Since William Nordhaus published his seminal work in 1994, economists have coalesced around the need to implement carbon taxes to address the negative externalities of greenhouse gas emissions on temperatures. Under this paradigm, properly designed carbon taxes induce firms to internalize the cost to society of their emissions, thereby restoring the socially optimal allocation. In… Read More »
Corporate governance has over time moved from being a peripheral to a central issue for capital markets regulation. Our recent research focuses on how that transformation has occurred in the UK and how it has adjusted the default provisions of UK corporate law. We begin with the observation that corporate governance was not a significant… Read More »
Legal systems around the world apply various strategies to mitigate agency costs between controlling and minority shareholders. In my recent paper, I provide a systematic review of the transnational law on controlling shareholder’s loyalty and care obligations by exploring the cultural, historical, and socio-economic backgrounds embodied in different doctrinal choices. A. Doctrinal Strategies for Regulating Controlling… Read More »
In a prior post I discussed potential changes to the leadership of Federal financial regulatory and supervisory agencies as a result of the 2020 Presidential election. This post reviews progress on that front through the first six months of the Biden-Harris Administration. An updated scorecard is attached to this post for ease of reference. In general, the Administration… Read More »
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