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Full-Text Articles in Law
Pre-Disclosure Accumulations By Activist Investors: Evidence And Policy, Lucian A. Bebchuk, Alon Brav, Robert J. Jackson Jr., Wei Jiang
Pre-Disclosure Accumulations By Activist Investors: Evidence And Policy, Lucian A. Bebchuk, Alon Brav, Robert J. Jackson Jr., Wei Jiang
Ira M. Millstein Center for Global Markets and Corporate Ownership
The Securities and Exchange Commission (SEC) is currently considering a rulemaking petition requesting that the Commission shorten the ten-day window, established by Section 13(d) of the Williams Act, within which investors must publicly disclose purchases of a five percent or greater stake in public companies. In this Article, we provide the first systematic empirical evidence on these disclosures and find that several of the petition's factual premises are not consistent with the evidence.
Our analysis is based on about 2,000 filings by activist hedge funds during the period of 1994-2007. We find that the data are inconsistent with the petition's …
Codes Of Corporate Governance: A Review, Nolan Haskovec
Codes Of Corporate Governance: A Review, Nolan Haskovec
Ira M. Millstein Center for Global Markets and Corporate Ownership
The U.S. was one of the first nations in the world to concern itself with the governance of its publicly-listed corporations. But it stopped well short of developing authoritative general standards of corporate governance. By contrast, many of the world’s other markets have by now agreed to some sort of ‘official’ principles for the governance of their quoted companies.
A key reason often cited for why the U.S. lacks a single, authoritative national code of corporate governance2 is the general resistance to centralized regulation of corporate law, which is subject to state rather than federal statutes. But several other major …
Agenda For Private Sector Reform: Omnibus Policy Recommendations For A Post-Crisis Market, Millstein Center For Corporate Governance And Performance
Agenda For Private Sector Reform: Omnibus Policy Recommendations For A Post-Crisis Market, Millstein Center For Corporate Governance And Performance
Ira M. Millstein Center for Global Markets and Corporate Ownership
The global financial crisis has exposed a raft of market weaknesses and failures The Center has concentrated on probing urgent, corporate governance-related issues where it identified apparent gaps in knowledge, insight and infrastructure. Policy Briefings have addressed the advisory vote on executive compensation; board-shareowner communications; proxy voting reform; independent board leadership; risk oversight; pay for performance; and shareowner stewardship. Using global perspectives, they address key concerns within the relevant subject areas and attempt to gather and present practical recommendations and ideas.
This report compiles summaries of the Center’s recommendations on these seven key areas from 2007 through mid-2009. The objective …
Pay, Risk And Stewardship: Private Sector Architecture For Future Capital Markets, Mariana Pargendler
Pay, Risk And Stewardship: Private Sector Architecture For Future Capital Markets, Mariana Pargendler
Ira M. Millstein Center for Global Markets and Corporate Ownership
The recent financial crisis revealed a massive failure of institutions that populate the world’s capital markets. Banks, investors, ratings agencies, regulators and numerous other players demonstrated that confidence in market responses was misplaced. The loss of faith in capital market institutions has represented a significant hurdle to recovery as financial institutions continue to be wary of one another, and the public is wary of all of them.
Restoring trust in the system requires two distinct pillars of reform. The first pillar, reform of the financial regulatory system, both nationally and globally, has received most of the attention so far. Many …