The Corporation as a Time Machine
Lynn Stout argues that the board-controlled corporation can be understood as a legal innovation that historically has functioned as a means of transferring wealth forward and sometimes backward through time, for the benefit of present and future generations. Professor Stout was an internationally recognized expert in the fields of corporate governance, securities regulation, financial derivatives, law and economics, and moral behavior. She was the author of numerous articles and books on these topics and lectures widely. Her most recent book was The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations and the Public (Berrerr Koehler 2012), which was named 2012 Governance Book of the Year.