Corporate Law’s Critical Junctures
Accepted version
Peer-reviewed
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Repository DOI
Change log
Authors
Bank, Steven A
Cheffins, Brian R
Abstract
What accounts for substantial legal change? With corporate law, many think a stock market crash is key. But not all crashes lead to reform. So, what else is necessary? This paper uses a “critical junctures” model borrowed from social science to explain when and why major corporate law change happens. The model indicates that a combination of a lengthy period of depressed share prices and a perception that business wrongdoing was integrally related to the slump are required to create the window of opportunity for significant and enduring reform. It follows that the COVID-19 pandemic is unlikely to serve as a catalyst for major changes to corporate law.
Description
Keywords
corporate law, COVID-19, critical junctures, law reform, securities law, share prices
Journal Title
Business Lawyer
Conference Name
Journal ISSN
0007-6899
Volume Title
Publisher
American Bar Association
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None