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A new structure for initial public offerings (IPOs), colloquially referred to as “supercharged IPOs,” has become increasingly popular in recent years. In our paper, Supercharged IPOs: Rent Extraction or Signal of Future Performance, which was recently made publicly available on SSRN, we examine the motivations and implications of this new IPO structure. In a traditional IPO, a private corporation “goes public” by issuing new shares of capital stock in exchange for cash from new investors on the open market.
On April 12, 2016, in IBEW Local 98 Pension Fund v. Best Buy Co., Inc., [1] the Eighth Circuit interpreted and applied the Supreme Court’s decision in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), [2] which held that defendants have the right to rebut the fraud-on-the-market presumption of reliance created by Basic, Inc. v. Levinson, [3] prior to the certification of a class, by showing a lack of “price impact.” The Eighth Circuit held that the Best Buy defendants successfully rebutted the presumption with a “front-end” showing of a lack of price impact—i.e., that the alleged misstatements did not cause a statistically significant stock-price increase when made.
As the Panama Papers show, individual or organisational misconduct will see the light eventually
The rejection of the BP CEO’s pay package doesn’t make a ‘shareholder spring’. But it’s put a big boot into big pay
Foreign investors bought $15.94-billion worth of Canadian securities in February, the most in four months
S&P 500 companies whose directors hold just one board position tend to outperform those where board members are juggling multiple corporate governance commitments.
Investor Lawsuits Over Director Pay Plans On the Rise
Morgan Stanley (MS.N) is creating a team to educate its financial advisers about a new U.S. rule intended to protect retirement savers, a bank spokesman confirmed on Thursday.
A A$2.5 billion ($1.9 billion) buyout of Morgan Stanley-linked Australian property group Investa Office Fund (IOF) by local rival DEXUS Property Group failed on Friday when it received insufficient shareholder votes, the target said.
The Wall Street Journal reports that the two companies are discussing a firm order of 75 planes and options on another 50
The world’s largest investment manager has the power to change companies’ short-terms ways by voting to curb C.E.O. pay, but it rarely exercises it.
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On March 31, 2016, the Office of the Comptroller of the Currency (the “OCC”), the regulator of federally chartered national banks and savings associations, released a white paper that sets forth the OCC’s perspective on supporting responsible innovation in the federal banking system (the “White Paper”).
Yahoo! Accepting Buyout Offers, Stocks: YHOO,VZ,BABA, release date:Apr 17, 2016
Founder of advertising giant says his pay reflects success of WPP as shareholders gather to vote at series of high-profile annual meetings
On a warm September morning in 2014, the 10-man board of Brazilian steelmaker Usiminas met on the ninth floor of a blue glass tower in Sao Paulo.
Regulators demand the impossible when they require issuers to design and implement an effective compliance program to guard against insider trading, a crime that neither Congress nor the SEC has defined with any specificity.
International Business Machines $IBM - Vote AGAINST the pay plan, & most directors. Vote FOR the lobbying report, written consent, split CEO/Board Chair
The top 50 U.S. companies currently hold about $1.4 trillion in cash offshore to avoid paying billions in taxes, according to a new report by Oxfam America.
The president will weigh in on a proposal at the Federal Communications Commission, filing comments that encourage the agency to loosen cable companies’ grip.
After nearly 60% of shareholders reject Bob Dudley’s £14m package, the woman who signed off on it should fall on her sword
Dundee's Jonathan Turnbull said the amount of capital the company has raised gives it some “incredible advantages” when compared to its private equity competitors
Shareholder advisory firms have recommended voting in favour of a resolution calling on Suncor to disclose how much it pays for lobbying work done on its behalf
Starboard Value plans to forge ahead with its boardroom coup attempt at Depomed even though the pain treatment maker backed off a reincorporation plan that
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