Week 1- Agency Asynchonous lesson Overview of the course Methodological approach Agency theory Agency formation Authority in agency Agency in torts E-tivities Readings Cases Podcast Videos Related Material Reading 1: Lecture slides.  Reading 2: Robert Sitkoff, The Economic Structure of Fiduciary Law, 91 B.U. L. Rev. 1039 (2011) (Sitkoff_2011), 1040-5. Cases: Case 1:  Jenson Farms Co. v. Cargill, Inc. (legal case) Case 2: White v. Thomas (legal case) Case 3: Humble Oil & Refining Co. v. Martin (legal case) Additional Materials (30 mn. total): "The Law of Agency," UVA Law Vice Dean George GeisLinks to an external site. 3 components are needed to form agency relationship (@ 2:20) Examples using HBO's Entourage, a realtor, and a famous CEO Hypotheticals involving a watch - selling, giving, consignment transaction (@ 16:58) General framework for agency law (@ 20:31-22:31) Business Law:  The Principal-Agent RelationshipLinks to an external site. – (7 minute video)  Nice overview of the topic covering: Types of Authority; Duties of Principals and Agents; Principal’s Liability for Agent’s Action in Contract and Tort; and Compensation Agents "Why Textbook Prices Keep Climbing"Links to an external site. - (13 minute podcast)  start @ 2:26 Unique way of explaining principle-agency problems using college textbooks

Week 2 – Partnership Asynchonous lesson Joint ownership Partnership formation  Creditors’ rights Termination of partnership E-tivities Readings Cases Podcast Videos Related Material Readings: Reading 1: Lecture slides.   Reading 2: George Cohen, The Law and Economics of Agency and Partnership, at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3208640Links to an external site. (17-23) Reading 3: Philip Thurston, When Partners Fall Out, at https://hbr.org/1986/11/when-partners-fall-outLinks to an external site. Cases: Case 1:  Meinhard v. Salmon (legal case) Case 2: Vohland v. Sweet (legal case) Additional Material (about 30 mn. total): Meinhard v. Salmon Case Brief SummaryLinks to an external site.– (2.5 minute video)   The Best Structure for a PartnershipLinks to an external site.– (4 minute video)   What is a Partnership? How One works & What it Can Look LikeLinks to an external site. – (7 minute read)  Covers limited partnership, provides examples, advantages and disadvantages of LP, GP vs LP, LP vs LLC, and LP vs LLP.  Nice graphics mid-read and provides 3 examples of LP including filmmaking, real estate and natural resource exploration.  FIDUCIARY OR FOE? REVISITING MEINHARD V. SALMONLinks to an external site. – (7 minute read)   Content includes: 1) Salmon Meets Meinhard; 2) How Things Went Downhill; 3) Who Won, And Why; and 4) The Aftermath How to Keep a Partnership StrongLinks to an external site. - (5-7 min read)   WSJ (2017) Business Negotiation Skills:  How to Deal with a Failing Business PartnershipLinks to an external site. – (10 min read)  Harvard Law School – Program on Negotiation Uses Philadelphia Inquirer as an example of a failing partnership Discusses a business “prenup,” deadlock during business negotiations, the Texas Shoot-out, and dissolving a partnership through an action

Week 3 - Introduction to Corporations Asynchonous lesson: Corporate form The function of corporation Characteristics of corporate form  Corporation as a citizen E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Armour et al., What is Corporate Law?, available at https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780198739630.001.0001/acprof-9780198739630-chapter-1Links to an external site. Cases: Case 1:  Citizens United v. Federal Election Commission (legal case) Case 2: Automatic Self-Cleansing Filter Syndicate Co., Ltd. v. Cunninghame (legal case) Additional Material (60+ mn.): The Corporation’s PurposeLinks to an external site.– (3.5 minute video)    UC Berkeley Law (2019) Provides background on history of the corporation and its purpose Stop at 3:30 Who Do Corporations Really Work For?Links to an external site.– (13 minute video) Tedx Talks From printing money to creating community country clubs, corporations have historically provided many services to local societies and workers. But today, corporations often serve shareholders above all. In this talk, Marketplace correspondent Scott Tong chronicles the changing relationship between corporations and society. Corp 101:  The Basics of Corporate StructureLinks to an external site.  - (3 minute video)    Business Roundtable (2010) Business Roundtable's Purpose of a Corporation:  One Year LaterLinks to an external site.– (4.5 minute video)     General overview of impact since statement release Shareholders vs. StakeholdersLinks to an external site. – (36 minute podcast)  Capitalisn’t Podcast (2019) Discussion of Business Roundtable suggesting that corporations should serve both stakeholders and shareholders Covers shareholder primacy theory, stakeholders + shareholders ideology, the purpose of the corporation, and the Business Roundtable’s potential underlying motivation What is CentralizationLinks to an external site. - (Short article < 5 minute read) Corporate Finance Institute Overview discussing advantages and disadvantages of centralization If Corporations Are People, They Should Act Like ItLinks to an external site. (10 minute read)  The Atlantic (2015)

Week 4 - Limited Liability and Creditor Protection Asynchonous lesson: Limited liability Capital structure  Distribution constraints Capital regulation Piercing the corporate veil E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Easterbrook and Fischel, Limited Liability and the Corporation, available at https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=4386&context=uclrevLinks to an external site. Reading 3: Williamson, Corporate Finance and Corporate Governance, available at https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.1988.tb04592.xLinks to an external site. Cases: Case 1:  Sea-Land Services, Inc. v. The Pepper Source (legal case) Case 2: Walkovszky v. Carlton (legal case) Additional Material (about 60 mn.): Corporate & Commercial:  Shareholder LiabilityLinks to an external site. (5.5 minute video)  The Law of Corporate Debt: A Unifying TheoryLinks to an external site. (36 minute video)   Richard Squire (Fordham) and Felix Steffek (Cambridge) Walkovszky v. Carlton Case Brief Summary | Law Case ExplainedLinks to an external site. (1.5 minute video)   “What it means to buy a company’s stock”Links to an external site. (~ 13 minute video)   Balance sheet basics Piercing the Corporate VeilLinks to an external site. – (13 minute podcast)  Explains concept of the corporate veil, and then illustrates concept through hypothetical from the bar exam in 2017 Capital Structure – Gearing and Why Debt Finance is CheaperLinks to an external site. – (8 minute podcast) Essentials of Corporate Financial Management  Capital Structure – financial distressLinks to an external site.  - (5 minute podcast) Essentials of Corporate Financial Management

Week 5 - The Board of Directors Asynchonous lesson: The organization of the board Executive and independent directors Electing and removing directors Board structure and firm performance E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Wommack, The Board’s Most Important Function, available at https://hbr.org/1979/09/the-boards-most-important-functionLinks to an external site. Reading 3: Cremers and Sepe, The shareholder Value of Empowered Boards, available at https://www.stanfordlawreview.org/print/article/the-shareholder-value-of-empowered-boards/Links to an external site. Case: Case 1: How to fire a CEO (hypothetical case) Additional Material (about 40 mn): What's Behind Board Member SalariesLinks to an external site. - (6 minute podcast)  WSJ Podcast (2021) Start @ 6:09; End @ 11:55  Are Corporate Boards Heeding Pressure to Diversify?Links to an external site. - (6 minute podcast)  WSJ - 2021 Start @ 4:41; End @ 10:30 Top Boards Do These 4 Things DifferentlyLinks to an external site. - (5 minute read)  Harvard Business Review (2020) Review of actions taken by "Gold Medal Boards" and what makes them so successful  Board Effectiveness and the Chair of the FutureLinks to an external site. - (5-7 minute read)  Harvard Law School Forum on Corporate Governance (2022) Survey of more than 300 board chairs in 16 countries to identify 5 fundamental areas of change Back to Basics:  Board CommitteesLinks to an external site. – (10 minute read)   HLS Forum on Corporate Governance (2022) Good info on current state of board committee structures What is Dodd-Frank? Links to an external site. (4:30 minute video)   CNBC Video Summary of the act and update since the law’s creation

Week 6 - Shareholder Protection and Voting Asynchonous lesson: Exit, voice, and loyalty Control rights and cash flow rights Proxy solicitation and reimbursement Controlling minority structure Voting and judicial monitoring  E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Armour et al., The Basic Governance Structure: The Interest of Shareholders as a Class, available at https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780198739630.001.0001/acprof-9780198739630-chapter-3Links to an external site. Reading 3: Easterbrook and Fischel, Voting in Corporate Law, available at https://www.journals.uchicago.edu/doi/abs/10.1086/467043Links to an external site. Cases: Case 1:  Rosenfeld v. Fairchild Engine & Airplane Corp.  (legal case) Case 2: Schnell v. Chris-Craft Industries, Inc. (legal case) Additional Material (60+ mn.): What is Proxy Voting?Links to an external site.– (3 minute video)   A primer on Proxy VotingLinks to an external site. – (12 minute video)  Morningstar (2020) Stockholder’s RightsLinks to an external site. – (18 minute video)    Covers the following: 1) Right to Vote; 2) Right to Receive Dividends; 3) Right to Sell Shares; 4) Right to Share in Company Assets Upon Dissolution; 5) Right to Inspect Company Records; and 6) Litigation Rights Money Talks’ Proxy WarsLinks to an external site. – (26 minute podcast)  Starts @ 1:46 Annual meetings and why the number of shareholder proposals has increased in recent years Helping a Client Exercise His Shareholder RightsLinks to an external site. - (5 minute read)  WSJ – 2014

Week 7 - Duty of Care Asynchonous lesson: Introduction to corporate fiduciary duties Duty of care: function The business judgement rule  Duty to be informed and competent  Risk management: duty to monitor  E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Riley, The Company Director's Duty of Care and Skill: The Case for an Onerous but Subjective Standard, available at https://www.jstor.org/stable/1097382#metadata_info_tab_contentsLinks to an external site. Cases: Case 1:  Kamin v. American Express Co. (legal case) Case 2: Graham v. Allis-Chalmers Manufacturing Co. (legal case) Case 3: In re Caremark International Inc. (legal case) Additional Material (about 60 mn.): Fiduciary Duties of Corporate Officers and DirectorsLinks to an external site. - (4 minute podcast)  The Business Judgement Rule and the Fiduciary Duty ofLinks to an external site. Care – (5 minute video)   General overview Graham v. Allis-Chalmers Manufacturing Co. Case BriefLinks to an external site.– (3 minute video Bad Bets - Enron, Ep2:  The VisionaryLinks to an external site. – (34 minute podcast)  WSJ Podcast Director’s and Officers’ Duty of Care – Pay Attention and Take Responsibility!Links to an external site. – (10 minute read)   Covers the basics of fiduciary duties and a detailed discussion regarding multiple components related to the duty of care

Week 8 - Duty of Loyalty Asynchonous lesson: Duty to whom? Conflict of interest Disclosure and ratification E-tivities Readings Cases Podcast Videos Readings: Reading 1: Lecture slides.   Reading 2: Baird and Henderson, Others People’s Money, available at http://www.stanfordlawreview.org/wp-content/uploads/sites/3/2010/04/BairdHenderson.pdfLinks to an external site. Reading 3: Bratton, The "Nexus of Contracts" Corporation: A Critical Appraisal, available at https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1838&context=faculty_scholarshipLinks to an external site.   Cases: Case 1:  Dodge v. Ford Motor Company (legal case) Case 2: Weinberger v. UOP (legal case) Additional Material (about 30 mn.): Duty of Loyalty and TakeoversLinks to an external site.– (8 minute video)    When Dodge Bought FordLinks to an external site.– (10 minute video – hardstop at @10 due to language)    Recap of the events between Dodge brothers and Henry Ford from the perspective of a mechanic Unique and informal, but could be an interesting supplement to the case reading Conflicts of Interest and a Director’s Duty of LoyaltyLinks to an external site. – (7 minute podcast)   Apple accused of monitoring ex-chip exec text messagesLinks to an external site. – (5 minute read)    Covers Gerard Williams and controversy with his heading to Nuvia (chip start-up)

Week 9 - Introduction to M&A Asynchonous lesson: M&A: economics Transaction forms  E-tivities Readings Podcast Videos Readings:  Reading 1: Lecture slides.   Reading 2: [On the economics of M&A, TBD] Reading 3: Easterbrook and Fischel, The Proper Role of a Target's Management in Responding to a Tender Offer, available at https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=3067&context=journal_articlesLinks to an external site. Additional Material (60+ mn.): Three-part video series Acquisitions and sharesLinks to an external site. (3:46 min) Price behavior after announced acquisitionLinks to an external site. (4:03 min) Simple merger arbitrage with share acquisitionLinks to an external site. (4:21 min) Sold: Victoria’s SecretLinks to an external site. – (17 minute podcast)  WSJ – The Journal (2020) Focus on CEO Les Wexner and the historical trajectory of Victoria’s Secret Good example of some causal factors leading to M&A How a Deal to Buy Tiffany Lost Its Sparkle - First Resource on Tiffany M&ALinks to an external site. – (15 minute podcast) -  WSJ – The Journal (2020) Reviews the (at the time of this podcast) failed attempt from LVMH to acquire Tiffany & Co Can Elon Must Get Out of Buying Twitter?Links to an external site. – (24 minute podcast)  The Daily, NYT Discussion of Musk and Twitter

Week 10 - M&A Law Asynchonous lesson: Appraisal right  Enhanced fiduciary dutie E-tivities Readings Cases Podcast Videos Readings:  Reading 1: Lecture slides.   Reading 2: Schuster, The Mandatory Bid Rule: Efficient, After All?, available at https://www.jstor.org/stable/41857485#metadata_info_tab_contentsLinks to an external site. Cases: Case 1:  Unocal Corp. v. Mesa Petroleum Co.  Case 2: Moran v. Household International, Inc.  Case 3: Revlon, Inc. v. MacAndrews and Forbes Holdings, Inc.  Additional Material (about 50mn.): Pills and CEOs Under Fire as M&A FadesLinks to an external site. Only Study review of poison pills, start @ 31:58; end @ 37:06 Tech Monopolies:  Last Week Tonight with John Oliver (@ 0:55)Links to an external site.– (25 minute video)  Begins @ 0:55;  AT&T example @ (3:00)Links to an external site. Apple (@ 5:57)Links to an external site. Google (@ 8:48)Links to an external site. Amazon (@ 15:29)Links to an external site. Drinks With the Deal: Katten’s Kimerly SmithLinks to an external site. – (23 minute podcast)  The Deal Podcast (2022)

Week 11 - Executive Compensation Asynchonous lesson: Pay for performance Compensation components  Duty of good faith? E-tivities Readings Cases Videos Readings:  Reading 1: Lecture slides.   Reading 2: Bebchuk and Fried, Pay Without Performance: Overview of the Issues, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=761970Links to an external site. Reading 3: Sepe et al., Executive Compensation Redux (only 207-236), available at https://texaslawreview.org/wp-content/uploads/2017/12/Sepe.pdfLinks to an external site. Cases: Case 1: In Re The Walt Disney Company Derivative Litigation  Additional Material (about 50 mn.): CEOs Get Paid Too Much, According to. . .Everyone in the WorldLinks to an external site. – (3 minute video) Harvard Business Review (2015) Here’s Why Top CEOs Make More Than 100x Than Their WorkersLinks to an external site. – (12 minute video)   CNBC (2022) Provides a progressive counter to 2nd WSJ (new) article below What People Don’t Realize About High CEO PayLinks to an external site.– (5 minute video)  Thomas Sowell  Bebchuk – Executive Compensation (2009)Links to an external site. – (5 minute video)   Senate Finance Committee Hearing – Executive Compensation Pay Packages for CEOs Rise to Record LevelLinks to an external site. – (13 minute read)   WSJ (2022) Surveys current landscape of CEOs and the makeup of their compensation packages Is There a Relationship Between High CEO Pay and Corporate Effectiveness?Links to an external site. – (7 minute read)   WSJ (2022) Why CEOs Actually Deserve Their Gazillion-Dollar SalariesLinks to an external site. – (5-7 minute read)   Tyler Cowen (2019)

Week 12 - CSR & ESG Asynchonous lesson: Corporate Social Responsibility – Rise and Evolution Environmental, Social and Governance Criteria Social Engagement or Political Activism? E-tivities Readings Podcasts Videos Readings:  Reading 1: The Friedman’s Principle – The Social Responsibility of Business is to Increase its Profits, available at https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html. Reading 2: Benabou and Tirole, Individual and Corporate Social Responsibility, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1573694Links to an external site. (only intro and part on corporate social responsibility) Reading 3: Masconale & Sepe, Citizen Corp., available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3793035 (part V excluded). Additional Material (about 60mn):  CSR & ESG in 4 minutesLinks to an external site.– (4 minute video) No. 335 - Does Doing Good Give You License to Be Bad?Links to an external site. - (39 minute podcast) Freakanomics radio (2018) "Inclusive Capitalism & Moral Leadership - with Jacqueline NovogratzLinks to an external site. - (32 minute podcast) Start @ 17:20; end @ 49:08 What is the difference between CSR and ESG?Links to an external site. – (5 minute read)  Maybe There’s No Such Thing as an ESG StockLinks to an external site. – (5 minute read)  Bloomberg (2022) Companies Integrate CSR Initiatives into Everyday BusinessLinks to an external site. – (11 minute read) Wharton – Business Journal (2012)