A central issue in the law of corporations revolves around the costs associated with the separation of ownership and control in the modern corporate enterprise. The law concerning business associations reflects a belief that these costs are best controlled by imposing legal duties on corporate officers to act in the shareholders' best interests. The author argues that market forces police the behavior of corporate managers in a way that makes corporate law doctrine on this point redundant, and in some cases inefficient.
A Critique of Corporate Law,
34 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol34/iss4/9