Program on Law and Market Behavior Holds Corporate Governance Symposium

Author: Kevin Allen

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The Research Program on Law and Market Behavior at Notre Dame Law School hosted its fourth annual Corporate Governance Symposium Tuesday.

The event – named “Long vs. Short-term Investors in Corporate Governance” – gathered legal and business scholars to talk about the debate over whether short-term shareholders are a threat to the long-term interests of companies and the effect that short-term shareholders could have on the economy.

“What is the appropriate balance between short-term and long-term interests? And how do you figure that out? That is what we’re here to discuss,” Avishalom Tor, a professor of law at Notre Dame Law School and ND LAMB director, said in remarks that opened the symposium.

Several scholars presented papers at the symposium.

Jesse M. Fried, the Dane Professor of Law at Harvard Law School, presented “Short-Termism and Capital Flows,” which he wrote with Charles C.Y. Wang, an assistant professor of business administration at Harvard Business School.

Simone M. Sepe, a visiting professor of law at the University of Pennsylvania Law School and program director in law at the Institute for Advanced Study in Toulouse, France, presented “Investors’ Time Preferences and Corporate Governance” with Martijn Cremers, a LAMB faculty fellow and professor of finance in the Mendoza College of Business at the University of Notre Dame.

Eric L. Talley, the Isidor and Seville Sulzbacher Professor of Law at Columbia Law School, presented “Short-Termism and Long-Termism,” which he coauthored with Michal Barzuza, the Nicholas E. Chimicles Research Professor of Business Law and Regulation at the University of Virginia School of Law.

Sean J. Griffith, the T.J. Maloney Chair in Business Law at Fordham Law School and director of the Fordham Corporate Law Center, presented “Dead Hand Proxy Puts and Shareholder Value,” which he wrote with Natalia I. Reisel, an assistant professor of finance and business economics at Fordham University.

Following the presentations, the scholars participated in a roundtable discussion examining some general themes concerning the long versus short-term investors’ debate and responded to questions from the audience.

The Larry Bonner Endowment for Excellence in Commodities and Securities Law co-sponsored the symposium.