Transcription of ISSN 1936-5349 (print) HARVARD
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ISSN 1936-5349 (print) ISSN 1936-5357 (online) HARVARD JOHN M. OLIN CENTER FOR LAW, ECONOMICS, AND BUSINESS THE ESSENTIAL ELEMENTS OF CORPORATE LAW: WHAT IS CORPORATE LAW? John Armour, Henry Hansmann, Reinier Kraakman Discussion Paper No. 643 7/2009 HARVARD Law School Cambridge, MA 02138 This paper can be downloaded without charge from: The HARVARD John M. Olin Discussion Paper Series: The Social Science Research Network Electronic Paper Collection: ####### This paper is also a discussion paper of the John M. Olin Center s Program on Corporate Governance. The Essential Elements of Corporate Law What is Corporate Law? John Armour University of Oxford - Faculty of Law; Oxford-Man Institute of Quantitative Finance; European Corporate Governance Institute (ECGI) Henry Hansmann Yale Law School; European Corporate Governance Institute (ECGI) Reinier Kraakman HARVARD Law School; John M.
same generic agency problems that confront all jointly-owned firms. Nevertheless, the characteristics of this particular form matter a great deal, since it is the form that is chosen by most large-scale enterprises—and, as a practical matter, the only form that firms with widely dispersed ownership can choose in many jurisdictions.3 Moreover,
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