Advanced Corporate Governance

FINC 418-010
125 MBNA America Hall
9:30 - 10:45 a.m. 
Tuesdays & Thursdays
Spring 2003

Professor Charles Elson
104 MBNA America Hall
302-831-6157
elson@be.udel.edu
Office Hours: By Appointment

Required Books:

MEAN BUSINESS (P), DUNLAP
CORPORATE GOVERNANCE, MONKS, MINOW
CHAINSAW, BYRNE (Morris Library Reserve Room)
Handouts available in Morris Library Reserve Room

The weekly class schedule, with a list of tentative guest speakers, and corresponding assignments follow:

Tentative Schedule as of February, 2003

Topic

Date

Assignment

One

Tues., Feb 11

Introduction to American Corporate Governance

Thurs., Feb 13

Mean Business, Albert J. Dunlap

Two

Tues., Feb 18

Corporate Governance – Stakeholders V. Stockholders. Whose Corporation is it anyhow? (Handout 1)

Thurs., Feb 20

Corporate Governance – Stakeholders V. Stockholders. Whose Corporation is it anyhow? (Cont’d)

Three

Tues., Feb 25

Corporate Philanthropy: Societal Boom or Shareholder Bust? (Handout 2)

Four

Thurs,. Feb 27

The Duty of Care, Corporate Productivity and Stock Ownership: A connection or Disconnection? (Handout 3)

Tues., Mar 4

The Duty of Care, Corporate Productivity and Stock Ownership: A connection or Disconnection? (Cont’d)

Five

Thurs., Mar 6

Executive Overcompensation – A problem or a solution? (Handout 4)

Six

Tues., Mar 11

Corporate Democracy and the Shareholder Resolution – A failed "Hyde Park Corner" or legitimate governance tool? (Handout 5)

Thurs., Mar 13

Individual Meetings

Seven

Tues. Mar 18

Caremark and the Prevention of Corporate Fraud and Other Forms of Illegal Conduct (Handout 6)

Thurs., Mar 20

Caremark and the Prevention of Corporate Fraud and Other Forms of Illegal Conduct (Cont’d)

Tues. Mar 25

Individual Meetings

Thurs., Mar 27

Individual Meetings

Tues., Apr 1

Spring Break

Thurs., Apr 3

Eight

Tues., Apr 8

Audit Committee Reform and Financial Misconduct – Effective Medicine or Placebo? (Handout 7)

Thurs., Apr 10

Audit Committee Reform and Financial Misconduct – Effective Medicine or Placebo? (Cont’d)

Guest Speakers

James Cheek, Bass, Berry & Sims, PLC
Marshall Day, Former CFO, Home Depot
Kayla Gillan, Member, Public Company Accounting Oversight Board
Jack Jacobs, Vice Chancellor, Delaware Court of Chancery
Frank Menaker, Senior Vice President and General Counsel, Lockheed Martin
Lynn Turner, Professor, Colorado State University
Jonathan Weil, Staff Writer, Wall Street Journal

Nine

Tues., Apr 15

Corporate Governance Guidelines: Common Ground – Realistic Expectations? (Handout 8)

Thurs., Apr 17

Corporate Governance Guidelines: Common Ground – Realistic Expectations? (Cont’d)

Guest Speakers

Stephen Bainbridge, Professor of Law, UCLA
Randy Holland, Justice, Supreme Court of Delaware
Andrew Metrick, Assistant Professor of Finance, Wharton School of the University of Pennsylvania
Steve Odland, Chairman, President and CEO, Autozone, Inc.
Ed Shaw, General Counsel, Aetna
Mike Useem, The William and Jacalyn Egan Professor; Professor of Management, Wharton School of the University of Pennsylvania
Ted White, Director Corporate Governance, CALPERS

Ten

Tues., Apr 22

Shareholder Litigation: Accountability Enhancer or Corporate Toxin (Handout 9)

Thurs., Apr 24

The New Federalism: State-based or National Corporate Law? Delaware or the Federal Government – Who Should be the Corporate Guide? (Handout 10)

Guest Speakers

Lucien Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance, Harvard Law School
Jack Coffee, Adolf A. Berle Professor of Law, Columbia Law School
Ed Labaton, Partner, Goodkind Labaton Rudoff & Sucharow LLP
Simon Lorne, Partner, Munger, Tolles & Olson LLP
E. Norman Veasey, Chief Justice, Supreme Court of Delaware

Eleven

Tues., Apr 29

The Poison Pill – Shareholder Toxin or Value Creator (Handout 11)

Thurs., May 1

No Class - Prepare Paper Topic

 

 

Twelve

Tues., May 6

Circon – The Role of the Dissident Director (Handout 12)

Thurs., May 8

Circon – The Role of the Dissident Director (Cont’d)

Guest Speakers

Peter Burrows, Staff Writer, Business Week
Bert Denton, President, Providence Capital Inc.
Joseph Grundfest, Professor of Law, Stanford Law School
Sam Heyman, Chairman of the Board, International Specialty Products
Robert Lamm, Corporate Secretary and Director of Corporate Governance, Computer Associates
Myron Steele, Justice, Supreme Court of Delaware
Guhan Subramanian, Joseph Flom Assistant Professor of Law and Business, Harvard Law School

Tues., May 13

No Class - Prepare Paper Topic 

Thirteen

Thurs., May 15

Director and Managerial Responsibility and Accountability, by John Byrne, Chainsaw

Tues., May 20

Director and Managerial Responsibility and Accountability, by John Byrne, Chainsaw (cont’d)

Wed., May 21

Papers due (2 copies) by 4:00 pm

I. Course Formant: Part One

Throughout the semester, we will be examining selected topics involving significant recent developments in American Corporate Governance.

II. Course Format, Part Two

By our sixth class (February 27, 2002) each student must submit a proposed research topic to the instructor along with a paragraph describing the topic.

III. Papers, Final Deadline

All final papers (2 copies) must be submitted no later than May 21, 2002, 4:00 pm to the instructor. Attached is a cover sheet that you should use for your paper. No need to bind your report.

IV. Grades and Attendance

Students are required to attend all seminar meetings. Three or more absences will result in a grade of F for the class.

 

Final grades will be based 50% on class participation and 50% on the final paper.

John L. Weinberg Center for Corporate Governance
Lerner College of Business & Economics
University of Delaware
Lerner Hall, Room 104
Newark, DE 19716-2709
302-831-6157 (office)
302-831-3329 (fax)