F. Hodge O'Neal Corporate and Securities Law Symposium

Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases

Authors: Marcel Kahan (New York University) , Michael Klausner (New York University)

  • Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases

    F. Hodge O'Neal Corporate and Securities Law Symposium

    Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases

    Authors: ,

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Abstract

Part I of this Article reviews our prior analysis of increasing returns in corporate contract terms. Within the rubric of increasing returns, we discuss learning and network externalities in corporate contracts. Parts II and III examine how agency costs and behavioral biases can lead to standardization.

Keywords: Corporations, Covenants

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Published on
1996-01-01

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