Jill E. Fisch

University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

Saul A. Fox Distinguished Professor of Business Law; Co-Director

3501 Sansom Street

Philadelphia, PA 19104

United States

  • University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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    • Tel: 215-746-3454
    • Fax: 215-573-2025
SCHOLARLY PAPERS

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Scholarly Papers (68)

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1.

The New Titans of Wall Street: A Theoretical Framework for Passive Investors

University of Pennsylvania Law Review, Vol. 168, p. 17, 2020, U of Penn, Inst for Law & Econ Research Paper No. 18-12, UC Berkeley Public Law Research Paper, European Corporate Governance Institute (ECGI) - Law Working Paper No. 414/2018
Number of pages: 63 Posted: 06 Jun 2018 Last Revised: 10 Feb 2020
Jill E. Fisch, Assaf Hamdani and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, Tel Aviv University; Buchman Faculty of Law; Coller School of Management and University of California, Berkeley - School of Law
Downloads 1,436 (15,428)
Citation 21

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Law and economics, corporate governance, securities law, passive investing, mutual funds, ETFs, corporate finance, institutional investors, shareholder activism, capital markets

2.

The Power of Proxy Advisors: Myth or Reality?

Emory Law Journal, Vol. 59, p. 869, 2010, University of Penn, Institute for Law & Economics Research Paper No. 10-24
Number of pages: 51 Posted: 20 Oct 2010
Stephen J. Choi, Jill E. Fisch and Marcel Kahan
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and New York University School of Law
Downloads 1,304 (17,877)
Citation 7

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Corporations, securities regulation, proxy votes by shareholders, empirical findings, influence on proxy voting

3.

Measuring Efficiency in Corporate Law: The Role of Shareholder Primacy

Journal of Corporation Law, Vol. 31, p. 637, 2006, Fordham Law Legal Studies Research Paper No. 105
Number of pages: 38 Posted: 28 Jan 2006 Last Revised: 07 Aug 2009
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 1,110 (22,793)
Citation 25

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4.

The Shifting Tides of Merger Litigation

Vanderbilt Law Review, Vol. 71, p. 603, 2018, U of Penn, Inst for Law & Econ Research Paper No. 17-6, UC Berkeley Public Law Research Paper No. 2922121, Vanderbilt Law Research Paper No. 17-19, European Corporate Governance Institute (ECGI) - Law Working Paper No. 375/2017
Number of pages: 38 Posted: 23 Feb 2017 Last Revised: 17 Apr 2018
Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon and Randall S. Thomas
Berkeley Center for Law and Business, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of California, Berkeley - School of Law and Vanderbilt University - Law School
Downloads 1,070 (24,003)
Citation 12

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Mergers, acquisitions, M&A, corporations, corporate law, corporate governance, Delaware legislation, merger litigation, plaintiffs’ lawyers, securities litigation, shareholder rights, management rights, empirical study

5.

How Do Corporations Play Politics?: The Fedex Story

Vanderbilt Law Review, Vol. 58, p. 1495, 2005
Number of pages: 76 Posted: 08 Nov 2005 Last Revised: 22 Jun 2009
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 973 (27,570)

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corporate political activity, campaign finance, political contributions

6.

Is There a Role for Lawyers in Preventing Future Enrons?

Number of pages: 43 Posted: 03 Mar 2003
Jill E. Fisch and Kenneth M. Rosen
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Alabama - School of Law
Downloads 907 (30,547)
Citation 5

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Sarbanes-Oxley, ethics, lawyer regulation

7.

Should Corporations have a Purpose?

Texas Law Review, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 20-22, European Corporate Governance Institute - Law Working Paper No. 510/2020
Number of pages: 42 Posted: 27 Mar 2020 Last Revised: 18 Feb 2021
Jill E. Fisch and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 872 (32,244)
Citation 2

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Corporations law, corporate governance, charters, constituency statutes, social responsibility, CSR, shareholder primacy, value & profit maximization, stakeholders, environmental, social & governance purpose, ESG, public benefit corporations

8.

Does Majority Voting Improve Board Accountability?

Downloads 863 ( 32,717)
Citation 8

Does Majority Voting Improve Board Accountability?

University of Chicago Law Review, Vol. 83, P. 1119, 2016, European Corporate Governance Institute (ECGI) - Law Working Paper No. 310/2016, U of Penn, Inst for Law & Econ Research Paper No. 15-31
Number of pages: 68 Posted: 18 Sep 2015 Last Revised: 23 Oct 2018
Stephen J. Choi, Jill E. Fisch, Marcel Kahan and Edward B. Rock
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, New York University School of Law and New York University School of Law
Downloads 755 (38,731)

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Empirical studies, corporate governance reform, board, director elections, majority voting rule, MVR, plurality voting rule, PVR, shareholder activism, stock exchanges, Institutional Shareholder Services Inc., ISS

Does Majority Voting Improve Board Accountability?

CFS Working Paper, No. 553
Number of pages: 59 Posted: 08 Nov 2016 Last Revised: 11 Jan 2018
Stephen J. Choi, Jill E. Fisch, Marcel Kahan and Edward B. Rock
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, New York University School of Law and New York University School of Law
Downloads 108 (298,220)
Citation 9

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9.

Who Calls the Shots?: How Mutual Funds Vote on Director Elections

Harvard Business Law Review, Vol. 3, P. 35, 2013, University of Pennsylvania, Institute for Law & Economics Research Paper No. 11-28, NYU Law and Economics Research Paper No. 11-29
Number of pages: 50 Posted: 23 Aug 2011 Last Revised: 23 Feb 2018
Stephen J. Choi, Jill E. Fisch and Marcel Kahan
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and New York University School of Law
Downloads 842 (33,830)
Citation 10

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Corporations, securities, mutual funds, shareholder voting, corporate governance, ISS, Institutional Shareholder Services, proxy advisor recommendations, voting patterns, mutual fund families, empirical research

10.

Confronting the Peppercorn Settlement in Merger Litigation: An Empirical Analysis and a Proposal for Reform

Texas Law Review, Vol. 93, P. 557, 2015, U of Penn, Inst for Law & Econ Research Paper No. 14-4
Number of pages: 68 Posted: 18 Feb 2014 Last Revised: 03 Mar 2015
Jill E. Fisch, Sean J. Griffith and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, Fordham University School of Law and University of California, Berkeley - School of Law
Downloads 747 (39,857)
Citation 10

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Mergers and acquisitions, M&A, law and economics, empirical legal studies, legal profession, legal fees, federal securities law, state corporation law, Delaware corporation law, corporate governance, publicly traded companies, deal litigation, non-pecuniary relief, federalism, jurisdiction

11.

Why Do Retail Investors Make Costly Mistakes? An Experiment on Mutual Fund Choice

University of Pennsylvania Law Review, Vol. 162, P. 605, 2014, European Corporate Governance Institute (ECGI) - Law Working Paper No. 220/2013, U of Penn, Inst for Law & Econ Research Paper No. 12-24
Number of pages: 49 Posted: 18 Jun 2012 Last Revised: 27 Oct 2018
Jill E. Fisch and Tess Wilkinson‐Ryan
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Pennsylvania Carey Law School
Downloads 721 (41,824)
Citation 3

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Securities, mutual fund fees, expenses, expense fees of mutual funds, expense ratio, management fees, 12b-1 fees, advisory fees, sales loads, performance, costs, operating expenses, investor behavior, investor returns, empirical research, behavioral decision research, biases, transparency

12.

The Logic and Limits of Event Studies in Securities Fraud Litigation

Downloads 711 ( 42,602)
Citation 10

The Logic and Limits of Event Studies in Securities Fraud Litigation

Texas Law Review, Vol. 96, p. 553, 2018, ECGI - Law Working Paper No. 328/2016, U of Penn, Inst for Law & Econ Research Paper No. 16-16
Number of pages: 69 Posted: 03 Aug 2016 Last Revised: 30 Mar 2018
Jill E. Fisch, Jonah B. Gelbach and Jonathan Klick
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of California, Berkeley - School of Law and University of Pennsylvania Law School
Downloads 576 (55,493)
Citation 3

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Civil procedure, evidence, Supreme Court of the United States, SCOTUS, Halliburton Co. v. Erica P. John Fund, Inc., Basic, Inc. v. Levinson, fraud on the market, event study methodology, fraudulent information, significance, error rates, one-sided SQ test, securities fraud, 10b-5 litigation

After Halliburton: Event Studies and Their Role in Federal Securities Fraud Litigation

CFS Working Paper, No. 552
Number of pages: 71 Posted: 08 Nov 2016 Last Revised: 13 Jan 2018
Jill E. Fisch, Jonah B. Gelbach and Jonathan Klick
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of California, Berkeley - School of Law and University of Pennsylvania Law School
Downloads 135 (252,779)
Citation 6

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13.

Director Elections and the Influence of Proxy Advisors

NYU Law and Economics Research Paper No. 08-22, Fordham Law Legal Studies Research Paper No. 1127282, 3rd Annual Conference on Empirical Legal Studies Papers
Number of pages: 77 Posted: 02 May 2008 Last Revised: 07 May 2008
Stephen J. Choi, Jill E. Fisch and Marcel Kahan
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and New York University School of Law
Downloads 708 (42,862)
Citation 6

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proxy advisors, corporate governance, shareholder voting, ISS, institutional investors

14.

Vultures or Vanguards?: The Role of Litigation in Sovereign Debt Restructuring

Number of pages: 71 Posted: 26 Aug 2004
Jill E. Fisch and Caroline M. Gentile
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and Fordham University School of Law
Downloads 682 (45,073)
Citation 2

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15.

On Beyond CalPERS: Survey Evidence on the Developing Role of Public Pension Funds in Corporate Governance

Vanderbilt Law Review, Vol. 61, p. 315, 2008, NYU Law and Economics Research Paper No. 07-30, Fordham Law Legal Studies Research Paper No. 1010330
Number of pages: 40 Posted: 03 Sep 2007 Last Revised: 23 Nov 2009
Stephen J. Choi and Jill E. Fisch
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 664 (46,761)
Citation 8

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institutional investors, pension funds, shareholder activism, corporate governance

16.

Director Elections and the Role of Proxy Advisors

Southern California Law Review, Vol. 82, Pg. 649, 2009, U of Penn, Inst for Law & Econ Research Paper No. 08-18
Number of pages: 54 Posted: 16 Aug 2008 Last Revised: 11 Jun 2010
Stephen J. Choi, Jill E. Fisch and Marcel Kahan
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and New York University School of Law
Downloads 636 (49,407)
Citation 20

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corporations, securities law, shareholder voting, proxy recommendations, proxy advisory services, election of directors, regression analysis

17.

Rethinking the Regulation of Securities Intermediaries

University of Pennsylvania Law Review, Vol. 158, p. 1961, 2010, U of Penn, Inst for Law & Econ Research Paper No. 10-04
Number of pages: 82 Posted: 24 Mar 2010 Last Revised: 28 Jul 2010
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 582 (55,437)
Citation 1

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Mutual funds, retail funds, Investment Company Act of 1940, financial services regulation, market interference, erosion of market discipline, retail investment behavior, sales agent incentives, consumer protection, standards, standardized financial products, material differences, disclosure

18.

Do Institutions Matter? The Impact of the Lead Plaintiff Provision of the Private Securities Litigation Reform Act

Washington University Law Quarterly, Vol. 83, p. 869, 2005, NYU, Law and Economics Research Paper No. 04-08
Number of pages: 37 Posted: 19 Apr 2005 Last Revised: 22 Jun 2009
Stephen J. Choi, Jill E. Fisch and Adam C. Pritchard
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Michigan Law School
Downloads 512 (65,079)
Citation 11

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securities regulations, class actions, procedure, lead plaintiff, pslra

19.

Is Say on Pay All About Pay? The Impact of Firm Performance

Harvard Business Law Review, Vol. 8, p. 101, 2018, U of Penn, Inst for Law & Econ Research Paper No. 17-39, European Corporate Governance Institute (ECGI) - Law Working Paper No. 374/2017
Number of pages: 30 Posted: 03 Oct 2017 Last Revised: 24 Sep 2018
Jill E. Fisch, Darius Palia and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics and University of California, Berkeley - School of Law
Downloads 511 (65,239)
Citation 8

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corporate governance, Wall Street reform, Dodd-Frank Act, say on pay, performance based executive compensation, disclosure, shareholder voting, empirical analysis, problematic incentives, short-termism, excessive risk-taking

20.

How to Fix Wall Street: A Voucher Financing Proposal

Number of pages: 2 Posted: 16 Dec 2002
Stephen J. Choi and Jill E. Fisch
New York University School of Law and University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 493 (68,236)
Citation 1

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securities market research, analysts, voucher financing, securities market intermediaries

21.

Attorneys as Arbitrators

Journal of Legal Studies, Vol. 39, No. 1 (2010): 109-57, NYU Law and Economics Research Paper No. 08-18, U of Michigan Law & Economics, Olin Working Paper No. 09-001
Number of pages: 62 Posted: 23 Jan 2009 Last Revised: 23 Jul 2013
Stephen J. Choi, Jill E. Fisch and Adam C. Pritchard
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Michigan Law School
Downloads 483 (70,017)
Citation 2

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attorneys, procedure, litigation, arbitration, securities regulation, investors, brokers, brokerage firms

22.

The Qualified Legal Compliance Committee: Using the Attorney Conduct Rules to Restructure the Board of Directors

Number of pages: 93 Posted: 05 Dec 2003
Jill E. Fisch and Caroline M. Gentile
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and Fordham University School of Law
Downloads 469 (72,579)
Citation 2

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Directors, attorneys, QLCCs, SEC rules

23.

The Destructive Ambiguity of Federal Proxy Access

Emory Law Journal, Vol. 61, Pg. 435, 2012, U of Penn, Inst for Law & Econ Research Paper No. 11-05
Number of pages: 66 Posted: 26 Feb 2011 Last Revised: 05 Jun 2012
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 468 (72,764)
Citation 6

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Corporate governance, directors, boards, shareholders, shareholder rights, shareholder voting, shareholder franchise, corporate elections, corporate ballot, proxy fights, proxy contests, access to the ballot, staggered boards, proxy rules, SEC

24.

The Peculiar Role of the Delaware Courts in the Competition for Corporate Charters

Number of pages: 60 Posted: 22 May 2000
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 466 (73,143)
Citation 26

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25.

Defined Contribution Plans and the Challenge of Financial Illiteracy

Cornell Law Review, Vol. 105, p. 741, 2020, U of Penn, Inst for Law & Econ Research Paper No. 19-22, European Corporate Governance Institute - Law Working Paper No. 478/2019
Number of pages: 63 Posted: 15 May 2019 Last Revised: 02 Sep 2020
Jill E. Fisch, Annamaria Lusardi and Andrea Hasler
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, George Washington University - Department of Accountancy and George Washington University - School of Business
Downloads 455 (75,315)
Citation 3

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retirement planning, defined benefit, defined contribution, fiduciary liability for 401(k) plans, implications of financial illiteracy, employer responsibility as substitute, formalizing employer role in evaluating & remediating financial illiteracy, employer-provided financial education components

26.

The Long Road Back: Business Roundtable and the Future of SEC Rulemaking

Seattle University Law Review, Vol. 36, P. 695 (2013), U of Penn, Inst for Law & Econ Research Paper No. 12-34
Number of pages: 36 Posted: 20 Oct 2012 Last Revised: 05 Sep 2014
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 451 (76,112)

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Securities regulation, shareholder proxy access, corporate governance, directors, shareholders, shareholder voting, corporate ballot, corporate elections, proxy fights, proxy contests, proxy rules, SEC, Securities and Exchange Commission, law and economics, rulemaking, administrative law

27.

Cause for Concern: Causation and Federal Securities Fraud

Iowa Law Review, Vol. 94, p. 811, 2009, U of Penn, Inst for Law & Econ Research Paper No. 08-19
Number of pages: 62 Posted: 19 Aug 2008 Last Revised: 22 Jun 2009
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 439 (78,558)

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corporations, stock fraud litigation, private right of action, common law tort of fraud, economic loss, artificial price inflation, ex post stock drop, investment risk

28.

Mootness Fees

Vanderbilt Law Review, Vol. 72, p. 1777, 2019, U of Penn, Inst for Law & Econ Research Paper No. 19-26
Number of pages: 40 Posted: 04 Jun 2019 Last Revised: 14 Jan 2020
Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon and Randall S. Thomas
Berkeley Center for Law and Business, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of California, Berkeley - School of Law and Vanderbilt University - Law School
Downloads 419 (83,031)
Citation 2

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securities law, complex litigation, mootness dismissal, shareholders, empirical legal studies, takeover law, mergers & acquisitions, M&A, attorney fees, class actions, forum selection, fiduciary duty, Federal Rules of Civil Procedure, FRCP

29.

Corporate Lawmaking Influence and the Role of Political Capital: The Fedex Story

Number of pages: 111 Posted: 03 Dec 2003
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 419 (83,031)

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30.

How Corporate Governance Is Made: The Case of the Golden Leash

University of Pennsylvania Law Review, Vol. 164, P. 649, 2016, U of Penn, Inst for Law & Econ Research Paper No. 15-26, UC Berkeley Public Law Research Paper No. 2635161
Number of pages: 54 Posted: 24 Jul 2015 Last Revised: 18 Mar 2016
Matthew D. Cain, Jill E. Fisch, Sean J. Griffith and Steven Davidoff Solomon
Berkeley Center for Law and Business, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, Fordham University School of Law and University of California, Berkeley - School of Law
Downloads 409 (85,415)

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Corporate governance, corporation law, activist-nominated directors, director compensation, golden leash, shareholder activism, activist investors, institutional investors, event study, share pricing, governance innovations

31.

Shareholder Collaboration

Texas Law Review, Vol. 98, p. 863, 2020, U of Penn, Inst for Law & Econ Research Paper No. 18-22, European Corporate Governance Institute (ECGI) - Law Working Paper No. 415/2018
Number of pages: 65 Posted: 07 Aug 2018 Last Revised: 29 Jul 2020
Jill E. Fisch and Simone M. Sepe
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Arizona - James E. Rogers College of Law
Downloads 398 (88,115)
Citation 1

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Corporations, corporate governance, venture capital, hedge fund activism, publicly-held companies, theory of the firm, private ordering, spectrum of shareholder collaboration, collaborative insider-shareholder model, enhancement of shareholder information, management, shareholders

32.

The Influence of Arbitrator Background and Representation on Arbitration Outcomes

Virginia Law & Business Review, Vol. 9, P. 43, 2014, U of Michigan Public Law Research Paper No. 285, NYU Law and Economics Research Paper No. 12-17, U of Penn, Inst for Law & Econ Research Paper No. 12-35
Number of pages: 46 Posted: 16 Jul 2012 Last Revised: 05 May 2015
Stephen J. Choi, Jill E. Fisch and Adam C. Pritchard
New York University School of Law, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Michigan Law School
Downloads 387 (90,997)
Citation 4

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33.

Governance by Contract: The Implications for Corporate Bylaws

California Law Review, Vol. 106, p. 373, 2018, U of Penn, Inst for Law & Econ Research Paper No. 17-13, European Corporate Governance Institute (ECGI) - Law Working Paper No. 350/2017
Number of pages: 38 Posted: 10 Mar 2017 Last Revised: 11 May 2018
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 361 (98,601)
Citation 1

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Corporations, Corporate Governance, Delaware, Amendments to Bylaws, Charters, Shareholder Rights, Board Power, Scrutiny of Board-Adopted Bylaws, Contractual Approach to Corporate Law, Limits of the Contract Analogy, Limits to Shareholder Power

34.

The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers

Business Lawyer, Vol. 74, p. 1967, 2019, UC Berkeley Public Law Research Paper, U of Penn, Inst for Law & Econ Research Paper No. 18-34
Number of pages: 44 Posted: 13 Nov 2018 Last Revised: 27 Feb 2020
Robert P. Bartlett, Matthew D. Cain, Jill E. Fisch and Steven Davidoff Solomon
University of California, Berkeley - School of Law, Berkeley Center for Law and Business, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 355 (100,514)
Citation 1

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Morrison v. National Australia Bank, Foreign Private Issuer, Extraterritorial Jurisdiction, transnational securities fraud litigation, class action, Supreme Court of the United States, SCOTUS, Securities Act of 1934, Rule 10b-5, jurisdiction, standing, In re Vivendi Universal, S.A.

35.

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform

Downloads 338 (106,521)
Citation 1

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform

North Carolina Law Review, Vol. 93, P. 935, 2015, European Corporate Governance Institute (ECGI) - Law Working Paper No. 275/2014, U of Penn, Inst for Law & Econ Research Paper No. 14-24
Number of pages: 66 Posted: 19 Jun 2014 Last Revised: 23 Oct 2018
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 260 (139,740)

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regulation of financial markets, banking regulation, securities law and regulation, money market funds, mutual funds, MMFs, SEC, securities, net asset value, financial crisis, shadow banking, systemic risk, financial crisis

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform

CFS Working Paper No. 491
Number of pages: 72 Posted: 13 Nov 2014
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 49 (466,927)
Citation 2

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regulation of financial markets, banking regulation, securities law and regulation, money market funds, mutual funds, MMFs, SEC, securities, net asset value, financial crisis, shadow banking, systemic risk, financial crisis

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform

Journal of Financial Perspectives, Vol. 5, No. 1, 2018
Number of pages: 24 Posted: 03 Apr 2018
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 29 (573,889)

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36.

Regulation FD: An Alternative Approach to Addressing Information Asymmetry

RESEARCH HANDBOOK ON INSIDER TRADING, Stephen Bainbridge, ed., Elgar, 2013, U of Penn, Inst for Law & Econ Research Paper No. 12-19
Number of pages: 26 Posted: 20 Apr 2012 Last Revised: 03 Mar 2015
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 337 (106,521)
Citation 2

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Securities law and regulation, insider trading, Regulation Fair Disclosure, Regulation FD, Reg FD, Chiarella, Dirks, information asymmetry, federal securities fraud, materiality, selective disclosure practices, Siebel Systems, Office Depot, information flow and quality, technology, social computing

37.

Top Cop or Regulatory Flop? The SEC at 75

Virginia Law Review, Vol. 95, p. 785, 2009, U of Penn, Inst for Law & Econ Research Paper No. 09-15
Number of pages: 39 Posted: 24 Apr 2009 Last Revised: 07 Aug 2009
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 337 (106,521)

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Securities Law, United States Treasury Department, Administrative Law, regulation of capital markets, enforcement, financial transparency, investor protection, increased market complexity, financial product innovation, globalization, self regulation, disclosure, regulatory reform

38.

Stealth Governance: Shareholder Agreements and Private Ordering

Washington University Law Review, Vol. 99, forthcoming 2022, U of Penn, Inst for Law & Econ Research Paper No. 20-48, European Corporate Governance Institute - Law Working Paper No. 538/2020
Number of pages: 61 Posted: 18 Aug 2020 Last Revised: 15 Mar 2021
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 336 (106,871)

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Corporations, private ordering, corporate governance, shareholder agreements, mandatory corporate law, contractual corporate law, theory of the firm, start-up governance, venture capital

39.

A Floating NAV for Money Market Funds: Fix or Fantasy?

U of Penn, Inst for Law & Econ Research Paper No. 11-30
Number of pages: 47 Posted: 07 Sep 2011
Jill E. Fisch and Eric D. Roiter
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and Boston University - School of Law
Downloads 334 (107,604)
Citation 3

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Securities, financial products, mutual funds, money market funds, floating NAV

40.

The Problem of Sunsets

Boston University Law Review, Vol. 99, p. 1057, 2019, U of Penn, Inst for Law & Econ Research Paper No. 19-04
Number of pages: 38 Posted: 23 Dec 2018 Last Revised: 28 Jun 2019
Jill E. Fisch and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 332 (108,338)
Citation 1

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Corporate governance, securities law, corporate voting & control, controlling stockholders, dual-class shares, empirical evidence, policy debate over dual class stock, loyalty shares, IPOs, role of sunsets, time-based sunsets, arbitrariness, moral hazard, shareholder retention voting

41.

Making Sustainability Disclosure Sustainable

107 Georgetown Law Journal 923 (2019)., U of Penn, Inst for Law & Econ Research Paper No. 18-27
Number of pages: 45 Posted: 17 Aug 2018 Last Revised: 12 May 2019
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 327 (110,184)
Citation 5

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Corporations, securities law & regulation, administrative law, corporate governance, corporate social responsibility, CSR, disclosure frameworks, sustainability disclosure regimes & standards, sustainability reporting, mandatory disclosure, sustainability discussion & analysis, SD&A

42.

Regulatory Responses to Investor Irrationality: The Case of the Research Analyst

Lewis & Clark Law Review, Vol. 10, pp. 57, 2006, Fordham Law Legal Studies Research Paper No. 100
Number of pages: 27 Posted: 09 Dec 2005 Last Revised: 22 Jun 2009
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 310 (116,700)

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behavioral economics, investor rationality, research analysts

43.

The Mess at Morgan: Risk, Incentives and Shareholder Empowerment

University of Cincinnati Law Review, Vol. 83, p. 651, 2015, European Corporate Governance Institute (ECGI) - Law Working Paper No. 311/2016, U of Penn, Inst for Law & Econ Research Paper No. 15-36
Number of pages: 41 Posted: 25 Oct 2015 Last Revised: 20 Mar 2016
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 285 (127,505)

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Corporation law, corporations, securities regulation, risk management, investment banking, Dodd Frank Wall Street Reform and Consumer Protection Act, Volcker Rule, JP Morgan Chase, publicness, executive compensation, accountability, regulation, credit derivatives trading, corporate wrongdoing

44.

Synthetic Governance

U of Penn, Inst for Law & Econ Research Paper No. 20-41, European Corporate Governance Institute – Finance Working Paper No. 693/2020
Number of pages: 46 Posted: 19 Aug 2020 Last Revised: 21 Aug 2020
Byung Hyun Ahn, Jill E. Fisch, Panos N. Patatoukas and Steven Davidoff Solomon
University of California, Berkeley - Haas School of Business, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of California, Berkeley - Haas School of Business and University of California, Berkeley - School of Law
Downloads 283 (129,460)

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Law and economics, corporate governance, capital markets, securities regulation, mutual funds, dual-class stock, shareholder voting, investment choices, asset management, index funds, split board chair and CEO

45.

The Role of Shareholder Primacy in Institutional Choice

Number of pages: 39 Posted: 05 May 2005
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 276 (131,917)

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46.

The Trouble with Basic: Price Distortion after Halliburton

Washington University Law Review, Vol. 90, P. 895, 2013, U of Penn, Inst for Law & Econ Research Paper No. 12-30
Number of pages: 39 Posted: 27 Sep 2012 Last Revised: 03 Mar 2015
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 274 (132,947)
Citation 1

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securities litigation, fraud-on-the-market, market efficiency, rule 10b-5, class action, behavioral finance

47.

The Uncertain Stewardship Potential of Index Funds

In, Global Shareholder Stewardship: Complexities, Challenges and Possibilities ((Dionysia Katelouzou & Dan W. Puchniak eds, Cambridge University Press, Forthcoming), U of Penn, Inst for Law & Econ Research Paper No. 20-09, European Corporate Governance Institute - Law Working Paper No. 490/2020
Number of pages: 32 Posted: 28 Jan 2020 Last Revised: 30 Nov 2020
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 263 (138,698)

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Corporate governance, institutional investors, mutual funds, passive investing, stewardship, shareholder voting, shareholder engagement, shareholder activism, ESG, capital markets

48.

The Analyst as Fiduciary: A Misguided Quest for Analyst Independence?

Number of pages: 53 Posted: 05 Oct 2006
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 261 (139,758)

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research, analyst, conflicts of interest, securities regulation

49.

Securities Intermediaries and the Separation of Ownership from Control

Seattle University Law Review, Vol. 33, p. 877, 2010, University of Pennsylvania, Inst for Law & Econ Research Paper No. 10-25
Number of pages: 13 Posted: 21 Oct 2010
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 254 (143,607)

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Corporations, Corporate Governance, Gorporate Finance, Capitalism, Adolf Berle, Gardiner Means, Shareholder Primacy, Intermediation Between Ownership and Control, Agency Theory, Agency Costs

50.

Confronting the Circularity Problem in Private Securities Litigation

Wisconsin Law Review, Vol. 2009, p. 333, 2009, U of Penn, Inst for Law & Econ Research Paper No. 09-14
Number of pages: 19 Posted: 17 Apr 2009 Last Revised: 20 Jan 2011
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 234 (155,531)
Citation 3

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securities law, corporations, corporate misconduct, fraud-based trading losses, damages, transfer payments, inefficiency, deterrence, disclosure, transparency, corporate governance externality, market efficiency

51.

The Knowledge Gap in Workplace Retirement Investing and the Role of Professional Advisors

Downloads 225 (161,549)
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The Knowledge Gap in Workplace Retirement Investing and the Role of Professional Advisors

Duke Law Journal, Vol. 66, P. 633, 2016, U of Penn, Inst for Law & Econ Research Paper No. 15-33
Number of pages: 40 Posted: 11 Jul 2015 Last Revised: 21 Feb 2017
Jill E. Fisch, Tess Wilkinson‐Ryan and Krin Irvine
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of Pennsylvania Carey Law School and University of Chicago, Booth School of Business, Students
Downloads 169 (209,599)
Citation 2

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financial literacy, investor behavior, investor returns, empirical research, behavioral decision research, mutual funds, investor experience, investor knowledge

Investor Financial Literacy in the Workplace

CFS Working Paper No. 554
Number of pages: 43 Posted: 13 Nov 2016
Jill E. Fisch, Tess Wilkinson‐Ryan and Krin Irvine
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute, University of Pennsylvania Carey Law School and University of Chicago, Booth School of Business, Students
Downloads 56 (439,388)

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52.

Standing Voting Instructions: Empowering the Excluded Retail Investor

Minnesota Law Review, Vol. 102, p. 11, 2017, U of Penn, Inst for Law & Econ Research Paper No. 17-23, European Corporate Governance Institute (ECGI) - Law Working Paper No. 360/2017
Number of pages: 50 Posted: 13 Jun 2017 Last Revised: 02 Jan 2018
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 212 (170,858)
Citation 2

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Corporate governance, directors, boards, shareholders, shareholder rights, shareholder voting, corporate elections, corporate ballot, proxy fights, proxy contests, retail investors, broker voting, innovation, technological innovations in voting, standing voting instructions, SVI

53.

Aggregation, Auctions and Other Developments in the Selection of Lead Counsel Under the Pslra

Number of pages: 61 Posted: 08 Mar 2001
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 211 (171,643)
Citation 2

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54.

Power and Statistical Significance in Securities Fraud Litigation

Harvard Business Law Review, Forthcoming, U of Penn, Inst for Law & Econ Research Paper No. 20-28, European Corporate Governance Institute - Law Working Paper No. 511/2020
Number of pages: 70 Posted: 17 Apr 2020 Last Revised: 28 Apr 2020
Jill E. Fisch and Jonah B. Gelbach
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 207 (174,768)
Citation 1

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Civil procedure, evidence, financial economics, fraud on the market, event study methodology, statistics, fraudulent information, significance, class actions & certification, securities fraud, 10b-5 litigation, Securities and Exchange Commission, SEC

55.

Implicit Communication and Enforcement of Corporate Disclosure Regulation

European Corporate Governance Institute – Finance Working Paper No. 635/2019, U of Penn, Inst for Law & Econ Research Paper No. 20-46
Number of pages: 56 Posted: 26 Aug 2019 Last Revised: 08 Jan 2021
Ashiq Ali, Michael T. Durney, Jill E. Fisch and Hoyoun Kyung
University of Texas at Dallas - Naveen Jindal School of Management, University of Iowa, University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of Missouri at Columbia - Robert J. Trulaske, Sr. College of Business
Downloads 160 (219,241)
Citation 1

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Implicit Communications, Corporate Disclosure Regulation, SEC Enforcement, Regulation Fair Disclosure

56.

A Lesson from Startups: Contracting Out of Shareholder Appraisal

U of Penn, Inst for Law & Econ Research Paper No. 20-47, European Corporate Governance Institute - Law Working Paper No. 537/2020, Iowa Law Review, Forthcoming
Number of pages: 59 Posted: 18 Aug 2020 Last Revised: 15 Mar 2021
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 158 (221,608)

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Law & economics, publicly vs. privately held corporations, mergers & acquisitions, M&A, securities valuation, appraisal arbitrage, shareholder litigation, corporate charters & bylaws, Delaware General Corporation Law, DGCL, Model Business Corporation Act, MBCA

57.

The New Governance and the Challenge of Litigation Bylaws

Brooklyn Law Review, Vol. 81, P. 1637, 2016, U of Penn, Inst for Law & Econ Research Paper No. 16-1
Number of pages: 45 Posted: 05 Jan 2016 Last Revised: 28 Aug 2016
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 131 (257,744)

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Delaware general corporation law, shareholder litigation, fee-shifting, loser pays, corporate charters and bylaws, institutional investors, private ordering, agency problems, Boilermakers v. Chevron, ATP Tour, Inc. v. Deutscher Tennis Bund

58.

The “Value” of a Public Benefit Corporation

U of Penn, Inst for Law & Econ Research Paper No. 20-54, Forthcoming in Research Handbook on Corporate Purpose and Personhood (Elizabeth Pollman & Robert B. Thompson, eds., Elgar)
Number of pages: 22 Posted: 16 Oct 2020
Jill E. Fisch and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 126 (265,404)

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Public benefit corporations, B. corp., corporations, business organizations, corporate governance, Delaware PBC statute, corporate social purpose, stakeholder capitalism, corporate purpose, accountability mechanisms, ESG, social benefit, wealth maximization, social responsibility

59.

Family Ties: Salman and the Scope of Insider Trading

Stanford Law Review Online, Vol. 69, P. 46, 2016, U of Penn, Inst for Law & Econ Research Paper No. 16-26
Number of pages: 10 Posted: 07 Oct 2016
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 124 (268,590)

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Securities Law, Insider Trading, Criminal Law, Personal Benefit Test, Gift of Confidential Information to a Relative, Family or Familial Relationship, Tippee, Salman, Dirks, Breach of Fiduciary Duty

60.

Centros, California's 'Women on Boards' Statute and the Scope of Regulatory Competition

European Business Organization Law Review, Vol. 20, p. 493, 2019, U of Penn, Inst for Law & Econ Research Paper No. 19-23, European Corporate Governance Institute (ECGI) - Law Working Paper No. 454/2019
Number of pages: 39 Posted: 15 May 2019 Last Revised: 13 Dec 2019
Jill E. Fisch and Steven Davidoff Solomon
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute and University of California, Berkeley - School of Law
Downloads 93 (327,203)

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corporations, corporate law, comparative law, European company law, EU & US regulatory competition, Centros, corporate charters, internal affairs doctrine, shareholder primacy norm, social ordering, SB 826, California 'Women on Boards' Statute

61.

Federal Securities Fraud Litigation as a Lawmaking Partnership

Washington University Law Review, Vol. 93, Pg. 453, 2015, U of Penn, Inst for Law & Econ Research Paper No. 16-28
Number of pages: 35 Posted: 15 Nov 2016
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 66 (398,958)

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Securities regulation, law and economics, legislation, statutory construction, textualism, Supreme Court of the United States, SCOTUS, fiduciary duty, Securities and Exchange Commission, SEC, insider trading, private enforcement

62.

Constructive Ambiguity and Judicial Development of Insider Trading

SMU Law Review, Vol. 71, Pg. 749, 2018, U of Penn Law School, Public Law Research Paper No. 18-41
Number of pages: 19 Posted: 14 Dec 2018
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute
Downloads 64 (405,315)

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Securities regulation, insider trading, Securities & Exchange Commission v. Texas Gulf Sulphur, TGS, fraud, judicial lawmaking, United States v. Newman, Salman, Martoma, Dirks v. SEC, Supreme Court of the United States, SCOTUS, fiduciary duty, material nonpublic information

63.

Lawyers on the Auction Block: Evaluating the Selection of Class Counsel by Auction

Posted: 04 Oct 2001
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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Class Actions, Lead Counsel Auctions, Institutional Investors, Securities Litigation

64.

The Scope of Private Securities Litigation: In Search of Liability Standards for Secondary Defendants

Posted: 12 Nov 1999
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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65.

Class Action Reform, Qui Tam, and the Role of the Plaintiff

Law and Contemporary Problems, Vol. 60, No. 4, Autumn 1997
Posted: 28 Jan 1999
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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66.

Can Internet Offerings Bridge the Small Business Capital Barrier?

Posted: 20 Sep 1998
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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67.

Retroactivity and Legal Change: An Equilibrium Approach

In 110 Harvard Law Review 1055, (1997).
Posted: 27 Oct 1997
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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68.

Taking Boards Seriously?

Cardozo Law Review, Vol. 19, No. 2 (1997) (Symposium on the Essays of Warren Buffett).
Posted: 02 May 1997
Jill E. Fisch
University of Pennsylvania Law School - Institute for Law and Economics, European Corporate Governance Institute

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