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  • John C. Coffee, Jr. – The Trump Indictment: Right Man, Wrong Crime Comment bubble 1 By John C. Coffee, Jr.
  • Climate Disclosure Line-Drawing and Securities Regulation By Virginia Harper Ho
  • Board Committee Charters and ESG Accountability By Lisa M. Fairfax
  • Asset Managers as Regulators Comment bubble 1 By Dorothy S. Lund
  • Reforming the Macroprudential Regulatory Architecture in the United States By Kathryn Judge and Anil Kashyap
  • Predicting the Unpredictable: What Will Musk Do Next? By John C. Coffee, Jr.
  • Transnational Migration of Laws and Norms in Corporate Governance By Jennifer G. Hill
  • Does Common Ownership Really Prompt Managers to Compete Less? By Merritt B. Fox and Menesh S. Patel
Editor-At-Large Reynolds Holding

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Columbia Law School's Blog on Corporations and the Capital Markets

Editorial Board John C. Coffee, Jr. Edward F. Greene Kathryn Judge

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Kathryn Judge

Reforming the Macroprudential Regulatory Architecture in the United States

By Kathryn Judge and Anil Kashyap July 26, 2021 by Kathryn Judge

When the COVID-19 pandemic shuttered major economies in March 2020, it also wreaked havoc on financial markets. In the first few weeks of March, investment-grade corporate bonds lost roughly a fifth of their value, on par with the declines in …

Stress Testing During a Pandemic

By Kathryn Judge June 26, 2020 by Kathryn Judge

Yesterday, the Federal Reserve announced the results of its annual stress tests. This was the first time since 2009 that the Fed had stress tested large banks during a period of systemic distress. In a new paper, Stress Testing During …

How Banks and Fintechs Can Help Small Businesses Survive COVID-19

By Todd H. Baker and Kathryn Judge April 16, 2020 by Kathryn Judge

Small business assistance has been a central focus of the government’s response to the COVID-19 crisis, and for good reason. Small businesses underlie the vitality of our neighborhoods, spark innovation, and employ almost one-half of the U.S. workforce. In a …

Congress Should Endorse the Federal Reserve’s Extraordinary Measures

By Kathryn Judge March 24, 2020 by Kathryn Judge

The rapid spread of Covid-19 and massive change in behavior required to curb it have transformed the trajectory of the world’s economy.  Just a few short weeks ago, the United States was basking in the longest period of sustained economic …

1 Comment  

Coronavirus, Systemic Risk, and Lessons from 2008

By Kathryn Judge March 16, 2020 by Kathryn Judge

The greatest single-day decline in the stock market this century, widespread fear and uncertainty, shuttered schools, an end to large gatherings everywhere from NBA games to the South by Southwest festival – these are just a few of the signs …

1 Comment  

Why Financial Regulation Keeps Falling Short

By Dan Awrey and Kathryn Judge February 25, 2020 by Kathryn Judge

Modern finance is fast moving, extremely complex, and contributes to pervasive unknowns. Yet the processes governing how finance is regulated are typically slow, highly deliberative, and often reflect deeply ingrained and incredibly optimistic assumptions about our ability to understand the …

Why We Need a Guarantor of Last Resort

By Kathryn Judge May 15, 2019 by Kathryn Judge

More than a decade has passed since the worst of the 2007-2009 financial crisis.  In that time, we have learned that some of the gravest consequences of the crisis were not the economic fallout, but the political backlash it triggered.  …

The Deregulation Debate: The Challenge of Using Static Rules to Govern a Dynamic System

By Kathryn Judge September 18, 2018 by Kathryn Judge

In their lively disagreement about the role of deregulation in contributing to the 2007-2009 financial crisis, professors Arthur Wilmarth and Paul Mahoney inadvertently illuminate why the processes through which finance is regulated are so ill-suited to that purpose.  Finance is …

Lehman Brothers: How Good Policy Can Make Bad Law

By Kathryn Judge September 11, 2018 by Kathryn Judge

As we approach the 10-year anniversary of the failure of Lehman Brothers, the news is again awash in a debate about whether policymakers could have saved the investment bank.  That the issue remains so deeply contested reflects how fundamentally flawed …

Taking Investor Preferences Seriously

By Kathryn Judge July 11, 2018 by Kathryn Judge

Over the last half century, finance has made remarkable progress explaining the pricing of financial assets.  In relying on portfolio theory, however, mainstream pricing models tend to ignore investor preferences for certain asset types.  This is a mistake.  In a …

Visionaries and Pragmatism in Financial Regulation

By Kathryn Judge November 29, 2017 by Kathryn Judge

In a world of “alternative facts” and political rhetoric crafted to mislead, it is easy to forget that idealized visions can at times illuminate more than they obfuscate.  In a book review recently published in Harvard Law Review and available …

Understanding Runs in the Shadow Banking System

By Kathryn Judge December 5, 2016 by Kathryn Judge

There are two established explanations for bank runs: coordination problems among depositors and information asymmetries between bank managers and depositors.  In a new paper, “Information Gaps and Shadow Banking,” forthcoming in the Virginia Law Review and available here, I …

2 Comments  

Putting the Fall of LendingClub in Perspective

By Kathryn Judge May 10, 2016 by Kathryn Judge

On Monday, LendingClub Corp., a leader in the growing online lending space, announced the surprise resignation of its founder and CEO, Renaud Laplanche.  Laplanche resigned in response to a board investigation that revealed a number of internal control failures, including …

Intermediary Influence in Action: Focusing on the Core

By Kathryn Judge November 9, 2015 by Kathryn Judge

Is “intermediary influence” all that unique? Can it be isolated? And how much harm really results? These are among the questions Professor Lawrence Cunningham poses in his thoughtful essay and recent post responding to my work on how intermediaries alter …

Was Bernanke Courageous?

By Kathryn Judge October 20, 2015 by Kathryn Judge

As reflected in the title of the new memoir by Former Federal Reserve Chairman Ben Bernanke, The Courage to Act: A Memoir of a Crisis and Its Aftermath, Bernanke clearly believes that he and other Fed policymakers demonstrated exceptional …

A Different Take on the AIG Case: The Dangers of Invoking 19th Century Principles to solve 21st Century Problems

By Kathryn Judge June 23, 2015 by Kathryn Judge

Bagehot, as in Walter Bagehot, was mentioned no less than seven times in the decision splitting the baby in the AIG trial.[1]   A nineteenth century British commentator, Bagehot was among the first to recognize that too little liquidity could …

Just How Scary is the Fed?

By Kathryn Judge January 22, 2015 by Kathryn Judge

“There is an old saw that the Fed chair is the second most powerful person in government. In the aftermath of the financial crisis, that may actually be an understatement.” Nicholas Lemann, The New Yorker:

America has a long …

The Long Arm of Financial Intermediaries

By Kathryn Judge September 4, 2014 by Kathryn Judge

Why haven’t the significant financial and technological innovations of the past thirty years substantially decreased the cost of financial intermediation?  What explains the ever-increasing complexity of financial products and markets?  Why do so many investors hold actively managed mutual funds …

1 Comment  

The Crisis: The More We Know, The Less We Understand

By Kathryn Judge July 30, 2014 by Kathryn Judge

With the stock market regularly surpassing record highs, housing prices surging 13.6 percent in 2013 alone, and unemployment down to 6.7 percent, it is easy to forget just how dire the economic outlook appeared just five years ago. It is …

The Fed’s Competition: The Real Lenders of Last Resort

By Kathryn Judge March 14, 2014 by Kathryn Judge

It is well known that the Fed injected massive amounts of liquidity into the financial system during the 2007-2009 financial crisis.   Far less well known is that the Fed was not the only place banks obtained government-backed liquidity when market …

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Reuters
Nvidia Briefly Joins $1 Trillion Club
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D&O Diary
AI Far From Ready to Replace Lawyers
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Wall Street Journal
Elizabeth Holmes Finally Goes to Prison
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Bloomberg
Winklevoss Twins Seek Foreign Reset
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SEC Clarifies Rule 10b5-1 Defense
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Update on SPAC-Related Litigation
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Only Third of Earnings Guidance Accurate
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Ex-Theranos CEO Stirs Inmate Interest
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SEC Climate Rules Face Speech Challenges Before Even Taking Effect
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Shaq Served FTX Suit at NBA Game
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“No Bears Allowed” at Bitcoin Confab
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Dealbook
AI-Generated Spoof Rattles Markets
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Truth on the Market
How Much Info Do Markets Require?
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Sidley Enhanced Scrutiny
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May 23, 2023
Jim Hamilton's World
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Dealbook
EU Fines Meta $1.3 Bln Over Privacy
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Bloomberg
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Bloomberg
Court Unseals Opinion in Carson Block Whistleblower Case
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New York Times
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New York Post
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Reuters
FTX Seeks Embed Deal Clawback
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Jim Hamilton's World
Court Nixes California Board Diversity Law
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D&O Diary
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Bloomberg
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Reuters
Elizabeth Holmes Finally Prison Bound
May 18, 2023
PubCo @ Cooley
SEC Climate Rules Delayed Until Fall
May 18, 2023
Jim Hamilton's World
SEC OKs Proposed Risk Management Rules for Clearing Agencies
May 18, 2023
FCPA Professor
Not Much Yet from SEC on FCPA
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Wall Street Journal
FTX Investors Can’t Find Shaq
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Bloomberg
UK Lawmakers Want Crypto and Bitcoin Treated Like Gambling
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Securities and Exchange Commission
SEC Accuses Microcap Firm of Fraud
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PubCo @ Cooley
Accounting Enforcement on the Rise
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D&O Diary
Covid-Linked Securities Suit Hits Disney
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The Guardian
Michael Lewis Writing Book About SBF
May 16, 2023
Bloomberg
SEC Says Too Busy to Answer Coinbase
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NBC News
Musk Still Needs a “Twitter Sitter”
May 16, 2023
Jim Hamilton's World
FERC Becomes ESG Battleground
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Bloomberg
Some Crypto Firms Lack Boards, Audits
May 15, 2023
Bloomberg
CME CEO Threatens to Leave Chicago
May 15, 2023
CNBC
Crypto Firms Playing Poker With SEC
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CoinDesk
Binance Exits Canada over Regulation
May 15, 2023
PubCo @ Cooley
U.S. Chamber of Commerce Sues SEC Over Share Repurchase Rules
May 15, 2023
Reuters
Argentina to Up Rates as Inflation Soars
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Securities and Exchange Commission
Records Flaws Fell HSBC, Scotia Capital
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CNBC
Autonomy Founder Extradited to U.S.
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Jim Hamilton's World
Culture Wars Mar House ESG Hearing
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Business Law Prof Blog
Chancery Gives Caremark Another Twist
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Bloomberg
More Regulatory Probes Hit Robinhood
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CoinDesk
IRS Files $44 Billion FTX Claim
May 11, 2023
PubCo @ Cooley
Will Chevron Deference Survive?
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Activist Investor Blog
Activist Again Wins Universal Proxy Vote
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Corporate & Securities Law Blog
Private Equity Under Antitrust Scrutiny
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D&O Diary
Kraft Heinz Settles Shareholder Litigation for $450 Million
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Wall Street Journal
Miami’s Crypto Love Affair Sours
May 10, 2023
Reuters
Prosecutors Eye Bank Share Short Sales
May 10, 2023
Associated Press
Judge Nixes Block Shareholder Suit over Online Music Deal
May 10, 2023
Corporate & Securities Law Blog
NY AG’s Bill Seeks Order in Crypto Biz
May 10, 2023
New York Times
SBF Seeks to Dismiss Charges
May 9, 2023
Wall Street Journal
Scotus Case Imperils SEC Climate Rule
May 9, 2023
Financial Times
Who Is the $279 Mln Whistleblower?
May 9, 2023
Bloomberg
Ex-Coinbase Manager Sentenced to Two Years for Insider Trading
May 9, 2023
Jim Hamilton's World
SEC Brings First Liquidity-Rule Case
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Yahoo Finance
Binance Faces Russia Sanctions Probe
May 8, 2023
Breakingviews
SEC Silent Too Long on Crypto Rules
May 8, 2023
Bloomberg
JPMorgan Must Pay Javice Legal Fees
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Jim Hamilton's World
SEC Finds Leveraged ETFs Bamboozled Investment Adviser
May 8, 2023
Delaware Business Law
Delaware Chancery Addresses Stockholder Covenant Not to Sue
May 8, 2023
Bloomberg
SEC Probes Republic Bank Exec Trades
May 7, 2023
Securities and Exchange Commission
SEC Pays Record Whistleblower Award
May 7, 2023
New York Times
Theranos Founder Holmes Opens Up
May 7, 2023
Jim Hamilton's World
Can Bankruptcy Nix Whistleblower Pay?
May 7, 2023
Business Law Prof Blog
Ten Questions for Lawyers About AI
May 7, 2023
Reuters
Officials Eye Bank Share Manipulation
May 4, 2023
Bloomberg
Coinbase Faces Off Against SEC
May 4, 2023
FCPA Blog
Stryker Discloses New FCPA Probe
May 4, 2023
PubCo @ Cooley
SEC OKs Stock Buyback Final Rules
May 4, 2023
Jim Hamilton's World
SEC Approves Form PF Amendments
May 4, 2023
Dealbook
Short Seller Goes After Carl Icahn
May 3, 2023
Reuters
DeSantis Signs Sweeping Anti-ESG Bill
May 3, 2023
Bloomberg
UK to Ban Cold Calls Selling Crypto
May 3, 2023
New York Post
AOC, Gaetz Push Congress Trading Ban
May 3, 2023
PubCo @ Cooley
How Firms React to Anti-ESG Efforts
May 3, 2023
Truth on the Market
AI’s Variety Confounds EU Regulation
May 2, 2023
Dealbook
Wall Street Fears More Bank Troubles
May 2, 2023
Reuters
Scotus Mulls Whistleblower Retaliation
May 2, 2023
Wall Street Journal
Crypto Exchange Fined for Sanctions Breach
May 2, 2023
Bloomberg
Crackdown Would Do Crypto Good
May 2, 2023
Reuters
American Air Pilots OK Strike Mandate
May 1, 2023
Cooley M&A
EU’s Top Court Says No Deals “Off the Table” for Merger Review
May 1, 2023
Dealbook
JPMorgan Returns as Bank Rescuer
May 1, 2023
Bloomberg
Whistleblowers on $1 Billion Fraud Denied SEC Windfall
May 1, 2023
Jim Hamilton's World
SEC Reopens Comment Period for New Beneficial Ownership Rule
May 1, 2023

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