• Publications
  • Influence
The Power of Proxy Advisors: Myth or Reality?
Recent regulatory changes increasing shareholder voting authority have focused attention on the role of proxy advisors. In particular, greater shareholder empowerment raises the question of how muchExpand
Director Elections and the Role of Proxy Advisors
Using a dataset of proxy recommendations and voting results for uncontested director elections from 2005 and 2006 at S&P 1500 companies, we examine how advisors make their recommendations. Of theExpand
Measuring Efficiency in Corporate Law: The Role of Shareholder Primacy
The shareholder primacy norm defines the objective of the corporation as maximization of shareholder wealth. Law and economics scholars have incorporated the shareholder primacy norm into theirExpand
Vultures or Vanguards: The Role of Litigation in Sovereign Debt Restructuring Conference on Sovereign Debt Restructuring: The View from the Legal Academy
The market for sovereign debt differs from the market for corporate debt in several important ways including the risk of opportunistic default by sovereign debtors, the importance of politicalExpand
The New Titans of Wall Street: A Theoretical Framework for Passive Investors
Passive investors — ETFs and index funds — are the most important development in modern day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporateExpand
The Destructive Ambiguity of Federal Proxy Access
After almost seventy years of debate, on August 25, 2010, the SEC adopted a federal proxy access rule. This Article examines the new rule and concludes that, despite the prolonged rule-making effort,Expand
Class Action Reform: Lessons from Securities Litigation
One of the most damaging accusations made against class action litigation, particularly securities litigation, is the claim that it is "lawyer-driven litigation.", In the parlance of, among others,Expand
Does Majority Voting Improve Board Accountability?
Directors have traditionally been elected by a plurality of the votes cast. This means that in uncontested elections, a candidate who receives even a single vote is elected. Proponents ofExpand
Do Institutions Matter? The Impact of the Lead Plaintiff Provision of the Private Securities Litigation Reform Act
When Congress enacted the Private Securities Litigation Reform Act in 1995, the Act's "lead plaintiff" provision was the centerpiece of its efforts to increase investor control over securities fraudExpand
Why Do Retail Investors Make Costly Mistakes? An Experiment on Mutual Fund Choice
There is mounting evidence that retail investors make predictable, costly investment mistakes, including underinvestment, naive diversification, and payment of excessive fund fees. Over the pastExpand