PROFESSOR BEBCHUK'S BRAVE NEW WORLD: A REPLY TO "THE MYTH OF THE AREHOLDER FRANCHISE".

The author comments on the article "The Myth of the Shareholder Franchise," by Lucian Bebchuk. In the article, Bebchuk argues the failure of the presumed power of the shareholder franchise to hold directors accountable. Moreover, he proposes several changes to the system of corporate governance. He also comments on the inability of the current system of governance to impose an effective management of corporations.