Towards the Giant Three: The Rise and Rise of the Big Three Index Funds

The Big Three index fund managers—BlackRock, Vanguard, and State Street Global Advisors—hold a significant proportion of the stock of US public companies, and they continue to grow steadily. There is a real prospect that index funds will continue to grow, and that voting in most significant public companies will come to be dominated by the future “Giant Three,” write Lucian Bebchuk and Scott Hirst.  

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Is Market Price Relevant for Minority Shareholder Appraisal Actions?

Vice Chancellor Travis Laster of Delaware Chancery Court has recently cautioned that while courts have given greater deference to market price in appraising fair value, this approach does not elevate “market value” to the governing standard under Delaware’s appraisal statute. The Judge asked for further economic evidence and framework, and his caveat begs at least three questions, write Dirk Hackbarth and Bin Zhou.  

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Editors’ Briefing: This Week in Political Economy (August 11–18)

Elizabeth Warren’s new bill seeks to radically alter US corporate governance; America’s top CEOs earned 312 times more than their average workers last year; regulators are after Facebook for discriminatory housing ads; Elon Musk faces no more than a slap on the wrist from the SEC, experts say; and what is “the biggest policy mistake of the last decade”?  

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