Showing results 11 - 20 of 25
| Lucian Bebchuk
The Long-Term Effects of Hedge Fund Activism. Lucian Bebchuk, June 2015, Paper. "We test the empirical validity of a claim that has been playing a central role in debates on corporate governance--the claim that interventions by activist hedge funds have a negative effect on the long-term shareholder value and corporate performance. We subject this claim to a comprehensive empirical investigation, examining a long five-year window following…
| Lucian Bebchuk
Alibaba’s Governance Leaves Investors at a Disadvantage. Lucian Bebchuk, September 16, 2014, Opinion. "Wall Street is eagerly watching what is expected to be one of the largest initial public offering in history: the offering of the Chinese Internet retailer Alibaba at the end of this week. Investors have been described by the media as “salivating” and “flooding underwriters with orders.” It is important for investors, however, to keep their…
| Lucian Bebchuk
The Million-Comment-Letter Petition: The Rulemaking Petition on Disclosure of Political Spending Attracts More than 1,000,000 SEC Comment Letters. Lucian Bebchuk, September 4, 2014, Opinion. "In July 2011, we co-chaired a committee of ten corporate and securities law experts that petitioned the Securities and Exchange Commission to develop rules requiring public companies to disclose their political spending. We are delighted to announce that,…
| Lucian Bebchuk | Allen Ferrell
Rethinking Basic. Lucian Bebchuk, Allen Ferrell, April 2014, Paper. "In the Halliburton case, the United States Supreme Court is expected to reconsider the Basic ruling that, twenty-five years ago, adopted the fraud-on-the-market theory, which has since facilitated securities class action litigation. In this paper we seek to contribute to this reconsideration. We provide a conceptual and economic framework for a reexamination of the Basic rule,…
| Lucian Bebchuk
Still Running Away from the Evidence: A Reply to Wachtell Lipton’s Review of Empirical Work. Lucian Bebchuk, March 5, 2014, Opinion. "In a 17-page memorandum issued by the law firm of Wachtell Lipton (Wachtell), Empiricism and Experience; Activism and Short-Termism; the Real World of Business, the firm’s founder Martin Lipton put forward new criticism of our empirical study, The Long-Term Effects of Hedge Fund Activism. Lipton’s critique is…
| Lucian Bebchuk
Toward a Constitutional Review of the Poison Pill. Lucian Bebchuk, March 1, 2014, Paper. "We argue that the state-law rules governing poison pills are vulnerable to challenges based on preemption by the Williams Act. Such challenges, we show, could well have a major impact on the corporate-law landscape..." Link verified June 19, 2014
| Lucian Bebchuk | June Rhee | Scott Hirst
Toward Board Declassification in 100 S&P 500 and Fortune 500 Companies: Report of the SRP for the 2012 and 2013 Proxy Seasons. Lucian Bebchuk, Scott Hirst, June Rhee, February 1, 2014, Paper. "This report provides an overview and analysis of the work that the Shareholder Rights Project (SRP) undertook on behalf of a number of institutional investors during 2012 and 2013, the SRP’s first two years of operations. During 2012 and 2013, the SRP…
| Lucian Bebchuk | June Rhee | Scott Hirst
Towards Board Declassification at 100 S&P 500 and Fortune 500 Companies: Advancing Annual Elections in the 2014 Proxy Season. Lucian Bebchuk, December 12, 2013, Opinion. "In a news alert released last week, the Shareholder Rights Project (SRP) announced the work that SRP-represented investors and the SRP are undertaking for the 2014 proxy season, and the significant contribution that this work is expected to make in moving 100 S&P 500…
| Lucian Bebchuk | Robert Jackson
The SEC Delays its Consideration of Rules Requiring Disclosure of Corporate Political Spending. Lucian Bebchuk, December 2, 2013, Opinion. "Last week the Securities and Exchange Commission released its regulatory agenda, and this agenda no longer includes rules requiring public companies to disclose their spending on politics. The agenda now includes only overdue rules that the SEC is required to develop under Dodd-Frank and the JOBS Act. While…
| Lucian Bebchuk
Don’t Run Away from the Evidence: A Reply to Wachtell Lipton. Lucian Bebchuk, September 17, 2013, Opinion. "In two recent memoranda by the law firm of Wachtell Lipton (Wachtell), The Bebchuk Syllogism (Syllogism memo) and Current Thoughts about Activism (Current Thoughts memo), the firm’s founder Martin Lipton and several other senior Wachtell lawyers strongly criticize our recent study, The Long-Term Effects of Hedge Fund Activism. Our study…