Showing archive for: “Corporate Governance”
An open letter on insider trading to Gene Fama and Ken French
[Post bumped to the top, and cross-posted at Organizations & Markets, in light of our technical difficulties last week and in the hopes of eliciting a response — Eds] Dear Gene and Ken: I must say that I was totally flabbergasted when I read your recent blog posting on insider trading. I know that your ... An open letter on insider trading to Gene Fama and Ken French
Implicit Compensation
The expansive executive compensation literature has two camps: one camp believes markets generally work; the other that they don’t. I am in the former camp, but believe markets and individuals that comprise them make mistakes and that those with power can sometimes use that power to serve their own, selfish ends. The only difference between ... Implicit Compensation
An open letter on insider trading to Gene Fama and Ken French
Dear Gene and Ken: I must say that I was totally flabbergasted when I read your recent blog posting on insider trading. I know that your usual posts on investments, which I often cite to friends, are well-informed and empirically-supported; your work over the years on these topics is important and influential—and rightly so. Unfortunately, ... An open letter on insider trading to Gene Fama and Ken French
Antitrust Exam Question: Do the Major Institutional Investors Have an Antitrust Problem?
The Wall Street Journal is reporting that major institutional investors — CalPERS, CalSTRS, the Teacher Retirement System of Texas, etc. — have collectively adopted a set of recommended practices that is “rankling” private equity firms. Had I not discussed the article in my Antitrust class, I’d use it as the basis for an exam question. ... Antitrust Exam Question: Do the Major Institutional Investors Have an Antitrust Problem?
"So when you listen to economists, you're listening to amateurs"
So says David Zaring over at the Conglomerate — at least when it comes to the topic of regulation. I don’t buy it. Anyway, here’s the complete quote for context: Economists love to suggest new regulatory structures (or, more often, why they will not work). But, of course, they have no training in regulation, and ... "So when you listen to economists, you're listening to amateurs"
Why Citizens United was right
Let me say at the outset, some of my prior beliefs. First, I believe in the marketplace of ideas and think that more speech is generally better than less speech. I believe the Founders shared this belief and enshrined it in the “no law” component of the First Amendment. I believe this is especially true ... Why Citizens United was right
The first thing we do, let's kill the quants!
Professor Bainbridge has a provocative post up taking on empirical legal scholarship generally. The While the Professor throws a little bit of a nod toward quantitative work, suggesting it might at least provide some “relevant gist for the analytical mill,” he concludes that “it’s always going to be suspect — and incomplete — in my ... The first thing we do, let's kill the quants!
Chicago Ministers Play Hardball on Wal-Mart (and for the Right Team!)
I’ve previously posted on the moral bankruptcy of the campaign against Wal-Mart in Chicago. Those fighting to prevent the company from opening outlets in Chicago’s inner-city neighborhood — including Alderman Ed Burke, the busybody who once tried to ban trans fats in the City of Broad Shoulders — continue to flex their illiberal muscles to ... Chicago Ministers Play Hardball on Wal-Mart (and for the Right Team!)
Disclosure of ethics waivers under SOX: Recent scholarship from Rodrigues and Stegemoller
Usha Rodrigues and Mike Stegemoller have penned an interesting article, “Placebo Ethics,” assessing the effect of one of SOX’s disclosure provisions: The required immediate disclosure of waivers from a company’s code of ethics, found in Section 406 of the law. The article is concrete, informative, empirical and well-written. The article’s abstract summarizes the heart of ... Disclosure of ethics waivers under SOX: Recent scholarship from Rodrigues and Stegemoller
The Environmental Responsibility of Business? Make Profit!
That’s the punchline of a recent paper by Pierre Desrochers (U Toronto). Pierre has written some interesting papers on a range of topics related to economic development, technological innovation, and the intersection of business and the environment. He argues that it is governmental (regulatory) failures that distort the environmental consequences of corporate behavior, not ... The Environmental Responsibility of Business? Make Profit!
Posner cites Wright
I’m sure it’s an honor just to be nominated. A recent opinion from Judge Posner cites our very own Josh Wright (Joshua D. Wright & Todd J. Zywicki, “Three Problematic Truths About the Consumer Financial Protection Agency Act of 2009,” Lombard Street, Sept. 14, 2009, available here) (by the way, the essay has drawn a ... Posner cites Wright
Delaware and the American Association of Law Schools
I had the opportunity to present Treasury Inc.: How the Bailout Reshapes Corporate Theory and Practice at the American Association of Law Schools conference session on Business Associations in January. It was an engaging experience that I found particularly fun as I am from Louisiana and used to live in New Orleans. The audience was ... Delaware and the American Association of Law Schools
