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There are two models of regulating corporate transactions with conflicted parties. "Property rules" require the permission of all stakeholders before a transactions proceeds, while "liability rules" require that compensation be provided to stakeholders over whose objections a transactions moves forward. Neither model is optimal for every jurisdiction; there are several characteristics that determine which model is best for a particular jurisdiction.

Byline: CHAD HALCOM Don't expect corporate legal budgets to expand with the economy, as most general counsel offices expect both internal and external spending to resist the recovery throughout 2011. [...]

Community bankers are hoping that the Securities and Exchange Commission will adopt an advisory panel's recommendations to give small companies relief from the internal-controls provisions of the Sarbanes-Oxley Act. On [...]

THE Federal Trade Commission asserted its ideas about competition in approving the AOL-Time Warner merger earlier this month. Commissioners drafted a plan to require the corporate giant to open Time [...]

The consequences of the enactment of the Corporate Law Economic Reform Program in Australia is discussed, with focus on the provisions that affect company directors and their accountants.

Business law developments in Australia in March 1997 included a case on auditing liability, reforms for small businesses and changes in the focus of the Corporate Law Simplification Program. In Esanda Finance Corp. v. Peat Marwick Hungerfords, the High Court found that auditors were not liable for a third party's reliance on their reports. Corporate law reforms will focus on economic objectives, according to Treasurer Peter Costello. Reducing bureaucracy for small businesses and accounting reforms have also been proposed.

When we polled readers about the IT implications of current Sarbanes-Oxley requirements, we didn't expect a happy chorus, but we were surprised to uncover so many entrenched problems and misgivings [...]

Since the collapse of the Soviet Union in 1991 the emerging markets of the newly independent republics of central Asia--Uzbekistan, Turkmenistan, Kyrgystan and Takjikistan--have faced and still are facing social, [...]

It has long been assumed that antitrust law is required to prevent the creation of monopolies because monopolies are inherently bad. This is a misconception based on simplistic economic theory that does not consider the changing economy or how such companies serve their customers.