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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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A New Approach to Measuring Shareholder Damages in Securities Class Actions

By Michael McDonald September 11, 2024 by renholding

Securities class-action lawsuits play a crucial role in holding corporations accountable for financial misdeeds. They typically involve allegations of securities fraud, where a company makes misleading statements or omits important information that leads to an inflated stock price. When the …

Looking Under the Hood of Activist Fraud Campaigns

By Byung Hyun Ahn, Robert M. Bushman and Pano Patatoukas June 13, 2024 by renholding

Corporate fraud poses a significant agency cost for stock ownership. Activist short sellers, who conduct and publicize investigative research, play a crucial role in exposing such fraud, in contrast with most short sellers who quietly await price catalysts without public …

When Does Securities Litigation Affect Corporate Reputation?

By Dain C. Donelson, Antonis Kartapanis and Christopher G. Yust October 11, 2023 by renholding

Many academics, managers, lawyers, and others believe that nonmeritorious securities fraud class actions – those that will be dismissed or settled for nuisance amounts – damage corporate reputations. For example, litigation public relations experts claim that individuals adopt a “guilty …

How Market Feedback Affects CEO Pay

By C.S. Agnes Cheng, Iftekhar Hasan, Feng Tang and Jing Xie December 13, 2022 by renholding

Stock prices affect various corporate decisions such as the amount of CEO compensation, as emphasized in traditional pay-for-performance studies, and capital investment. However, an unanswered question is whether changes in firms’ stock price in a short window around events related …

How Board Gender Quotas Affect Stock Prices

By Carlos Fernandez and Shams Pathan December 1, 2022 by renholding

Women have traditionally suffered from discrimination in the labor market (Tatli et al., 2013) and are under-represented in upper management (Thams, Bendell and Terjesen, 2018). To address this widespread gender imbalance, many countries have implemented gender diversity policies ranging from …

Algorithmic Trading and How it Affects What Directors Learn from Stock Prices

By Jaewoo Kim, Jun Oh, Hojun Seo and Luo Zuo September 22, 2022 by renholding

Algorithmic trading (AT) is one of the most notable financial innovations in several decades and constitutes a substantial portion of recent trading in stock markets. However, evidence on the economic consequences of AT is mixed. On one hand, prior research …

The Causes and Consequences of Repurchasing Shares

By Alice A. Bonaime and Kathleen M. Kahle May 17, 2022 by renholding

Corporate payouts have reached record levels. Over the past half-century, publicly-held U.S. firms have more than tripled inflation-adjusted dividends, while real share repurchase values have ballooned from $5 billion in 1971 to almost $1 trillion in 2018 and become the …

How Firms’ Simultaneous Release of Information Affects Market Feedback

By Mustafa Ahci, Tim Martens and Christoph J. Sextroh February 24, 2022 by renholding

Can managers obtain more useful feedback from capital markets by disclosing pieces of information separately and at different times instead of bundling the information and releasing it at once? It is well known that capital markets’ response to firms’ announcements …

Are Climate-Change Risks Reflected in Stock Prices?

By Renato Faccini, Rastin Matin and George Skiadopoulos November 3, 2021 by renholding

Climate-change risks can result from physical forces like wildfires, floods, or droughts or from changes in policy, the so-called transition risks created by government actions or the adoption of new technologies. A key question for academics, policy makers, firms, and …

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher-Order Beliefs

By Martijn Cremers, Ankur Pareek and Zacharias Sautner August 4, 2021 by renholding

Discussions on the role of higher-order beliefs (investor beliefs about the beliefs of other investors) in financial markets can be traced back to Keynes’ (1936) comparison of the stock market to a beauty contest. Investors “are concerned,” he famously said, …

The Shareholder Perspective on Security Breaches

By Allen Michel, Jacob Oded and Israel Shaked October 24, 2019 by renholding

In a forthcoming paper, we explore the stock prices of companies during the period just before to just after an announcement that they have been hit with a computer breach.  We analyze all available public equity data by breach type …

How Missing SEC Filing Deadlines Affects a Company’s Stock Value

By Eli Bartov and Yaniv Konchitchki November 27, 2017 by renholding

Investors, hedge funds, regulators, banks, and attorneys want to know: What really happens when a company misses a regulatory deadline? In a new paper, we offer theory and quantitative analysis of the consequences of missing U.S. Securities and Exchange Commission …

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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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SEC Alters Enforcement, Wells Process
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Xi Rare Earth Move Gives Trump Chance
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SEC 2025 Enforcement in Retrospect
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Cointelegraph
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Reuters
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SEC Sets Shareholder Proposal Demise
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Delaware Business Litigation Report
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D&O Diary
Securities Suit Defense Faces Trouble
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Bloomberg
SEC Chair Eyes Shareholder Proposals
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Reuters
SEC Eases IPO Path in Shutdown
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Business Law Prof Blog
Update on Moves to Texas, Nevada
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Ford Also Backs Off EV Tax Credit Plan
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New York Magazine
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Bloomberg
FirstBrands Fail Blind Sides Wall Street
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Reuters
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Fears of Trillion-Dollar AI Bubble Grow
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Tesla’s “Affordable” Models Are Not
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Megabanks Drive Regionals to Merge
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Shutdown Stalls Antitrust Enforcers
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U.S. to Take 10% of Alaska Mining Firm
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Wall Street Journal
OpenAI, AMD Ink Massive Chip Deal
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Cleary M&A Watch
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FTC Challenges Zillow-Redfin Deal
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Startups Eating Big Food’s Lunch
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How EU, California AI Acts Overlap
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Prophecy Asset Mgmnt Sued for Fraud
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Judge Keeps SEC Twitter Suit in DC
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Automakers Extend $7,500 EV Discount
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Securities Regulation and Corporate Governance Monitor
How Shutdown Affects SEC Operations
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Chancery Says Late Statement Doesn’t Waive Post-Closing Adjustment
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Bloomberg
Pfizer Gets Three-Year Tariff Reprieve
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Wall Street Journal
Boeing Starts on 737 MAX Replacement
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Reuters
AstraZeneca’s U.S. Listing May Pull Other Companies from London
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D&O Diary
Bankruptcy Statistics Prompt Worry
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Bloomberg
Atkins Touts SEC-CFTC Crypto Work
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