Sky Blog
Good morning, ladies and gentlemen. I regret that contemporaneous business out of town keeps me from joining you in person today, but I would be remiss not to briefly address this group—albeit pre-recorded—and to thank you for your spirited service …
Few empirical studies end up on both sides of a major regulatory fight, and fewer still get accused of being read too selectively by one side. My 2021 study on Israel’s voluntary transition to semiannual reporting has been at the …
Executive Summary
Private equity has historically operated within a governance environment in which external capital-market scrutiny largely constrained sponsor behavior. In particular, credible “exit” events, such as initial public offerings or sales to genuinely independent acquirers, have served as recurring moments of …
Widely overlooked in the U.S. Supreme Court’s landmark campaign finance decision this term is a surprising and robust affirmation of disclosure for combating corruption. With this principle reinforced, we expect many states to strengthen and expand their campaign finance disclosure …
Assurance providers, a type of green gatekeeper, certify the accuracy of sustainability information. In a new paper, we analyze the market for assurance services, asking whether they should be regulated and, if so, how.
Assurance providers do with sustainability-related …
The Securities and Exchange Commission’s sweeping assault on the 1934 Act’s continuous disclosure system is misguided and likely to do more harm than good.
The tens of proposed changes in the requirements appear to be based on the belief that …
In her book, Disclosureland, Atinuke Adediran offers a compelling account of how corporate racial disclosures operate not merely as statements of corporate virtue, but as instruments of governance. Through meticulous empirical analysis, she demonstrates, however, that racial progress in …
It’s no secret that most ordinary investors don’t read the securities disclosures that firms are legally required to produce, and research shows that most people cannot effectively absorb the volume and complexity of information in a prospectus or annual report. …
For nearly a decade, debates over ESG – environmental, social, and governance – disclosures have dominated corporate law and securities regulation. Should companies be required to disclose information about climate risk, workforce diversity, or governance practices? At first glance, this …
Imagine you are the CEO of a fast-growing company that needs public capital to grow. You have a real business today, but much of your value depends on what you haven’t built yet: new products, new capacity, and a multi-year …
Legal scholars have long opined on the social benefits of the core securities laws. The chief benefits of issuer-disclosure law and securities-specific fraud law identified to date relate to their positive effects on stock-price accuracy. A price-accuracy theory in support …
Under the leadership of Chairman Paul Atkins with a Republican majority on the commission, the Securities and Exchange Commission (SEC) is expected to continue on its trajectory toward regulatory reform that marks a pivot from the prior administration.
On December 18, 2025, President Trump signed into law the National Defense Authorization Act for Fiscal Year 2026 (the “2026 NDAA”),which includes the Holding Foreign Insiders Accountable Act. The Holding Foreign Insiders Accountable Act amends Section 16(a) of the …
Climate-related reporting continues to be a controversial topic. The U.S. Securities and Exchange Commission has withdrawn its defense of enhanced climate-related disclosures, the European Commission is debating how to scale back mandatory sustainability reporting requirements under its Omnibus revisions, …
In the market for corporate control, regulation has long been viewed as a tax on activity, a hurdle to overcome, or a cost to be priced in. The conventional wisdom is straightforward: More regulation equals less activity. However, in a …
Between 2020 and the first half of 2024, corporations in a variety of industries adopted the language of social and environmental progress. They pledged to diversify their workforces, hired DEI professionals, denounced racial injustice, and announced plans to reduce greenhouse …
The federal government shutdown commenced at midnight on October 1, 2025, and proposals to reopen the government failed on October 3, extending the shutdown further into the fourth quarter.
On September 30, 2025, the SEC’s Division of Corporation Finance issued …
Corporate transparency is often assumed to be driven by law, regulation, and public scrutiny. Yet new research shows that private pressure – quiet, anonymous inquiries sent through companies’ grievance channels – can meaningfully shape how firms disclose sensitive information.
In …
Shareholder proposals on political issues—particularly lobbying spending disclosure and campaign finance issues—have been a common part of the proxy landscape for some time now. This proxy season, proposals seeking greater transparency around corporate political spending had surprising success compared to …