{"id":"https://openalex.org/W192412285","doi":null,"title":"Derivative Impact? Some Early Reflections on the Corporation Law Implications of the Enron Debacle","display_name":"Derivative Impact? Some Early Reflections on the Corporation Law Implications of the Enron Debacle","publication_year":2002,"publication_date":"2002-05-20","ids":{"openalex":"https://openalex.org/W192412285","mag":"192412285"},"language":"en","primary_location":{"id":"mag:192412285","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313023","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313023","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5071899024","display_name":"Leo E. Strine","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I78577930","display_name":"Columbia University","ror":"https://ror.org/00hj8s172","country_code":"US","type":"education","lineage":["https://openalex.org/I78577930"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Leo E. Strine","raw_affiliation_strings":["Columbia Law School","University of Pennsylvania Law School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Columbia Law School","institution_ids":["https://openalex.org/I78577930"]},{"raw_affiliation_string":"University of Pennsylvania Law School","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5071899024"],"corresponding_institution_ids":["https://openalex.org/I78577930","https://openalex.org/I79576946"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":16,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8554999828338623,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8554999828338623,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14102","display_name":"Corporate Governance and Law","score":0.12939999997615814,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.0052999998442828655,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/enron","display_name":"Enron","score":0.8349999785423279},{"id":"https://openalex.org/keywords/corporate-law","display_name":"corporate law","score":0.7390000224113464},{"id":"https://openalex.org/keywords/independent-directors","display_name":"independent directors","score":0.8370000123977661},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.7929999828338623},{"id":"https://openalex.org/keywords/managerialism","display_name":"managerialism","score":0.8029999732971191},{"id":"https://openalex.org/keywords/takeover-regulation","display_name":"takeover law","score":0.7570000290870667},{"id":"https://openalex.org/keywords/efficient-market-hypothesis","display_name":"efficient market hypothesis","score":0.949999988079071},{"id":"https://openalex.org/keywords/fiduciary-duty","display_name":"fiduciary duty","score":0.7310000061988831},{"id":"https://openalex.org/keywords/state-corporate-law","display_name":"state corporate law","score":0.5450000166893005}],"concepts":[{"id":"https://openalex.org/C2778348171","wikidata":"https://www.wikidata.org/wiki/Q167037","display_name":"Corporation","level":2,"score":0.6924403309822083},{"id":"https://openalex.org/C25253098","wikidata":"https://www.wikidata.org/wiki/Q2609670","display_name":"Corporate law","level":3,"score":0.6309045553207397},{"id":"https://openalex.org/C2780253743","wikidata":"https://www.wikidata.org/wiki/Q132382","display_name":"Presumption","level":2,"score":0.6178116798400879},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.5457862615585327},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.5346391201019287},{"id":"https://openalex.org/C47941915","wikidata":"https://www.wikidata.org/wiki/Q107885","display_name":"Speculation","level":2,"score":0.5024240016937256},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.4566158652305603},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.4204392433166504},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.40409746766090393},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3634745478630066},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.1679697036743164},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.10755482316017151},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:192412285","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313023","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"mag:192412285","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313023","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions","score":0.9200000166893005}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3121483954","https://openalex.org/W2620850294","https://openalex.org/W2232422334","https://openalex.org/W109784977","https://openalex.org/W1229072920","https://openalex.org/W2479721579","https://openalex.org/W2187449584","https://openalex.org/W4416545136","https://openalex.org/W4237805049","https://openalex.org/W2915267729"],"abstract_inverted_index":{"This":[0],"essay":[1,74,142,210],"concentrates":[2],"on":[3,83,303],"some":[4,28,64],"of":[5,21,29,44,58,160,187,198,218,236,249,289,308,323,348,351,375,393,399],"the":[6,12,30,42,45,50,54,73,77,141,150,170,173,188,209,212,216,219,229,233,260,265,268,272,287,290,306,312,318,324,345,349,354,363,371,386,391],"more":[7,87,200,242,283],"important":[8],"ways":[9,31],"in":[10,126,158,175,184,196,329],"which":[11,185,278],"Enron":[13,78,237,253,355],"experience":[14,79,356],"is":[15],"likely":[16],"to":[17,39,85,97,107,120,135,259,275,296,333,353,382],"strain":[18],"existing":[19],"doctrines":[20],"state":[22,394],"corporation":[23,189],"law.":[24,227],"First,":[25],"it":[26],"examines":[27,75,211],"Enron's":[32],"collapse":[33,217,269],"might":[34,80,222],"influence":[35],"legal":[36],"arguments":[37],"made":[38,93],"courts":[40,84,103],"regarding":[41],"concept":[43],"independent":[46],"director.":[47],"In":[48,101,167,305],"particular,":[49,102],"author":[51,171,319,346],"notes":[52,143,320],"that":[53,109,114,280,314,321,335,370],"general":[55],"common-law":[56],"presumption":[57],"independence":[59],"-":[60,66,129,389],"already":[61],"criticized":[62],"by":[63,243,246,357,368,385],"commentators":[65],"may":[67,104],"come":[68],"under":[69],"increasing":[70],"fire.":[71],"Second,":[72],"how":[76],"exert":[81],"pressure":[82],"look":[86],"carefully":[88],"at":[89,362],"whether":[90,149],"directors":[91,110,281,315,336],"have":[92,223],"a":[94,180,199,255,330],"good-faith":[95],"effort":[96],"accomplish":[98],"their":[99,121,300],"duties.":[100],"be":[105,294],"asked":[106],"conclude":[108],"who":[111],"are":[112,116,123,131,327],"conscious":[113],"they":[115],"devoting":[117],"insufficient":[118],"time":[119],"duties":[122],"not":[124,133],"acting":[125],"good":[127],"faith":[128],"and":[130,203,292,379],"therefore":[132],"entitled":[134],"exculpation":[136],"from":[137,179,299],"damages":[138],"liability.":[139],"Third,":[140],"possible":[144],"grounds":[145],"for":[146,162,224,342],"concern":[147],"over":[148,193],"corporate":[151,225,251,276],"governance":[152],"system":[153],"has":[154,377],"become":[155],"too":[156],"imbalanced":[157],"favor":[159,190,197],"incentives":[161],"short-term":[163,194],"stock":[164],"value":[165,288],"maximization.":[166],"so":[168],"doing,":[169],"observes":[172],"move":[174],"recent":[176],"decades":[177],"away":[178],"safe":[181],"managerialist":[182],"perspective,":[183],"stewards":[186],"long-term":[191,250],"stability":[192],"profit,":[195],"entrepreneurial,":[201],"risk-taking,":[202],"competitiveness-enhancing":[204],"stance":[205],"among":[206],"boards.":[207],"Fourth,":[208],"possibly":[213,328],"contradictory":[214],"implications":[215],"energy":[220],"giant":[221],"takeover":[226],"On":[228,264],"one":[230],"hand,":[231,267],"because":[232],"pre-collapse":[234],"price":[235],"shares":[238],"was":[239],"arguably":[240],"driven":[241],"speculation":[244],"than":[245,284],"fundamental":[247,339],"indicia":[248],"performance,":[252],"deals":[254],"potentially":[256],"heavy":[257],"blow":[258],"efficient":[261],"market":[262],"theory.":[263],"other":[266],"also":[270],"troubles":[271],"director-centered":[273,325],"approach":[274],"law,":[277],"presupposes":[279],"know":[282,316],"stockholders":[285,298,387],"about":[286],"company":[291],"must":[293,380],"permitted":[295],"protect":[297],"less-informed":[301],"views":[302],"value.":[304],"absence":[307],"credible":[309],"information":[310],"supporting":[311],"view":[313],"best,":[317],"proponents":[322],"model":[326],"weaker":[331],"position":[332],"assert":[334],"should":[337],"make":[338],"investment":[340],"decisions":[341],"stockholders.":[343],"Finally,":[344],"warns":[347],"dangers":[350],"overreacting":[352],"enacting":[358],"extreme":[359],"legislative":[360],"changes":[361],"federal":[364],"level.":[365],"He":[366],"concludes":[367],"noting":[369],"most":[372],"vigorous":[373],"monitoring":[374],"managers":[376],"been,":[378],"continue":[381],"be,":[383],"performed":[384],"themselves":[388],"with":[390],"assistance":[392],"judges":[395],"applying":[396],"traditional":[397],"principles":[398],"fiduciary":[400],"duty.":[401]},"counts_by_year":[{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}