The Seattle University Law Review recently published a symposium devoted to a 15 year retrospective on Margaret Blair and Lynn Stout’s article A Team Production Theory of Corporate Law. Deservedly so. It was a provocative article that ad...
Continue reading "The Case Against Blair & Stout's Team Production Model" »
There's a post on naked capitalism by Yves Smith entitled How Milton Friedman Fomented the Barmy “Corporations Exist to Maximize Shareholder Value” Myth making the rounds, which I find wholly unpersuasive. Let's parse (quotes from Smith ...
There has been a longstanding debate over corporate social responsibility (CSR), which can be defined as “the obligations and inclinations, if any, of corporations organized for profit, voluntarily to pursue social ends that conflict wit...
Continue reading "ESG Voting by Index Funds" »
The PowerPoint deck posted here was used in a lecture I gave last night at The University of Auckland. The talk was based on my paper, Director versus Shareholder Primacy in New Zealand Company Law as Compared to U.S.A. Corporate Law, wh...
As noted yesterday, I agree with JW Verret that one effect of the pending federal Wall Street reform legislation likely will be to encourage Delaware lawyers now need to turn their attention to thinking up "structural defenses could viab...
Joan Heminway makes the point, kindly linking some of my work:
A number of scholars [at a recent conference] referenced, in their presentations or in comments to the presentations of others, "shareholder primacy." As I listened, it w...
As regular readers know, I am not a fan of woke capitalism--particularly when committed by social justice warrior CEOs. But what should we do about it, if anything?
I've heard some folks suggest a federal law making it easier for shareh...
Interesting study:
... we find that employees of target firms that sponsor DB pension plans suffer from greater plan underfunding after HF activism. This finding is consistent with the view that HF activists expropriate wealth from em...
My remarks at the AALS panel:
We are convened to discuss “Rising Tensions Among Corporate Stakeholders.” Really?
The call that brings us together informs us that “Tensions among corporate stakeholders are rising. Managers and sharehold...
Continue reading "The Business Roundtable and Corporate Purpose" »
TPM reports:
Mitt Romney’s career at Bain Capital buying up and restructuring companies — sometimes with major job cuts along the way — has been a glaring vulnerability since his earliest political runs. But it’s rarely come up in his...
