Bringing two worlds together: The investor-policy maker interface in collaborative sovereign engagement initiatives

By | September 28, 2023
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The importance of public policy has increased for investors since 2015, when governments committed to shifting trillions of dollars to be consistent with the goals of the Paris Agreement and to increase investments in the Sustainable Development Goals (SDGs). Further, investors have accepted the influence of ESG factors on delivering financial returns, recognizing the need… Read More »

The Keys to Sovereign Development Fund Success 

By | September 19, 2023
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Demand for infrastructure investment continues to ramp up amid growing commitments to a low-carbon future and rapid economic growth in developing countries. The nature of this “scaling up” challenge requires capital that governments cannot provide alone, necessitating the utilization of private capital. Institutional investors collectively possess the financial resources ($16 trillion in “direct” investment capacity)… Read More »

Civil Liability in the EU Corporate Sustainability Due Diligence Directive Proposal 

By | September 18, 2023
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On June 1, 2023, the European Parliament substantially amended the European Commission’s proposal for the Corporate Sustainability Due Diligence Directive (CSDDD). Since my first comment on the Commission’s proposal, I have focused on Art. 22, establishing civil liability for failure to carry out due diligence. Functionally, this liability aims to counter multinational corporations’ strategic use… Read More »

Legal Hurdles for Holding Compliance Gatekeepers Accountable  

By | September 7, 2023
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There is a consensus that compliance is a critical issue in corporate governance. Yet there remains a gaping hole in our understanding of what determines the effectiveness of compliance programs. Specifically, we know relatively little about the role of third-party compliance advisors.   Nowadays, virtually every large law firm or accounting firm sells various “compliance… Read More »

Cybercrime on the Ethereum Blockchain 

By | September 6, 2023
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While Bitcoin is still the largest cryptocurrency in the world by market capitalization, the Ethereum blockchain maintains the unique ability to tokenize assets and execute smart contracts. These benefits for businesses and investors also come with additional opportunities for cybercriminals, such as when a company simply runs away with the money after tokenizing its assets. … Read More »

The Rise and Fall, and Possible Rise Again, of the Use of Infringement Notices by the Australian Securities and Investments Commission 

By | September 5, 2023
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Australia’s corporate and securities regulator, the Australian Securities and Investments Commission (ASIC), has extensive enforcement powers that it can use to ensure compliance with the law. One of these is the power to issue infringement notices. An infringement notice is an administrative mechanism that ASIC can use as a response to misconduct. It is issued… Read More »

Is Sustainable Finance a Dangerous Placebo? 

By | August 30, 2023
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In recent years, the financial industry has been increasingly pressured to actively contribute to addressing critical societal challenges, such as climate change. Now, many investors expect their money to be managed in a way that promotes positive environmental and social change. Given these expectations, there is a growing interest in understanding the real impact of… Read More »

The Consequences of Rising Healthcare Costs and the Role of Private Equity 

By | August 29, 2023
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In the U.S., the rise in healthcare costs has been the subject of intense public and regulatory scrutiny. Average health insurance premiums have risen steadily over the past few years, outpacing inflation. However, the negative consequences of this economic rise are not fully understood. In particular, a significant portion of the rise in healthcare costs… Read More »

The Next Generation of DIP Loans 

By | August 25, 2023
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What if you were a well-heeled owner of a bankrupt company but had inside information on its value and could lock in the opportunity to buy it at a low price? That would be a sweet deal! Private equity sponsors and other sophisticated insiders (“Sponsors”) have used convertible Debtor-in-Possession financing (“DIP financing”), what I call… Read More »

Business Group Heterogeneity and Affiliation Effect: Evidence from Korean Chaebols  

By | August 23, 2023
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Business Group Heterogeneity and Affiliation Effect: Evidence from Korean Chaebols   Business groups exist in many countries around the world. More recently, the emergence of powerful “tech conglomerates” such as Google or Amazon has revived concerns regarding the accumulation of economic power by such business structures. Business groups have raised substantial attention among scholars with the… Read More »