132 Index critique of, and underlying assumptions short-term speculators versus long term investors, 63­73 as Ulysses (Odyssey), 75­76. See also Shareholders, conflict between initial and subsequent interests Share structures, classified (dual class), 34, 47 Shareholder primacy. See also Shareholder value appeal of, 19­21 change in former supporters, 5 consequences of, 5 as dogma, 21. See also Share- holder primacy, zenith of evidence from abroad, 56­57 good corporate governance, according to, 20 hegemony of, 35 impact on prosocial behavior, 101­102 influence on SEC shareholder proxy voting rules change, 20 and investor returns, 52­54 lack of, in corporations charters, 47 lack of investor demand for, 55­56 as normative view of corporate structure and governance, 45 and psychopathic behavior of corporations, 25 and public company as business form, 54­55 rise of, 18­19 stock market's recent perfor mance, lack of support for, 52­54 and US corporate law, 23­32 zenith of, 21­23 Shareholder value compared to stakeholder value, 4 and corporate law, 3 duty of maximizing, misconception about, 24 unlocking of, 3, 73 Staggered boards, 34, 47­48 Stanford Law School Scott, Kenneth, 35 Stock market average holding period for equities, change in, 66. See also Shareholders, short term speculators versus long-term investors Black Monday (October 19 1987), 64 myopia and short-term versus long term investors, 65 role of short-term investors in, 66­69 tech stock bubble, 64 value loss, as result of corporate mergers, 89 The Structure of Scientific Revolutions (Kuhn), 58, 114 Tax code, change in, as consequence of share- holder primacy view, 20 "The Theory of the Firm" (Meckling and Jensen), 34­35. See also Principal- Agent model "Tragedy of the Commons," 51­52 2008 financial crisis, 5­6 Unocal Corp. v. Mesa Petroleum Co., 28­29 US Court of Appeals for District of Columbia, and SEC "proxy access" rule, 50 Welch, Jack, 5. See also Shareholder primacy, change in former supporters Worldcom, 5 Yale Law School Hansmann, Henry, 21 Romano, Roberta, 49