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[45]Jordan Sehwarz,Liberal:Adolf A.Berle and the Vision of an American Era,New York:Free Press 1987.p.77.
[46]Rafael La Porta,Florencio Lopez—de—Silanes,Andrei Shleifer & Robert Vishny,Investor Protection and Corporate Govemance,58 Journal of Financial Economics 3(2000). [47]Mark Roe,Strong Managers,Weak Owners:The Political Roots of American Corporate Finance Princeton University Press,1994.
[48]Roberta Romano,After the Revolution in Corporate Law,55 Journal of Legal Education 342(2005).
[49]Bayless Manning,The Shareholders’Appraisal Remedy An Essay for Frank Coker,72 Yale Law Journal223,245,n.37(1962). [50]对上世纪四五十年代美国公司法研究的回顾,见William Carney,The Legacy of‘The Market for Corporate Control’and the Origins of the Theory of the Firm,50 Case Western Reserve Law Review 215,221—224(1999).
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[51]Ronald Gilson & Reinier Kraakman,Clark’s Treatise on Corporate Law:Filling Manning’s Empty Towers,31 Journal of Corporate Law 599,599(2006).
[52]Henry Manne,Mergers and the Market for Corporate Control,73 Journal of Political Economy 110(1965),此文有一姐妹篇发表于法学期刊,见Some Theoretical Aspects of Share Voting,64 Columbia Law Review 1427(1964).
[53]根据Manne的回忆,其时他不仅未获认可,反而遭到学界的冷待。见Henry Manne,How Law and Economics was Marketed in a Hostile World:A Very Personal History,in Francesco Parisi & Charles Rowley(ed.),The Origins of Law and Economics:Essays by the Founding Fathers 309,311—312(2005).
[54]Fred Shapiro,The Most—Cited Law Review Articles Revisited,71 Chicago—Kent Law Review 751,768(1996). [55]对该文的后续影响的回顾,见Symposium:The Legacy of Henry G.Manne:Pioneer in Law & Economics and Innovator in Legal Education,50 Case Western Reserve Law Review No.2(1999).
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[56]1991年美国法经济学会(American Law and Economics Association)成立时,Henry Manne与卡拉布雷兹(Guido Calabresi)、科斯(Ronald Coase)、波斯纳(Richard Posner)被承认为法经济学的创始人,见http://www.amlecon.org/assoc.html,2007年4月15日访问。
[57]见前注 [48]。
[58]对现代金融学兴起的回顾,见Ronald Gilson & Reinier Kraakman,The Mechanisms of Market Efficieney 20 Years Later:The Hindsight Bias,28 Journal of Corporation Law 715,717—720(2003).
[59]Harry Markowitz,Portfolio Selection,7 Journal of Finance 77(1952).
[60]Franco Modigliani & Merton Miller,The Cost of Capital,Corporate Finance and the Theory of Investment.48 American Economic Review 261(1958);Dividend Policy,Growth,and the Valuation of Shares,34 Journal of Business 411(1961). [61]William Sharpe,Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk,19 Journal of Finance
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425(1964);John Lintner,The Valuation of Risk Assets and The Selection of Risky Investments in Stock Portfolios and Capital Budgets 47 Review of Economics and Statistics 13(1965). [62]Eugene Fama,The Behavior of Stock—Market Prices,38 Journal of Business 34(1965).
[63]1990年,Markowitz,Miller与Sharpe被授予诺贝尔经济学奖,而Modigliani早在1985就被授予诺贝尔奖,Fama近年来也一直被认为是获奖热门人选。
[64]金融学和经济学在研究对象和方法上的区别,见Larry Summers,On Economics and Finance,40 Journal of Finance 633(1985).
[65]Ronaid Coase,The Nature of the Firm,4 Economica 386—405(1937).
[66]Oliver Williamson,Markets and Hierarchies:Analysis and Antitrust Implications,New York:Free Press,1975.其学说被认为是发扬了科斯在《企业的性质》中提出的交易成本观点。
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[67]Michael Jensen & William Meckling,Theory of the Firm:Managerial Behavior,Agency Costs,and Ownership Structure,3 Journal of Financial Economics 305(1976).
[68]Oliver Hart & John Moore,Property Rights and the Nature of the Firm,98 Journal of Political Economy 119(1990). [69]Oliver Hart,An Economist’s Perspective on the Theory of the Firm,89 Columbia Law Review 1757(1989).
[70]对这一时期美国公司并购浪潮的讨论,见Bengt Holmstrom & Steven Kaplan,Corporate Govemance and Merger Activity in the United States:Making Sense of the 1980s and 1990s,15 Journal of Economic Perspectives 121(2001).
[71]防御敌意收购的措施生生不息,难以穷尽。对各种防御措施的讨论,参见Jennifer Arlen & Eric Talley,Unregulable Defenses and the Perils of Shareholder Choice,152 University of Pennsylvania Law Review 577(2003).
[72]Frank Easterbrook & Daniel Fischel,The Proper Role of a Target’s Management in Responding to a Tender Offer,94 Harvard Law Review 1161(1981).