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Federal Intervention to Enhance Shareholder Choice

Author

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  • Bebchuk, Lucian Arye
  • Ferrell, Allen

Abstract

In a recent article, we have put forward a new approach to takeover law and regulatory competition. We proposed a ?choice-enhancing? federal intervention that would provide: (i) an optional body of substantive federal takeover law which shareholders would be able to opt into (or out of) and which would be more hospitable than existing state takeover law, and (ii) a mandatory process rule that would provide shareholders the right to initiate and adopt, regardless of managers? wishes, proposals for option into (or out of) the federal takeover law. In this Paper, we respond to critics of our proposal, and we further develop the case for it.

Suggested Citation

  • Bebchuk, Lucian Arye & Ferrell, Allen, 2001. "Federal Intervention to Enhance Shareholder Choice," CEPR Discussion Papers 3006, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:3006
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    More about this item

    Keywords

    Takeover law; Regulatory competition; Federal takeover; State takeover; Shareholder;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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