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The Long-Term Effects Of Short Selling And Negative Activism, Peter Molk, Frank Partnoy
The Long-Term Effects Of Short Selling And Negative Activism, Peter Molk, Frank Partnoy
UF Law Faculty Publications
We investigate the long-term effects of short selling and “negative activism,” where activists seek to profit from declines in the share prices of targeted firms. We show that negative activism is associated with significant and declining long-term share returns and operating performance, as well as an increase in securities litigation and regulatory actions against targeted firms. We explore the policy implications of this new evidence, including ways that policy makers and market participants might take advantage of the potential benefits of short selling negative activism. Our message is straightforward: resist impulses to curb short selling, and instead embrace attempts to …
Repurposing The Corporation Through Stakeholder Markets, Lynn M. Lopucki
Repurposing The Corporation Through Stakeholder Markets, Lynn M. Lopucki
UF Law Faculty Publications
Corporate social responsibility (CSR) is immensely popular. Rhetorically, nearly all public corporations have committed to it. But corporations don’t act responsibly. That is because no system exists by which their responsibility levels can be measured and rewarded or punished. Thousands of organizations worldwide are engaged in a cooperative effort to build such a system. After two decades of work, the system is almost entirely in place. It may become effective in the next two to three years. When it does, the system will continually measure and report publicly as many as a thousand audited data points on the CSR of …