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Beyond Unprecedented S2 Ep4: Nothing Ventured, Nothing Gained
Get PDFLess than 5% of venture capital funding – the oxygen for innovative startups – goes to companies with founders of color and women founders. Women who do get that backing may not get equally favorable terms as male founders. One proposal to address implicit bias is the “diversity rider,” which asks V.C. partners to include investors of color in their deals. Can the V.C. term sheet – the nuts and bolts of venture capital investment – include tools to open up access?
Professor Eric Talley and Research Fellow Kate Waldock ’23 are joined by Columbia Law School Professor Talia Gillis and co-founder of Act One Ventures Alejandro Guerrero to discuss how to build racial and gender equity into venture capital deals.https://scholarship.law.columbia.edu/beyond_unprecedented_2/1004/thumbnail.jp
The Equity E.O.: Building a Regulatory Infrastructure of Inclusion
Get PDFAmong his first acts, President Biden signed Executive Order 13,985 to advance “Racial Equity and Support for Underserved Communities Through the Federal Government.” Alongside an order directing regulatory review to include “social welfare, racial justice, environmental stewardship, human dignity, equity, and the interests of future generations” and an ambitious infrastructure plan, this Equity E.O. signals a new engagement of the administrative state in proactively promoting racial equity and other dimensions of inclusion. The outlines of the infrastructure initiative are still emerging, but what appears key is its conceptualization of infrastructure as extending beyond roads and buildings to the social and human capital — including technological access and caregiving — that enables connection to opportunity and full thriving for all Americans. Crucially, the proposed infrastructure plan also directs investments into communities that were intentionally excluded from or harmed by federal government programs, for instance, communities cut off from economic opportunity by the construction of federally-funded highways or redlined out of federally backed housing loan programs. The Equity E.O. may seem technocratic in comparison, as it is big on process and short on concrete initiatives and new money, but, alongside the other initiatives, it has potential to prompt serious examination of the role of the administrative state in the formation and maintenance of racial and other forms of inequality and to lead to creative rethinking of the structure and design of federal programs across a range of domains
Making America A Better Place for All: Sustainable Development Recommendations for the Biden Administration
Get PDFIn 2015, the United Nations Member States, including the United States, unanimously approved 17 Sustainable Development Goals (SDGs) to be achieved by 2030. The SDGs are nonbinding; each nation is to implement them based on its own priorities and circumstances. This Article argues that the SDGs are a critical normative framework the United States should use to improve human quality of life, freedom, and opportunity by integrating economic and social development with environmental protection. It collects the recommendations of 22 experts on steps that the Biden-Harris Administration should take now to advance each of the SDGs. It is part of a book project that will recommend not only federal actions, but also actions by state and local governments, the private sector, and civil society. In the face of multiple challenges and opportunities, this Article is intended to contribute to a robust public discussion about how to accelerate the transition to a sustainable society and make America a better place for all
United States Response to Questionnaire Concerning \u3cem\u3eCopyright, Competition and Innovation\u3c/em\u3e
Get PDFALAI-USA is the U.S. branch of ALAI (Association Littèraire et Artistique Internationale). ALAI-USA was started in the 1980\u27s by the late Professor Melville B. Nimmer, and was later expanded by Professor John M. Kernochan
Validation Capital
Get PDFAlthough it is well understood that activist shareholders challenge management, they can also serve as a shield. This Article describes “validation capital,” which occurs when a bloc holder’s — and generally an activist hedge fund’s — presence protects management from shareholder interference and allows management’s pre-existing strategy to proceed uninterrupted. When a sophisticated bloc holder with a large investment and the ability to threaten management’s control chooses to vouch for management’s strategy after vetting it, this support can send a credible signal to the market that protects management from disruption. By protecting a value-creating management strategy that might otherwise be misjudged, providers of validation capital benefit all shareholders, including themselves. However, validation capital may also have a dark side: it could be used to entrench under-performing management from outside interference that would benefit the company and its shareholders. In this scenario, the bloc holder acts as a hired “bodyguard” who receives a side payment in exchange for the promise to ward off other investors. We argue that legal and market forces do much to constrain the corrupt form of validation capital, and our empirical study of hedge fund activism events from 2015 offers evidence in support of our theory. We find that although side payments from corporate management to hedge funds are relatively common, they tend to be small and not of the magnitude necessary to induce corruption of the sophisticated funds capable of generating a persuasive signal
Property Transitions
Get PDFTime plays a key role in this book. The last two chapters discussed two reasons why time matters to the life of property: over time, owners effect voluntary changes to property in order to carry out their life plans and the state imposes involuntary changes (from the individual owner’s perspective) in response to changing circumstances, shifting needs and wants, and revised public goals. For the state to function – and to remain justified on liberal principles – the government must have this ability to adjust ownership. However, state-initiated transitions to ownership – implemented through governments’ police and takings powers – are potentially devastating to the owners’ ability to be the authors of their own lives
A New Labor for Deep Democracy: From Social Democracy to Democratic Socialism
Get PDFConventional workplace law includes the law of collective bargaining and employment contracts. This chapter argues that, to fully understand how law constructs worker power, industrial democracy, and political democracy, workplace law should greatly broaden in scope. The “new labor law” should encompass components of many fields of law that influence worker power and democracy as much as many components of conventional labor law. These additional components are lodged in domestic and international finance law, social wage law, constitutional law, communication law, tax law, and many more fields. The chapter applies the new labor law to critique and offer proposals to reconstruct existing law in the service of empowering workers in the workplace and polity, within both capitalist economies and imagined democratic socialist regimes
RISE to Thrive: A Vision for a Transformed and Equitable Education System
Get PDFHow might we design an education system that prepares every child, of every race and background, to thrive in school and in life? We answer this question in RISE to Thrive: A Vision for a Transformed and Equitable Education System.
Based on conversations with more than 300 students, families, teachers, education leaders, and organizers, among others, our latest publication also incorporates existing research on instructional practices as well as the insights and innovations gained since the pandemic. We hope RISE to Thrive will help education leaders transform their school systems into more equitable ones
Privacy as Privilege: The Stored Communications Act and Internet Evidence
Get PDFThis Article exposes a profound and growing injustice that major technology companies have propagated through every level of the judiciary under the guise of protecting data privacy. The Supreme Court has repeatedly proclaimed: “In our judicial system, the public has a right to every [person’s] evidence.” Yet, for over a decade, Facebook, GitHub, Google, Instagram, Microsoft, and Twitter have leveraged the Stored Communications Act (SCA) — a key data privacy law for the internet — to bar criminal defendants from subpoenaing the contents of another’s online communications, even when those communications could exonerate the wrongfully accused. Every appellate court to rule on this issue to date has agreed with the companies.
This Article argues that all of these decisions are wrong as a matter of binding Supreme Court doctrine and just policy. The Article makes two novel doctrinal claims and then evaluates the policy consequences of those claims. First, when courts read the SCA to block criminal defense subpoenas, they construe the statute as creating an evidentiary privilege. Second, this construction violates a binding rule of privilege law: courts must not construe ambiguous silence in statutory text as impliedly creating a privilege because privileges are “in derogation of the search for truth.” This Article is the first to read the SCA through the lens of evidentiary privilege law. Overturning the conventional wisdom and correcting the erroneous case law on this issue will enhance truth-seeking and fairness in the criminal justice system with minimal cost to privacy
Restoration: The Role Stakeholder Governance Must Play in Recreating a Fair and Sustainable American Economy – A Reply to Professor Rock
Get PDFThis reply to For Whom Is the Corporation Managed in 2020? The Debate Over Corporate Purpose by Professor Edward Rock supports his depiction of the current state of corporate law in the United States. But by contrast to Professor Rock, I do not trace the debate over corporate purpose to recent statements by business elites belatedly recognizing that our corporate governance system has failed to work for the many and is contributing to growing inequality. Rather, I source the debate to the work of advocates and scholars who have long been trying to restore fairness to our economy by updating an outdated mid-twentieth century corporate governance system to address evolving market and political developments. Taking a more positive view than Professor Rock, I argue that the most promising corporate governance reform proposals do not involve a revolution, but a restoration. They build on traditional corporate law techniques and restore the balance among stakeholders that characterized governance in the period when the U.S. economy worked best