS FOR JOINT OWNERSHIP A. JOINT
OWNERSHIP VERSUS PURCHASED INPUTS -- 53 B. THE NEED TO ASSEMBLE AT-RISK
CAPITAL - 54 C. CONTROL FOLLOWS RISK 56 D. RESTATEMENT*AN EXTREME CASE
56 E. OTHER EQUITY-TYPE FORMS OF INVESTMENT - 58 F. SUMMARY 59 G. THE
ELEMENT OF PERSONAL SERVICES 59 H. COMBINING CAPITAL AND SERVICES 60
III. NATURE AND SIGNIFICANCE OF "PARTNERSHIP" A. NATURE 62 B.
SIGNIFICANCE 63 IV. FORMATION A. CREATION WITHOUT FORMALITY 63 B. THE
"SILENT PARTNER" 63 C. IMPLIED TERMS 64 D. TAILOR-MADE PROVISIONS - 65
E. "SPOILING THE DEAL" - - * 66 F. THE PARTNERSHIP AGREEMENT AS A
DRAFTING CHALLENGE 67 V. THE ENTITY AND AGGREGATE CONCEPTS A.
REIFICATION AND THE ENTITY-AGGREGATE DISTINCTION 68 B. WHO CARES? - 69
C. AN ILLUSTRATION - - 70 VI. FIDUCIARY OBLIGATION A. FIDUCIARY
OBLIGATION*A LEGAL DUTY OF FAIRNESS 71 B. ILLUSTRATION: THE
SCOPE-OF-BUSINESS PROBLEM 73 C. ECONOMIC AND OTHER EFFECTS - 75 IX TABLE
OF CONTENTS PAGE D. PROMOTERS*DRAFTING AROUND THE RULE 76 E. SUMMARY 78
VII. CONTRIBUTIONS, ACCOUNTS, AND RETURNS A. CAPITAL ACCOUNTS 79 B. DRAW
81 C. CAPITAL ACCOUNTS AND VALUE OF A PARTNER'S INTEREST 83 D.
ADDITIONAL CAPITAL 84 E. DEBT HELD BY, AND SALARIES PAID TO, PARTNERS 89
VIII. CONTROL, AGENCY, AND LIABILITY A. INTRODUCTION 90 B. CONTROL 90 1.
MAJORITY RULE WITH ONE PARTNER, ONE VOTE 90 2. CONSEQUENCES 91 3.
MODIFICATION OF MAJORITY RULE 91 4. MODIFICATION OF ONE PARTNER, ONE
VOTE 92 5. REPRESENTATIVE GOVERNMENT 92 6. LOAN AGREEMENTS 93 C.
PARTNERS AS AGENTS OF THE PARTNERSHIP 93 D. LIABILITY 94 LX. DURATION
AND TRANSFERABILITY A. TERMINOLOGY 95 B. DISSOCIATION AT WILL 95 1.
GOING-OUT-OF-BUSINESS SALE 96 2. SALE OF GOING CONCERN TO OUTSIDER 96 3.
SALE TO MAJORITY 97 4. SALE TO MINORITY 97 5. CONCEPTUAL ASPECTS 97 C.
PROVIDING FOR CONTINUITY 97 1. USEFULNESS OF AGREEMENT 97 2. AGREEMENT
ON DURATION 98 3. CONSEQUENCES OF WITHDRAWAL IN CONTRAVENTION OF
AGREEMENT 98 4. UNRESOLVED PROBLEMS 99 5. CONTINUATION AND BUY-OUT
AGREEMENTS 99 D. TRANSFERABILITY 99 X. VARIATIONS A. LIMITED
PARTNERSHIPS 100 B. LIMITED LIABILITY COMPANIES 102 C. LIMITED LIABILITY
PARTNERSHIPS 104 D. MINING PARTNERSHIPS 105 X TABLE OF CONTENTS CHAPTER
3. CORPORATIONS PAGE I. A BRIEF OVERVIEW A. PRELIMINARY OBSERVATIONS 106
B. THE IMPORTANT CHARACTERISTICS 108 C. VARIATIONS: CLOSELY HELD,
INTERMEDIATE, AND START-UP CORPORATIONS 110 1. CLOSELY HELD CORPORATIONS
110 2. INTERMEDIATE TYPES ILL 3. STARTUP CORPORATIONS AND VENTURE
CAPITAL 112 II. THE DEVELOPMENT OF THE AMERICAN BUSINESS CORPORATION: A
HISTORICAL OVERVIEW III. THE REIFICATION ILLUSION A. "DECOMPOSING" THE
CORPORATION 117 B. LLUSTRATIONS - 119 1. LOAN-OUT CORPORATIONS 119 2.
THE TRIANGULAR MERGER *- - 120 IV. THE BASIC STRUCTURE FOR CONTROL AND
OPERATION A. INTRODUCTION - 122 B. SHAREHOLDERS 124 1. SHAREHOLDER
VOTING 124 2. VOTING BY PROXY 127 3. SPECIAL VOTING MECHANISMS 129 4.
SHARES WITH ALTERED ECONOMIC CLAIMS 130 5. PREFERRED SHARES 131 C.
DIRECTORS 131 1. THE CLOSELY HELD CORPORATION 133 2. THE PUBLIC
CORPORATION 134 D. OFFICERS 137 V. FORMATION A. THE FORMAL PROCESS - --
139 B. AMENDMENT - * 141 C. NEGOTIATIONS AT THE FORMATION STAGE -- -*
142 D. DURATION AND TRANSFERABILITY -* 144 E. LIMITED LIABILITY AND ITS
EXCEPTIONS - 146 F. CHOICE OF LAW * 150 G. PURPOSES, POWERS, AND ULTRA
VIRES - 155 VI. OBLIGATIONS OF OFFICERS AND DIRECTORS A. DUTY OF CARE -
- 156 B. DUTY OF LOYALTY 162 1. SELF-DEALING TRANSACTIONS*- 162 2.
CORPORATE OPPORTUNITY 164 XI TABLE OF CONTENTS PAGE 3. COMPETITION 165
4. FEDERAL LAW 166 5. PROTECTING CONTROL: THE BASIC CONFLICT - 166 6.
SHAREHOLDER DUTIES 168 C. DUTIES REGARDING INFORMATION: RULE 10B-5 170
1. FALSE OR MISLEADING STATEMENTS - 172 2. INSIDER TRADING 174 VII.
CORPORATE ACCOUNTABILITY: THE ISSUE OF SEPARATION OF OWNERSHIP AND
CONTROL A. IMPLICATIONS OF THE SEPARATION OF OWNERSHIP AND CONTROL 178
1. THE NEO-CLASSICAL SCHOOL - - 178 2. THE MANAGERIALISTS - 179 3. THE
TRANSACTION COST SCHOOL 180 4. POLITICAL THEORIES OF THE AMERICAN
CORPORATION 182 5. RECENT EXPERIENCE: ENRON AND THE SARBANES-OXLEY ACT-*
184 B. THE MECHANISMS OF CORPORATE ACCOUNTABILITY - 185 1. THE PROXY
CONTEST - ----- 185 2. THE TAKEOVER BID - 189 A. BEGINNINGS 189 B.
DEVELOPMENTS IN THE 1980S AND 1990S - 190 C. TYPES OF TAKEOVERS-* - -
190 D. THE WILLIAMS ACT - 193 E. THE PROBLEM OF COERCION - 194 F.
DEFENSIVE TACTICS - 195 G. MOTIVATIONS AND THEIR ECONOMIC IMPLICATIONS
199 H. THE LEGAL SYSTEM'S RESPONSE 202 3. DERIVATIVE LITIGATION - 207 4.
FEDERAL AND STATE SECURITIES LAWS 213 5. THE APPRAISAL REMEDY:
PROTECTING THE SHAREHOLDER'S EXIT 215 6. GATEKEEPERS 218 VIII.
FUNDAMENTAL CHANGES: MERGERS AND ACQUISITIONS DC. A SLICE OF FINANCIAL
HISTORY: "WATERED STOCK" AND ITS LESSONS IN FRAUD X. DIVIDENDS, RETAINED
EARNINGS, AND COMPENSATION A. DIVIDENDS - - 230 B. RETAINED EARNINGS AND
CAPITAL GAIN - - 233 C. COMPENSATION FOR SERVICES - - 233 XI. ADDITIONAL
CAPITAL XII. THE SHAREHOLDER AS LENDER XIII. FEDERAL INCOME TAX
CONSIDERATIONS A. FORMATION - 235 XII TABLE OF CONTENTS PAGE B.
SUBSTITUTED ATTRIBUTES 236 C. THE CORPORATION AS A TAXABLE ENTITY - 237
D. LOSSES - 238 E. "S" CORPORATIONS 239 CHAPTER 4. BASIC CORPORATE
INVESTMENT DEVICES: ECONOMIC ATTRIBUTES AND FORMAL CHARACTERISTICS I.
INTRODUCTION II. SOME DEFINITIONS A. EXPECTED RETURN - - 242 B. RISK AND
UNCERTAINTY -- 243 1. VOLATILITY RISK - - 243 2. DEFAULT RISK - - - 244
C. YIELD - - - 245 D. RISK PREMIUM - -- - - 246 E. RISK AVERSION - - --
248 F. COMPENSATION FOR VOLATILITY RISK - * 249 III. TYPES OF
SECURITIES: FORMAL AND FUNCTIONAL CHARACTERISTICS A. BONDS, DEBENTURES,
AND NOTES -- - 251 1. PREFACE - - 251 2. SOME BASIC ATTRIBUTES - - 251
3. PUBLIC VERSUS PRIVATE OWNERSHIP - 253 4. THE RISE OF THE
ORIGINAL-ISSUE HIGH-YIELD, OR "JUNK," BOND - 254 5. COVENANTS AND THE
INDENTURE* - 255 6. SUBORDINATION - - 259 7. AMENDMENTS AND EXCHANGE
OFFERS - 260 8. CONSEQUENCES OF DEFAULT; BANKRUPTCY * * 262 9.
CALLABILITY * - - 265 10. SINKING FUND - * 268 11. INFLATION, DEFAULT
RISK, AND DURATION * 269 12. CONTROL - - - 270 A. CONTROL FOLLOWS RISK -
270 B. "STRIP" FINANCING * 270 13. CONTROL, THE DEBT/EQUITY CONFLICT,
AND THE VALUE OF THE FIRM - -* * 271 14. THE RISKINESS OF INVESTMENTS *
* 271 15. THE DECISION TO INVEST ADDITIONAL CAPITAL - - 273 A. THE
PROBLEM - - - 273 B. DURATION, VALUE, AND INSOLVENCY REORGANIZATION 276
C. BARGAINING POSSIBILITIES -- 277 XIII TABLE OF CONTENTS PAGE D.
ADDITIONAL CAPITAL 277 E. COVENANTS AND THE EQUITY CUSHION * 277 F.
MANIPULATION OF CORPORATE ENTITIES 277 16. THE DIVIDEND DECISION - 278
17. MANAGERS AND RISK -- 280 18. DURATION, RISK, AND CONTROL - 282 19.
FURTHER OBSERVATIONS ON DURATION 284 20. INNOVATION IN DEBT INSTRUMENTS
284 A. RATES ----- 284 B. DURATION - - 285 C. COMBINATIONS 285 21. A
BASIC THEME REVISITED 285 B. SHARES OF COMMON STOCK -* 286 1.
INTRODUCTION 286 2. REIFICATION AND LANGUAGE - -* 287 3. DURATION - 287
4. RISK - - - 287 5. CONTROL - 288 6. SPECIFICITY - - - - 288 7. RETURN
- 288 A. DIVIDENDS - - 288 B. EARNINGS - - 290 C. DIVIDENDS, EARNINGS,
AND SHARE PRICES * 290 D. STOCK DIVIDENDS AND STOCK SPLITS 291 8.
CLASSES OF STOCK *- 293 9. "ANTI-DILUTION" PROVISIONS - 293 10. TRACKING
STOCK 295 C. INTERESTS DERIVED FROM COMMON STOCK 295 1. STOCK RIGHTS -
295 2. OPTIONS AND WARRANTS 298 A. PREFACE 298 B. OPTIONS - 298 C.
WARRANTS - - 301 D. THE OPTIONS MARKETS 302 E. FURTHER OBSERVATIONS ON
OPTIONS AND WARRANTS 303 D. PREFERRED STOCK - 305 1. INTRODUCTION - -
305 2. CONTROL 306 3. RETURN - 306 4. RISK *- 307 5. DURATION AND ITS
CONSEQUENCES - 307 6. PARTICIPATING PREFERRED 309 E. OTHER FORMS OF
INVESTMENT - 310 1. SHORT-TERM BANK LOANS 310 2. COMMERCIAL PAPER - 311
3. CONVERTIBLE SECURITIES 311 XIV TABLE OF CONTENTS PAGE 4. LEASES - 312
5. TRADE CREDIT - 313 6. ASSET-BACKED SECURITIES - - 313 F.
MISCELLANEOUS DEVICES AND HEDGING - 313 IV. FINANCIAL ALTERNATIVES
INSIDE AND OUTSIDE THE FIRM CHAPTER 5. VALUATION, FINANCIAL STRATEGIES,
AND CAPITAL MARKETS I. VALUATION A. THE INTEREST RATE 320 B. MARKET
PRICE* - - 321 C. DISCOUNTED PRESENT VALUE 322 1. SINGLE AMOUNTS - 322
2. ANNUITIES - - *- 324 3. ILLUSTRATIONS - * 325 A. BONDS - 325 B.
PROJECTS OR VENTURES; NET PRESENT VALUE METHOD 326 4. FIXED PERPETUITIES
- -- * 328 5. PERPETUITIES WITH GROWTH *- - -- 330 6. COMMON STOCK:
DIVIDEND VALUATION METHOD * 331 A. THE IMPORTANCE OF DIVIDENDS - 331 B.
VALUATION TECHNIQUES - - 332 D. THE DISCOUNT RATE - - - 333 1.
INDIVIDUALS AND FIRMS: OPPORTUNITY COST 333 2. DIGRESSION: MANAGERIAL
VERSUS INVESTOR PERSPECTIVE - 335 3. THE LARGE CORPORATION: COST OF
CAPITAL - - 336 4. TAXATION AND MARKET VALUATION - * 341 E. ALLOWING FOR
RISK: TWO METHODS - * 341 II. LEVERAGE AND CHOICE OF CAPITAL STRUCTURE
A. INTRODUCTION - -* - 343 B. PURE LEVERAGE EFFECT * - 344 C. LEVERAGE
AND RISK - * -- 345 D. SOME VARIATIONS * 346 1. OPTIONS * * 346 2.
PYRAMIDING *- - 346 E. SPURIOUS LEVERAGE - 349 F. LEVERAGE AND WEALTH
350 III. CAPITAL STRUCTURE A. INTRODUCTION - * - 352 B. A HYPOTHETICAL
CORPORATION IN A SIMPLIFIED WORLD 353 C. THE ADVANTAGE OF UNBUNDLING --
353 D. THE NET INCOME PERSPECTIVE - 354 XV TABLE OF CONTENTS PAGE E. HOW
MUCH LEVERAGE? * 355 F. ANOTHER VIEW: HOMEMADE LEVERAGE 356 G. EXTENDING
THE ARGUMENT: ARBITRAGE 357 H. ANOTHER PERSPECTIVE: THE ONE-OWNER
CORPORATION 359 I. UNLEVERAGING 360 J. THE REAL WORLD 361 1. RATIONAL
INVESTORS - 361 2. BORROWING COSTS 361 3. TRANSACTION AND INFORMATION
COSTS 362 4. INSTITUTIONAL CONSIDERATIONS 362 5. BANKRUPTCY COSTS 363 6.
LEVERAGE, CONTROL, AND INCENTIVES - 363 K. TAX EFFECTS 363 1. THE
RELEVANT RULES 363 2. INDIVIDUAL RATE LOWER THAN CORPORATE RATE 364 3.
CORPORATE RATE LOWER THAN INDIVIDUAL RATE 365 A. FOCUS ON THE
CORPORATION - 366 B. THE COMPLETE PICTURE-- 367 C. ANOTHER PERSPECTIVE -
370 L. MONITORING PROBLEMS - 373 M. MANAGERIALISM - - - 377 N.
ASYMMETRIC INFORMATION AND SIGNALING - 380 O. ANOTHER PERSPECTIVE:
EXTREME LEVERAGE 382 IV. DIVIDEND POLICY A. CONSTRAINTS - 385 B. THE
CONVENTIONAL VIEW - 386 1. GENERAL DESCRIPTION 386 2. UNWARRANTED
ASSUMPTIONS 386 A. EARNINGS AND IDLE CASH - 386 B. THE DIVIDEND DECISION
AND THE INVESTMENT DECISION ~ 386 3. ELABORATION - 387 4. A REVISIONIST
RESTATEMENT - 388 5. TAX EFFECTS AND CLIENTELE EFFECTS - - 389 6.
TRANSACTION AND INFORMATION COSTS -* 393 7. WEALTH TRANSFERS BETWEEN
EQUITYHOLDERS AND DEBTHOLDERS- *- 394 8. MANAGEMENT'S INCENTIVE
COMPENSATION - - 395 C. SEPARATION OF THE INVESTMENT DECISION AND THE
DIVIDEND DECISION - * 395 1. INTRODUCTION: THE IRRELEVANCE OF DIVIDENDS
395 2. DEMONSTRATION - - 396 3. TAXES AND TRANSACTION COSTS 398 D.
REDEMPTION 398 V. THE SECURITIES MARKETS A. THE CHANGING STRUCTURE OF
THE SECURITIES MARKETS 402 XVI TABLE OF CONTENTS PAGE 1. THE MAJOR STOCK
EXCHANGES 403 2. NASDAQ AND THE OTC MARKET 405 3. AUCTION MARKETS VERSUS
DEALER MARKETS 407 4. THE RISE OF ECNS AND ALTERNATIVE TRADING SYSTEMS
409 5. THE "NEW" NATIONAL MARKET SYSTEM - 412 6. THE IMPACT OF NEW
TECHNOLOGY - 414 7. A TRANSITIONAL EVALUATION 416 B. THE EFFICIENT
CAPITAL MARKET HYPOTHESIS 417 C. FORCES IMPACTING ON THE MARKET * 425 1.
GLOBALIZATION AND FOREIGN COMPETITION 425 2. DISCLOSURE AND ACCOUNTING
HARMONIZATION 426 3. DEREGULATION 427 A. INTEGRATED DISCLOSURE AND SHELF
REGISTRATION 428 B. PRIVATE PLACEMENTS AND RULE 144A 431 C.
GLASS-STEAGALL ACT REFORM 433 TABLE OF CASES - - 435 INDEX 439 XVN PPN:
269992189 TITEL: BUSINESS ORGANIZATION AND FINANCE : LEGAL AND ECONOMIC
PRINCIPLES / BY WILLIAM A. KLEIN AND JOHN C. COFFEE, JR. - . - NEW
YORK, NY : FOUNDATION PRESS [U.A.], 2007 ISBN: 978-1-59941-232-0
BIBLIOGRAPHISCHER DATENSATZ IM SWB-VERBUND |
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| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| edition | 10. ed. |
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| indexdate | 2024-07-09T21:14:31Z |
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| series2 | Concepts and insights series |
| spelling | Klein, William A. Verfasser aut Business organization and finance legal and economic principles by William A. Klein and John C. Coffee, Jr. 10. ed. New York, NY Foundation Press [u.a.] 2007 XIX, 445 S. txt rdacontent n rdamedia nc rdacarrier Concepts and insights series Recht Unternehmen Business enterprises Law and legislation United States Unternehmen (DE-588)4061963-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Unternehmensform (DE-588)4078596-8 gnd rswk-swf Organisation (DE-588)4043774-7 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Unternehmensform (DE-588)4078596-8 s DE-604 Unternehmen (DE-588)4061963-1 s Organisation (DE-588)4043774-7 s Finanzierung (DE-588)4017182-6 s 1\p DE-604 Coffee, John C. 1944- Verfasser (DE-588)138240310 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016452032&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Klein, William A. Coffee, John C. 1944- Business organization and finance legal and economic principles Recht Unternehmen Business enterprises Law and legislation United States Unternehmen (DE-588)4061963-1 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmensform (DE-588)4078596-8 gnd Organisation (DE-588)4043774-7 gnd |
| subject_GND | (DE-588)4061963-1 (DE-588)4017182-6 (DE-588)4078596-8 (DE-588)4043774-7 (DE-588)4078704-7 |
| title | Business organization and finance legal and economic principles |
| title_auth | Business organization and finance legal and economic principles |
| title_exact_search | Business organization and finance legal and economic principles |
| title_exact_search_txtP | Business organization and finance legal and economic principles |
| title_full | Business organization and finance legal and economic principles by William A. Klein and John C. Coffee, Jr. |
| title_fullStr | Business organization and finance legal and economic principles by William A. Klein and John C. Coffee, Jr. |
| title_full_unstemmed | Business organization and finance legal and economic principles by William A. Klein and John C. Coffee, Jr. |
| title_short | Business organization and finance |
| title_sort | business organization and finance legal and economic principles |
| title_sub | legal and economic principles |
| topic | Recht Unternehmen Business enterprises Law and legislation United States Unternehmen (DE-588)4061963-1 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmensform (DE-588)4078596-8 gnd Organisation (DE-588)4043774-7 gnd |
| topic_facet | Recht Unternehmen Business enterprises Law and legislation United States Finanzierung Unternehmensform Organisation USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016452032&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT kleinwilliama businessorganizationandfinancelegalandeconomicprinciples AT coffeejohnc businessorganizationandfinancelegalandeconomicprinciples |