Members of the NDLS community and the U.S. Attorney’s Office joined family and friends to support 3L Jason O’Brien at his U.S. Navy ensign commissioning ceremony in the Patrick F. McCartan Courtroom last November.
Professor Martijn Cremers has co-authored a new research article, Thirty Years of Shareholder Rights and Firm Valuation, that introduces the concept of a new hand-collected dataset that tracked restrictions on shareholder rights at approximately 1,000 firms from 1978-1989. In conjunction with 1990-2006 IRRC data, the authors tracked firms’ shareholder rights over thirty years. Most governance changes occurred during the 1980s. The data found a robustly negative association between restrictions on shareholder rights (using the G-Index as a proxy) and Tobin’s Q. The negative association only appears after the judicial approval of antitakeover defenses in the 1985 landmark Delaware Supreme Court decision of Moran v. Household. This decision was an unanticipated, exogenous shock that increased the importance of shareholder rights.
It is with a heavy heart that the Law School announces the death of Bob Wilczek, J.D. ’68, who passed away on January 8, his 70th birthday.