Contenu pour le mot clé: Securities and Exchange Commission

18 novembre 2016

« Can America’s Companies Survive America’s Most Aggressive Investors? »

« WILMINGTON, Del.—Ron Ozer was thrilled to get a job with DuPont, the two-centuries-old chemical company, when he finished his Ph.D. from Cornell in 1990. It was the place to go for young, ambitious chemists; it offered salary and benefits so generous that some people called it “Uncle Dupey.” For 26 years, he invented things for […]

26 janvier 2016

« Hedge Fund Activism: A Guide for the Perplexed »

« The message of the Dow/DuPont merger and split up is simple: No firm is today “too big to target.” Activists can see the transaction as evidence that, even in the rare case where they lose a proxy fight (as they did at DuPont last year in a squeaker), the handwriting is still on the […]

6 octobre 2015

« Can A New Paradigm For Corp Governance End A 30 Years War? »

« The decades-long conflict that is currently raging over short-termism and activist hedge funds strikes me as analogous to the Thirty Years’ War of the 17th Century, albeit fought with statistics (“empirical evidence”), op-eds and journal articles rather than cannon, pike and sword. I decided, after some thirty-six years in the front line of the […]

23 juin 2015

« Activism, Short-Termism, and the SEC »

« Today, I’d like to pull together some themes that I have been thinking, speaking, and writing about during my tenure and address them more holistically. Specifically, I’d like to share with you some thoughts about shareholder activism, short-termism, and the SEC. I. What is activism? Like many others, I view activism broadly: it is simply […]

30 janvier 2015

« The State of Corporate Governance for 2015 »

Financial Activism « Over the past three years, the number and intensity of financial activism initiatives has increased. The ongoing debate on the wealth effects of hedge fund activism is worth following and is well-covered on Harvard’s corporate governance blog ( Although financial activism may return immediate wealth to some shareholders through the sale of […]

14 janvier 2015

The Threat to Shareholders and the Economy from Activist Hedge Funds

“ A paper by Dr. Yvan Allaire entitled “The Value of ‘Just Say No,’” and also memos by our firm (here and here, the latter memo discussed on the Forum here), demonstrated that an ISS client note entitled “The IRR of No,” which argued that companies that had “just said no” to hostile takeover bids […]

16 juillet 2014

Avis relatif aux indications à l’intention des agences de conseil en vote

L’IGOPP a publié en 2013 une prise de position portant précisément sur le sujet des agences de conseil en vote. Cette prise de position, intitulée Le rôle préoccupant des agences de conseil en vote (“proxy advisors”): quelques recommandations de politiques, explique les fondements de notre réflexion. Plusieurs éléments de réponse aux questions soulevées dans l’Avis […]

13 juin 2014

« Just say no to the myth of shareholder democracy »

« It is tiresome indeed to debate with people who never respond to your fundamental arguments. Instead, they wrap themselves in the spurious argument of “shareholder democracy”. If corporations were to apply the principles of citizen democracy, tourists-shareholders would not have the right to vote and newcomers to shareholding would have to wait a good period […]

1 mars 2011

« After the meltdown »

« The financial crisis of 2007-08 has generated new rules, regulations and guidelines to cope with the flaws and faults of the international financial system. What kind of regulatory context is likely to evolve from this massive effort? Will it be sufficient to prevent the next bubble and crisis? Or is this only a political operation to placate […]