By Millikan R. A.

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L. Rev. 1253, 1253–1254, 1291. 182 Edward B. Rock, and Michael L. Wachter, ‘Islands of Conscious Power: Law, Norms and the Self-Governing Corporation’ (2001) 149 U. Pa. L. Rev. 1619, 1629–1630, 1638–1639. 183 Ibid at 1621–1623. Rock and Wachter prefer, however, to refer to ‘nonlegally enforceable rules and standards’ or ‘NLERS’ rather than norms: ibid. at 1641. 184 Still, work done on the extra-legal norm or practice of ‘trust’ does offer an affirmative model that is intended to account in a systematic fashion for key aspects of corporate activity.

Also significant is the capital market (companies which want to raise money receive less advantageous terms if there is evidence of mismanagement). The market for corporate control constitutes an additional constraint on managerial misconduct since bidders, intent on generating profits by installing new executives, can make offers to buy the outstanding equity of poorly run companies. In addition to providing a platform for re-evaluating the position of management, the nexus of contracts model opened the way for a reconceptualisation of the shareholder’s status within the corporation.

865, 870. 104 Virginia Nolan and Edmund Ursin, ‘The Deacademification of Tort Theory’ (1999) 48 U. Kan. L. Rev. 59, 59 (quoting an American Association of Law Schools pamphlet but arguing that the sense of accomplishment was misplaced). 102 27 Shifting from individual subject areas to particular approaches that can be adopted to study law, optimists can again be found. 106 The upshot is that there appears to be more to legal scholarship than the plot in the movie ‘Groundhog Day’, in which the main character was condemned to wake up each day and find that it was yesterday all over again.

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A Re-determination of the Value of the Electron and of Related Constants (1917)(en)(6s) by Millikan R. A.

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