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Recent Pieces

by Michael C. Macchiarola

On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership represents a compelling addition to the still burgeoning discussion of the bifurcation of voting rights and ownership interests. The practice of decoupling the long-fused voting rights of shareholders from their underlying economic interests has become all too common with the explosive growth of financial derivatives. Decoupling challenges assumptions embedded in our capital markets, tests our system of corporate governance, and strains a regulatory regime based on disclosure. 

by George K. Yin

The current controversy involving the IRS's administration of the exempt organization (EO) tax laws is simply the latest in a long succession of similar questions spanning at least five decades. This essay proposes addressing the problem through increased transparency of the IRS's administrative actions involving EOs. Opening up more decision-making to public scrutiny would tend to deter IRS misbehavior, reduce suspicions of such misconduct, and promote fuller communication both to establish impropriety and avert false charges against the agency.