Academics and regulators have given significant attention to the impact of institutional investors on the companies in which they invest. Some are concerned that the institutional investors act as common owners. But in their active ownership policies institutional investors often say they are...

In an article forthcoming in the Journal of Corporate Law, Systematic Stewardship with Tradeoffs, Profs. Kahan and Rock take issue with the portfolio approach that I offered in Systematic Stewardship (47 J. Corp. L. 627 (2022)) on the grounds that corporate law requires a “single firm focus”...