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1、THENEWVOTEBUYING:EMPTYVOTINGANDHIDDEN(MORPHABLE)OWNERSIllPHENRYT.C.HU.BERNARDBLACKReprintedfromSOUTHERNCALIFORNIALAWREVIEWVolume79,May2006,Number4Copyright©200~byHenryT.C.Hu.AllRightsReserved~uscGOULDSCHOOLOFLAWTHENEWVOTEBUYING:EMPTYVOTINGANDHIDDEN(MORPHABLE)OWNERSHIP*HENRY
2、T.C.Hu**&BERNARDBLACK***ABSTRACTCorporatelawgenerallymakesvotingpowerproportionaltoeconomicownership.Thisservesseveralgoals.Economicownershipgivesshareholdersanincentivetoexercisevotingpowerwell.Thecouplingofvotesandsharesmakespossiblethemarketforcorporatecontrol.Thepowerof
3、economicownerstoelectdirectorsisalsoacorebasisforthelegitimacyofmanagerialauthority.Boththeoryandevidencegenerallysupporttheimportanceoflinkingvotestoeconomicinterest.Yetthederivativesrevolutionandothercapitalmarketsdevelopmentsnowallowbothoutsideinvestorsandinsiderstoreadi
4、lydecoupleeconomicownershipofsharesfromvotingrights.Thisdecoupling,whichwecallthe*Copyright©2006byHenryT.C.Hu.Allrightsreserved.PermissionisherebygrantedfornoncommercialreproductionofthisArticleforclassroomuseonlyinnonprofitacademicinstitutions,subjecttotheconditionthatthen
5、amesoftheauthors,acompletecitation,andthiscopyrightnoticeandgrantofpermissionbeincludedinthecopies.ThisArticleisalsoavailableathttp://ssrn.comlabstract=904004.**AllanShiversChairintheLawofBankingandFinance,UniversityofTexasLawSchool.Wethankconferenceandworkshopparticipantsa
6、ttheAmericanLawandEconomicsAssociationannualmeeting(May2005);theBoundariesofSECRegulationConference(FinancialEconomicsInstitute,ClaremontMcKennaCollege)(February2006);StanfordLawSchool(March2006);UniversityofTexas,McCombsSchoolofBusiness(April2006);theWeil,Gotshal&MangesRou
7、ndtableatYaleLawSchool(April2006);andtheCorporateLawRoundtableatUniversityofPennsylvaniaLawSchool(April2(06).Wealsothank!manAnabtawi,RichardCraswell,JeffreyGordon,LarryHarris,LindaHayman,GerardHertig,JenniferHill,BruceJohnsen,CharlesMcCallum,HaroldJ.Mulherin,JeffryNetter,Ia
8、nRamsay,EdwardRock,RobertaRomano,DavidSkeel,LeoStrine,JanetKiholmSmith,andanonymou
