The Law and Economics of Corporate Governance

The Law and Economics of Corporate Governance

Changing Perspectives

Edited by Alessio M. Pacces

In this timely book, the law and economics of corporate governance is approached from various angles. Alessio Pacces shows that perspectives are evolving and that they differ between the economic and the legal standpoint, as well as varying between countries. A group of leading scholars offers their views and provides fresh empirical evidence on existing theories as well as developing new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated.

Comment – Empirical Law and Economics: The Societas Europaea and its use within Europe

Patrick C. Leyens

Subjects: economics and finance, law and economics, law - academic, corporate law and governance, law and economics


Patrick C. Leyens 1. EMPIRICAL LAW AND ECONOMICS Empirics and regressions have not always received much attention in the process of European private law harmonisation. Today, legal research has become more open to innovative methods, in line with the advance of the law and economics movement.1 Perhaps the most commonly remarked upon weakness of the economic analysis of the law is that its findings are too far removed from corporate and commercial reality.2 In his presentation,3 Horst Eidenmüller shows that and how empirical research will help to satisfy our demand for information on the practical effects European private law harmonisation has on corporate practice. With a view to European company law, the merits of the empirical method can be assessed from several different angles. To start from a historic perspective, early attempts to fully harmonise company laws in Europe failed.4 Perhaps that was not only due to the too flowery dreams of the grandfathers of European company law. A better explanation seems 1 For a critical assessment, see Siems, ‘Numerical Comparative Law – Do We Need Statistical Evidence in Order to Reduce Complexity?’, 13 Cardozo J. Int’l & Comp. L. 521 (2005). On the state of law and economics research see Schäfer and Ott, The Economic Analysis of Civil Law, Cheltenham 2004, pp. 3, 11. 2 Most prominent: Ronald H. Coase in his Nobel Prize lecture, Stockholm, 9 December 1991; available at ates/1991/coase-lecture.html (last visited: 14/08/2009). 3 The presentation by Horst Eidenmüller was based...

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