Before Memmo my notes were scattered across PDFs. Now a workspace pulls everything into one place — I see exactly what's still left to study.
Agency theory is ubiquitous in company law. This book explores (a) the limits of such deployment, and (b) the logic of how to deploy it.
The book makes five linked arguments in respect of the limits of agency theory in company law. First, it argues that agency theory has become so broad that it can be used to analyse most human relationships. Such breadth, though, comes at the expense of legal clarity: as agency relationships cover such a broad range of relationships, there are no normative legal conclusions that can be drawn merely from identifying such a relationship. Second, it argues that we need to differentiate more specific concepts with clearer legal implications, such as externalities, and the particular manifestation of moral hazard that appears in insurance dynamics. Third, it argues that considerable amounts of existing company law theory - which is ostensibly built from agency theory - is in fact based on a series of hidden value judgments at each stage of the analysis. Fourth, it argues that company law theory should use agency theory less to rebalance the discipline: agency theory has become hegemonic, which is dangerous for the discipline, obscures company law’s role in establishing incentives, undermines accountability, and reduces company law’s autonomy.
The book then moves to the logic of agency theory and makes three arguments. First, it argues that we need to factor in the company, only apply agency theory to voluntary interactions, and foreground our value judgments when identifying agency relations to do it properly. Second, it argues that it is rational to incur agency costs when we perceive the benefits of doing so to outweigh the costs, meaning that agency costs can be facilitative and we should look to front-end them rather than universally minimise them. Third, it argues that this needs to be undertaken through mandatory laws.
Exploring the external limits and internal logic of agency cost analysis, this book will be of interest to academics, students, and researchers of corporate and company law.
Before Memmo my notes were scattered across PDFs. Now a workspace pulls everything into one place — I see exactly what's still left to study.
Memmo's summaries are gold before exams. I don't have to re-read 800 pages two weeks before — just the important parts.
The AI chat has saved me the night before an exam more than once. I just keep asking until I get it — no waiting on a study group to reply.
The quizzes hit exactly what I need to know. Memmo tracks what I get stuck on — so I only practice what's worth it.
Flashcards with spaced repetition are magic. Memmo knows when I'm about to forget something and brings it back.
The AI podcasts are my favorite. I listen on my way to school and get a recap without sitting at a computer.
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