Barbara A. Bliss et al., Negative Activism, 97 Washington University Law Review (forthcoming)

  • Barbara A. Bliss et al., Negative Activism, 97 Washington University Law Review (forthcoming)

Shareholder activism has become one of the most important and widely studied topics in law and finance. To date, popular and academic accounts have focused on what we call “positive activism,” where activists seek to profit from positive changes in the share prices of targeted firms. In this Article, we undertake the first comprehensive study of positive activism’s mirror image, which we term “negative activism.” Whereas positive activists focus on increasing share prices, negative activists take short positions to profit from decreasing share prices.

via Harvard

Wall St. J., Judge Threatens PG&E Dividend (Apr. 1, 2019)

A federal judge is threatening to prevent PG&E Corp. PCG 3.19% from resuming dividend payments to shareholders until it reduces its role in sparking California wildfires, an action with little precedent that could have big repercussions for other companies put on probation.

William Alsup, a U.S. district court judge in Northern California, began overseeing PG&E’s probation after the utility company was convicted of safety-related violations following a natural-gas explosion that killed eight people in 2010. …

The company, which sought chapter 11 bankruptcy protection in January, pushed back, responding that such an imposition could spook investors and limit its access to capital after it restructures in court. It emphasized that it has taken steps to improve its vegetation management practices in recent years and will continue to do so. …

An avid hiker whose California nature photographs hang in the federal courthouse in San Francisco, Judge Alsup has become a vocal critic of PG&E’s wildfire response.

統計的有意

Let’s be clear about what must stop: we should never conclude there is ‘no difference’ or ‘no association’ just because a P value is larger than a threshold such as 0.05 or, equivalently, because a confidence interval includes zero. Neither should we conclude that two studies conflict because one had a statistically significant result and the other did not. These errors waste research efforts and misinform policy decisions. …

These and similar errors are widespread. Surveys of hundreds of articles have found that statistically non-significant results are interpreted as indicating ‘no difference’ or ‘no effect’ in around half (see ‘Wrong interpretations’ and Supplementary Information).

See also Supplementary Information, American Statistical Association, NPR

デラウェア州会社法の改正案(2019年)

Richards, Layton & Finger, 2019 Proposed Amendments to the General Corporation Law of the State of Delaware (March 27, 2019)

Appraisal Rights. The 2019 Amendments make several technical changes to Section 262(d), which sets forth the provisions for notices to stockholders in circumstances where they are entitled to appraisal rights, to clarify such notice provisions and conform them to amended Section 232(a). The amendments to Section 262(d) will permit a corporation to deliver a notice of appraisal rights by courier or electronic mail (in addition to by U.S. mail). In addition, Section 262(d) is being amended to permit stockholders to deliver demands for appraisal by electronic transmission. …

via Proposed Amendments

附属定款中の強制仲裁条項

 米国で 附属定款の中に強制的な仲裁条項を置くということについて、議論が活発になっています。

 この議論は、比較法の検討としても興味深いです。また、比較法の論点に加えて、会社法や金商法の強行法規性の問題として捉えれば、より本格的な論文のテーマにもなりうるように思います。

 また、この議論は、Sciabacucchi v. SalzbergCyan Inc. v. Beaver County Employees Retirement Fundの影響もあるようで、複眼的に捉えると米国の法制度の特徴が明らかになって面白いように思えます。

via SEC, Jay Clayton, Cooley, Alison Frankel, Bernstein Litowitz Berger & Grossmann LLP, Allen & Overy, Cooley

Go-Shops Revisited

The Original Study, which examined deals announced in 2006-07, reported that a higher bid emerged during the go-shop period 12.5% of the time (6 instances out of 48 go-shop deals). Using a new database of M&A transactions over the past nine years, we find that the jump rate in the 2010-2018 timeframe was 5.6% (6 out of 108 go-shops), declining to 2.5% (1 out of 40) in the period 2015-2018. The last successful go-shop in our sample occurred approximately three years ago, in January 2016, when II-VI Inc. successfully jumped GaAs Labs’ offer for ANADIGICS, Inc. during a 25-day go-shop period.

As one of us concluded in the Original Study, “go-shop provisions can be a better mousetrap’ in deal structuring – a `win-win’ for both buyer and seller.”  However, over the ensuing decade, a broader set of transactional planners distorted the go-shop technology in ways that achieve their clients’ objectives but no longer satisfy broader corporate law objectives of promoting allocational efficiency in the M&A marketplace. (footnote omitted)

via Harvard, SSRN

株式買取請求権と株価——Verition Partners v. Aruba Networks

 Verition Partners v. Aruba Networks事件は、衡平法裁判所から、最高裁判所に上訴されたのですが、この事件について、Jesse M. Fried先生らがamicus briefを提出しています。

 最高裁での口頭弁論は、2019年3月27日のようです。

 最高裁の判断は、株式買取請求権と株価の関係について考えるいい材料になりそうです。

via Harvard, Harvard, WF&G, Skadden, Cornerstone, Morris James

民法判例研究会編『判例民法第1巻〔大正10年度〕』(有斐閣、第5版、昭和5年)1–8頁〔末弘厳太郎〕

[*1]序

□ 判例が法源となるや否やの問題を論争すべき時は既に過ぎた。理論的に謂えば今尚議論の余地は無論ある。併〔しか〕し判例を度外視して現行法の何たるかを知ることは今や全く不可能となつた。それは議論にあらずして事実である。而〔し〕かも確定した事実である。

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