Piercing the Corporate Veil and the 'Pure Form' of the Corporation as Financial Innovation
Bibliographic record
Abstract
Courts regularly engage in a kind of ad hoc rewriting of corporate legislation when they accede to litigants’ arguments to “pierce” or “lift” the corporate veil. Their jurisdiction to do so is rarely questioned, and many veil piercing decisions are often lauded as intuitively fair or economically sound. What is sometimes lost in the formalistic discussion of veil piercing is that incorporation by general incorporation statute was an early and important financial innovation that emerged within a particular institutional context. The doctrinal features of the corporation that emerged from that early context may obscure what Larry Neal has referred to as the “pure form” of this financial innovation. Unnecessary but persistent aspects of the business corporation emerging from its origins may create obstacles to analytical clarity and impair the optimal use of the modern business corporation. They may also account for many of the observed shortcomings in the veil-piercing jurisprudence.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.012 | 0.021 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.002 | 0.001 |
| Science and technology studies | 0.006 | 0.105 |
| Scholarly communication | 0.020 | 0.017 |
| Open science | 0.002 | 0.011 |
| Research integrity | 0.011 | 0.010 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".