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Berle and Corporation Finance: Everything Old Is New Again
In this essay, I want to illustrate how Adolf A. Berle Jr.'s Studies in the Law of Corporation Finance1 was prescient about the kinds of financial innovation that are central to today's markets. For scholars who are not familiar with this publication, Corporation Finance is a compilation of edited versions of several of Berle's articles, along with some new material, most of which is focused on 1920s corporate practice. My primary goal here is simply to shine a light on this work and to memorialize for scholars the key passages that echo many of today's challenges. The punch line of this essay is straightforward: everything old is new again.
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Specificity and Time Horizons
This Essay argues that the short-termism debate would benefit from greater clarity and specificity regarding time horizons. I make four points. First, optimal time horizons vary in discernible ways. Second, the potential mismatch between actual and optimal time horizons should generate a range of responses. Third, investors and managers can discern and disclose estimates of actual and optimal time horizons (e.g., using categories such as preconscious, fast conscious, slow conscious, and discounting). Fourth, market participants, policy makers, and scholars should use such estimates to be more precise about time horizons. For example, critics of hedge fund activism could recognize that activists' time horizons have been in the range of one or more years, instead of simply describing them generically as short-term.
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Corporations and Human Life
In: Seattle University Law Review, Band 40, Heft 2
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Working paper
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The Timing and Source of Regulation
In: Seattle University Law Review, Band 37, Heft 423
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Financial Systems, Crises and Regulation
In: Oxford Handbook of Financial Regulation, Chapter 5, 2014
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The Long-Term Effects of Short Selling and Negative Activism
In: University of Illinois Law Review, Forthcoming
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Social Good and Litigation Risk
In: Harvard Business Law Review, Forthcoming
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