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BL
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| Record Number
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862464
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| Main Entry
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Willey, Kim M
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| Title & Author
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Stock market short-termism : : law, regulation, and reform /\ Kim M. Willey ; foreword by Martin Lipton.
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| Publication Statement
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Cham, Switzerland :: Palgrave Macmillan,, [2019]
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| Page. NO
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1 online resource
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| ISBN
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3030229033
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: 9783030229030
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3030229025
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9783030229023
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Intro; Foreword; Acknowledgements; Contents; Abbreviations; List of Figures; List of Tables; Chapter 1 Introduction; A. Rationale for This Book; B. Short-Termism-A Real Problem or a Red Herring?; C. Structure of This Book; D. Limitations; 1. Listed Companies Instead of Banking or Non-listed Companies; 2. Equity Securities Rather Than Derivatives or Debt Instruments; 3. Jurisdictional Limitations; 4. Rhetoric Not Substance; 5. Intra-Company Operations; 6. Time Limitations; References; Chapter 2 Defining the Issues; A. Defining SMST; 1. Short-Termism Generally
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2. Short-Termism in Equity Capital MarketsB. Stock Market Terminology; 1. Stock Markets; 2. Listed Company; 3. Equity Securities; C. Equity Ownership Chain; 1. Asset Owners; 2. Intermediaries; 3. Company Managers; D. Hard v. Soft Law; References; Chapter 3 Short-Termism, an Evolving Concern?; A. 1970s/1980s-Articulation of a SMST Problem; B. 1990s-2000s: Short-Termism as a Factor in National Competitiveness, and the Rise of 'Agency Capitalism'; C. The Early 2000s: Short-Termism and Corporate Scandal; D. 2007 to Current: An Increase of SMST Concern Post-GFC; 1. SMST Discussion in the US
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2. The UK and the Kay Review3. Europe and the EU Amended Shareholder Rights Directive; 4. The SMST Concerns of the Rest of the World; 5. SMST Discussions in the Financial Industry; References; Chapter 4 What Has Been Done to Correct Short-Termism?; A. Asset Owner SMST Reforms; 1. Measures Favouring Long-Term Share Ownership; a. Additional Voting Rights and Rewards for Long-Term Shareholders; b. Board Nomination Rights for Long-Term Shareholders; c. Dual Class Structures; 2. 'Carrot and Stick'-Taxation; a. Capital Gains Rate Changes; b. Trading Taxes; 3. Disclosure Reforms-Less Is More?
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A. Evidence of the SMST Problem1. Survey Evidence; 2. Short-Term Bias-A Systemic Issue?; 3. Quantitative Evidence of SMST; 4. Using Proxies to Measure SMST; B. Share Pricing and SMST; 1. Efficient Capital Market Hypothesis; 2. SMST, Fundamental Efficiency and Asset Pricing; a. Testing for Excessive Discounting; b. SMST as Rational Constraint on Management; C. Arguments Against SMST in Share Pricing; 1. Markets Appear to Overvalue the Long-Term; a. The 'Founder Effect'; b. 'Unicorns'; c. Castles-in-the-Air; 2. SMST in a Market Boom; References; Chapter 6 Short-Termism Transmission Mechanisms
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A. Timing of Material Listed Company Disclosureb. Quality and Content of Market Disclosure; 4. Direct Communication/Engagement; 5. Stock-Lending; 6. LTVC Index; 7. Hedge Funds; B. Intermediary SMST Reforms-'Other People's Money'; 1. Stewardship and Disclosure; 2. A Duty to Further Long-Term Interests?; 3. Asset Manager Remuneration; 4. Voting Restrictions/Process; 5. Direct Shareholding; 6. Metrics and Models; 7. Proxy Advisors; C. Company Manager SMST Reforms; 1. Executive Remuneration; 2. Best Practices; 3. M References; Chapter 5 Is There a Short-Termism Problem at All?
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| Abstract
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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 perceived short-termism in capital markets has become a rationale for reform used by regulators across the globe. Despite the considerable attention given to this phenomenon, there has not yet been a comprehensive book analyzing the perceived short-termism problem, its sources and causes, and reform efforts undertaken to date. This book fills this gap by documenting the rise of the short-termism discussion, analyzing the significance of the problem, and considering the proposed legal remedies. Based on this analysis, a framework for effective short-termism reform is offered. 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.
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| Subject
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Capital market-- Law and legislation.
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Capital market.
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| Subject
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Capital market-- Law and legislation.
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| Subject
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Capital market.
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| Dewey Classification
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332.0415
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| LC Classification
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HG4523.W55 2019
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