The Shareholder Value Myth
Nov 13, 2013
from 06:00 PM to 08:00 PM
|Where||151 East 25th St., 7th Floor, Room 750 (between Lexington and 3rd)|
|Contact Name||Matthew LePere|
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About the Program
Join the Robert Zicklin Center for Corporate Integrity as we host Professor Lynn Stout of Cornell University Law School and Professor Barry Adler of New York University Law School. In her recent book “The Shareholder Value Myth,” Professor Stout argues that corporations place too much emphasis on increasing their stock price at the expense of long-term value creation. She will attempt to debunk the widely held belief that corporate law mandates shareholder primacy and she will demonstrate how shareholder value thinking endangers investors and other stakeholders. Professor Adler will respond to these arguments, defending the importance of the centrality of shareholder value. He will also provide insight into the debate by drawing on his own work in the field of bankruptcy. The program will be followed by a networking reception.
About the Speakers
Lynn A. Stout is the Distinguished Professor of Corporate & Business Law at the Cornell Law School. She specializes in researching, writing on, and teaching about corporate law, securities and derivatives regulation, law and economics, and prosocial behavior and law.
Stout holds a B.A. summa cum laude from Princeton University as well as a Master's in Public Policy from Princeton's Woodrow Wilson School and a J.D. from the Yale Law School. Until 2012 she was the Paul Hastings Professor of Corporate and Securities Law at the University of California, Los Angeles School of Law, after which she joined the Cornell Law School. She has also taught at George Washington Law School, New York University Law School, Harvard Law School, and Georgetown University, and has served as a Guest Scholar at the Brookings Institution. She has served as an Independent Trustee of the Eaton Vance Mutual Funds since 1998 and on the Advisory Board of the Aspen Institute's Business and Society Program since 2009.
Barry Adler is the Bernard Petrie Professor of Law and Business as well as Associate Dean for Information Services and Technology and has recently completed a term as Vice Dean. He joined the New York University School of Law faculty in 1996, leaving his position as the Sullivan & Cromwell Research Professor of Law at the University of Virginia. Adler's course offerings have included Bankruptcy, Commercial Law, Contracts, Corporate Finance, and Corporations.
Adler has written numerous articles on the application of corporate finance theory to issues of corporate insolvency. These articles suggest that bankruptcy law can be properly understood as an integral part of contract, property, and tort law rather than as a mere supplemental body of law applied after a financial failure. He is currently at work on a book, The Law of Last Resort, which will elaborate on this theme and apply insights from much of his early scholarship to regulatory reform in the wake of the 2008 financial crisis. In addition, Adler has joined the casebook Cases, Problems, and Materials on Bankruptcy with Douglas G. Baird and Thomas H. Jackson, and is the editor of a reader, Foundations of Bankruptcy Law. Beyond his bankruptcy scholarship, Adler has been published and continues to write in the fields of contract and corporate law.
After graduating with honors in 1982 from Cornell University and graduating with honors in 1985 from the University of Chicago Law School, where he was an Olin Fellow in Law and Economics, Adler clerked for Judge Frank Easterbrook of the U.S. Court of Appeals for the Seventh Circuit. Between 1986 and 1988, he was an associate at Cleary, Gottlieb, Steen & Hamilton in New York. Before joining the faculty at University of Virginia in 1994, Adler was on the faculties of George Mason University School of Law, then Emory University School of Law. He has also been a visiting faculty member at Columbia Law School and Yale Law School. Adler spent the summer of 1995 as a consultant for the Harvard Institute of International Development on its Russian legal reform project. He advised on corporate and insolvency issues. He also serves from time to time as an expert witness or consultant on the same issues.
6:00 pm - Registration
6:15 pm - Presentation
7:30 pm - Q&A
8:00 pm - Networking