- Nicholas E. Chimicles Research Professor of Business Law and Regulation
Professor Michal Barzuza researches and teaches corporate law, corporate governance, corporate finance, regulatory competition and law and economics. Her scholarship studies the optimal balance between regulation and laissez-faire in corporate law, focusing on issues such as the effects of interstate competition on the shape of corporate law, firm heterogeneity and the choice of corporate governance terms, cross-listing, boardroom dynamics, outside directors and the general counsel, and firms with controlling shareholders.
Her research analyzing Nevada’s attempt to compete with Delaware over incorporations by offering lax law was selected as one of the top 10 papers in corporate and securities law for 2012 in a national survey of corporate law professors and was reprinted in the Corporate Practice Commentator. This research and her research on the companies that choose to incorporate in Nevada received significant national coverage. Her work was twice selected for presentation at the Stanford/Yale Junior Faculty Forum, and seven times at the annual meetings of the American Law and Economics Association.
Barzuza was a visiting professor at New York University Law School and served on the board of Southern Union Gas, a mid-size New York Stock Exchange company. She practiced corporate law at the Israeli law firm of Haim Zadok & Co., and was a summer associate at Sidley Austin Brown & Wood in New York.
Barzuza received her S.J.D. from Harvard Law School. Her dissertation won the John M. Olin Prize for Outstanding Paper in Law and Economics. After her graduation she served as an Olin Fellow in Law, Economics and Business at Harvard. During her studies she taught a workshop on regulatory competition in corporate and securities law as a Byse Teaching Fellow. She received an LL.B. and a B.A. in economics from Tel Aviv University, where she was a Cegla Research Fellow in law and economics and an editor of the Tel Aviv University Law Review.
Scholarship Profile: Searching for the Right Mix of Freedom and Regulation in Corporate Law (Virginia Journal 2011)
- S.J.D.Harvard Law School2004
- LL.M.Harvard Law School1999
- LL.B.Tel Aviv University1997
- B.A.Tel Aviv University2003
Publications and Discussion Papers
“The Private Ordering Paradox in Corporate Law,” Harv. Bus. L. Rev. (forthcoming 2018).
“Board Interlocks and Outside Directors’ Protections” (with Quinn Curtis), 46 J. Legal Stud. 129 (2017).
“Unbundling the Dynamics of MV Implementation: Voluntary versus Reluctant Adoption of MV as a Source of an Omitted-Variable Bias” U. Chi. L. Rev. Online (2017).
"Do Heterogeneous Firms Select Their Right 'Size' of Corporate Governance Arrangements?"
“Board Interlocks and Corporate Governance” (with Quinn Curtis), 39 Del. J. Corp. L. 669 (2015).
“Self-Selection and Heterogeneity in Firms’ Choice of Corporate Law,” 16 Theoretical Inquiries L. 295 (2015).
"What Happens in Nevada? Self-Selecting into Lax Law" (with David C. Smith), 27 Review of Financial Studies 3593 (2014).
PDF; articles about the study in: Reuters | Boardmember.com | Truth on the Market (blog) | California Corporate and Securities Law (blog) Post 1 • Post 2 | Virginia Law Website |Reuters | Time | Las Vegas Review Journal | Wisconsin Public Radio | McIntire School of Commerce News | Deutsche Welle | Vegas Inc.
"Interlocking Board Seats and Protection for Directors after Schoon" (with Quinn Curtis) Revise and Resubmit J. Legal Studies.
"Self-Selection in the Market for Corporate Law" (symposium forthcoming 2015).
"Lemon Signaling in Cross-Listing" Virginia Law and Economics Research Paper No. 2012-03 (revised March 2012) (under review).
"Market Segmentation: The Rise of Nevada as a Liability-Free Jurisdiction" 98 Va. Law Rev. 935 (2012).
SSRN | HeinOnline (PDF)
Articles about the study in: Boardmember.com | Truth on the Market (blog) | Reuters |Time | Las Vegas Review-Journal | Wisconsin Public Radio | McIntire School of Commerce News | Financial Times | Treasure Islands | Deutsche Welle | Vegas Inc. | Selected as One of the 10 Best Corporate and Securities Articles of 2012 by Corporate Practice Commentator
"Does the Structure of the Franchise Tax Matter?" 96 Va. Law Rev. In Brief 27 (2010).
"The Market for Corporate Law," (with Oren Bar-Gill and Lucian A. Bebchuk), 162(1) J. Institutional & Theoretical Econ. 134 (2006).
"Short-Termism and Long-Termism" (with Eric L. Talley).
"Signaling a Lemon: The Decision Not to Cross-List and High Private Benefits of Control" (with David C. Smith)