Sky Blog
Corporate law’s trial of the century was set to begin on October 17, 2022, in a small Wilmington, Delaware courtroom. Twitter v. Musk had it all. Celebrity. The world’s richest person. A product that helped foment revolutions around the world …
On November 14, 2023, the U.S. Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement (“Division”) announced its enforcement results for fiscal year (“FY”) 2023.[1] Disgorgement and penalties were the second highest in the SEC’s history at just …
In recent years, as corporate ESG (Environmental, Social and Governance) goals have gained prominence and so-called “Millennials” and “GenZers” have entered the workforce, a sense has emerged in the media and among some academics that CEOs and other top executives …
On November 21, 2023, a coalition of labor unions led by the Service Employees International Union (SEIU), announced that it has nominated three director candidates for election to the Board of Directors of Starbucks at the 2024 annual meeting of …
The convergence of environmental urgency and the rising power of “universal owners” – asset managers with broad-based portfolios, such as BlackRock – has kindled the hope among academics and activists that universal owners will leverage their power to push companies …
After receiving board approval to buy back stock under a 10b5-1 plan, a company interpreted Rule 10b5-1 in a manner with which the SEC disagreed. The SEC did not allege that the company traded on the basis of material nonpublic …
Sustainable investing is becoming a hot topic in financial economics. However, when it comes to the impact of divestment campaigns and related tactics on promoting sustainable investing, financial economists miss an important point. Many assume that shareholders can create impact …
On December 8, 2023, Columbia Law School will hold its 2023 Conference on Mergers & Acquisitions and Corporate Governance. The event is co-sponsored by the school’s Ira M. Millstein Center for Global Markets and Corporate Ownership, the Columbia Law School …
The Federal Trade Commission has accused Amazon of illegally maintaining its monopoly, extracting supra-competitive fees on merchants that use Amazon’s platform. If and when the fact-finder determines that Amazon violated the antitrust laws, we propose structural remedies to address the …
A large number of companies globally have announced net zero greenhouse gas (“GHG”) emissions targets, most of which are likely to require some form of carbon offsetting. Many consumers are also interested in offsetting their carbon footprint. The development of …
The end is in sight for New York Attorney General Letitia James’ suit against Donald Trump, but the most important questions have still not been posed or addressed. Indeed, much has proceeded in the reverse of the usual order. The …
Bernie Madoff died on April 14, 2021, while incarcerated in the Federal Medical Center in Butner, North Carolina, but he lives on in bankruptcy jurisprudence. The December 2008 disclosure that Bernard L. Madoff Investment Securities LLC (BLMIS) was a Ponzi …
In a new paper, we examine the differences between private and public firms to see whether one outshines the other when it comes to investment efficiency. Our analysis begins with three theories.
The Agency Theory: Although going public offers …
In the latest development in a long-running regulatory saga, the U.S. Department of Labor (DOL) on October 31, again proposed major changes (the Proposal) to the fiduciary rules applicable to the offering of financial products to most individual retirement accounts …
Digital assets and blockchains can lead to financial innovations with a range of applications across countries, markets, and industries. Yet they also require comprehensive regulation, which is especially difficult within the fragmented financial-regulation framework of the United States. In a …
The Financial Stability Oversight Council revised its interpretive guidance and analytic framework for FSOC’s authority to designate nonbank financial companies for Federal Reserve supervision and regulation and to otherwise monitor and respond to financial stability risks. These changes reverse key …
The growth of the private equity industry over the past two decades has been nothing short of extraordinary. Yet research on the formation and governance of these funds – including the rights and obligations of general partners and limited partners …
On October 12, 2023, the UK’s Competition and Markets Authority (CMA) issued its final Green Agreements Guidance (Guidance). The Guidance is designed to help businesses seeking to collaborate on environmental sustainability initiatives by providing greater clarity on when UK competition …
Over the last 25 years, the number of publicly traded firms in the U.S. has decreased by approximately half, primarily because of delistings that result from mergers and acquisitions. Does this trend have potential consequences for the capital markets? In …
The Securities and Exchange Commission announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal …