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September 8, 2017

Overreacting to dual class stock

Yvan Allaire has a great analysis of Dow Jones’ overreaction to Snapchat’s IPO and the dual class stock phenomenon in general: ”In July 2017, Dow Jones, goaded by the reaction to Snapchat having gone public with a class of shares without voting rights, announced that, after extensive consultation, it had decided to henceforth eliminate companies […]

April 27, 2016

Activist hedge funds come to Japan

From Japan Today comes an interesting column by Yvan Allaire and Francois Dauphin: Now foreign investors, holding over 30% of their shares, are unrelenting in their pressure for Japanese companies to adopt American-style governance. New governance codes have been written and Japanese stock exchanges are pushing for their implementation. Foreign money managers and institutional investors […]

December 28, 2015

Who should pick corporate directors?

“Yvan Allaire and François Dauphin cogently analyze the costs and risks of proxy access, arguing that “Anyone believing that this process is likely to produce stronger boards in the long run needs to consider anew the calculus of current and prospective board members, the actions, likely dysfunctional, of people facing the humiliation (and economic loss) […]

October 15, 2015

Allaire & Dauphin on hedge fund activism

Yvan Allaire and François Dauphin return to a topic on which they have been active and important commentators and analysts; namely, hedge fund activism. Specifically, they report on a new study they conducted: ”We … explored, among other things, the consequences of activism over time when compared to a random sample of firms with similar […]

January 30, 2015

The Continuing Critique of “The Long-Term Effects of Hedge Fund Activism”

Yvan Allaire and Francois Dauphin are back with another critique of Bebchuk et al.’s claims about the merits of hedge fund activism: Bebchuk et al. have produced a new version of their paper The Long-Term Effects of Hedge Fund Activism (December 2014) to be published in the June 2015 issue of the Columbia Law Review. In this […]