Authors:
- Includes a forward by Martin Lipton, founding partner of the law firm of Wachtell, Lipton, Rosen & Katz
- Provides a detailed examination of the term ‘short-termism’ and its narrower application to the context of stock market investing
- Examines the development of the stock market short-termism concept from the 1970s to its widespread usage post-global financial crisis
- Explores the most significant regulatory and financial industry reforms to address the short-termism problem, and analyzes their effectiveness
- Considers how the problem of short-termism is transmitted into listed companies and the harms of such short-termism
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Table of contents (9 chapters)
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Front Matter
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Back Matter
About this book
Reviews
“In this highly impressive work, Willey provides one of the most comprehensive and sophisticated analyses of stock market short-termism ever undertaken, spanning numerous jurisdictions and disciplinary fields. Its clear articulation of the concepts and terminology involved makes it readily accessible to subject-matter novices, while its deep theoretical insights and practical reform proposals make it an equally valuable resource for existing experts and policymakers. In many respects it marks itself out as being THE definitive academic exposition of the short-termism phenomenon.” (Marc Moore, Faculty of Law, University of Cambridge, UK)
“Kim Willey’s important new book is a tour de force of scholarship. It offers a comprehensive discussion, analyzing skillfully and with impressive depth the issue of short-termism in listed companies and suggesting ways forward. Scholars and policymakers in this area will undoubtedly greatly benefit from this text.” (Martin Petrin, Faculty of Laws, University College London, UK)
“Corporate short-termism has been identified as a critical problem seemingly necessitating a robust regulatory response. With investors trading frantically on the basis of the latest earnings data, public company executives reputedly struggle to implement a long-term vision. Pernicious economic consequences ostensibly follow. How have lawmakers responded to this challenge? How should they respond? Kim Willey, in her timely book, examines these pivotal questions. She provides judicious thought-provoking answers by combining a mastery of the extensive short-termism literature with her own exhaustive analysis of regulatory trends. This book is a must-read for academics, policymakers, executives and investors.” (Brian Cheffins, Faculty of Law, University of Cambridge, UK)
“Kim Willey has picked up one of the few corporate controversies that engages the public and politicians, not just corporate lawyers and corporate directors: is stock-market-driven short-termism damaging firms and the economy in a serious way? Ms. Willey concludes that it is, but that finding cures that will work is not as easy as the general thinking has it.” (Mark Roe, Harvard Law School)
Authors and Affiliations
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Faculty of Law, University of Victoria, Victoria, Canada
Kim M. Willey
About the author
Kim M. Willey is a corporate mergers and acquisitions lawyer with 15+ years of experience advising boards of directors and senior executives of listed companies, including companies listed on the New York Stock Exchange, the London Stock Exchange, and the Toronto Stock Exchange. She currently advises as a corporate legal consultant, and teaches Business Associations at the Faculty of Law, University of Victoria, Canada.
Bibliographic Information
Book Title: Stock Market Short-Termism
Book Subtitle: Law, Regulation, and Reform
Authors: Kim M. Willey
DOI: https://doi.org/10.1007/978-3-030-22903-0
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019
Hardcover ISBN: 978-3-030-22902-3Published: 24 July 2019
Softcover ISBN: 978-3-030-22905-4Published: 14 August 2020
eBook ISBN: 978-3-030-22903-0Published: 12 July 2019
Edition Number: 1
Number of Pages: XXI, 288
Number of Illustrations: 5 b/w illustrations, 6 illustrations in colour
Topics: Capital Markets, Financial Law/Fiscal Law, Corporate Finance