This Article identifies a new type of dynamics affecting today's international securities markets, which it dubs quot;stock exchange mobilityquot;. Competition in these markets has now reached such levels that even the largest stock exchanges in the world are exposed to threats on their very...

This article tells the story of an Israeli regulatory program aimed at luring back home Israeli companies listed only on U.S. stock markets by facilitating dual listing of their stocks on the Tel Aviv Stock Exchange. It is the story of a David market up against a Goliath market. As in the...

This article tells the story of an Israeli regulatory program aimed at luring back home Israeli companies listed only on U.S. stock markets by facilitating dual listing of their stocks on the Tel Aviv Stock Exchange. It is the story of a David market up against a Goliath market. As in the...

We examine the depth of the labor market for female directors following an exogenous shock to demand caused by California Senate Bill 826. Despite a surge in female appointments, new female director qualifications remain stable when benchmarked to control groups, indicating a deep labor market....

Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...

We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private...

The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and...

This Article seeks to contribute to the heated debate on the disclosure of political spending by public companies. A rulemaking petition urging SEC rules requiring such disclosure has attracted over 1.2 million comments since its submission seven years ago, but the SEC has not yet made a...

Although investor demand for material “environmental, social, and governance” (ESG) information that can be readily used in financial analysis continues to grow, many firms and their advisors have concerns about the potential costs and benefits of new disclosure mandates. This Article argues...