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Articles 1 - 23 of 23
Full-Text Articles in Law
The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman
The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman
Fordham Journal of Corporate & Financial Law
For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders based on widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to be completed.
In this Article, we propose to end the problem of discretionary judicial valuation by tracing …
Money Creation And Bank Clearing, Nadav Orian Peer
Money Creation And Bank Clearing, Nadav Orian Peer
Fordham Journal of Corporate & Financial Law
Like many other countries, the U.S. money supply consists primarily of deposits created by private commercial banks. How we understand bank money creation matters enormously. We are currently witnessing a debate between two competing understandings. On the one hand, a long-standing conventional view argues that bank money creation originates in individual market transactions. Based on this understanding, the conventional view narrowly limits the scope of banking regulation to market failure correction. On the other hand, authors in a new legal literature emphasize the public aspects of bank money creation, characterizing it as a “public franchise,” a “public-private partnership,” and part …
The Seventeenth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law At The Fordham Corporate Law Center, Caroline M. Gentile, The Honorable Karen L. Valihura
The Seventeenth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law At The Fordham Corporate Law Center, Caroline M. Gentile, The Honorable Karen L. Valihura
Fordham Journal of Corporate & Financial Law
No abstract provided.
Bringing Talent Off The Bench And Into The Game: The Underrepresentation Of Women In The Boardroom, Rachel Orbach
Bringing Talent Off The Bench And Into The Game: The Underrepresentation Of Women In The Boardroom, Rachel Orbach
Fordham Journal of Corporate & Financial Law
While women have expanded their footprint in corporate America in recent years, they are still underrepresented in the upper echelons of corporate governance, specifically in boardrooms, which dictate the direction of a company. At the current rate, it will take more than four decades before women’s representation on corporate boards reaches parity with that of men. Women face obstacles that make it difficult to rise in the ranks of corporate America. This can be attributed to numerous factors that collectively burden women with expectations that are at odds with success. These factors include low representation of women in traditional pipelines …
Regulating A Revolution: From Regulatory Sandboxes To Smart Regulation, Dirk A. Zetzsche, Ross P. Buckley, Janos N. Barberis, Douglas W. Arner
Regulating A Revolution: From Regulatory Sandboxes To Smart Regulation, Dirk A. Zetzsche, Ross P. Buckley, Janos N. Barberis, Douglas W. Arner
Fordham Journal of Corporate & Financial Law
Prior to the global financial crisis, financial innovation was viewed very positively, resulting in a laissez-faire, deregulatory approach to financial regulation. Since the crisis the regulatory pendulum has swung to the other extreme. Post-crisis regulation, plus rapid technological change, have spurred the development of financial technology (FinTech). FinTech firms and data-driven financial service providers profoundly challenge the current regulatory paradigm. Financial regulators increasingly seek to balance the traditional regulatory objectives of financial stability and consumer protection with promoting growth and innovation. The resulting regulatory innovations include RegTech, regulatory sandboxes, and special charters. This Article analyzes possible new regulatory approaches, ranging …
Corporations And The 99%: Team Production Revisited, Shlomitt Azgad-Tromer
Corporations And The 99%: Team Production Revisited, Shlomitt Azgad-Tromer
Fordham Journal of Corporate & Financial Law
This Article explores the legal manifestation of the interaction between the general public and the public corporation. Revisiting team production analysis, this Article redefines the corporate team and argues that while several constituencies indeed form part of the corporate team, others are exogenous to the corporate enterprise. Employees, suppliers and financiers contribute together to the common corporate enterprise, enjoying a long-term relational contract with the corporation, while retail consumers contract with the corporation at arm’s length, and other people living alongside the corporation do not contract with it at all. Under this organizational model, the general public may participate in …
The Changing Face Of Corporate Compliance And Corporate Governance, Sean J. Griffith, Steve Thel, Miriam Baer, Geoffrey P. Miller, Gerald Manwah, Stuart Breslow, Alan Cohen, Martin Grant, Henry Klehm Iii, Allen Meyer, Thomas C. Baxter Jr.
The Changing Face Of Corporate Compliance And Corporate Governance, Sean J. Griffith, Steve Thel, Miriam Baer, Geoffrey P. Miller, Gerald Manwah, Stuart Breslow, Alan Cohen, Martin Grant, Henry Klehm Iii, Allen Meyer, Thomas C. Baxter Jr.
Fordham Journal of Corporate & Financial Law
We are pleased to present this Symposium on the revolution in corporate compliance and its evolution in the financial services industry. This is the annual symposium hosted by the Fordham Journal of Corporate & Financial Law on significant topics in the realm of business law.
The format of the symposium is as follows. It begins with an introduction by Professor Sean Griffith, followed by edited transcripts of the two panel discussions and the keynote address.
The first panel is “Revolution: Challenging Corporate Norms?” and addresses the question of whether the revolution in corporate compliance challenges the established norms of corporate …
What We Talk About When We Talk About Voting: Efficiency And The Error In Empty Voting, Patricia Beck
What We Talk About When We Talk About Voting: Efficiency And The Error In Empty Voting, Patricia Beck
Fordham Journal of Corporate & Financial Law
Under the shareholder primacy model, shareholders exercise voting power because their votes are wealth maximizing and efficient. The practice of decoupling, or the strategic separation of the right to vote on a share from the economic ownership of that share, undermines this efficiency. The decoupled investor’s interests are not aligned with maximizing the value of the corporation and decoupled investors have, to the detriment of all other shareholders, used their voting power to dictate inefficient corporate decisions. This Note advocates for proxy card disclosure of decoupled shares and subsequent voiding of the decoupled votes. In this way, only those shares …
Defining "Material, Nonpublic": What Should Constitute Illegal Insider Information?, Cindy A. Schipani, H. Nejat Seyhun
Defining "Material, Nonpublic": What Should Constitute Illegal Insider Information?, Cindy A. Schipani, H. Nejat Seyhun
Fordham Journal of Corporate & Financial Law
It has been over fifty years since the United States Securities and Exchange Commission held that insider trading on material, nonpublic information is illegal, and despite the passage of the Insider Trading Sanctions Act in 1984, Insider Trading and Securities Fraud Enforcement Act in 1988, and the Sarbanes-Oxley Act of 2002, there is still no clear definition of “material, nonpublic information.” This Article argues that the ambiguity of what constitutes illegal insider information enables corporate insiders to engage in profitable transactions without legal consequences. Furthermore, we argue and provide evidence that the necessity of showing a tipper’s personal benefit creates …
Lost In Translation: Till V. Scs Credit Corp. And The Mistaken Transfer Of A Consumer Bankruptcy Repayment Formula To Chapter 11 Reorganizations, Mark J. Thompson, Katie M. Mcdonough
Lost In Translation: Till V. Scs Credit Corp. And The Mistaken Transfer Of A Consumer Bankruptcy Repayment Formula To Chapter 11 Reorganizations, Mark J. Thompson, Katie M. Mcdonough
Fordham Journal of Corporate & Financial Law
This Article argues that courts overseeing chapter 11 cases have been mistakenly invoking the Supreme Court’s 2004 decision in Till v. SCS Credit Corp.—which specified a consumer-friendly formula for setting the interest rate on the remaining payments on a loan that financed a used pickup truck—at the expense of over a century of Supreme Court precedents that established the contrastingly creditor friendly “fair and equitable” standard for repayment of business debts, as well as disregarding a clear statutory distinction between the present value tests in chapters 11 and 13. This Article also discusses the controversial 2014 decision in Momentive Performance …
Deconstructing Corporate Governance: Director Primacy Without Principle?, René Reich-Graefe
Deconstructing Corporate Governance: Director Primacy Without Principle?, René Reich-Graefe
Fordham Journal of Corporate & Financial Law
For almost eighty years now, corporate law scholarship has centered around two elementary analytical findings made in what has once been described as the “last major work of original scholarship”within the field.
The Tenth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law. Corporate Accountability: Governance And Compensation Issues, Stanley Sporkin, Todd Lang, Gary Naftalis, Jeffrey Sonnenfeld, Louise Story
The Tenth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law. Corporate Accountability: Governance And Compensation Issues, Stanley Sporkin, Todd Lang, Gary Naftalis, Jeffrey Sonnenfeld, Louise Story
Fordham Journal of Corporate & Financial Law
CORPORATE ACCOUNTABILITY: GOVERNANCE AND COMPENSATION ISSUES
Non-Recourse, No Down Payment And The Mortgage Meltdown: Lessons From Undercapitalization, Dov Solomon, Odelia Minnes
Non-Recourse, No Down Payment And The Mortgage Meltdown: Lessons From Undercapitalization, Dov Solomon, Odelia Minnes
Fordham Journal of Corporate & Financial Law
The recent global financial crisis, sparked by developments in the American mortgage market, provides a timely opportunity for a thorough analysis of the standard model for financing home purchases. The United States residential mortgage market has two prominent aspects: first, a significant part of mortgages are de facto non-recourse loans that allow the borrower to limit his liability solely to the collateral securing the loan; second, residential mortgages confer the aforementioned advantage on borrowers while requiring merely a minimal down payment, or no down payment at all. This article examines the implications of each of these aspects, as well as …
Approaching Comparative Company Law , David C. Donald
Approaching Comparative Company Law , David C. Donald
Fordham Journal of Corporate & Financial Law
No abstract provided.
Spin-Offs, Fiduciary Duty, And The Law, Edward S. Adams, Arijit Mukherji
Spin-Offs, Fiduciary Duty, And The Law, Edward S. Adams, Arijit Mukherji
Fordham Law Review
No abstract provided.
The Wake Of Paramount V. Qvc: Can A Majority Shareholder Avoid Triggering The Auction Duty During A Merger And Retain A Significant Equity Interest? Suggestion: A Pooling Of Interests, Phillip J. Azzollini
The Wake Of Paramount V. Qvc: Can A Majority Shareholder Avoid Triggering The Auction Duty During A Merger And Retain A Significant Equity Interest? Suggestion: A Pooling Of Interests, Phillip J. Azzollini
Fordham Law Review
No abstract provided.
Rule 10b-5: Birth Of The Concept Of Market Insider And Its Application In A Criminal Case - United States V. Chiarella, John J. Murphy
Rule 10b-5: Birth Of The Concept Of Market Insider And Its Application In A Criminal Case - United States V. Chiarella, John J. Murphy
Fordham Urban Law Journal
This Note examines the necessity of the expansion of the "market insider" by the Second Circuit Court of Appeals in United States v. Chairella. It goes on to analyze whether or not the criminal conviction under Rule 10b-5 of Chiarella was appropriate given the lack of notice.
The Sale Of Corporate Control, David C. Bayne, S.J.
The Sale Of Corporate Control, David C. Bayne, S.J.
Fordham Law Review
No abstract provided.
Stock Or Debt—That Is The Question, Albert A. De Stefano
Stock Or Debt—That Is The Question, Albert A. De Stefano
Fordham Law Review
No abstract provided.
Summary Jurisdiction Of The Chapter X Court In Corporate Reorganization, Arthur H. Fribourg
Summary Jurisdiction Of The Chapter X Court In Corporate Reorganization, Arthur H. Fribourg
Fordham Law Review
No abstract provided.
Gift Tax Liability Of Stockholder-Creditors Who Forgive Corporate Indebtedness, John B. Coman
Gift Tax Liability Of Stockholder-Creditors Who Forgive Corporate Indebtedness, John B. Coman
Fordham Law Review
No abstract provided.
Warming Up To Climate Change Risk Disclosure, Jeffrey M. Mcfarland
Warming Up To Climate Change Risk Disclosure, Jeffrey M. Mcfarland
Fordham Journal of Corporate & Financial Law
Investors are clamoring for companies to include more climate change risk disclosure in their periodic reports filed with the Securities and Exchange Commission (SEC). Yet public companies in the United States do a poor job of disclosing to investors how climate change affects their businesses. Although there have been several proposals for more voluntary disclosure of these risks and one petition for guidance from the SEC, these proposals are not effecting changes in disclosure practices quickly enough. This Article builds on existing proposals to create guidelines for mandatory climate change risk disclosure in periodic securities filings. The guidelines seek to …