Roy Shapira

Stigler Center, University of Chicago Booth School of Business

Fellow

Walker Hall

Chicago, IL 60637

United States

ECGI

Research Member

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

Reichman University

Professor

P.O. Box 167

Herzliya, 4610101

Israel

  • Stigler Center, University of Chicago Booth School of Business

  • ECGI

  • Reichman University

    • Email
    • Tel: 972-9-9602410
    • Fax: 972-9-9527996
SCHOLARLY PAPERS

31

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17,709

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Top 19,671

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19

Scholarly Papers (31)

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1.

Is Pollution Value-Maximizing? The DuPont Case

Downloads 1,502 (26,812)
Citation 4

Is Pollution Value-Maximizing? The DuPont Case

50 Harvard Environmental Law Review (forthcoming)
European Corporate Governance Institute - Law Working Paper No. 723/2023
Number of pages: 67 Posted: 18 Sep 2017 Last Revised: 22 Mar 2025
Roy Shapira and Luigi Zingales
Stigler Center, University of Chicago Booth School of Business and University of Chicago - Booth School of Business
Downloads 1,154 (38,812)
Citation 4

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Pollution, Firm Objectives, Environmental Regulation, Information Suppression

Is Pollution Value-Maximizing? The Dupont Case

NBER Working Paper No. w23866
Number of pages: 55 Posted: 02 Oct 2017 Last Revised: 19 Mar 2023
Roy Shapira and Luigi Zingales
Stigler Center, University of Chicago Booth School of Business and University of Chicago - Booth School of Business
Downloads 347 (180,459)

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Is Pollution Value-Maximizing? The Dupont Case

CEPR Discussion Paper No. DP12323
Number of pages: 57 Posted: 26 Sep 2017
Roy Shapira and Luigi Zingales
Stigler Center, University of Chicago Booth School of Business and University of Chicago - Booth School of Business
Downloads 1 (1,360,132)
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Environmental Regulation, Firm Objectives, pollution

2.

Specialist Directors

41 Yale Journal on Regulation 652 (2024), European Corporate Governance Institute - Law Working Paper No. 742/2023, Univ. of Wisconsin Legal Studies Research Paper No. 1790
Number of pages: 71 Posted: 01 Dec 2023 Last Revised: 29 Jul 2024
Roy Shapira and Yaron Nili
Stigler Center, University of Chicago Booth School of Business and Duke University School of Law
Downloads 1,252 (35,032)

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Corporate Governance, Corporate Law, Directors, ESG, Compliance, Oversight Duties, Caremark, Board Effectiveness, Board Diversity, Director Independence, Director Expertise, Cybersecurity, Corporate Social Responsibility, Securities Regulation,

3.

A New Caremark Era: Causes and Consequences

98 Washington University Law Review 1857 (2021)
Number of pages: 41 Posted: 21 Dec 2020 Last Revised: 01 Sep 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 1,152 (39,580)
Citation 3

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Compliance, Corporate Governance, Oversight Duties, Caremark, Inspection Rights, Reputation, Derivative Actions, Corporate Law, Shareholder Litigation, Pre-Filing Investigations, Section 220

4.

How the EU Sustainability Due Diligence Directive Could Reshape Corporate America

78 Stanford Law Review (forthcoming), European Corporate Governance Institute - Law Working Paper No. 817/2025, Rutgers Law School Research Paper Forthcoming
Number of pages: 57 Posted: 06 Jan 2025 Last Revised: 04 Mar 2025
Luca Enriques, Matteo Gatti and Roy Shapira
Bocconi University - Bocconi Law Department, Rutgers, The State University of New Jersey - Rutgers Law School and Stigler Center, University of Chicago Booth School of Business
Downloads 1,069 (44,149)

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Corporate Law, Brussels Effect, Oversight Duties, Caremark, Corporate Governance, Director Liability, ESG, Net Zero Targets, Sustainability Due Diligence, International Law

5.

Max Oversight Duties: How Boeing Signifies a Shift in Corporate Law

48 Journal of Corporation Law 119 (2022)
Number of pages: 25 Posted: 09 Mar 2022 Last Revised: 02 Feb 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 960 (51,286)

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Corporate Law, Oversight Duties, Corporate Governance, Subsequent Remedial Measures, Hindsight Bias, Caremark, Fiduciary Duties, Litigation, Inspection Rights, Section 220, Reputation, Product Safety

6.

Mission Critical ESG and the Scope of Director Oversight Duties

2022 Columbia Business Law Review 732 (2022)
Number of pages: 72 Posted: 13 May 2022 Last Revised: 27 Feb 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 956 (51,563)

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ESG, Oversight Duties, Compliance, Caremark, Fiduciary Duties, Litigation, Corporate Law, Board Oversight, Reputation, Cybersecurity, Climate Risk, Sexual Misconduct, Corporate Political Spending, AI Bias, Hindsight Bias

7.

The Power of the Narrative in Corporate Lawmaking

Harvard Public Law Working Paper No. 20-21, European Corporate Governance Institute - Law Working Paper 554/2020, Harvard Business Law Review, Vol. 11, No. 2, 2021
Number of pages: 46 Posted: 06 Oct 2020 Last Revised: 13 Mar 2025
Mark J. Roe and Roy Shapira
Harvard Law School and Stigler Center, University of Chicago Booth School of Business
Downloads 911 (55,090)

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corporate governance, short-termism, hedge funds, shareholder activism, behavioral economics, securities regulation, agency costs, research and development, narrative, political economy, corporate interests

8.

דלתות מסתובבות ומידת האפקטיביות של תקופות צינון
Revolving Doors and the Ineffectiveness of Cooling-Off Periods

34 Bar Ilan University Law Review (forthcoming, 2021) [Hebrew]
Number of pages: 48 Posted: 17 Jan 2019 Last Revised: 18 Oct 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 804 (65,372)

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Revolving Door, Cooling-Off Period, Enforcement, Public Choice, Regulatory Capture

9.

להיות כמו דלוור
Be Like Delaware

44 Tel-Aviv University Law Review 683 (2021)
Number of pages: 64 Posted: 16 Jun 2020 Last Revised: 10 Nov 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 764 (69,887)

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דיני חברות, דיני ניירות ערך, גילוי מסמכים, בית משפט כלכלי, שיקול דעת עסקי, וועדת עסקאות, וועדת תביעות

10.

Compliance Gatekeepers

41 Yale Journal on Regulation 469 (2024), European Corporate Governance Institute - Law Working Paper No. 717/2023
Number of pages: 61 Posted: 19 Jul 2023 Last Revised: 29 Jul 2024
Roy Shapira and Asaf Eckstein
Stigler Center, University of Chicago Booth School of Business and Hebrew University of Jerusalem - Faculty of Law
Downloads 745 (72,294)

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Compliance, Corporate Law, Corporate Governance, Gatekeepers, Oversight Duties, Caremark, In Pari Delicto, Aiding-and-Abetting, Inspection Rights, Reputation, Derivative Actions, Shareholder Litigation, Third-Party Advisors, Demand Futility, Monitorship, Internal Investigations

11.

The Challenge of Holding Big Business Accountable

44 Cardozo Law Review 203 (2022)
Number of pages: 67 Posted: 14 Jun 2022 Last Revised: 10 Sep 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 630 (89,595)
Citation 1

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Bigness, Antimonopoly, Corporate Wrongdoing, Corporate Deterrence, Corporate Governance, Market Discipline, Morals, Regulatory Capture, Mandatory Arbitration, Class Action Waivers, Director Oversight Duties, Whistleblowing, Reputation, Antitrust, Corporate Law, Willful Blindness, Moral Wiggle Room

12.

Theory of the Nudnik: The Future of Consumer Activism and What We Can Do to Stop it

73 Vanderbilt Law Review 929 (2020), U of Alabama Legal Studies Research Paper No. 3501175
Number of pages: 59 Posted: 31 Dec 2019 Last Revised: 18 May 2020
Yonathan A. Arbel and Roy Shapira
University of Alabama - School of Law and Stigler Center, University of Chicago Booth School of Business
Downloads 623 (90,876)

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consumer law, contracts, consumer protection, big data, law & technology, reputation, private ordering, consumer reviews, personalized contracts

13.

Conceptualizing Caremark

100 Indiana Law Journal 467 (2025), European Corporate Governance Institute - Law Working Paper No. 765/2024
Number of pages: 74 Posted: 18 Apr 2024 Last Revised: 02 Mar 2025
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 590 (97,366)
Citation 1

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Corporate Law, Compliance, ESG, Oversight Duties, Bad Faith, Corporate Wrongdoing, Litigation, Discovery, Privileges, Corporate Governance, Aiding-and-Abetting, Director Liability, Officer Liability, Willful Blindness, Cosmetic Compliance, Corporate Recidivism, Externalities, Short-Termism

14.

מחדל בפיקוח וחובת ההשגחה Director Oversight Duties

משפט ועסקים כד 559 (2021)
Number of pages: 54 Posted: 26 Feb 2021 Last Revised: 10 Jan 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 554 (105,358)

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חובות נושאי משרה, דיני חברות, ציות לחוק, תכנית ציות פנימי, ועדת תביעות, גילוי מסמכים מקדים, פטור בדיעבד, סעדים

15.

הקניין החדש וסדרי הכוחות הישנים The New Property and the Old Status Quo

משפט, חברה ותרבות ה: משפט כלכלה ומוסדות בישראל 173 (דרור גולדברג ורון חריס עורכים 2022)
Number of pages: 26 Posted: 26 Feb 2021 Last Revised: 11 Apr 2022
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 553 (105,587)

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דיני קניין, משפט חוקתי, משפט מנהלי, "קניין חדש", קבוצות לחץ, כשל רגולטורי

16.

A Reputational Theory of Corporate Law

Stanford Law & Policy Review, Vol. 26, No. 1, 2015
Number of pages: 60 Posted: 13 Apr 2015
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 487 (123,407)

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Corporate Governance, Reputation, Corporate Law, Fiduciary Duty Litigation, Securities Law, SEC, Corporate Litigation, Securities Litigation, Law and Social Norms, SEC settlements

17.

Corporate Law, Retooled: How Books and Records Revamped Judicial Oversight

42 Cardozo Law Review 1949 (2021)
Number of pages: 58 Posted: 11 Jun 2020 Last Revised: 06 Dec 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 472 (128,072)
Citation 1

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Corporate Law, Shareholder Litigation, Inspection Rights, Section 220, Pleading, Discovery, Pre-Filing Investigations, Delaware Courts, Corwin, Caremark, Corporate Governance

18.

Reputation Through Litigation: How the Legal System Shapes Behavior by Producing Information

Washington Law Review, Vol. 91, No. 3, 2016
Number of pages: 60 Posted: 20 Oct 2016
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 451 (135,334)
Citation 4

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Reputation, Litigation, Corporate Law, Corporate Governance, Law and Social Norms, Court of Public Opinion, Pleading Standards, Opennes of Proceedings, Trial versus Settlement, Business Law, Expressive Law

19.

משפט ומוניטין: כיצד ההליך המשפטי מכתיב סנקציות מוניטיניות Litigation and Reputational Sanctions

משפט ועסקים כג 79 (2019) Law and Business (IDC Law Review) 79 (2019)
Number of pages: 37 Posted: 16 Jan 2019 Last Revised: 12 Sep 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 404 (153,804)

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Reputation, Litigation, Corporate Governance, Law and Social Norms, Economic Analysis of Law, Civil Procedure, Court of Public Opinion, Opennes of Proceedings, Trial versus Settlement

20.

מתי יש ליתן מעמד בכורה לעמדת המאסדר? תובנות מהספרות על שבי רגולטורי
When Should Judges Defer to Agency Interpretation? A Regulatory Capture Perspective

Iyunei Mishpat Forum (Tel-Aviv University Law Review) (2020)
Number of pages: 17 Posted: 23 Jul 2020 Last Revised: 02 May 2022
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 385 (162,361)

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Judicial Review, Regulatory Capture, Deference, Regulators' Reputation, Class Actions

21.

Corporate Philanthropy as Signaling and Co-Optation

Fordham Law Review, Vol. 80, No. 5, 2012
Number of pages: 51 Posted: 17 May 2012
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 365 (172,249)
Citation 1

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corporate philanthropy, signaling, agency costs, corporate disclosure, corporate social responsibility

22.

Law As Source: How the Legal System Facilitates Investigative Journalism

37 Yale Law & Policy Review 153 (2018)
Number of pages: 73 Posted: 05 Dec 2018 Last Revised: 20 Jan 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 327 (194,109)

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Law and Media, Reputation, Accountability, Investigative Journalism, Corporate Governance, Freedom of Information, Secret Settlements, Mandatory Arbitration, Protective Orders, Pulitzer Prize, Law and Social Norms

23.

An Information-Production Theory of Liability Rules

89 University of Chicago Law Review 1113 (2022)
Number of pages: 65 Posted: 15 Sep 2021 Last Revised: 24 Oct 2022
Assaf Jacob and Roy Shapira
The Interdisciplinary Center Radziner School of Law and Stigler Center, University of Chicago Booth School of Business
Downloads 316 (201,259)

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Torts, Liability Rules, Defenses, Information-Production, Reputation, Litigation, Product Liability, Medical Malpractice, Autonomous Vehicles, Cybersecurity, Secret Settlements, Strict Liability, Negligence, Comparative Fault, Contributory Fault, Assumption of Risk

24.

An Information-Production Theory of Contract Law

109 Iowa Law Review 603 (2024), Bar Ilan University Faculty of Law Research Paper No. 4394466
Number of pages: 57 Posted: 03 Apr 2023 Last Revised: 13 Feb 2024
Roy Shapira, Assaf Jacob and Yotam Kaplan
Stigler Center, University of Chicago Booth School of Business, The Interdisciplinary Center Radziner School of Law and Hebrew University of Jerusalem
Downloads 275 (232,902)
Citation 3

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Contract Law, Reputation, Private Ordering, Liability Rules, Excuses, Personalized Law, Defenses, Remedies, Willful Breach, Nominal Damages, Mandatory Arbitration, Liquidated Damages, Interpretation, Information-Production, Strict Liability vs. Negligence

25.

Mandatory Arbitration and the Market for Reputation

99 Boston University Law Review 873 (2019)
Number of pages: 41 Posted: 02 May 2019 Last Revised: 20 Jan 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 246 (260,663)
Citation 1

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Arbitration, Shareholder Litigation, Reputation, Section 220 Requests, Whistleblowing, PSLRA, SEC Enforcement, Mandatory Arbitration Provisions, Information Production, Law and Reputation, Economic Analysis of Law

26.

Consumerist Waste: Looking Beyond Repair

Michigan Law Review, Forthcoming
Number of pages: 21 Posted: 27 Jan 2024 Last Revised: 27 Mar 2024
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 190 (333,080)

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Consumerism, Planned Obsolescence, Right to Repair, Social Consumption, Waste, ESG, Corporate Reputation, Corporate Governance, Consumer Protection, Environmental Degradation

27.

היחס בין תובענות ייצוגיות לבין רגולציהThe Interactions between Class Actions and Regulation

Number of pages: 30 Posted: 15 Jul 2024
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 189 (334,730)

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Class actions, Regulation, Regulatory Capture, Deterrence, Litigation, Civil Procedure

28.

Comprehensibility and Accountability

41 Oxford Journal of Legal Studies 1227 (2021)
Number of pages: 22 Posted: 05 Jan 2021 Last Revised: 12 Sep 2023
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 163 (381,510)

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Disclosure, Information Overload, Information Asymmetries, Accountability, Readability, Transparency, Consumer Protection, Economic Regulation, Securities Markets

29.

קיירמארק בישראל? חובות ההשגחה של נושאי משרה בעקבות ההחלטה בעניין אהרוני נ' מזרחי Caremark in Israel?

Number of pages: 16 Posted: 23 Jul 2021 Last Revised: 06 Aug 2021
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 152 (404,727)

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חובת ההשגחה, מחדל בפיקוח,חובות נושאי משרה, דיני חברות, ציות לחוק, תכנית ציות פנימי, ועדת תביעות, גילוי מסמכים מקדים, פטור בדיעבד, סעדים

30.

חשיבותה של העיתונות Accountability Journalism

"חשיבותה של העיתונות" בתוך "עיתונות עצמאית" (פרויקט של מוסד שמואל נאמן)
Number of pages: 26 Posted: 25 Sep 2024
Roy Shapira
Stigler Center, University of Chicago Booth School of Business
Downloads 112 (514,072)

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Journalism, Accountability, תקשורת, עיתונות, אחריותיות, מוניטין, רגולציה, ביוש רגולטורי, דרישות גילוי, ליטיגציה, הרתעה כללית, חושפי שחיתויות

31.

Consumer Activism: From the Informed Minority to the Crusading Minority

DePaul Law Review, Vol. 69, 2020, U of Alabama Legal Studies Research Paper No. 3568768
Number of pages: 37 Posted: 29 Apr 2020 Last Revised: 30 Nov 2020
Yonathan A. Arbel and Roy Shapira
University of Alabama - School of Law and Stigler Center, University of Chicago Booth School of Business
Downloads 110 (521,005)

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consumer contracts, markets, consumer protection