In a new paper, we examine whether the gender composition of companies’ boards affects the Securities and Exchange Commission’s (SEC’s) decision to investigate those companies and, ultimately, to pursue regulatory enforcement.
We consider three related reasons why firms with more
The CLS Blue Sky Blog
The CLS Blue Sky Blog, published by Columbia Law School, focuses on developments in commercial law, particularly relating to securities regulation, corporate governance, and emerging financial technologies. It covers topics such as amendments to the Uniform Commercial Code affecting digital assets, regulatory changes impacting capital markets, and legal issues surrounding private equity and investor protections. The blog also addresses broader themes in financial regulation, including climate-related disclosures, privacy concerns in financial surveillance, and evolving SEC policies. It serves as a resource for understanding the intersection of law, finance, and technology within the context of U.S. and international regulatory frameworks.
Latest from The CLS Blue Sky Blog - Page 2
Wachtell Lipton Discusses Ten Shareholder Activism Trends for 2027
By Renholding
Last year, we identified ten trends that we expected to shape shareholder activism in 2026. Those trends included: increasing M&A-focused activism, emboldened occasional activists, less visibility into shareholder views, the normalization of serving as a dissident nominee, and more “withhold”…
When Are Insider Purchases Credible Signals of Private Information?
By Renholding
Empirical evidence shows that investors respond to corporate insiders’ open market purchases by increasing the company’s stock price, reflecting that insiders possess private information indicating that the firm is undervalued. Consistent with that evidence, in a new paper we find…
Sidley Discusses Delaware Chancery Ruling on Public Benefit Corp. Directors’ Price-Maximization Duty
By Martinyerovi
In Drakes Landing Associates, L.P. v. Tilden Park Capital Management, L.P. (Del. Ch. July 29, 2026), the Delaware Court of Chancery confronted an issue of first impression: how, if at all, the Revlon enhanced-scrutiny framework applies when the board of…
Why Contracts Can’t Solve the Tragedy of the Horizon
By Renholding
In 2015, Mark Carney, then Governor of the Bank of England and now Prime Minister of Canada, named a problem that financial markets had begun to confront but had difficulty articulating, “the tragedy of the horizon.” As we…
White & Case Discusses M&A Regulatory Closing Risk and Superior-Proposal Determination
By Renholding
In the fourth quarter of 2025, Novo Nordisk A/S (“Novo”) intervened as an interloper in the acquisition of Metsera, Inc. (“Metsera”), a clinical-stage developer of obesity and metabolic therapies that had entered into a merger agreement to be acquired by…
How to Advise Token Developers in Light of Proposed SEC Regulation Crypto Assets
By Renholding
For a decade, a development team that wanted to distribute tokens in the U.S. or to U.S. persons had two realistic options: attempt an SEC registration that, basically, no one could complete, or make a judgment call under the 1946…
Davis Polk Discusses OCC and FDIC Changes to Rules for Supervision
By Martinyerovi
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC and, collectively, the Agencies) issued a joint final rule to define the term “unsafe or unsound practice” for purposes of section 8 of the…
What Anthropic’s Antitrust Waiver Says About the Law and Economics of AI
By Renholding
In September 2026, Dario Amodei proposed an unusual response to the race to develop frontier artificial intelligence. If competition pushes leading laboratories to move faster than safety allows, Washington should let them coordinate. The Anthropic chief executive wants outside evaluators…
SEC Chair on Plan to Rescind Shareholder Proposal Rule and Modernize Proxy Solicitation
By Renholding
Today [September 16], the Commission issued two proposing releases related to its proxy rules under the Securities Exchange Act of 1934. The proposals reflect two of my highest regulatory priorities. First, ensuring that the Commission does not improperly intrude into…