Showing results 21 - 25 of 25
| Lucian Bebchuk
The Myth that Insulating Boards Serves Long-Term Value. Lucian Bebchuk, September 2013, Paper. "According to an influential view in corporate law writings and debates, pressure from shareholders leads companies to take myopic actions that are costly in the long term, and insulating boards from such pressure serves the long-term interests of companies as well as their shareholders. This board insulation claim has been regularly invoked in a wide…
| Lucian Bebchuk
The Myth of Hedge Funds as 'Myopic Activists'. Lucian Bebchuk, August 6, 2013, Opinion. "The recent increase in hedge-fund activism aimed at producing changes in business strategy or leadership—including at large companies such as Apple, Hess, Procter & Gamble and, as announced last week, Air Products—has met intense opposition from public companies and their advisers. Opponents, such as prominent corporate adviser Martin Lipton, argue that…
| Lucian Bebchuk
The Long-Term Effects of Hedge Fund Activism. Lucian Bebchuk, July 9, 2013, 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 shareholders, and in particular activist hedge funds, have an adverse effect on the long-term interests of companies and their shareholders. While this “myopic activists” claim has been regularly invoked and…
| Lucian Bebchuk
Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy. Lucian Bebchuk, April 2013, Paper. "The SEC is currently considering a rulemaking petition requesting that the Commission shorten the ten-day window, established by Section 13(d) of the Williams Act, within which investors must publicly disclose purchases of a 5% or greater stake in public companies. In this Article, we provide the first systematic empirical evidence on…
| Lucian Bebchuk
Shining Light on Corporate Political Spending. Lucian Bebchuk, April 2013, Paper. "The Securities and Exchange Commission (SEC) is currently considering a rule making petition requesting that the SEC develop rules requiring that public companies disclose their spending on politics. The petition, which was submitted by a committee of ten corporate law professors that we co-chaired, has received unprecedented support, including comment letters…