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  • John C. Coffee, Jr. – Boeing and the Future of Deferred Prosecution Agreements By John C. Coffee, Jr.
  • Leveraging Information Forcing in Good Faith By Hillary Sale
  • The Dark Side of Safe Harbors Comment bubble 2 By Susan C. Morse
  • John C. Coffee, Jr. – Mass Torts and Corporate Strategies: What Will the Courts Allow? By John C. Coffee, Jr.
  • Compliance’s Next Challenge: Polarization By Miriam H. Baer
  • Will the Common Good Guys Come to the Shootout in SEC v. Jarkesy? And Why It Matters By Eric W. Orts
  • Climate Disclosure Line-Drawing and Securities Regulation By Virginia Harper Ho
  • Board Committee Charters and ESG Accountability By Lisa M. Fairfax
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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

The Decentralized Federal Reserve

By Kathryn Judge and Lev Menand May 27, 2025 by Kathryn Judge

The U.S. Federal Reserve is 12 banks, not one. Each serves a different region of the country and brings insights from that region into the process of formulating nationwide monetary policy. Each also provides a variety of banking services to …

Comment  

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 …

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New York Times
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Industry Bureau Rescinds AI Rule
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The Governance Beat
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The Governance Beat
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Securities Regulation and Corporate Governance Monitor
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Reuters
SEC Says Existing Cuts Met DOGE Goal
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Disney Buys Comcast’s Hulu Stake
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Meta in Talks to Invest in Scale AI
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Freshfields' A Fresh Take
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DOGE Staffers Fear Getting DOGE’d
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Structural Antitrust Remedies Are Back
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Digital CLARITY Act Faces Turbulence
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Reuters
Madoff Scam Recovery Tops $15 Billion
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Bloomberg
Is CFTC Headed for One Commissioner?
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Business Law Prof Blog
Internal Affairs Doctrine in the Hot Seat
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New York Times
Germans Buy EVs but Shun Teslas
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Freshfields' A Fresh Take
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The Governance Beat
Most CEOs Want a Director Gone
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Bloomberg
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Circuit Split Means PSLRA Headache
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Barron's
SEC Will Suffer Long Musk Hangover
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Reuters
SEC Takes Aim at AI Washing
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CFIUS Boosts Foreign-Firm Enforcement
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Securities Litigation & Enforcement
Securities Suit Settlements Get Smaller
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Begging for Crypto Bailouts Not OK
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Bloomberg
How Trump Attacks on Regulators Threaten Agency Independence
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Delaware Chancery OKs Unequal Payments Under Good Faith Covenant
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Wall Street Journal
Oregon Puts PE Medical Deals at Risk
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U.S. Asks Judge to Dismiss Criminal Charge Over Boeing 737 Max Crashes
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Appeals Court Stays Tariff Halt
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Porsche’s Tough Year Gets Tougher
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Nevada Moves Toward Business Court
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Bloomberg
Congestion Pricing Freeze Blocked
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Reuters
U.S. Will have Golden Share in Nippon Steel’s Takeover of U.S. Steel
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Wall Street Journal
Salesforce Strikes Deal for Informatica
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New York Times
Southwest Airlines Sets Baggage Fee
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Reuters
Nvidia to Launch Cheaper Blackwell AI Chip for China After U.S. Export Curbs
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Bloomberg
Xi Mulls New Made-in-China Plan
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Dealbook
Trump Takes on Apple
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Change Comes to State Corporate Laws
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