Der Autor ist Partner bei der international tätigen Prüfungs- und Beratungsgesellschaft Deloitte. Seine Erfahrungen mit der Transformation tradierter Konzepte der Erwerbsarbeit in neue Formen der Beschäftigung (u.a. Gig- und Crowd-Working) kondensieren in dieser Bestandsaufnahme. Schwartz...

In this Article, I argue that 401(k) plans make for bad public policy. The substantial tax subsidy upon which these plans are founded is allocated inefficiently and inequitably; many who could benefit from 401(k)s lack access to them; and those fortunate enough to participate are left...

Mutual funds are acting like venture capitalists. Contrary to longstanding practice and to their reputation for investing in public companies, mutual funds, including some of the most prominent, are allocating portions of their portfolios to private startup firms, including famous unicorns like...

The SEC made headlines when, in its release announcing the final version of its controversial Conflict Minerals Rule, the agency estimated that the rule would cost industry between $3-$4 billion in the first year alone. These figures have been widely accepted and have anchored a heated debate...

This chapter from the forthcoming Handbook on Law and Entrepreneurship (Gordon Smith, Christine Hurt & Brian Broughman eds.) sets out a template for the regulation of venture exchanges — securities markets specifically designed for trading smaller and younger firms. I argue for listing...

For generations, scholars have debated the purpose of corporations. Should they maximize shareholder value or balance shareholder interests against the corporation's broader social and economic impact? A longstanding and fundamental premise of this debate is that, ultimately, it is up to...

Expanding securities-law requirements, along with declining IPOs, have spurred a number of initiatives aimed at providing regulatory relief for smaller and younger firms. But the rhetoric of policymakers defending such efforts is superficial and the academic debate surrounding the issues at...

This Article explores the burgeoning practice of investing in people as if they were corporations. Sometimes pitched as a way to pay-off student loans or fund a business idea, people now have the opportunity to sell shares of their future income to investors in exchange for cash today. Such...

This article analyzes social enterprise from a theoretical and comparative perspective. Social enterprises are distinct from nonprofits because they have equity-holders; they are distinct from socially minded for-profits because their mission is sacrosanct. We set out a regulatory template to...

Corporate governance is changing. For the past two decades, the focus of shareholder voting and engagement was deconstructing impediments to shareholder power and increasing managerial accountability. The goal of these interventions was to increase firm value by reducing agency costs....