Significantly, Delaware has one of the few remaining Courts of Chancery in the nation, which has jurisdiction over equity cases, the vast majority of which are corporate disputes, many relating to mergers and acquisitions. The Court of Chancery and the Delaware Supreme Court have developed a worldwide reputation for rendering concise opinions concerning corporate law which generally (but not always) grant broad discretion to corporate boards of directors and officers. In addition, the Delaware General Corporation Law, which forms the basis of the Courts' opinions, is widely regarded as giving great flexibility to corporations to manage their affairs. For these reasons, Delaware is considered to have the most business-friendly legal system in the United States; therefore a great number of companies are incorporated in Delaware, including 60% of the companies listed on the New York Stock Exchange.