Stock Market Short-Termism Law, Regulation, and Reform
Consideration of harmful short-termism in capital markets is prevalent amongst legal and business academics. It is also garnering increased attention in corporate board rooms and executive suites, and from the investing public. As a result, correcting per
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Stock Market Short-Termism Law, Regulation, and Reform
Stock Market Short-Termism
Kim M. Willey
Stock Market Short-Termism Law, Regulation, and Reform
Foreword by Martin Lipton
Kim M. Willey Faculty of Law University of Victoria Victoria, BC, Canada
ISBN 978-3-030-22902-3 ISBN 978-3-030-22903-0 (eBook) https://doi.org/10.1007/978-3-030-22903-0 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
I have been waiting for Kim Willey’s comprehensive analysis of short-termism for more than 40 years. In Takeover Bids in the Target’s Boardroom, published in The Business Lawyer in 1979 [Lipton, Martin. 1979. “Takeover Bids in the Target Boardroom.” November 1979. 35. The Business Lawyer. 101–134], I argued for the rejection of shorttermism, recognition of the interests of all stakeholders in a public company and that the market was not so efficient that it adequately valued all public companies at all times. This kicked off a debate that continues today—a debate which has long suffered from the absence of Kim Willey’s comprehensive study and analysis of the empirical and pragmatic evidence of the economic and societal impact of short-termism and the counter-arguments of agency-cost, shareholder-democracy academics. With deep insight and reference to research on both sides, this book will be of great value to a wide range of interested parties, including asset managers, institutional investors, corporate directors and executives, market analysts, investment advisors, investment bankers, legal counsel, accountants and academics. The importan
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