Sunday, August 20, 2017
Thursday, August 17, 2017
"Despite ... risk of negative returns ... M&A ... transactions provide for portfolio diversification." 15 J. Int'l Bus. & L. 87 #corpgov— Stefan Padfield (@ProfPadfield) August 15, 2017
Sunday, August 13, 2017
"I have decided to stick with love. Hate is too great a burden to bear." Martin Luther King, Jr. pic.twitter.com/u4zhX1nluU— Stefan Padfield (@ProfPadfield) August 13, 2017
"unconscionable contract..remains an amorphous standard..encourag[ing] minimal adherence to ethical behavior" 8UPuertoRicoBusLJ103 #corpgov— Stefan Padfield (@ProfPadfield) August 13, 2017
Thursday, August 10, 2017
Monday, August 7, 2017
The following comes from the University of Akron School of Law:
The University of Akron School of Law anticipates hiring a tenure-track or tenured faculty member with a focus in the area of international and comparative law to begin teaching in Fall 2018. We seek a candidate demonstrating general international law expertise with a preference for private international law, including but not limited to international business transactions, international trade, and/or international commercial arbitration. Both entry-level and lateral candidates are encouraged to apply. The appointment may include opportunities for administrative leadership overseeing study abroad programs, programs for foreign lawyers, and other international programs. The committee is interested in candidates with scholarly distinction or great promise as demonstrated by strong early scholarship and a thoughtful agenda for future work, as well as a commitment to excellence in teaching.
The University of Akron School of Law is a public, mid-size law school of approximately 500 students located in the Akron/Cleveland metropolitan area. With a new building, a new dean, and strong enrollments, Akron Law provides an energized community and faculty environment. The School of Law has a strong tradition of teaching and offers students low tuition, a commitment to student success, strong job placement, award-winning clinical programs, a national trial team program, and unique mentorship with the local and regional bars. It has research centers in Intellectual Property, Constitutional Law, and Professional Responsibility. Akron Law has recently enhanced its international initiatives including new collaborative relationships with universities in Asia, an accelerated juris doctor program for international students, visiting international scholars, and a four-week, three-city, two-country study abroad program in Japan and South Korea. In addition, the larger University has been expanding international initiatives and programming. The University of Akron is a public research university of 25,000 students, with a national reputation in polymer science, engineering, and business in addition to law. It is centered in Akron, Ohio, a city with a population of 200,000, known for its low cost of living and high quality of life, its surrounding natural beauty including the Cuyahoga Valley National Park, its history of industrial innovation, and its multitude of cultural, artistic, athletic, and recreational opportunities.
Sunday, August 6, 2017
My latest paper, The Inclusive Capitalism Shareholder Proposal, 17 U.C. Davis Bus. L.J. 147 (2017), is now available on Westlaw. Here is the abstract:
When it comes to the long-term well being of our society, it is difficult to overstate the importance of addressing poverty and economic inequality. In Capital in the Twenty-First Century, Thomas Piketty famously argued that growing economic inequality is inherent in capitalist systems because the return to capital inevitably exceeds the national growth rate. Proponents of “Inclusive Capitalism” can be understood to respond to this issue by advocating for broadening the distribution of the acquisition of capital with the earnings of capital. This paper advances the relevant discussion by explaining how shareholder proposals may be used to increase understanding of Inclusive Capitalism, and thereby further the likelihood that Inclusive Capitalism will be implemented. In addition, even if the suggested proposals are rejected, the shareholder proposal process can be expected to facilitate a better understanding of the strengths and weaknesses of Inclusive Capitalism, as well as foster useful new lines of communication for addressing both poverty and economic inequality.
August 6, 2017 in Corporate Finance, Corporate Governance, CSR, Financial Markets, Research/Scholarhip, Securities Regulation, Shareholders, Social Enterprise, Stefan J. Padfield | Permalink | Comments (0)
Thursday, August 3, 2017
Sunday, July 30, 2017
"public country-by-country tax reporting has the potential to form a third pillar of corporate accountability" 27 NZULR 569 #corpgov— Stefan Padfield (@ProfPadfield) July 30, 2017
Thursday, July 27, 2017
Sunday, July 23, 2017
"close to 50% of all college grades given are A’s" https://t.co/USFKLPst3p— Stefan Padfield (@ProfPadfield) July 18, 2017
"Uber is operating a virtual, for-profit hiring hall..on terms..not..allowed to workers" 38 Berkeley J. Emp. & Lab. L. 233 #corpgov— Stefan Padfield (@ProfPadfield) July 23, 2017
"shareholders with more than 2% holdings could sue the directors for failure to pursue public..benefits" 2017 Colum. Bus. L.Rev. 92 #corpgov— Stefan Padfield (@ProfPadfield) July 23, 2017
"individual property leaves the private domain ... presuming to replace the public dimension" 18 Theoretical Inquiries L. 269 #corpgov— Stefan Padfield (@ProfPadfield) July 23, 2017
"whether property is a limit on or the product of sovereignty" 18 Theoretical Inquiries L. 447 #corpgov— Stefan Padfield (@ProfPadfield) July 23, 2017
Thursday, July 20, 2017
"Dark money groups [are] comparing themselves to civil rights heroes in Alabama under Jim Crow" 121 Penn St. L. Rev. 1049 #corpgov— Stefan Padfield (@ProfPadfield) July 16, 2017
stakeholder theory's "subordination of the equity holders ... is an ... assault on fundamental property rights" 72 Bus. Law. 735 #corpgov— Stefan Padfield (@ProfPadfield) July 18, 2017
"important differences between an assignment for the benefit of creditors and bankruptcy liquidation" 69 Rutgers U.L. Rev. 137 #corpgov— Stefan Padfield (@ProfPadfield) July 18, 2017
"for all the talk of creating an ownership society, close to half of Americans do not have..investments in equity" 126Yale L.J.1870 #corpgov— Stefan Padfield (@ProfPadfield) July 18, 2017
Sunday, July 16, 2017
"Current free speech theory and doctrine support the extension of free speech rights to strong AI speakers" 101 Minn. L. Rev. 2481 #corpgov— Stefan Padfield (@ProfPadfield) July 16, 2017
Thursday, July 13, 2017
Sunday, July 9, 2017
Thursday, July 6, 2017
Wisniewski, Yekini, and Omar on “Psychopathic Traits of Corporate Leadership as Predictors of Future Stock Returns”
Tomasz Piotr Wisniewski, Liafisu Sina Yekini, and Ayman M. A. Omar posted “Psychopathic Traits of Corporate Leadership as Predictors of Future Stock Returns” on SSRN on June 13, 2017. You can find their abstract here.
I was particularly interested in how the authors measured psychopathy. Here is a relevant excerpt:
Using UK data, we construct a number of corporate psychopathy indicators and link them to the returns that ensue over the next 250 trading days - a period roughly equivalent to one calendar year.
Even if clear guidance exists on how to diagnose psychopathic personality disorder in humans (Hare 1991, 2003), the practical difficulty is that executives will be generally unwilling to participate in time consuming surveys, particularly those that are likely to expose the dark side of their character. We choose to follow a more pragmatic approach and, similarly to Chatterjee and Hambrick (2007), collect information in an unobtrusive way by going through company-related archives and data. Firstly, using automated content analysis we assess to what extent the language in annual report narratives is symptomatic of psychopathy. This is done by counting the frequency of words that are aggressive, characteristic of speakers who are self-absorbed and who have the tendency to assign blame to others. Secondly, we look at likely correlates of managerial integrity. More specifically, we try to identify companies whose auditors have expressed reservations in the Emphasis of Matter section of the annual report and those that have experienced a publicized Financial Reporting Council (FRC) intervention. Thirdly, we consider a measure that derives from the observation that psychopaths require stronger external stimuli to experience emotions and, therefore, have the tendency to take high risks. We assume that excessive exposure in a corporation will result in a high degree of idiosyncratic risk. This type of risk, which is entirely company-specific and unrelated to the broader economy, is measured in our empirical inquiry. Lastly, we construct a variable to capture the reluctance of a company to donate to charitable causes.
Our empirical investigation documents a negative association between the presence of managerial psychopathic traits and future return on common equity.
Sunday, July 2, 2017
"a new strand of economic literature ... argues that 'inclusive growth' leads to higher growth" 90 S. Cal. L. Rev. 593 (2017) #corpgov— Stefan Padfield (@ProfPadfield) July 2, 2017
Thursday, June 29, 2017
Sunday, June 25, 2017
The law firm Cooley is updating its packet of startup tips and financing documents https://t.co/IBQXR3hdxF— TechCrunch (@TechCrunch) June 21, 2017
Thursday, June 22, 2017
Sunday, June 18, 2017