Business Commons^™

Equity For All: Building The Infrastructure For Change Through Community-First Funder Collaboratives, Ellen Braff-Guajardo, Kaying Hang, Leslie Cooksy, Monica Braughton, Fontane Lo

The Foundation Review

Foundations increasingly recognize that improving conditions in many communities requires addressing inequities in access to rights and resources. Yet there are challenges to effective investment in underresourced regions, especially when foundations have limited familiarity with the region and may assume limited local capacity to leverage philanthropic investments.

This article discusses how Sierra Health Foundation partnered with other California and national foundations to establish the San Joaquin Valley Health Fund, a collaborative whose grants focus on strengthening the capacity of communities and organizations in the Valley to advance policy and systems changes that promote health and racial equity.

This article highlights …

Introduction, Marcy Murninghan

New England Journal of Public Policy

America faces a reckoning, a crucible of what Reinhold Niebuhr observed more than eighty years ago. Our democratic principles and traditions are imperiled by the power of financial oligarchs and unfettered money flows, which have contributed to massive inequality that, in turn, has given rise to political unrest and a sense of cultural unmooring.

The articles presented here are both descriptive and normative, setting forth a complex social problem with seemingly bottomless proportions and then offering a design or set of remedial actions to alleviate them. Drawing on my professional experience going back to the mid-1970s, I wrote these pieces …

The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll

All Faculty Scholarship

2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.