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Full-Text Articles in Business Organizations Law

Making Sustainability Disclosure Sustainable, Jill E. Fisch Aug 2018

Making Sustainability Disclosure Sustainable, Jill E. Fisch

Faculty Scholarship

Sustainability is receiving increasing attention from issuers, investors and regulators. The desire to understand issuer sustainability practices and their relationship to economic performance has resulted in a proliferation of sustainability disclosure regimes and standards. The range of approaches to disclosure, however, limit the comparability and reliability of the information disclosed. The Securities & Exchange Commission (SEC) has solicited comment on whether to require expanded sustainability disclosures in issuer’s periodic financial reporting, and investors have communicated broad-based support for such expanded disclosures, but, to date, the SEC has not required general sustainability disclosure.

This Article argues that claims about the relationship ...


How Irrational Actors In The Ceo Suite Affect Corporate Governance, Renee M. Jones Aug 2018

How Irrational Actors In The Ceo Suite Affect Corporate Governance, Renee M. Jones

Boston College Law School Faculty Papers

No abstract provided.


The Wealth Gap And The Racial Disparities In The Startup Ecosystem, Lynnise E. Pantin Aug 2018

The Wealth Gap And The Racial Disparities In The Startup Ecosystem, Lynnise E. Pantin

Boston College Law School Faculty Papers

Although much attention has been given to structural inequality as it manifests in the criminal justice context, little has been said about economic inequality as it relates to the startup ecosystem. This Article details how the historic creation of the wealth gap affects entrepreneurship, highlighting how the wealth gap adversely impacts entrepreneurs of color. Entrepreneurship is a compelling solution to wealth inequality, but wealth inequality can be an impediment to success in entrepreneurship. This Article explains how the United States’ history of bolstering wealth creation for some, while inhibiting wealth creation for people of color, matters for understanding the startup ...


Omar Abdel-Aleem Et Al., Order On Pending Motions, Melvin K. Westmoreland Jul 2018

Omar Abdel-Aleem Et Al., Order On Pending Motions, Melvin K. Westmoreland

Georgia Business Court Opinions

No abstract provided.


Shareholder Collaboration, Jill E. Fisch, Simone M. Sepe Jul 2018

Shareholder Collaboration, Jill E. Fisch, Simone M. Sepe

Faculty Scholarship

Two models dominate the debate on the theory of the firm. Under the management-power model, decision-making power exclusively belongs to corporate insiders (officers and directors). The competing shareholder-power model contemplates increasing shareholder power to limit managerial authority. Both models are focused on managerial agency costs and address the appropriate allocation of power between insiders and shareholders to minimize these costs. Both models also assume that insiders and shareholders are engaged in a competitive struggle for corporate power.

Corporate practice has moved on, however. Increasingly, the insider-shareholder dynamic is collaborative, not competitive. This Article traces the development of insider-shareholder collaboration and ...


On The Continuing Misuse Of Event Studies: The Example Of Bessen And Meurer, Glynn S. Lunney Jr. Jul 2018

On The Continuing Misuse Of Event Studies: The Example Of Bessen And Meurer, Glynn S. Lunney Jr.

Glynn Lunney

No abstract provided.


The Certification Paradox, Jonathan M. Barnett Jul 2018

The Certification Paradox, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

It is commonly observed that certification intermediaries mitigate informational asymmetries by “lending” reputational capital to support transacting parties’ quality commitments. However, this proposition is challenged by cases in which well-established intermediaries have failed to detect fraud, misrepresentation and other misbehavior. The “certification paradox” provides a more nuanced account that anticipates both the general success, and periodic failure, of certification intermediaries. Transacting parties minimize search and evaluation costs by using a small number of certification intermediaries with large stocks of reputational capital. Incumbent certifiers are substantially protected by entrants’ high costs of accumulating sufficient reputational capital and users’ high costs of ...


The Sec And Foreign Private Issuers: A Path To Optimal Public Enforcement, Yuliya Guseva Jul 2018

The Sec And Foreign Private Issuers: A Path To Optimal Public Enforcement, Yuliya Guseva

Boston College Law Review

This Article examines SEC enforcement policies and seeks to find the optimum approach to enforcement against foreign private issuers. My previous empirical study of securities class actions against foreign firms identified a number of crucial developments that mainly occurred after Morrison v. National Australia Bank. In Morrison, the Supreme Court sought to limit the extraterritorial reach of the antifraud provisions of the U.S. securities laws. The Court has scaled down the exposure of foreign issuers to securities liability risk, particularly in class-action litigation. If the Supreme Court in Morrison has created a risky enforcement lacuna on the side of ...


Agribusiness And Antitrust: The Bayer-Monsanto Merger, Its Legality, And Its Effect On The United States And European Union, Aleah Douglas Jul 2018

Agribusiness And Antitrust: The Bayer-Monsanto Merger, Its Legality, And Its Effect On The United States And European Union, Aleah Douglas

The Global Business Law Review

This note examines the current and historical antitrust laws of the United States and the European Union as they relate to the currently pending merger between Bayer and Monsanto. It focuses alternatively on the legality of the merger under modern antitrust laws and the impact such a deal could have on the agribusiness industry in both Europe and the United States. Ultimately, the note argues that the Bayer-Monsanto merger is illegal and should be blocked by the proper authorities in the United States and the European Union.


Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon Jun 2018

Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship

The increasing percentage of the modern capital markets owned by passive investors – index funds and ETFs – has received extensive media and academic attention. This growing ownership concentration as well as the potential power of passive investors to affect both corporate governance and operational decision-making at their portfolio firms has led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. These reactions fail to account for the institutional structure of passive investors and the market context in which they operate. Specifically, this literature assumes that passive investors compete primarily on cost and that, as ...


Bankruptcy’S Uneasy Shift To A Contract Paradigm, David A. Skeel Jr., George Triantis Jun 2018

Bankruptcy’S Uneasy Shift To A Contract Paradigm, David A. Skeel Jr., George Triantis

Faculty Scholarship

The most dramatic development in twenty-first century bankruptcy practice has been the increasing use of contracts to shape the bankruptcy process. To explain the new contract paradigm—our principal objective in this Article-- we begin by examining the structure of current bankruptcy law. Although the Bankruptcy Code of 1978 has long been viewed as mandatory, its voting and cramdown rules, among others, invite considerable contracting. The emerging paradigm is asymmetric, however. While the Code and bankruptcy practice allow for ex post contracting, ex ante contracts are viewed with suspicion.

We next use contract theory to assess the two modes of ...


Proxy Access Voting: Evaluating Proxy Access And The Recent Phenomenon Of Corporations Adopting Shareholder Protective Policies, Danielle Vukovich Jun 2018

Proxy Access Voting: Evaluating Proxy Access And The Recent Phenomenon Of Corporations Adopting Shareholder Protective Policies, Danielle Vukovich

San Diego International Law Journal

Shareholders hold a financial stake in a corporation, and therefore are often viewed as owners of the corporation and believed to be in control for all corporate actions. However, their powers are circumscribed. Board of directors committees nominate directors to serve the corporation and these directors have the power to select the corporation’s officers. The committees provide shareholders a slate of proposed directors that are voted on and approved at the annual shareholder meeting. Shareholders may also propose their own slate of directors, but this typically requires a proxy contest, which can be expensive due to the costs both ...


The Corporate Law Dilemma And The Enlightened Sovereign Control Paradigm: In Search Of A New Legal Framework, Vincenzo Bavoso Jun 2018

The Corporate Law Dilemma And The Enlightened Sovereign Control Paradigm: In Search Of A New Legal Framework, Vincenzo Bavoso

Brooklyn Journal of Corporate, Financial & Commercial Law

This Article is centered on the proposal of a new model of corporate decision-making: the enlightened sovereign control paradigm. In revisiting the long-standing academic debate on the corporate objective, typically enshrined in the dichotomy between shareholder value and stakeholder theory, a critique of these existing models is put forward. In particular, it questions the ability of the existing theories to take account of the complex and multidimensional risks that are created by the company which affect different constituencies both inside and outside the company. While the global financial crisis of 2008 reignited the urgency to further define an appropriate legal ...


You Down With Mwbe? Yeah You Know Me: A Summary Of The Mbe, Wbe, And Dbe Programs In The State Of Missouri, Shomari Benton, David Lloyd Jun 2018

You Down With Mwbe? Yeah You Know Me: A Summary Of The Mbe, Wbe, And Dbe Programs In The State Of Missouri, Shomari Benton, David Lloyd

The Business, Entrepreneurship & Tax Law Review

The State of Missouri and Missouri municipalities want to encourage minority and women owned businesses in their communities. The governments have created formalized programs to utilize these businesses. The purpose of these programs is to increase participation of women, minority, and other historically disadvantaged businesses in government related contracts. To bid upon or enter into government related contracts, minority, women, and other historically disadvantaged groups must apply for and receive program certification by different government entities. The certification application and process can be confusing, time consuming, and costly. But with guidance, can be navigated and be beneficial to minority and ...


The New Blame Game: How Airbnb Has Been Mis-Regulated As The Scapegoat For Century-Old Problems, Kenyon Briggs Jun 2018

The New Blame Game: How Airbnb Has Been Mis-Regulated As The Scapegoat For Century-Old Problems, Kenyon Briggs

The Business, Entrepreneurship & Tax Law Review

Mis-regulation occurs when regulation does not fix the problem it was enacted to solve. This article first looks at what sort of issues regulation is capable of fixing. After that, a regulatory framework is provided that urges policymakers to only enact regulation that provides the greatest net benefit for all involved. In the case of Airbnb, two-way reputational mechanisms — the ability to rate the other party, usually through a public “five-star” rating system — has solved most of the problems regulation is capable of curing. Then, the article analyzes the current anti-Airbnb laws in New York City and San Francisco, and ...


Information Rights — A Survey, Allen Sparkman Jun 2018

Information Rights — A Survey, Allen Sparkman

The Business, Entrepreneurship & Tax Law Review

This paper traces the development of the rights of owners of entities to examine and copy the entity’s books and records. The paper then surveys the current state of the law for corporations, limited liability companies, limited partnerships, and partnerships and makes recommendations.


Employees Beware: How Sb 43 Takes Missouri Anti-Discrimination Law Too Far, Emily Crane Jun 2018

Employees Beware: How Sb 43 Takes Missouri Anti-Discrimination Law Too Far, Emily Crane

The Business, Entrepreneurship & Tax Law Review

SB 43 passed through the Missouri Legislature and was signed into law by Governor Eric Greitens on June 30, 2017. Ostensibly intended to bring Missouri’s anti-discrimination law in line with analogous federal law, SB 43 amended the Missouri Human Rights Act and thereby improperly increased the legal burden on employment discrimination plaintiffs. This article examines the causation standards under Title VII of the Civil Rights Act of 1964 and the Americans with Disabilities Act and contrasts those with the newly-amended Missouri Human Rights Act to demonstrate just how far Missouri law has gone. In so doing, this article ultimately ...


Overtime Overruled: Why The New Department Of Labor Overtime Regulations Should Not Go Into Effect, Morgan Westhues Jun 2018

Overtime Overruled: Why The New Department Of Labor Overtime Regulations Should Not Go Into Effect, Morgan Westhues

The Business, Entrepreneurship & Tax Law Review

The United States Department of Labor recently revised its overtime regulations for white collar workers to keep up with the changing economy and inflation. While the salary level for who can receive overtime pay needs to be elevated, the proposed elevation to the salary level under the Obama Administration is too drastic. The proposed overtime regulations essentially double the current salary level for overtime eligibility. This drastic increase is already having negative effects on employees, even though it has not yet gone into effect. To prepare for the new regulations to take effect, employers have begun to find ways around ...


Essay: Corporate Triplespeak: Responses By Investor-Owned Utilities To The Epa’S Proposed Clean Power Plan, Alan R. Palmiter Jun 2018

Essay: Corporate Triplespeak: Responses By Investor-Owned Utilities To The Epa’S Proposed Clean Power Plan, Alan R. Palmiter

Brooklyn Law Review

During the year following the EPA’s proposed Clean Power Plan to regulate CO2 emissions in the power sector, the largest investor-owned electric utilities engaged in a curious triplespeak. Employing the moral language of political conservatives, the utilities focused on whether and how the EPA had transgressed its “traditional” regulatory role, thus altering the “structure” of energy federalism and potentially “degrading” orderly power supplies. In disclosure filings with the Securities and Exchange Commission, the utilities used the moral language of political libertarians, focusing on the “financial risks” that federal government “intervention” poses to efficient power “markets” and to the “freedom ...


Rules Are Meant To Be Amended: How Regulation Crowdfunding's Final Rules Impact The Lives Of Startups And Small Businesses, Dylan J. Hans Jun 2018

Rules Are Meant To Be Amended: How Regulation Crowdfunding's Final Rules Impact The Lives Of Startups And Small Businesses, Dylan J. Hans

Brooklyn Law Review

The Securities and Exchange Commission effectuated the final crowdfunding rules in 2016, and since then, those rules have become the target of scrutiny from startups and investors. Crowdfunding, a form of public capital raising, is an exciting means by which new companies raise money. But, how long will this regulation be a viable option for startups and small businesses? Will the regulation continue to create opportunities for small market enterprises to raise capital? This Note argues that the Securities and Exchange Commission must make adjustments to the Regulation Crowdfunding exemption to improve investor protection, while also reducing draconian disclosure requirements ...


Uncharted Waters? Legal Ethics And The Benefit Corporation, Joseph Pileri May 2018

Uncharted Waters? Legal Ethics And The Benefit Corporation, Joseph Pileri

St. Mary's Journal on Legal Malpractice & Ethics

Corporate law norms are reflected in lawyers’ ethical duties. The enactment of benefit corporation legislation across the country signals a legislative acknowledgment that corporate law can serve as a public, rather than a merely private, ordering mechanism. Benefit corporations expressly adopt a public benefit as a legal purpose of the enterprise. While many have written about this important development with respect to corporate fiduciary law, this essay is the first to explore the professional and ethical responsibility of lawyers representing benefit corporations. In the last century, as scholars and courts drove an understanding of corporate law that elevated the interests ...


Enforcing The Bargain V. Materiality Requirement: The Future Of Disclosure-Only Settlements Post-Trulia, Hao Jiang May 2018

Enforcing The Bargain V. Materiality Requirement: The Future Of Disclosure-Only Settlements Post-Trulia, Hao Jiang

Pace Law Review

In In re Trulia, Inc. Stockholder Litigation, the Delaware Court of Chancery broke away from its tradition of routinely approving disclosure-only settlements and required disclosures to be material in order to cure the conflict of interest between plaintiff’s counsel and the plaintiff class. I argue that fairness of settlement is the only standard in approving class action settlements and fairness will not be achieved by requiring materiality. Shareholders are legally entitled to all material information, as the board’s fiduciary duty dictates. Thus, material disclosures are enforcement of a legal duty that is no consideration for the release of ...


Direct Regulation Of Hedge Funds: An Analysis Of Hedge Fund Regulation After The Implementation Of Title Iv Of The Dodd-Frank Act, Jacob Johnson May 2018

Direct Regulation Of Hedge Funds: An Analysis Of Hedge Fund Regulation After The Implementation Of Title Iv Of The Dodd-Frank Act, Jacob Johnson

DePaul Business and Commercial Law Journal

Jacob Johnson is a Class of 2018 Juris Doctor Candidate at DePaul University

College of Law and Research Staff Member of the DePaul Business and Commercial

Law Journal. He earned a B.A. in Political Science and minor in Business from the

University of Illinois at Urbana-Champaign in 2015. He would like to thank his

parents, John and Rebecca Johnson, for their constant support.


Deregulating The Music Industry: A Push To Give Power Back To The Songwriters, Scott Hanus May 2018

Deregulating The Music Industry: A Push To Give Power Back To The Songwriters, Scott Hanus

DePaul Business and Commercial Law Journal

Scott Hanus is a class of 2018 Juris Doctor Candidate at DePaul University

College of Law and a member of the research staff of the DePaul Business and

Commercial Law Journal. He earned a B.A. in History and Political Science from

the University of Illinois at Urbana-Champaign in 2015. He would like to thank his

parents, Don and Laura Hanus, for their constant support throughout his academic

career, the editors of the journal for their hard work, and Leo Fender for creating the

Fender Telecaster.


Creating Stability In The International Fashion Industry By Using Corporate Structures And Conglomerates, Joyce Boland-Devito Esq. May 2018

Creating Stability In The International Fashion Industry By Using Corporate Structures And Conglomerates, Joyce Boland-Devito Esq.

DePaul Business and Commercial Law Journal

Abstract:

This paper will analyze the challenges currently facing the global fashion industries as consumers change their shopping habits. During these tumultuous times, retailers should re-evaluate their organizational structures. According to the Forbes Global 2000, apparel companies make up 29 of those top businesses. For instance, a corporate structure helps businesses like TJX Companies (headquartered in Framingham, Massachusetts) – which owns TJ Maxx, Marshalls, HomeGoods and Sierra Trading Post – to operate efficiently and maintain over 1000 stores in the U.S., Canada, U.K., Ireland, Germany, Poland, Austria, The Netherlands and Australia. It sells apparel and home fashions (sheets, pillows, picture ...


Shawe V. Elting: The Imperfect Sale Of Transperfect Global, Inc., Sarah M. Samaha May 2018

Shawe V. Elting: The Imperfect Sale Of Transperfect Global, Inc., Sarah M. Samaha

Maryland Law Review

No abstract provided.


Whistling In The Wind: Why Federal Whistleblower Protections Fall Short Of Their Corporate Governance Goals, Meera Khan May 2018

Whistling In The Wind: Why Federal Whistleblower Protections Fall Short Of Their Corporate Governance Goals, Meera Khan

University of Miami Business Law Review

Teetering on the line between hero and villain, whistleblowers have a remarkably unusual role in contemporary American society. Those who blow the whistle on public sector activities, like Edward Snowden and the Watergate Scandal’s “Deep Throat”, are often vilified in history as treasonous and unprincipled rogues. In the private sector, however, whistleblowers are seen as moral compasses for corporate behavior, and are even afforded federal protections for speaking out against internal malfeasance. The piecemeal evolution of whistleblower legislation including the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 created ...


The Final Rule: A Call For Congressional Action To Return The Flsa And The Middle Class To Its Former Glory, Ashley Singrossi May 2018

The Final Rule: A Call For Congressional Action To Return The Flsa And The Middle Class To Its Former Glory, Ashley Singrossi

University of Miami Business Law Review

2017 was full of change in America. But not for the middle class. The middle class remained stagnant, if not shrinking—as it has been for decades. Many scholars and economists theorize why the class that is the backbone of America—that once flourished as the beacon of hope for hard–working people around the world—has steadily declined over the past few decades. The answer lies in labor regulation. Federal labor regulations helped build America’s robust middle class. But those regulations are outdated and ineffective. If we want to see the middle class restored to its prosperity, and ...


Setting Sail To Cuba: Analyzing The Recent Introduction Of Cruise Lines And The Impact On American Tourist Freedoms, Alessandria San Roman May 2018

Setting Sail To Cuba: Analyzing The Recent Introduction Of Cruise Lines And The Impact On American Tourist Freedoms, Alessandria San Roman

University of Miami Business Law Review

After President Obama’s announcement in early 2015 of increased relations with the Cuban government despite the existing Cuban embargo under the Helms–Burton Act and the Cuban Democracy Act, Carnival Cruise line made history in July of 2015 when it became the first United States cruise line to receive approval from both the United States Department of Treasury and the United States Department of Commerce to offer cruises to Cuba. Since its introduction, there has been wide increase in Cuba’s tourism industry. However, Cuban regulations still regulate where and how cruise lines can travel. The increased relations are ...


Maine's Non-Shareholder Constituency Statute, John A. Anderson May 2018

Maine's Non-Shareholder Constituency Statute, John A. Anderson

Maine Law Review

In 1985, the Maine Legislature enacted an amendment to section 716 of the Maine Business Corporation Act which added the following paragraph to the statute: “In discharging their duties, the directors and officers may, in considering the best interests of the corporation and of its shareholders, consider the effects of any action upon employees, suppliers and customers of the corporation, communities in which offices or other establishments of the corporation are located and all other pertinent factors.” This amendment, commonly referred to as a non-shareholder constituency provision, is seen by some as affecting no great change in Maine's corporate ...