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		<title>Overreacting to dual class stock</title>
		<link>https://igopp.org/en/overreacting-to-dual-class-stock/</link>
		<comments>https://igopp.org/en/overreacting-to-dual-class-stock/#respond</comments>
		<pubDate>Fri, 08 Sep 2017 14:06:29 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[American governance]]></category>
		<category><![CDATA[Dual-class shares]]></category>
		<category><![CDATA[Hedge funds]]></category>
		<category><![CDATA[ProfessorBainbridge.com]]></category>

		<guid isPermaLink="false">https://igopp.org/?p=8908/</guid>
		<description><![CDATA[Yvan Allaire has a great analysis of Dow Jones&#8217; overreaction to Snapchat&#8217;s IPO and the dual class stock phenomenon in general: &#8221;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 [&#8230;]]]></description>
		<content><![CDATA[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 with dual-class shares from its indices, in particular the S&#38;P 500 Index. ...

The surging popularity of this type of capital structure has agitated institutional investors and other types of shareholders that pretend, with no legal support, to be the owners of the companies. Skirmishes about dual-class shares then turned into an all-out war led by index fund managers, some institutional investors, influential academics, the governance industry, and investment bankers. They allege that dual-class shares result in a discounted value and a poor relative performance. They are prone to claim that the one share-one vote principle is the moral equivalent of the sacrosanct one person-one vote of electoral democracy.

Of course that equivalence between electoral democracy and shareholding is totally bogus''.

Read more [1]

[1] http://www.professorbainbridge.com/professorbainbridgecom/2017/09/overreacting-to-dual-class-stock.html]]></content>
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		<slash:comments>0</slash:comments>
		</item>
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		<title>Activist hedge funds come to Japan</title>
		<link>https://igopp.org/en/activist-hedge-funds-come-to-japan/</link>
		<comments>https://igopp.org/en/activist-hedge-funds-come-to-japan/#respond</comments>
		<pubDate>Wed, 27 Apr 2016 15:21:06 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Activism]]></category>
		<category><![CDATA[American governance]]></category>
		<category><![CDATA[Hedge funds]]></category>
		<category><![CDATA[ProfessorBainbridge.com]]></category>

		<guid isPermaLink="false">https://igopp.org/?p=6247</guid>
		<description><![CDATA[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 [&#8230;]]]></description>
		<content><![CDATA[From Japan Today comes an interesting column [1] 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 stand to benefit from changes in the ethos of Japanese companies which would make them more like American companies in their devotion to shareholder value creation.

That may be the inevitable outcome of a globalized financial market but Japanese promoters of this new governance orthodoxy did not quite understand that “good” governance provides the lever, the entry point for activist hedge funds and their cohort of supporters. These funds thrive, and can implement their standard recipes, only where publicly listed companies have no controlling shareholders and when they can robe themselves with the mantle of defenders of “good” governance.”

And they are now coming to Japan in droves. ...

(...)

Read more [2]

[1] http://www.japantoday.com/category/opinions/view/japan-discovers-good-corporate-governance-american-style
[2] http://www.professorbainbridge.com/professorbainbridgecom/2016/04/activist-hedge-funds-come-to-japan-and-the-results-are-sort-of-meh.html]]></content>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Who should pick corporate directors?</title>
		<link>https://igopp.org/en/who-should-pick-corporate-directors/</link>
		<comments>https://igopp.org/en/who-should-pick-corporate-directors/#respond</comments>
		<pubDate>Mon, 28 Dec 2015 22:07:15 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[ProfessorBainbridge.com]]></category>
		<category><![CDATA[Proxy Advisors]]></category>
		<category><![CDATA[Shareholders]]></category>

		<guid isPermaLink="false">https://igopp.org/?p=6107</guid>
		<description><![CDATA[&#8220;Yvan Allaire and François Dauphin cogently analyze the costs and risks of proxy access, arguing that &#8220;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) [&#8230;]]]></description>
		<content><![CDATA["Yvan Allaire and François Dauphin cogently analyze [1] 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) of an electoral rejection."

[1] http://clsbluesky.law.columbia.edu/2015/11/30/who-should-pick-board-members/]]></content>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Allaire &#038; Dauphin on hedge fund activism</title>
		<link>https://igopp.org/en/allaire-dauphin-on-hedge-fund-activism/</link>
		<comments>https://igopp.org/en/allaire-dauphin-on-hedge-fund-activism/#respond</comments>
		<pubDate>Thu, 15 Oct 2015 18:23:34 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Activism]]></category>
		<category><![CDATA[Hedge funds]]></category>
		<category><![CDATA[ProfessorBainbridge.com]]></category>

		<guid isPermaLink="false">https://igopp.org/?p=5676</guid>
		<description><![CDATA[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: &#8221;We &#8230; explored, among other things, the consequences of activism over time when compared to a random sample of firms with similar [&#8230;]]]></description>
		<content><![CDATA[Yvan Allaire and François Dauphin return to a topic [1] 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 characteristics at the time of intervention.

Focusing on activist events of the years 2010 and 2011, we obtained a sample of 290 campaigns initiated by 165 activist hedge funds which targeted 259 distinct firms. To map out the actions and performance of these 259 targeted companies, we have set up a random sample of 259 companies selected to match the targeted companies at the intervention year in terms of industry classification and market value''.

Read more [2]

[1] http://clsbluesky.law.columbia.edu/2015/10/14/the-game-of-activist-hedge-funds-cui-bono/
[2] http://www.professorbainbridge.com/professorbainbridgecom/2015/10/allaire-dauphin-on-hedge-fund-activism.html]]></content>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Continuing Critique of &#8220;The Long-Term Effects of Hedge Fund Activism&#8221;</title>
		<link>https://igopp.org/en/the-continuing-critique-of-the-long-term-effects-of-hedge-fund-activism/</link>
		<comments>https://igopp.org/en/the-continuing-critique-of-the-long-term-effects-of-hedge-fund-activism/#respond</comments>
		<pubDate>Fri, 30 Jan 2015 15:57:38 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Hedge funds]]></category>
		<category><![CDATA[ProfessorBainbridge.com]]></category>

		<guid isPermaLink="false">https://igopp.org/the-continuing-critique-of-the-long-term-effects-of-hedge-fund-activism/</guid>
		<description><![CDATA[Yvan Allaire and Francois Dauphin are back with another critique of Bebchuk et al.&#8217;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 [&#8230;]]]></description>
		<content><![CDATA[

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 revised text, the authors struggle valiantly to cope with the challenging questions a number of critics have raised about their original paper. We, among many, have taken issues with their original paper. While the revised draft by Bebchuk et al has the merit of clarifying some aspects of their study, many issues remain unresolved and new ones creep in. In this paper, we provide examples of the latter while reiterating the fundamental questions that remain unanswered.
Still Unanswered Questions (and New Ones) to Bebchuk, Brav and Jiang (January 19, 2015). Available at SSRN: http://ssrn.com/abstract=2552176 [1] or http://dx.doi.org/10.2139/ssrn.2552176 [2] "

Read more [3]



[1] http://ssrn.com/abstract=2552176
[2] http://dx.doi.org/10.2139/ssrn.2552176
[3] http://www.professorbainbridge.com/professorbainbridgecom/2015/01/the-continuing-critique-of-the-long-term-effects-of-hedge-fund-activism.html]]></content>
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		<slash:comments>0</slash:comments>
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