{"id":"https://openalex.org/W2129156892","doi":null,"title":"Private Ordering and the Proxy Access Debate","display_name":"Private Ordering and the Proxy Access Debate","publication_year":2009,"publication_date":"2009-11-01","ids":{"openalex":"https://openalex.org/W2129156892","mag":"2129156892"},"language":"en","primary_location":{"id":"pmh:oai:scholarship.law.bu.edu:faculty_scholarship-1344","doi":null,"is_oa":true,"landing_page_url":"https://scholarship.law.bu.edu/faculty_scholarship/338","pdf_url":"https://scholarship.law.bu.edu/cgi/viewcontent.cgi?article=1344&context=faculty_scholarship","source":{"id":"https://openalex.org/S4306401049","display_name":"eYLS (Yale Law School)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I32971472","host_organization_name":"Yale University","host_organization_lineage":["https://openalex.org/I32971472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Faculty Scholarship","raw_type":"text"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://scholarship.law.bu.edu/cgi/viewcontent.cgi?article=1344&context=faculty_scholarship","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5109126440","display_name":"Lucian A. Bebchuk","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I4210136188","display_name":"European Corporate Governance Institute","ror":"https://ror.org/04egehb02","country_code":"BE","type":"nonprofit","lineage":["https://openalex.org/I4210136188"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]}],"countries":["BE","GB","US"],"is_corresponding":false,"raw_author_name":"Lucian A. Bebchuk","raw_affiliation_strings":["Harvard Law School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) and European Corporate Governance Institute (ECGI)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Harvard Law School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) and European Corporate Governance Institute (ECGI)","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I136199984","https://openalex.org/I4210136188","https://openalex.org/I4210140326"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040852365","display_name":"Scott Hirst","orcid":"https://orcid.org/0000-0003-0437-9196","observed_orcids":["https://orcid.org/0000-0003-0437-9196"]},"institutions":[{"id":"https://openalex.org/I111088046","display_name":"Boston University","ror":"https://ror.org/05qwgg493","country_code":"US","type":"education","lineage":["https://openalex.org/I111088046"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Scott Hirst","raw_affiliation_strings":["Boston University - School of Law","Harvard Law School Program on Corporate Governance"],"raw_orcid":"https://orcid.org/0000-0003-0437-9196","affiliations":[{"raw_affiliation_string":"Boston University - School of Law","institution_ids":["https://openalex.org/I111088046"]},{"raw_affiliation_string":"Harvard Law School Program on Corporate Governance","institution_ids":["https://openalex.org/I136199984"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.523,"has_fulltext":true,"cited_by_count":20,"citation_normalized_percentile":{"value":0.93679216,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":98},"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":0.975600004196167,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.975600004196167,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14102","display_name":"Corporate Governance and Law","score":0.02199999988079071,"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/T12225","display_name":"Political Influence and Corporate Strategies","score":0.00019999999494757503,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/proxy-access","display_name":"proxy access","score":0.9940000176429749},{"id":"https://openalex.org/keywords/private-ordering","display_name":"private ordering","score":0.625},{"id":"https://openalex.org/keywords/default-rules","display_name":"default rules","score":0.5569999814033508},{"id":"https://openalex.org/keywords/opt-out","display_name":"opt-out","score":0.49300000071525574},{"id":"https://openalex.org/keywords/shareholder-rights","display_name":"shareholder rights","score":0.5249999761581421},{"id":"https://openalex.org/keywords/removal-of-directors","display_name":"removal of directors","score":0.6019999980926514},{"id":"https://openalex.org/keywords/majority-voting","display_name":"majority voting","score":0.6859999895095825},{"id":"https://openalex.org/keywords/plurality-voting","display_name":"plurality voting","score":0.9539999961853027},{"id":"https://openalex.org/keywords/corporate-elections","display_name":"corporate elections","score":0.7670000195503235},{"id":"https://openalex.org/keywords/board-of-directors","display_name":"board of directors","score":0.4390000104904175},{"id":"https://openalex.org/keywords/shareholder-voting","display_name":"shareholder voting","score":0.42399999499320984}],"concepts":[{"id":"https://openalex.org/C2780148112","wikidata":"https://www.wikidata.org/wiki/Q1432581","display_name":"Proxy (statistics)","level":2,"score":0.860173225402832},{"id":"https://openalex.org/C2780291661","wikidata":"https://www.wikidata.org/wiki/Q1368455","display_name":"Opt-out","level":2,"score":0.8292799592018127},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.8145068287849426},{"id":"https://openalex.org/C69637215","wikidata":"https://www.wikidata.org/wiki/Q702362","display_name":"Default","level":2,"score":0.7713418006896973},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5540077090263367},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.5432772040367126},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.4697207510471344},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4565249979496002},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.41189658641815186},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.351215660572052},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2456444501876831},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0912504494190216},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C112698675","wikidata":"https://www.wikidata.org/wiki/Q37038","display_name":"Advertising","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:oai:scholarship.law.bu.edu:faculty_scholarship-1344","doi":null,"is_oa":true,"landing_page_url":"https://scholarship.law.bu.edu/faculty_scholarship/338","pdf_url":"https://scholarship.law.bu.edu/cgi/viewcontent.cgi?article=1344&context=faculty_scholarship","source":{"id":"https://openalex.org/S4306401049","display_name":"eYLS (Yale Law School)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I32971472","host_organization_name":"Yale University","host_organization_lineage":["https://openalex.org/I32971472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Faculty Scholarship","raw_type":"text"},{"id":"pmh:oai:dash.harvard.edu:1/11341913","doi":null,"is_oa":true,"landing_page_url":"http://nrs.harvard.edu/urn-3:HUL.InstRepos:11341913","pdf_url":null,"source":{"id":"https://openalex.org/S4306401540","display_name":"Digital Access to Scholarship at Harvard (DASH) (Harvard University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I136199984","host_organization_name":"Harvard University","host_organization_lineage":["https://openalex.org/I136199984"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Journal Article"},{"id":"mag:2129156892","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1515773_code17037.pdf?abstractid=1513408&mirid=1","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},{"id":"mag:3122521694","doi":null,"is_oa":false,"landing_page_url":"https://dash.harvard.edu/handle/1/11341913","pdf_url":null,"source":{"id":"https://openalex.org/S199780354","display_name":"The Business lawyer/The business lawyer","issn_l":"0007-6899","issn":["0007-6899"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-a","jufo-1","norway-1","poland-70"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"\u0098The \u009cBusiness lawyer/\u0098The \u009cbusiness lawyer","raw_type":null}],"best_oa_location":{"id":"pmh:oai:scholarship.law.bu.edu:faculty_scholarship-1344","doi":null,"is_oa":true,"landing_page_url":"https://scholarship.law.bu.edu/faculty_scholarship/338","pdf_url":"https://scholarship.law.bu.edu/cgi/viewcontent.cgi?article=1344&context=faculty_scholarship","source":{"id":"https://openalex.org/S4306401049","display_name":"eYLS (Yale Law School)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I32971472","host_organization_name":"Yale University","host_organization_lineage":["https://openalex.org/I32971472"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Faculty Scholarship","raw_type":"text"},"sustainable_development_goals":[{"display_name":"Peace, justice, and strong institutions","score":0.6601999998092651,"id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2129156892.pdf","grobid_xml":"https://content.openalex.org/works/W2129156892.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2332463665","https://openalex.org/W3125549462","https://openalex.org/W1937371934","https://openalex.org/W2158611063","https://openalex.org/W3017816825","https://openalex.org/W1684894509","https://openalex.org/W2212998491","https://openalex.org/W2098674229","https://openalex.org/W2257882659","https://openalex.org/W3122812863"],"abstract_inverted_index":{"This":[0,67],"Article":[1,166],"examines":[2],"two":[3],"\u201cmeta\u201d":[4],"issues":[5],"raised":[6],"by":[7,121,127,263,289],"opponents":[8,28,175],"of":[9,50,60,161,176,198,215,217,231,243,273,297,307,326,350,355],"the":[10,23,40,48,77,122,128,132,142,159,177,184,204,212,218,228,232,251,269,305,315,331,348],"SEC\u2019s":[11,178],"proposal":[12],"to":[13,18,57,115,134,195,240,271,284,304,314,323,347,352,361],"provide":[14],"shareholders":[15,191,239,264,272,280,319,351],"with":[16,92,339],"rights":[17],"place":[19],"director":[20,86],"candidates":[21],"on":[22,63],"company\u2019s":[24],"proxy":[25,33,51,188,233,246,274,302],"materials.":[26],"First,":[27],"argue":[29,181],"that,":[30,182],"even":[31],"assuming":[32],"access":[34,52,189,247,275,303],"is":[35,80,90,112,119],"desirable":[36],"in":[37,158,164,172,265,317],"many":[38,216],"circumstances,":[39],"existing":[41,345],"no-access":[42,75],"default":[43,62,105,173,308,335],"should":[44,54,167,192,259,281,320,336,364],"be":[45,55,193,282,321,337,365],"retained":[46],"and":[47,96,146,211,227,279,313,344],"adoption":[49],"arrangements":[53,356],"left":[56],"opting":[58,101,209,225],"out":[59,102,197,203,210,226,242,258,325,354],"this":[61,165,199],"a":[64,104,110,187,244,266,290,340],"company-by-company":[65],"basis.":[66],"Article,":[68],"however,":[69],"identifies":[70],"strong":[71],"reasons":[72],"against":[73],"retaining":[74],"as":[76,220,222],"default.":[78],"There":[79],"substantial":[81],"empirical":[82],"evidence":[83,149],"indicating":[84,150],"that":[85,138,151,250,357],"insulation":[87],"from":[88,103],"removal":[89],"associated":[91],"lower":[93],"firm":[94],"value":[95],"worse":[97],"performance.":[98],"Furthermore,":[99],"when":[100,117,125],"arrangement":[106],"serves":[107],"shareholder":[108],"interests,":[109],"switch":[111],"more":[113],"likely":[114],"occur":[116],"it":[118,359],"favored":[120],"board":[123,143],"than":[124],"disfavored":[126],"board.":[129],"We":[130,201],"analyze":[131],"impediments":[133,153,346],"shareholders\u2019":[135],"obtaining":[136],"opt-outs":[137],"they":[139],"favor":[140],"but":[141],"does":[144],"not,":[145],"we":[147,236],"present":[148],"such":[152,208],"are":[154,276],"substantial.":[155],"The":[156],"asymmetry":[157],"reversibility":[160],"defaults":[162],"highlighted":[163],"play":[168],"an":[169],"important":[170],"role":[171],"selection.\\n\\nSecond,":[174],"proposed":[179],"reforms":[180],"if":[183],"SEC":[185],"adopts":[186],"regime,":[190,248],"free":[194],"opt":[196,241,324,353],"regime.":[200],"point":[202],"tensions":[205,223],"between":[206,224],"advocating":[207],"past":[213,286],"positions":[214],"opponents,":[219],"well":[221],"general":[229],"approach":[230],"rules.":[234],"Nonetheless,":[235],"support":[237],"allowing":[238],"federal":[245],"provided":[249],"opt-out":[252,287],"process":[253],"includes":[254],"necessary":[255],"safeguards.":[256],"Opting":[257],"require":[260],"majority":[261,291,341],"approval":[262],"vote":[267,292],"where":[268],"benefits":[270],"adequately":[277],"disclosed,":[278],"able":[283,322],"reverse":[285],"decisions":[288],"at":[293],"any":[294],"time.\\n\\nThe":[295],"implications":[296],"our":[298],"analysis":[299],"extend":[300],"beyond":[301],"choice":[306],"rules":[309],"for":[310],"corporate":[311],"elections,":[312],"ways":[316],"which":[318],"election":[327],"defaults.":[328],"In":[329],"particular,":[330],"current":[332],"plurality":[333],"voting":[334,342],"replaced":[338],"default,":[343],"ability":[349],"make":[358],"difficult":[360],"replace":[362],"directors":[363],"re-examined.":[366]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":4}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}