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The ESG Gap
Full text linkThe corporate world is undergoing a transformation: there has been a dramatic influx in demand for companies to promote environmental, social, and governance (ESG) values. Yet these preferences do not necessarily translate into effective corporate actions. In this Article, we underscore the structural problems that prevent such preferences from steering the corporate ship full steam ahead toward ESG goals. We analyze the central actors in the corporate sphere that can potentially bring about such change on the ground: managers, institutional investors, and activist hedge funds. We demonstrate that none of these actors have the two central elements required for promoting ESG goals: motivation and competence. We refer to this problem as the ESG gap. We then suggest bridging the gap by forming a new entity, the Activist ESG Fund (AEF). The AEF would be an exchangetraded, closed-end mutual fund, uniquely designed for targeted activist investment. The closed-end traded fund structure would enable the fund management to focus on the long run by attracting patient money while permitting impatient investors to sell their shares on the highly liquid stock exchange. The establishment of AEFs can be a turning point in corporations’ and society’s effective promotion of ESG goals
The Eco-Agency Problem and Sustainable Investment
Full text linkIn times of heightened environmental consciousness and a global call for urgent action, corporations are playing a critical role in addressing pressing environmental challenges. As concerns about climate change, resource depletion, and ecosystem degradation intensify, businesses are under mounting pressure to align their strategies with sustainable practices. Despite that, there is strong evidence of underinvestment in sustainability and environmental efforts by corporations. In this Article, we first define the eco-agency problem—the special conflict of interest between the corporate officers who focus on short-term profitability and the other stakeholders who seek long-term profitability and sustainability—and then discuss existing coping measures, such as green bonds, CoCo bonds, and ESG compensation metrics. To assess the extent of the eco-agency problem, we conducted an experimental study of both professional and nonprofessional investors. According to our findings, both groups exhibit statistically significant preferences for sustainable investments. Revealing the preferences of investors toward sustainability can inspire corporate officers to embrace their role as sustainability advocates, encouraging them to align their decisions with investor preferences and drive positive change both within their organizations and across industries. To mitigate the eco-agency problem, we claim, on the basis of our study, that a unique environmental disclosure is required. By embracing transparency as a strategic advantage, corporations can transcend traditional reporting boundaries, heralding a new era in which investors implement their ecological preferences in the capital market pricing mechanism
Ukraine, Urban Warfare, and Obstacles to Humanitarian Access: A Predicament of Public International Law
Full text linkHumanitarian assistance is not carried out in a vacuum. As urban warfare historically complicates humanitarian aid’s access to civilians in war zones, Ukraine, having suffered and still facing highly publicized violence in civilian-dense areas, has encountered dire obstacles in acquiring necessary resources for civilians’ survival, including both direct and incidental attacks on humanitarian access. Thus, it is vital the international legal community take measures to mitigate current and future dangers of urban warfare, as well as design new solutions, such as strengthening current international law under which obstructing humanitarian access constitutes a violation of jus cogens principles, attempting to induce countries to move away from conflict in civilian-populated areas, supporting previously attempted alleviations such as “safe zones” and humanitarian corridors, and boosting the concrete legal status of NGOs’ and other organizations’ neutrality, to ensure easier access to humanitarian aid in present and future war zones.
In Part II (Part I being an introduction), this paper will first lay a foundation of the history of humanitarian assistance in armed conflict and civilians’ rights to humanitarian assistance in armed conflict. Part III will introduce the history of urban warfare, then discuss common obstacles to humanitarian assistance (whether intentionally or unintentionally caused by States), specifically in situations of urban warfare. Part IV will examine how Ukraine has experienced and is currently experiencing humanitarian access issues, and the applicable obligations which involved States have failed to uphold. Finally, Part V will discuss potential solutions to the difficulty facing aid workers in Ukraine and other urban armed conflict situations where civilians are impacted
The Erosion of Judicial Discretion: Why Congress and the Court Should Curb Restrictions for Bankruptcy Judges
Full text linkThis Note argues that reducing bankruptcy courts’ discretionary powers is a policy mistake because broad-sweeping legislation cannot adequately account for every circumstance presented by debtors. Bankruptcy is a unique field of law that requires unique rules; unlike a purely uniform bankruptcy system that is inherently over- and under-inclusive, a system of judiciously broad discretionary powers enables bankruptcy courts to find the optimal solutions to new issues on a case-by-case basis. Rather than restricting the discretionary powers of bankruptcy judges, Congress should enact a set of standards for judges to consider when evaluating individual cases. Under this system, judges would be rightfully circumscribed by the Bankruptcy Code, but they would no longer have to hide behind the mysterious cloak of equity to implement equitable solutions. Establishing a set of standards is the best way to effectively balance the important goals of uniformity—including predictability in the law, transparency, and judicial restraint—with a bankruptcy judge’s unique ability to provide equitable solutions through the exercise of discretionary powers
