Blockchain technology promises a future where intermediaries, such as banks and governments, are no longer necessary to facilitate transactions or enforce rules. Instead, trust is embedded directly into the system through cryptography and consensus mechanisms. Blockchains underpin cryptocurrencies such as Bitcoin and Ethereum, as well as decentralized autonomous organizations (DAOs), online organizational forms
Law School Blogs
A New Corporate Governance Paradigm for the AI Revolution
In a new article, I tackle the increasingly urgent question of how corporate governance principles must adapt in response to the transformative influence of artificial intelligence (“AI”). No longer just a tool for enhancing operational efficiency, AI now fundamentally alters how corporations make decisions, relate to stakeholders, and engage with society.[1] Traditional fiduciary corporate…
The Political Significance of Former Delaware Chancellor Chandler’s Criticism of Chancellor McCormick and Vice Chancellor Laster
Paul Weiss Discusses Business Groups’ Suit Seeking to Set Aside New HSR Rules
On January 10, 2025, the U.S. Chamber of Commerce, Business Roundtable, American Investment Council and a local chamber of commerce filed a complaint challenging the new Hart-Scott-Rodino (HSR) rules governing premerger notification. Plaintiffs allege that the new rules violate the Administrative Procedure Act (APA) and are asking the court to set them aside and enjoin…
Texas vs. Delaware: Which State Will Shape the Future of Corporate Law?
The establishment of the Texas Business Court (“Business Court”) in September 2024 marks a watershed moment in corporate governance. As the “Dexit” phenomenon gains traction – with corporations considering an exit from Delaware as a state of incorporation – Texas positions itself as a bold option, and the Business Court as an attractive alternative to…
2024 Impact Recap: From Inspiring Leaders to Innovation in Action
As we begin 2025, IAALS is poised to make our biggest gains to date as we work to bring better access to our justice system for everyone. We have laid the groundwork for innovations across many states and sectors of our system—due in large part to people like you, our partners and colleagues. Together, we…
Corporate Lobbying of Executive Agencies
While it is widely recognized that companies regularly lobby Congress, we show that most large public companies also lobby executive agencies. Given that executive agencies are not beholden to companies for campaign contributions, it is not clear whether agencies would have an incentive to provide favors to companies. However, we find that company lobbying of…
White & Case Discusses Debt-for-Nature Swaps
On October 16, 2024, the Republic of El Salvador (“El Salvador”) announced the financial close of a $1 billion debt-for-nature (“DFN”) swap, which was both the world’s largest conservation-focused operation of this kind to date and the world’s largest DFN conversion for river conservation. The historical breadth of this transaction shows that DFNs continue to…
Robert Southers Named 2025 Recipient of IAALS’ Alli Gerkman Legal Visionary Award
IAALS, the Institute for the Advancement of the American Legal System, announced today that it is awarding Robert Southers, Director of the Franklin County Municipal Court Self Help Center and Dispute Resolution Department, the fifth annual Alli Gerkman Legal Visionary Award. The award is designed to encourage and showcase innovators, risk takers, visionaries, and…
Value-Based CEO Equity Grants
By Jin Xu, Pengfei Ye & Cheng Zhang
Equity has become a dominant component of CEO compensation in the past three decades due to its ability to align the interests of managers and shareholders. Each year, a firm can award its CEO either a certain number (share-based) or a given dollar value (value-based) of equity grants. In a new paper, we investigate the…