Pour une gouvernance créatrice de valeurs®

Vibrant and well-functioning U.S. capital markets create jobs, bolster investment, promote innovation, and enhance retirement savings. Capital markets function best when regulations allow for the efficient allocation of capital while protecting investors. In this report, we evaluate major trends and developments in U.S. capital markets and assess whether existing regulations are continuing to serve U.S. companies and investors. We then set forth regulatory reforms to further enhance the performance of U.S. capital markets.
The report consists of four chapters:

(1) The Rise of Dual Class Shares: Regulations and Implications, (2) Short-termism, Shareholder Activism and Stock Buybacks;

(3) The Rise of Index Investing: Price Efficiency and Financial Stability; and

(4) An Analysis of Investment Stewardship: Mutual Funds and ETFs. An executive summary of each chapter appears below.

Nombre de «fleurons» québécois sont contrôlés par le truchement d'une double classe d'actions.

La demande d’aide gouvernementale déposée par Bombardier a relancé le débat sur la légitimité des actions à droit de vote multiple. La sortie d’Alain Bouchard et sa volonté de garder le contrôle d’Alimentation Couche-Tard l’accentue encore. Pour ou contre cette exception au principe « une a&hel

The distinguished scholars Professors Lucian Bebchuk and Kobi Kastiel (both of whom I am proud to call my friends) are once again targeting technology companies with dual class stock. In two posts published in the past two weeks and based on a similar analysis, the subject of their ire has been Lyft and Pinterest, respectively.

Recent developments and uncertainties in the securities markets are drawing institutional investors’ attention back to core principles of corporate governance. As investors strive for yield in this post-Great Recession, low interest rate environment, large technology companies’ valuations climb amid the promises of rapid growth.

Il est de bon ton ces jours-ci de faire un curieux amalgame. Il sert à critiquer Ottawa qui exige de Bombardier qu’elle modifie sa structure d’actionnariat en contrepartie d’une injection de capital payée par les contribuables canadiens. - En gros, le raisonnement qui a toutes les allu