Overview

Markets for capital, products, and managerial talent are expanding rapidly across national borders, yet domestic laws and practices have never had greater impact on corporate structures and cross-border deals. Investors pursuing high returns and diversification, entrepreneurs seeking capital, and managers endeavoring to restructure troubled enterprises now routinely face transaction counter-parties who operate within different legal and political systems, and who rank social priorities quite differently. This dynamic tension between global markets and domestic institutions fuels the debate on corporate governance reform now raging in virtually every region of the world. It also frames the intellectual agenda of the distinguished contributors to this volume, who examine such issues as the possible convergence of corporate governance practices around the world, national variations in the quality of corporate law, and the fiduciary responsibilities corporate managers around the world owe to their shareholders. Among the book's many insights is the contention that ""globalization"" and ""global markets"" are misleading terms, because they mask the local quality of much of the activity occurring within those rubrics. Case studies focus on France, Germany, Italy, Japan, Korea, Taiwan, and the transition economies of Eastern Europe.

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Global Markets, Domestic Institutions is a major contribution to the literature on international corporate governance. Its twenty contributors include perhaps a majority of the most prominent scholars of comparative corporate law and governance in the English-speaking legal academy. It focuses on the large conceptual questions, but with consider attention to legal and institutional detail in individual essays. The major topics that it addresses include the relevance of fiduciary duties beyond their institutional and historical home in Anglo-American law, the extent of global convergence in the legal conception of the structure and purpose of the corporation, and the cross-border expansion of capital market institutions such as venture capital financing. This book is essential reading for anyone who wished to keep abreast of the most recent research on globalization and corporate governance.

"""Global Markets, Domestic Institutions"" is a major contribution to the literature on international corporate governance. Its twenty contributors include perhaps a majority of the most prominent scholars of comparative corporate law and governance in the English-speaking legal academy. It focuses on the large conceptual questions, but with consider attention to legal and institutional detail in individual essays. The major topics that it addresses include the relevance of fiduciary duties beyond their institutional and historical home in Anglo-American law, the extent of global convergence in the legal conception of the structure and purpose of the corporation, and the cross-border expansion of capital market institutions such as venture capital financing. This book is essential reading for anyone who wished to keep abreast of the most recent research on globalization and corporate governance."

Author Information

Curtis J. Milhaupt is the Fuyo Professor of Law and Director of the Center for Japanese Legal Studies at Columbia Law School. He is the author of numerous works on comparative corporate law, and the co-editor of a textbook on the Japanese legal system.

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