Commonsense Principles of Corporate Governance
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Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their political and economic...Read more
Unappropriated Dollars: The Fed’s Ad Hoc Lending Facilities and the Rules That Govern Them
In response to the spread of COVID-19, the Federal Reserve has established fourteen ad hoc facilities to lend to financial firms, foreign central banks, nonfinancial businesses, and state and local governments. This Article reviews these...Read more
For Whom is the Corporation Managed in 2020?: The Debate over Corporate Purpose
A high profile public debate is taking place over one of the oldest questions in corporate law, namely, “For whom is the corporation managed?” In addition to legal academics and lawyers, high profile business leaders and business school...Read more
Power and Statistical Significance in Securities Fraud Litigation
Event studies, a half-century-old approach to measuring the effect of events on stock prices, are now ubiquitous in securities fraud litigation. In determining whether the event study demonstrates a price effect, expert witnesses typically base...Read more
OOPs! The Inherent Ambiguity of Out-of-Pocket Damages in Securities Fraud Class Actions
Most securities fraud class actions under SEC Rule 10b-5 involve revelation of negative information about the defendant company that should have been disclosed earlier – bad news that (allegedly) has been covered up by company agents. The...Read more