The role of the corporation in society is undergoing profound change. With a seismic shift towards the concentration of corporate ownership in the hands of institutional investors and the private ownership of companies, corporate boards and management are facing unprecedented shareholder and societal demands. This includes the proliferation of shareholder activism and institutional investor calls for sustainable investment strategies.

The mission of the Millstein Center is to positively shape and influence the future of the corporation in this new paradigm. Through engagement with business leaders, corporate boards, investors, the legal community and academics, the Center creates meaningful dialogue, while balancing conflicting points of view, to strengthen corporate governance and performance.

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Podcasts from 2023

Podcast: Beyond Unprecedented S3 Ep0: Reintroducing Beyond Unprecedented, Eric L. Talley, Talia B. Gillis, and Sujeet Indap

Podcast: Beyond Unprecedented S3 Ep1: Crypto in Crisis, Eric L. Talley, Talia B. Gillis, and Matt Levine

Podcast: Beyond Unprecedented S3 Ep2 ESG: Losing Its Cool, Eric L. Talley, Talia B. Gillis, Lynn Forester de Rothschild, and Jeff Ubben

Podcast: Beyond Unprecedented S3 Ep3: Boardroom Ballot Battles and the Universal Proxy, Eric L. Talley, Talia B. Gillis, and Keir Gumbs

Podcast: Beyond Unprecedented S3 Ep4: Inflation: Not Dead Yet, Eric L. Talley, Talia B. Gillis, and Huw Pill

Publications from 2022

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Article: Contractual Evolution, Matthew Jennejohn, Julian Nyarko, and Eric L. Talley

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Article: Duty and Diversity, Chris Bummer and Leo E. Strine Jr.

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Article: Lifting Labor’s Voice: A Principled Path Toward Greater Worker Voice And Power Within American Corporate Governance, Leo E. Strine Jr., Aneil Kovvali, and Oluwatomi O. Williams

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Report: The Future of Board Time and Priorities, Janet Foutty, Eric L. Talley, Carey Oven, Erica Mitnick Klein, Maureen Bujno, Katherine Waldock, Molly Calkins, Lyssa Bantleon Little, and Caroline Schoenecker

Publications from 2021

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Article: Discharging the Discharge-for-Value Defense, Eric L. Talley

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Article: Caremark and ESG, Perfect Together: A Practical Approach to Implementing an Integrated, Efficient, and Effective Caremark and EESG Strategy, Leo E. Strine Jr., Kirby M. Smith, and Reilly S. Steel

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Article: Looking Back with a Legend: Ira Millstein Reflects on the Impact of Milton Friedman's Views on Corporate Governance, Eric L. Talley, Ira M. Millstein, and Leo E. Strine Jr.

Podcast: Beyond Unprecedented S2 Ep0: Reintroducing Beyond Unprecedented, Eric L. Talley, Kate Waldock, and Stacey Vanek Smith

Podcast: Beyond Unprecedented S2 Ep1: You Can’t Hire Me, I Quit!, Eric L. Talley, Kate Waldock, and Kate Andrias

Podcast: Beyond Unprecedented, S2 Ep2: Meme Stock Mania, Eric L. Talley, Kate Waldock, and Joshua Mitts

Podcast: Beyond Unprecedented S2 Ep3: The Rise – and Results – of Shareholder Activism, Eric L. Talley, Kate Waldock, and Anne E. Robinson

Podcast: Beyond Unprecedented S2 Ep4: Nothing Ventured, Nothing Gained, Eric L. Talley, Kate Waldock, Talia B. Gillis, and Alejandro Gerrero

Publications from 2020

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Article: Board Compliance, John Armour, Brandon L. Garrett, Jeffrey N. Gordon, and Geeyoung Min

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Article: Long-Term Bias, Eric L. Talley and Michal Barzuza

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Article: Taking Compliance Seriously, John Armour, Jeffrey N. Gordon, and Geeyoung Min

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Book Chapter: COVID-19 as a Force Majeure in Corporate Transactions, Matthew Jennejohn, Julian Nyarko, and Eric L. Talley

Podcast: Beyond "Unprecedented" S1 Ep0: Introduction, Eric L. Talley

Podcast: Beyond "Unprecedented" S1 Ep1: Essential – and Broke, Eric L. Talley, Katharina Pistor, and Michael J. Graetz

Podcast: Beyond "Unprecedented" S1 Ep2: Can the Fed Rescue Us?, Eric L. Talley, Peter Conti-Brown, and Kathryn Judge

Podcast: Beyond "Unprecedented" S1 Ep3: A New Chapter for Bankruptcy?, Eric L. Talley, Edward R. Morrison, and Kate Waldock

Podcast: Beyond "Unprecedented" S1 Ep4: Helping Small Businesses Survive – and Thrive, Eric L. Talley, Lynnise E. Pantin, and Tim Wu

Podcast: Beyond "Unprecedented" S1 Ep5: A Shareholder-Stakeholder Smackdown, Eric L. Talley, Ira M. Millstein, and Leo E. Strine Jr.

Podcast: Beyond "Unprecedented" S1 Ep6: Pandemic Pressures on Global Trade, Eric L. Talley, Anu Bradford, and Petros C. Mavroidis

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Report: Annual Report 2019-2020, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Report: Global Investor-Director Survey on Climate Risk Management, Kristin Bresnahan, Jens Frankenreiter, Sophie L'Helias, Brea Hinricks, Nina Hodzic, Julian Nyarko, Sneha Pandya, and Eric L. Talley

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Working Paper: Don't Go Chasing Waterfalls: Fiduciary Duties in Venture Capital Backed Startups, Sarath Sanga and Eric L. Talley

Publications from 2019

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Article: A Computational Analysis of Constitutional Polarization, David E. Pozen, Eric L. Talley, and Julian Nyarko

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Article: Active Firms and Active Shareholders: Corporate Political Activity and Shareholder Proposals, Geeyoung Min and Hye Young You

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Article: Board 3.0: An Introduction, Ronald J. Gilson and Jeffrey N. Gordon

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Article: Informed Trading and Cybersecurity Breaches, Joshua Mitts and Eric L. Talley

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Article: Insulation by Separation: When Dual-Class Stock Met Corporate Spin-Offs, Young Ran Kim and Geeyoung Min

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Article: The Death of Corporate Law, Zohar Goshen and Sharon Hannes

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Article: The Limits of Smart Contracts, Jens Frankenreiter

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Paper: Private Ownership at a Public Crossroads: Studying the Rapidly Evolving World of Corporate Ownership, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Report: Annual Report 2018, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Working Paper: Being True to Trulia: Do Disclosure-Only Settlements in Merger Objection Lawsuits Harm Shareholders?, Eric L. Talley and Giuseppe Dari‐Mattiacci

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Working Paper: Liability Design for Autonomous Vehicles and Human-Driven Vehicles: A Hierarchical Game-Theoretic Approach, Xuan Di, Xu Chen, and Eric L. Talley

Publications from 2018

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Article: Contractarian Theory and Unilateral Bylaw Amendments, Albert H. Choi and Geeyoung Min

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Article: Is Corporate Governance a First Order Cause of the Current Malaise?, Jeffrey N. Gordon

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Article: Shareholder Voice in Corporate Charter Amendments, Geeyoung Min

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Document: Environmental and Social Sustainability in the Boardroom, Jon Lukomnik

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Document: The Changing Landscape of the Capital Markets, Barbara Krumsiek

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Paper: Greater Expectations: Strategies for Effective Board Meeting Preparation, Jonathan Kim and Marcel Bucsescu

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Working Paper: The Origins of a Capital Market Union in the United States, Jeffrey N. Gordon and Kathryn Judge

Publications from 2017

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Article: Contracting Out of the Fiduciary Duty of Loyalty: An Empirical Analysis of Corporate Opportunity Waivers, Gabriel Rauterberg and Eric L. Talley

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Article: Principal Costs: A New Theory for Corporate Law and Governance, Zohar Goshen and Richard Squire

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Document: Adapting Global Standards to a Changing World, Serdar Çelik and Mats Isaksson

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Document: Short-Termism, Douglas Chia

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Paper: Board Excellence and Fiduciary Duties of Corporate Directors, E. Norman Veasey and Ira M. Millstein

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Paper: Fiduciary Duties of Corporate Directors in Uncertain Times, Ellen J. Odoner, Stephen A. Radin, Lyuba A. Goltser, and Andrew E. Blumberg

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Report: Report from the General Counsel Summit on Short-Termism and Public Trust, Ira M. Millstein Center for Global Markets and Corporate Ownership

Publications from 2016

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Paper: Discussion on Transparent and Effective Disclosure, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Paper: Inversions: Implications for Tax Planning, Tax Policy, and Corporate Governance, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Paper: Key Topics in Corporate Governance: Disclosure, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Paper: On the Use and Misuse of Stock Price, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Paper: Proxy Access 2.0: A Recap on 1.0 and the Economic Analysis, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Paper: The Future of Finance Colloquium, Ira M. Millstein Center for Global Markets and Corporate Ownership

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Working Paper: Appraising the "Merger Price" Appraisal Rule, Albert H. Choi and Eric L. Talley

Publications from 2015

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Article: Bank Resolution in the European Banking Union: A Transatlantic Perspective on What It Would Take, Jeffrey N. Gordon and Wolf-Georg Ringe

Publications from 2014

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Article: State Contract Law and Debt Contracts, Colleen Honigsberg, Sharon Katz, and Gil Sadka

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Article: Systemic Harms and Shareholder Value, John Armour and Jeffrey N. Gordon

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Article: The Empty Call for Benefit-Cost Analysis in Financial Regulation, Jeffrey N. Gordon

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Article: Toward a Constitutional Review of the Poison Pill, Lucian A. Bebchuk and Robert J. Jackson Jr.

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Article: Toward a Constitutional Review of the Poison Pill Essay, Lucian A. Bebchuk and Robert J. Jackson Jr.

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Paper: Changes in Ownership: Beyond the Berle-Means Paradigm, Ira M. Millstein Center for Global Markets and Corporate Ownership

Publications from 2013

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Article: Conscience, Incorporated, James D. Nelson

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Article: Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy, Lucian A. Bebchuk, Alon Brav, Robert J. Jackson Jr., and Wei Jiang

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Article: The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights, Ronald J. Gilson and Jeffrey N. Gordon

Publications from 2012

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Paper: Codes of Corporate Governance: A Review, Nolan Haskovec

Publications from 2011

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Paper: Are Institutional Investors Part of the Problem or Part of the Solution?: Key Descriptive and Prescriptive Questions About Shareholders, Ben W. Heineman Jr. and Stephen Davis

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Paper: Chairmanship: The Effective Chair-CEO Relationship: Insight from the Boardroom, Elise Walton

Publications from 2009

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Report: Agenda for Private Sector Reform: Omnibus Policy Recommendations for a Post-Crisis Market, Millstein Center for Corporate Governance and Performance

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Report: Chairing the Board: The Case for Independent Leadership in Corporate North America, Millstein Center for Corporate Governance and Performance

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Report: Pay, Risk and Stewardship: Private Sector Architecture for Future Capital Markets, Mariana Pargendler

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Report: Voting Integrity: Practices for Investors and the Global Proxy Advisory Industry, Meagan Thompson-Mann

Publications from 2008

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Report: Talking Governance: Board-Shareowner Communications on Executive Compensation, Stephen Davis and Stephen Alogna

Publications from 2007

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Report: Does "Say on Pay" Work? Lessons on Making CEO Compensation Accountable, Stephen Davis