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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
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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equity

The Legitimation of Shareholder Primacy

By Ann M. Lipton February 27, 2025 by renholding

We are living in a particularly polarized era, and corporate governance is no exception.  The divisions have threatened to spill over to Delaware, the preferred jurisdiction for incorporation in the United States, with several high-profile cases calling the state’s neutrality …

1 Comment  

Morrison & Foerster Discusses FCA Risk to Federal Contractors of Trump’s DEI Certification

By Sandeep N. Nandivada and Andrew R. Turnbull February 20, 2025 by renholding

On January 21, 2025, President Trump signed an executive order titled “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (the “Order”), rescinding affirmative action under Executive Order 11246 and other anti-discrimination policies applying to federal contractors. We provided an …

Sidley Discusses the Evolving Corporate Diversity, Equity, and Inclusion Landscape

By Justin Nowell and Kristen Mitsinikos February 19, 2025 by renholding

Over the past few years, the legal landscape surrounding diversity, equity and inclusion (“DEI”) has undergone significant changes.  The landmark SFFA v. Harvard decision prohibiting the use of race‑based considerations in college admissions has contributed to the emergence of a …

The Equity in Corporate Law

By Andrew S. Gold and Henry E. Smith October 1, 2024 by renholding

It is well-known that equity is a central part of corporate law, and courts do not hesitate to remind litigants of that fact. Yet, a fuller appreciation of what equity means for corporate law is still lacking. In a recent …

Is DEI Valuable to Investors?

By Hoa Briscoe-Tran June 27, 2024 by renholding

In recent years, corporate diversity, equity, and inclusion (DEI) initiatives have become a hot topic in boardrooms and beyond. While many companies have embraced these efforts, investors have started to question whether DEI initiatives are truly valuable or merely a …

2 Comments  

How Debt Investors Are Influencing Corporate Governance

By Narine Lalafaryan May 30, 2024 by renholding

Since the global financial crisis of 2007-2008, the corporate finance markets have been dramatically transformed. Most notable has been the rise of non-traditional providers of debt finance such as private credit funds, which now aggressively compete with traditional finance providers …

How the Automated Restructuring of Tokenized Securities Can Lower the Cost of Capital

By Michael Schillig, Christoph Kletzer and Andrei Balcau February 8, 2024 by renholding

In a recent paper, we make the case for a smart contract-based automated restructuring framework that can be used by any firm that issues equity and debt securities in tokenized form. The paper is the basis for an actual smart-contract …

Do Board Diversity Mandates Violate Free Speech?

By Salar Ghahramani January 12, 2024 by renholding

In a forthcoming article, I explore an often overlooked yet important facet of corporate governance: the interplay between state-mandated board diversity and First Amendment rights. My focus is on instances where states obligate corporations to meet specific quotas for board …

Do Bonds Affect Equity Monitoring?

By Todd A. Gormley and Manish Jha April 12, 2023 by renholding

As institutional investors grow in size and influence, questions arise as to whether they are effective stewards for equity investors. That the three mutual fund families with the most total net assets each holds equity positions in around 5,000 U.S. …

Social Washing or Credible Communication?

By Nathan C. Goldman and Yuan Zhang November 15, 2022 by renholding

Investor demand for information about firms’ environmental, social, and governance (ESG) commitments has prompted substantial corporate disclosure of their ESG activities. However, these disclosures often raise questions of “social washing,” where firms make unsubstantiated claims or misrepresent their company as …

The Connection Between a Firm’s Investor Base and Media Coverage

By Nicholas Guest, Ashish Ochani and Mani Sethuraman May 12, 2022 by renholding

The financial media provide information to investors by monitoring firms for fraud, excessive CEO pay, and other questionable behavior, as well as mundane activities such as periodic earnings announcements. However, it is unclear why certain firms get extensive media …

How Shareholder Rights Affect Firms’ Financing Decisions

By Benedikt Downar and Mario Keiling February 12, 2020 by renholding

Several decades of research have found that capital structure and financing decisions are influenced not only by market frictions such as taxes and bankruptcy costs but also by conflicts between managers and shareholders. In a new paper, we test whether …

How Lenders React When Activists Target Borrowers

By Sandeep Dahiya, Issam Hallak and Thomas Matthys January 9, 2019 by renholding

A number of recent news stories have recounted the quick and dramatic changes that activist hedge funds trigger in the companies they target. In the Atlantic magazine, for example, a 2016 article describes DuPont’s decision to cut 10 percent of …

Insider Trading: Are Insolvent Firms Different?

By Andrew Verstein November 5, 2018 by renholding

Are insolvent firms different from solvent firms with respect to insider trading law and policy? Formally, the law does not change. But economic realities and non-securities law duties do. As a result, the insider trading landscape changes considerably. The law …

Say-on-Pay Voting and CEO Compensation Structure

By Andrea Pawliczek September 13, 2018 by renholding

Since the financial crisis, much of the business  media have focused on the level of CEO compensation and how much it increases from the prior year, often calling out the CEOs with the highest pay. These articles in the New …

Why Do Firms Go Public Through Debt Instead of Equity?

By Denys Glushkov, Ajay Khorana, P. Raghavendra Rau and Jingxuan Zhang September 7, 2018 by renholding

Private firms can gain access to capital markets in several ways. The most well-known approach is through an initial public offering (IPO) of equity, and high-profile firms typically attract a large amount of attention from the popular press when they …

How Corporate Governance Affects Mimicking Peers’ Financial Decisions

By Douglas J. Fairhurst and Yoonsoo Nam August 1, 2018 by renholding

Traditional explanations for why companies choose certain financial policies focus on firm-specific factors. For instance, all else being equal, firms with higher tax rates are likely to favor debt financing over equity financing, given the tax advantages of debt. However, …

Paul Weiss Discusses Issues With Private Equity Transactions After New Tax Law

By Matt Abbott, Angelo Bonvino, Marco Masotti, Lindsay Parks, Scott Sontag and Taurie Zeitzer July 11, 2018 by renholding

On December 22, 2017, President Trump signed Public Law No. 115-97, formerly known as the “Tax Cuts and Jobs Act” (the “Act”), into law. The Act makes a number of major changes to the U.S. federal income taxation of both …

New Year’s Resolutions for Director Compensation from Investors Bancorp

By Jennifer S. Conway, Edmond T. Fitzgerald, Arthur H. Kohn, Brian D. Robbins and Vanessa C. Richardson February 5, 2018 by renholding

In recent years, shareholder plaintiffs have brought a series of claims before the Delaware Court of Chancery alleging that directors of Delaware companies have abused their discretion in granting themselves excessive equity compensation for their board service.  These cases raised …

The Value of Unicorns and “Worthless” Companies Explained

By J.B. Heaton January 2, 2018 by renholding

In a new paper, “Worthless Companies,” I explain how companies with worthless assets can have substantial equity value on efficient markets and debt that trades near par, so long as an irrational bidder may acquire the company.

Consider a firm …

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Each business day, our team sifts through blog posts, news stories, and other sources to keep up-to-date on relevant recent developments. The following links will take you to our recommended selections. To see the sources we follow click Filter Sources.

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Wall Street Journal
Investing Platform Linqto Goes Bankrupt
July 8, 2025
Debevoise Data Blog
Biggest AI Risk: Denying Employees AI
July 8, 2025
LinkedIn
Delaware SB21 May Revive Appraisals
July 8, 2025
Corporate & Securities Law Blog
SEC’s “Finder” Exemption Back in Play
July 8, 2025
Business Law Prof Blog
The First Caremark Trial Is Imminent
July 8, 2025
Bloomberg
Apple Loses Top AI Exec to Meta
July 7, 2025
Delaware Business Litigation Report
Chancery OKs Ouster of LLC Investor
July 7, 2025
Freshfields' A Fresh Take
Scotus Takes Case on Securities Suits Against Registered Investment Funds
July 7, 2025
The Governance Beat
SEC Revises Two (and Withdraws One) Legal Proceeding Disclosure CDIs
July 7, 2025
Cleary Enforcement Watch
DOJ Issues First Declination Under Merger-Related Safe Harbor Provision
July 7, 2025
Reuters
EU Antitrust Suit Strikes Google AI
July 6, 2025
D&O Diary
Covid Securities Suit Hits Petco
July 6, 2025
Bloomberg
SEC Settles With SolarWinds
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CooleyXchange
How Texas Treats Share Controllers
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What Cost Stock-Price Expectations?
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Trump Strikes Vietnam Trade Deal
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Reuters
Democratic FCC Commissioner Blasts Paramount Settlement with Trump
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Glass Lewis Previews Pay-for-Performance Model for 2026 Proxy Season
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Foley Blog
Human Factor Matters in M&A
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Business Law Prof Blog
Nevada Biz Court Approval Pending
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Wall Street Journal
California Ditches Environmental Law
July 1, 2025
Bloomberg
Bill Gives Chipmakers Bigger Tax Credit
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New York Times
BP Was Once a Hunter, Now Prey
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Reuters
DOGE Eyes SPACs, SEC Policies
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Deal Lawyers.com
Chancery Talks M&A Price Adjustment
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Apple Can’t Shake DOJ Antitrust Case
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New York Times
Investors Fear Shadow Fed Chair
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Freshfields' A Fresh Take
SEC Changes Course on Priorities
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D&O Diary
Securities Suits Filed at 2024 Pace
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Deal Lawyers.com
Delaware Chancery OKs Claims of Tortious Interference With a Deal
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The Governance Beat
PCAOB May Yet Survive
June 29, 2025
D&O Diary
Investor Suits Hit Weight Loss Drugs
June 29, 2025
Bloomberg
SEC Rethinks Market Surveillance Tool
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CoinDesk
Ripple Battle With SEC Is Over
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Securities and Exchange Commission
SEC Issues Report on Changes in M&A
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Bloomberg
Trade Deals Stall on More Tariffs Fear
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Reuters
Elon Musk Confidant Exits Tesla
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Dealbook
Trump Weighs Fed Chair Shakeup
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Wall Street Journal
Public May Soon Bet on SpaceX Stock
June 26, 2025
Business Law Prof Blog
Ripple Has Juice, but Not at SDNY
June 26, 2025
Bloomberg
GOP Mulls Mega-Rich Tax in Trump Bill
June 25, 2025
Wall Street Journal
Shell in Early Talks to Acquire BP
June 25, 2025
Reuters
Fannie, Freddie to Consider Crypto Holdings in Making Loan Assessments
June 25, 2025
Dealbook
OpenAI Eyes Autonomous Vehicle Biz
June 25, 2025
Sidley Enhanced Scrutiny
Texas Tweaking Its Business Court
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Reuters
CFPB Cuts Cost Consumers $18 Bln?
June 24, 2025
Delaware Business Litigation Report
Delaware Supreme Court Nixes Suit over TripAdvisor’s Move to Nevada
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Freshfields' A Fresh Take
DOJ Gives Illegal-DEI Cases Priority
June 24, 2025
The Governance Beat
Vanguard to Split Into Two Advisers
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D&O Diary
How AI May Change MD&A Language
June 24, 2025
New York Times
Boeing Quiet at Paris Air Show
June 23, 2025
Freshfields' A Fresh Take
Industry Bureau Rescinds AI Rule
June 23, 2025
The Governance Beat
Texas Seeks to Limit Proxy Advisers
June 23, 2025
Bloomberg
U.S. Audit Board Survives GOP Axe
June 23, 2025
Delaware Corporate & Commercial Litigation Blog
Delaware Chancery Addresses Notice Provisions for Redemption Requests
June 23, 2025
D&O Diary
Suit Says Reddit Downplayed Impact of Google AI-Related Changes
June 22, 2025
Financial Times
SEC Scraps Proposed Market Rules
June 22, 2025
National Law Review
No Scotus Cert in Disgorgement Suit
June 22, 2025
Deal Lawyers.com
Delaware Supreme Court Nixes $400 Million Aiding, Abetting Judgment
June 22, 2025
Business Law Prof Blog
What Is “Fraud” Anyway?
June 22, 2025
Bloomberg
Tariffs May Hike Prices $2000 Per Car
June 19, 2025
Reuters
Google Faces EU Antitrust Setback
June 19, 2025
Wall Street Journal
Trump Delays TikTok Ban a Third Time
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New York Times
WhatsApp Introduces Ads to App
June 19, 2025
Reuters
Nippon Steel-U.S. Steel Deal Closes
June 18, 2025
D&O Diary
AI-Washing Suit Hits Healthcare Firm
June 18, 2025
Sidley Enhanced Scrutiny
Delaware Supreme Court Says When Concealment Resets Limitation Period
June 18, 2025
Bloomberg
Goldman Sachs Ditches Ban on SPACs
June 18, 2025
Wall Street Journal
U.S. Senate Passes Stablecoin Bill
June 18, 2025
D&O Diary
New DOJ White Collar Enforcement Policy Pressures Caremark Obligations
June 17, 2025
Bloomberg
Top Crypto Betting Tool Nears Debut
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Law.com
Why Cybercriminals Targeting Law Firms with Voice Phishing
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Financial Times
Crypto Group Tron to Go Public
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Wall Street Journal
Obscure Chinese Stock Scams Dupe Thousands of U.S. Investors
June 17, 2025
Reuters
Purdue Opioid Deal Wins State Approval
June 16, 2025
Wall Street Journal
OpenAI Tension With Microsoft Rises
June 16, 2025
Freshfields' A Fresh Take
Scotus Weighs In on Aiding, Abetting
June 16, 2025
The Governance Beat
SEC Nixes Shareholder Proposal Plan
June 16, 2025
Bloomberg
S&P 500 CEOs Turning to Bodyguards
June 16, 2025
Deal Lawyers.com
Delaware Chancery Addresses Damages in Alexion Earnout Litigation
June 16, 2025
D&O Diary
Company Risks Rise in Global Trade War
June 15, 2025
Bloomberg
Stablecoins Put Crypto Near Mainstream
June 15, 2025
CoinDesk
Ripple Gets Back $75 Mln in Penalties
June 15, 2025
Securities Regulation and Corporate Governance Monitor
SEC Announces Leadership Changes
June 15, 2025
Business Law Prof Blog
Update on Nevada Reincorporations
June 15, 2025
Reuters
IPO Market Bounces Back
June 12, 2025
Wall Street Journal
Lawmakers Traded as Tariffs Imposed
June 12, 2025
Bloomberg
Crypto Enforcement Now Up to States
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Justice Department
DOJ Criminal Chief Speaks on FCPA
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Deal Lawyers.com
Delaware Chancery Addresses Exculpation Defense in Fiduciary Duty Case
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U.S. Nuclear Energy Reboots
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Dealbook
Lawyer Richard Beattie Dies at 86
June 11, 2025
D&O Diary
What Can Directors Keep Private?
June 11, 2025
Reuters
Scotus Rejects Challenge to FINRA
June 11, 2025
Bloomberg
Senate GOP Plan Erases Audit Board
June 11, 2025
D&O Diary
Alphabet Settles Antitrust-Related Derivative Lawsuit for $500 Million
June 10, 2025
Bloomberg
Trump Vows Change Little at Law Firms
June 10, 2025
Reuters
SEC Says Existing Cuts Met DOGE Goal
June 10, 2025
Wall Street Journal
DOJ Focus Narrows in FCPA Cases
June 10, 2025
PubCo @ Cooley
Firms Face New Climate Strategy EOs
June 10, 2025
Bloomberg
Disney Buys Comcast’s Hulu Stake
June 9, 2025
Delaware Business Litigation Report
Delaware Chancery Nixes Liability for Wholly-Owned Subsidiary’s Parent
June 9, 2025
New York Times
Meta in Talks to Invest in Scale AI
June 9, 2025
Freshfields' A Fresh Take
SEC Rethinks Foreign Private Issuers
June 9, 2025
Deal Lawyers.com
Delaware Chancery Grants Motion to Certify Constitution Issues on SB 21
June 9, 2025

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