Postgraduate Course: Corporation Law and Economics (LAWS11284)
Course Outline
| School | School of Law |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | The activity of business corporations cannot be fully understood without a firm grasp of the economic rationales that underpin their internal structure and the transactions they engage in.
Throughout this course, students will acquire comprehensive knowledge and understanding of the main theories, principles and concepts that underlie the economic analysis of corporate law and governance. Upon successful completion of this course, students will acquire an inter-disciplinary understanding of the main theories of the firm, and the relations between boards of directors, shareholders and other corporate stakeholders. |
| Course description |
Topics covered in this course include:
- the theory of the firm; agency costs and transaction costs
- the economic rationales of shareholder limited liability and shareholder voting
- dividend policy and agency costs
- directors' fiduciary duties and the business judgement rule
- executive remuneration
- the market for corporate control
This course is mandatory for the completion of the LLM in Corporate Law.
The course is available to students from other LLM programmes, subject to place availability.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
|
Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Course Delivery Information
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| Academic year 2021/22, Not available to visiting students (SS1)
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Quota: 60 |
| Course Start |
Semester 1 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
200
(
Seminar/Tutorial Hours 20,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
176 )
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| Assessment (Further Info) |
Written Exam
0 %,
Coursework
100 %,
Practical Exam
0 %
|
| Additional Information (Assessment) |
This course will be assessed by the following component(s):
1) 5000 Word Essay (100%). The list of essay topics will be distributed in the second half of the semester. |
| Feedback |
Students will receive written feedback on their formative and summative assessments. Formative feedback will also be given on a continuing basis, during class discussions and assignments.
The formative assessment consists in a short critical analysis of one of the prescribed readings, usually due in Week 5. Students are expected to discuss critically the core ideas of the paper, using supporting arguments drawn from the relevant readings covered in the course and from individual research.
This exercise gives students the opportunity to test their research, critical thinking and writing skills, and to understand the expectations for the summative assessment. Following the release of the formative feedback, students are encouraged to reflect on their performance and to discuss any remaining queries with the course organiser.
Feedback on the summative assessment will be provided in written form via Learn, the University of Edinburgh's Virtual Learning Environment (VLE). |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Demonstrate a critical understanding of the content and implications of the main economic theories of the corporation:
- Critically analyse the arguments in support of, and against the shareholder wealth maximisation norm
- Critically evaluate the law and economics explanations and justifications of executive compensation fiduciary duties and the market for corporate control
- Demonstrate developed written and oral skills, including the clear and succinct expression of ideas
- Demonstrate ability to work effectively in a group
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Reading List
There is no mandatory textbook for this course. Detailed reading lists for each seminar will be distributed one week in advance. Students wishing to gain early insight into the themes covered in economic analysis of corporate law should consult the following foundational monographs:
¿ Frank H. Easterbrook and Daniel R. Fischel, The Economic Structure of Corporate Law (Cambridge, Mass: Harvard University Press, 1991)
¿ Oliver E. Williamson and Sidney G. Winter, eds, The Nature of the Firm: Origins, Evolution, and Development (New York: Oxford University Press, 1993)
¿ Adolf A. Berle and Gardiner C. Means, The Modern Corporation and Private Property (New Brunswick: Transaction Publishers, 1991)
¿ Reiner Kraakman et al., The Anatomy of Corporate Law: A Comparative and Functional Approach, 3rd ed. (New York: Oxford University Press, 2017) |
Additional Information
| Graduate Attributes and Skills |
Ability to critically analyse and apply complex theoretical ideas and empirical research evidence
Communicate and work with other students, often from diverse intellectual backgrounds and from different countries
Use library and electronic resources effectively and independently to research problems
Exercise judgement, critical reflection and independence in a substantial writing task |
| Keywords | the theory of the firm; shareholder primacy,stakeholder theory,fiduciary duties,hostile takeover |
Contacts
| Course organiser | Dr Remus Valsan
Tel: (0131 6)50 2008
Email: Remus.Valsan@ed.ac.uk |
Course secretary | Miss Bethan Walters
Tel: (0131 6)50 2386
Email: bethan.walters@ed.ac.uk |
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