“There simply are too many widely dispersed shareholders who have varying degrees of information about the company, differing goals and investment time horizons, and competing ideas about optimal business practices for their preferences to be aggregated efficiently.” #corpgov https://t.co/bdyuwluNhF
— Stefan Padfield (@ProfPadfield) March 11, 2019
“Amidst the clamorous and wide-ranging debate over poison pills, few commentators have addressed whether these corporate defenses are consistent with NYSE’s and NASDAQ’s well-known prohibitions against large issuances absent shareholder approval (the ’20 Percent Rule’).” #corpgov https://t.co/DecatGFn1u
— Stefan Padfield (@ProfPadfield) March 8, 2019
“regulatory wave of early 2000s—Regulation FD in 2000, market decimalization in 2001, Sarbanes-Oxley in 2002, and the Global Analyst Research Settlement in 2003—cannot be the primary cause of declining U.S. listings, since the opening of the listing gap pre-dates them” #corpgov https://t.co/KjGIGCpIn7
— Stefan Padfield (@ProfPadfield) March 11, 2019
“An Ohio pension fund is the latest party asking for a court to legally stop Tesla CEO Elon Musk from tweeting …. ‘Musk has breached his fiduciary duty by continually violating court orders … by putting out tweets without pre-approval ….’” https://t.co/WfnQt8ltoe #corpgov
— Stefan Padfield (@ProfPadfield) March 11, 2019
“We observe a robust and significantly negative valuation effect of firms affected by the quota…. results translate into a value loss of around 57.2 million USD on average ….” https://t.co/MCb9HxVIgv
— Stefan Padfield (@ProfPadfield) March 8, 2019