Tuesday, May 09, 2006

A Modest Defense of SarbOx

Irwin Stelzer provides a short and modest defense of SarbOx, centering on the law's ability to provide confidence in the fairness of capitalism, its encouragement to boards to rein in executive pay, and its healthy influence in reducing merger and takeover prices.

Executive pay hasn't improved, however. Also, although I think Stelzer is onto something regarding SarbOx's influence on lower takeout prices, it's difficult to prove that.


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