The European Commission has often used its merger-review power to challenge high-profile acquisitions involving non-EU companies, giving rise to concerns that its competition authority has evolved into a powerful tool for industrial policy. The Commission has been accused of deliberately...

We study retail shareholder voting using a detailed and nearly universal sample of anonymizedretail shareholder voting records over the period 2015-2017. Contrary to public perception, wefind that retail shareholders are an influential voting bloc, affecting as many proposal outcomes asthe Big...

This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...

Random case assignment is thought to be an important feature of decision-making in federal courts because it helps guard against favoritism (actual or perceived) toward particular parties or types of cases. In bankruptcy courts, cases are randomly assigned to both judges and trustees. In Chapter...

In recent decades, investors have wielded their voting power to influence the direction of corporate policy. Although mutual funds have widely varying voting patterns and predictable ideological disagreements, little is known about whether their underlying investors have similar preferences. I...

This paper presents evidence of the extent to which omitting the value of pension benefits has undermined the accuracy of existing estimates of executive pay, its variability, and its sensitivity to performance.We study the pension arrangements of CEOs of Samp;P 500 companies that (1) are now...

This Article proposes a new method of reducing the costs administrative agencies incur in monitoring regulatory compliance by a firm that operates multiple sources of risk, such as air-polluting smokestacks. The expense of individually monitoring such sources directly may consume a large share...