This is the long-awaited second edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively updated to reflect profound changes in corporate law. It now includes consideration of additional matters such as the highly topical issue of enforcement in corporate law, and explores the continued convergence of corporate law across jurisdictions. The authors start from the premise that corporate (or company) law across jurisdictions addresses the same three basic agency problems: (1) the opportunism of managers vis-à-vis shareholders; (2) the opportunism of controlling shareholders vis-à-vis minority shareholders; and (3) the opportunism of shareholders as a class vis-à-vis other corporate constituencies, such as corporate creditors and employees. Every jurisdiction must address these problems in a variety of contexts, framed by the corporation's internal dynamics and its interactions with the product, labor, capital, and takeover markets. The authors' central claim, however, is that corporate (or company) forms are fundamentally similar and that, to a surprising degree, jurisdictions pick from among the same handful of legal strategies to address the three basic agency issues. This book explains in detail how (and why) the principal European jurisdictions, Japan, and the United States sometimes select identical legal strategies to address a given corporate law problem, and sometimes make divergent choices. After an introductory discussion of agency issues and legal strategies, the book addresses the basic governance structure of the corporation, including the powers of the board of directors and the shareholders meeting. It proceeds to creditor protection measures, related-party transactions, and fundamental corporate actions such as mergers and charter amendments. Finally, it concludes with an examination of friendly acquisitions, hostile takeovers, and the regulation of the capital markets.
English summary: This volume contains twenty essays by Hein Kotz which were published in different, and partly remote places. In their totality they give an impression of Kotz' scholarly style and the subjects in which he was interested. The book contains only those essays which are still of significance to readers today and are able to provide not only information but also entertainment. This is why the title Beyond the Orthodox was selected. In their style and their approach, the essays cannot be classified as belonging to traditional legal doctrine; they examine their subject matter from a comparative and economic perspective and they find their bearings in the notions of functional efficiency. German description: Diese Aufsatzsammlung enthalt zwanzig Beitrage von Hein Kotz, die an ganz unterschiedlichen, zum Teil schwer zuganglichen Stellen veroffentlicht worden sind, aber gerade in ihrer Zusammenschau einen Eindruck seines wissenschaftlichen Stils und seiner Interessenschwerpunkte vermitteln. Zudem ist in den vorliegenden Band nur aufgenommen worden, was fur den Leser auch heute noch von Interesse ist und ihn nicht nur zu belehren, sondern vor allem auch zu unterhalten vermag. Darin liegt der wesentliche Grund dafur, dass die Wahl auf Undogmatisches gefallen ist, also auf Aufsatze, die in Zuschnitt und Herangehensweise nicht der traditionellen Rechtsdogmatik zuzurechnen sind, sondern ihren Gegenstand vom rechtsvergleichenden Standpunkt aus auf seine Funktion und Leistungsfahigkeit oder vom rechtsokonomischen Standpunkt aus auf seine Effizienz befragen.
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