The Short-Termism Debate at the Federalist Society Convention

The following post relates to an empirical study of hedge fund activism issued by the Harvard Law School Program on Corporate Governance and co-authored by Professor Lucian Bebchuk, Alon Brav, and Wei Jiang. Lucian Bebchuk is Professor of Law, Economics, and Finance at Harvard Law School. Alon Brav is Professor of Finance at Duke University and a Senior Fellow of the Program. Wei Jiang is Professor of Finance at Columbia Business School, and a Senior Fellow of the Program.

Last week, The Federalist Society’s 2014 National Lawyers Convention featured a session dedicated to the short-termism debate and the evidence put forward by Professors Lucian Bebchuk, Alon Brav, and Wei Jiang in their study, The Long-Term Effects of Hedge Fund Activism. The session began with a presentation by Professor Bebchuk that outlined the key findings and implications of the study. Three panelists then offered their reactions to the study: Jonathan Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School; Robert Miller, Professor of Law and F. Arnold Daum Fellow in Corporate Law, University of Iowa College of Law; and Steven Rosenblum, a partner at Wachtell, Lipton, Rosen & Katz. The debate was moderated by E. Norman Veasey, former Chief Justice, Delaware Supreme Court.

Professor Bebchuk’s presentation slides are available here. The Bebchuk-Brav-Jiang study is available here, and posts about the study, including one published by critics of the study, are available on the Forum here.

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