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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

The CLS Blue Lion logo Sky Blog

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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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Finance & Economics

How Crypto Has Become Vulnerable to Problems of Traditional Finance

By Douglas Arner, Dirk A. Zetzsche, Ross Buckley and Jamieson M. Kirkwood May 30, 2023 by renholding

The year 2022 was an annus horribilis for the crypto ecosystem. The combination of the collapse of the FTX group,[1] the failure of Terra’s UST stablecoin,[2] 3AC’s bankruptcy,[3] and crypto losing $2 trillion in market value became …

Comment  

No Comment: Language Barriers and the IASB’s Comment Letter Process

By Eduardo Flores, Brian Monsen, Emily Shafron and Christopher G. Yust May 25, 2023 by renholding

High-quality accounting standards are critical for efficient global markets. The most widespread – used in more than 150 countries – are International Financial Reporting Standards (IFRS). The International Accounting Standards Board (IASB) creates and maintains IFRS, which is challenging because …

Comment  

Unpacking the U.S. Deposit Insurance Debate

By Todd H. Baker May 24, 2023 by renholding

U.S. banking has always been a risky business. The financial panics of 1819, 1837, 1873, 1907, and 1931-32 all sparked banking crises, recessions, or full-scale depressions. Depositors lost everything every time a bank failed. But the Great Depression was the …

Comment  

Are Corporate Misdeeds Deterred by Market Competition?

By Jie Chen, Xuan Tian, Bin Xu and Xiaoyu Zhang May 19, 2023 by renholding

In July 2021, President Biden issued an executive order aimed at promoting competition in the American economy. This development has renewed researchers’ interest in the impact of competition on firm behavior and economic activity. While prior research focused on how …

Comment  

Calling Republicans’ Bluff on the Debt Ceiling – and Creating Contingency Plans

By Eric W. Orts May 16, 2023 by renholding

As Treasury Secretary Janet Yellen recently observed, the United States has not defaulted on its national debt since its founding in 1789, and we should not start now.[1] She also pointed out that Congress has raised the statutory ceiling …

Comment  

Davis Polk Discusses FSOC Proposals on Nonbank SIFIs

By Luigi L. De Ghenghi, Randall D. Guynn, Eric McLaughlin, David L. Portilla and Margaret E. Tahyar May 8, 2023 by renholding

The Financial Stability Oversight Council unanimously approved two proposals for public comment regarding FSOC’s authority to designate nonbank financial companies for Federal Reserve supervision and regulation, as summarized in our deck. These proposals would reverse key aspects of changes made …

Comment  

ESG, Public Pensions, and Compelled Speech

By Mark Kubisch April 28, 2023 by renholding

With the rise of investing based on environmental, social, and governance (ESG) factors has come controversy.  While some see ESG investing as a way to create sustainable shareholder value,[1] others view it as a means for advancing contested values …

Comment  

Cleary Gottlieb Discusses Risks of Debt Ceiling Impasse for Corporations — Even Without a Default

By David Lopez, Duane McLaughlin, Rich Cooper, Derek Bush and Clay Simmons April 28, 2023 by renholding

As the threat of an unprecedented default in U.S. government debt plays out over the coming months, the United States is in uncharted territory.  And so are directors and management teams at corporates, whether public or private.  While there have …

Comment  

Modeling Managers as EPS Maximizers

By Itzhak Ben-David and Alex Chinco April 26, 2023 by renholding

In business schools, managers are taught to maximize the net present value (NPV) of future cash flows. In the real world, managers consistently ignore this advice. When asked, they repeatedly say they maximize earnings per share (EPS). “Firms view earnings, …

1 Comment  

A Way Out of the Banking Crisis: The Case for a New Style Prime Money Market Fund

By Jeffrey N. Gordon April 24, 2023 by renholding

The best way out of the bank stability problem revealed by the run on Silicon Valley Bank – but spreading to other banks – may be a new style of prime money market fund (“MMF”) that, unlike existing prime MMFs, …

Comment  

From Hero to Zero – The Case of Silicon Valley Bank

By Lai Van Vo and Huong Thi Thu Le April 14, 2023 by renholding

The sudden collapse of Silicon Valley Bank (SVB) surprised many investors and industry experts, given the bank’s recent accolades and long-standing reputation as one of the best national and regional banks in the U.S.[1]Moreover, there had been no …

Comment  

Giant Asset Managers, the Big Three, and Index Investing

By Dorothy S. Lund and Adriana Robertson April 13, 2023 by renholding

Within the world of corporate governance, there has hardly been a more important recent development than the rise of the Big Three asset managers — Vanguard, State Street Global Advisors, and BlackRock. Due to the popularity of index funds and …

Comment  

Financial Institution Innovation Needed in Silicon Valley

By Jeffrey N. Gordon March 20, 2023 by renholding

The failure of Silicon Valley Bank to find a buyer opens up the possibility (and the need) for a new kind of bank that is focused on financial stability as well as the traditional banking functions of lending and running …

2 Comments  

Rethinking Commercial Law’s Uncertain Boundaries

By Steven L. Schwarcz March 13, 2023 by renholding

In a forthcoming article, I observe that commercial law has uncertain boundaries, challenging the traditional view that commercial law is a separate and distinct body of law. Various provisions of the Uniform Commercial Code (UCC) may be overinclusive, conflicting …

Treasury, Fed, and FDIC Issue Joint Statement on Actions Relating to Silicon Valley Bank, Signature Bank

By Janet L. Yellen, Jerome H. Powell and Martin J. Gruenberg March 13, 2023 by renholding

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access …

1 Comment  

Do the Old Rules Apply to ESG Ratings and Benchmarks?

By Matteo Gargantini and Michele Siri March 8, 2023 by renholding

The steady growth of sustainable finance in recent years poses difficult questions on how regulators should approach it. In the European Union (EU), for example, there has been an explosion of new rules aimed at addressing a broad array of …

Should Labor Abandon Its Capital?

By David H. Webber March 3, 2023 by renholding

Public pension funds and labor union funds (together “labor’s capital”) have faced years of criticism from both the left and the right. The current battle between ESG and anti-ESG advocates, and the introduction of legislation at the state level trying …

Does Stock Indexing Impede or Facilitate Arbitrage and Price Discovery?

By Panos N. Patatoukas and Byung Hyun Ahn March 2, 2023 by renholding

What is the effect of stock indexing on information arbitrage and the efficacy of the price discovery process? Forty-five years after John C. Bogle, the Vanguard Group founder, launched the world’s first index mutual fund, and 30 years after the …

Economic and Normative Implications of Algorithmic Credit Scoring

By Holli Sargeant January 11, 2023 by renholding

Commercial use of artificial intelligence (AI) is accelerating and transforming nearly every economic, social, and political domain. Yet, academic commentary on algorithmic decision-making in financial services has warned that historical data could result in biased algorithmic tools.[1] Bias, among …

Fed, FDIC, OCC Jointly Warn Banks About Crypto-Asset Risks

By Prudential Bank Regulators January 6, 2023 by renholding

The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are issuing the following statement on crypto-asset1 risks to banking …

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