Thom Lambert headshot

Wall Chair in Corporate Law and Governance
University of Missouri Law School

Thomas A. Lambert is the Wall Chair in Corporate Law and Governance and Professor of Law. Professor Lambert’s scholarship focuses on antitrust, corporate and regulatory matters.

Financial Regulation

Corporate Governance


Coase, Penalty Defaults, and the Disgorgement Remedy for Breach of Fiduciary Duty

Law students, I have found, often have a hard time seeing how the Coase Theorem applies outside the context of land use conflicts. They also tend to think Coase’s insight is not so important because, they recite (parroting some of their professors), “Transactions costs are always present.” This saddens me, for the more I look at the law, the more relevant the theorem becomes.

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