Bernard S. Sharfman

RealClearFoundation

Law & Economics Center at George Mason University’s Antonin Scalia Law School

SCHOLARLY PAPERS

55

DOWNLOADS
Rank 3,600

SSRN RANKINGS

Top 3,600

in Total Papers Downloads

18,866

SSRN CITATIONS
Rank 18,396

SSRN RANKINGS

Top 18,396

in Total Papers Citations

44

CROSSREF CITATIONS

29

Scholarly Papers (55)

1.

The Importance of the Business Judgment Rule

14 New York University Journal of Law and Business 27 (Fall 2017)
Number of pages: 43 Posted: 21 Dec 2016 Last Revised: 15 Mar 2018
Bernard S. Sharfman
RealClearFoundation
Downloads 3,192 (7,214)
Citation 4

Abstract:

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Business Judgment Rule, Corporate Law

2.

Shareholder Activism as a Corrective Mechanism in Corporate Governance

Brigham Young University Law Review, Vol. 2014, No. 5, 2014, Ohio State Public Law Working Paper No. 225
Number of pages: 39 Posted: 12 Sep 2013 Last Revised: 29 Aug 2015
Paul Rose and Bernard S. Sharfman
Ohio State University - Moritz College of Law and RealClearFoundation
Downloads 1,946 (15,737)
Citation 4

Abstract:

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corporate governance, shareholder activism, hedge funds, governance entrepreneurs

3.

Shareholder Wealth Maximization and Its Implementation under Corporate Law

Florida Law Review, Vol. 66, No. 1 (2014)
Number of pages: 44 Posted: 10 Jan 2013 Last Revised: 19 Apr 2014
Bernard S. Sharfman
RealClearFoundation
Downloads 958 (45,200)
Citation 3

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shareholder wealth maximization, corporate governance, Unocal test, Board of Directors, authority, accountability, Kenneth Arrow, theory of large organizations, rights plan, Revlon, eBay

4.

The Illusion of Success: A Critique of Engine No. 1’s Proxy Fight at ExxonMobil

12 HARV. BUS. L. REV. ONLINE, art. 3, 2021, at 1., George Mason Law & Economics Research Paper No. 21-20
Number of pages: 21 Posted: 10 Aug 2021 Last Revised: 01 Mar 2022
Bernard S. Sharfman
RealClearFoundation
Downloads 824 (55,588)
Citation 3

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hedge fund activism, corrective mechanism, proxy fight, climate change

5.

Wall Street's Corporate Governance Crisis

Corporate Governance Advisor, Vol. 17, No. 1. pp. 5-8,, Jan./Feb. 2009
Number of pages: 4 Posted: 13 Nov 2008 Last Revised: 02 Mar 2009
Bernard S. Sharfman, Steven J. Toll and Alan Szydlowski
RealClearFoundation, affiliation not provided to SSRN and affiliation not provided to SSRN
Downloads 801 (57,701)
Citation 1

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corporate law, corporate governance, clawback

6.

Opportunism in the Shareholder Voting and Engagement of the ‘Big Three’ Investment Advisers to Index Funds

Journal of Corporation Law, Volume 48, No. 3, 463-496
Number of pages: 34 Posted: 04 Jan 2022 Last Revised: 03 Jul 2023
Bernard S. Sharfman
RealClearFoundation
Downloads 731 (65,327)
Citation 4

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investment advisers, shareholder voting, empty voting, opportunism, Big Three, index funds, mutual funds, ETFs

7.

A Private Ordering Defense of a Company's Right to Use Dual Class Share Structures in IPOs

Villanova Law Review, Vol. 63, No. 1, 2018
Number of pages: 35 Posted: 15 Jun 2017 Last Revised: 16 Jun 2018
Bernard S. Sharfman
RealClearFoundation
Downloads 725 (65,985)
Citation 6

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corporate governance, corporate law, dual class shares, IPOs, initial public offering, controlling shareolders, shareholder empowerment, principal-cost theory

8.

Dysfunctional Deference and Board Composition: Lessons from Enron

Northwestern University Law Review Colloquy, Vol. 103, pp. 153-162, 2008
Number of pages: 10 Posted: 16 Jul 2008 Last Revised: 12 Oct 2008
Bernard S. Sharfman and Steven J. Toll
RealClearFoundation and affiliation not provided to SSRN
Downloads 696 (69,470)

Abstract:

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corporate governance, corporate law, dysfunctional deference

9.

A Theory of Shareholder Activism and Its Place in Corporate Law

Tennessee Law Review, Vol. 82, No. 4, 2015
Number of pages: 42 Posted: 16 Jan 2015 Last Revised: 24 Mar 2017
Bernard S. Sharfman
RealClearFoundation
Downloads 689 (70,395)
Citation 2

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shareholder activism, corporate law, corporate governance, corrective mechanism, empirical studies

10.

Activist Hedge Funds in a World of Board Independence: Creators or Destroyers of Long-Term Value?

Columbia Business Law Review, p. 814, 2015
Number of pages: 48 Posted: 11 Mar 2015 Last Revised: 03 Sep 2023
Bernard S. Sharfman
RealClearFoundation
Downloads 618 (80,790)
Citation 5

Abstract:

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hedge funds, activism, corporate governance, corporate law, independence, board of directors

11.

Corporate Governance and the Impact of Controlling Shareholders

Corporate Governance Advisor, Vol. 18, No. 1, p. 1, January-Febuary 2010
Number of pages: 10 Posted: 26 Oct 2009 Last Revised: 02 Mar 2010
Lisa M. Mezzetti, Dirk Schlimm and Bernard S. Sharfman
Cohen, Milstein, Hausfeld & Toll, P.L.L.C., Jenoir Management Consultants and RealClearFoundation
Downloads 553 (92,960)

Abstract:

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corporate governance, corporate law

12.

The Enduring Legacy of Smith v. Van Gorkom

Delaware Journal of Corporate Law (DJCL), Vol. 33, No. 2, pp. 287-309, 2008
Number of pages: 23 Posted: 06 Dec 2007 Last Revised: 07 Oct 2008
Bernard S. Sharfman
RealClearFoundation
Downloads 462 (115,690)

Abstract:

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Van Gorkom, business judgment rule, duty of care, directors, accountability, authority, corporate governance, corporate law

13.

What's Wrong with Shareholder Empowerment?

Journal of Corporation Law, Vol. 37, No. 4, pp. 903-909, 2012
Number of pages: 7 Posted: 09 Mar 2012 Last Revised: 20 Jul 2012
Bernard S. Sharfman
RealClearFoundation
Downloads 449 (119,629)

Abstract:

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corporate law, corporate governance, public company, authority, accountability, private ordering, liquidity traders, information traders, shareholder empowerment, board of directors, agency costs

14.

Enhancing the Efficiency of Board Decision Making: Lessons Learned from the Financial Crisis of 2008

Delaware Journal of Corporate Law (DJCL), Vol. 34, No. 3, 2009
Number of pages: 40 Posted: 04 Feb 2009 Last Revised: 17 Nov 2009
Bernard S. Sharfman
RealClearFoundation
Downloads 427 (126,933)

Abstract:

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Delaware, Journal, Corporate, Law, DJCL, financial crisis, 2008, compensation, bonus, bonuses, Wall Street, payouts

15.

The Undesirability of Mandatory Time-Based Sunsets in Dual Class Share Structures: A Reply to Bebchuk and Kastiel

Southern California Law Review Postscript Vol. 93 PS1 2019
Number of pages: 10 Posted: 13 May 2019
Bernard S. Sharfman
RealClearFoundation
Downloads 405 (134,897)
Citation 2

Abstract:

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dual class shares, time-based sunsets, listing standards, positive skewness, stock market returns, private ordering, corporate governance

16.

Why Proxy Access is Harmful to Corporate Governance

Journal of Corporation Law, Vol. 37, No. 2, Winter 2012
Number of pages: 27 Posted: 28 Jun 2011 Last Revised: 05 Mar 2012
Bernard S. Sharfman
RealClearFoundation
Downloads 380 (144,977)
Citation 2

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17.

The Conflict between Blackrock's Shareholder Activism and ERISA's Fiduciary Duties

Bernard S. Sharfman, The Conflflict Between BlackRock’s Shareholder Activism and ERISA’s Fiduciary Duties, Case Western Reserve Law Review 1241, Vol. 71, Issue 4 (2021; lead article).
Number of pages: 35 Posted: 05 Dec 2020 Last Revised: 05 Nov 2021
Bernard S. Sharfman
RealClearFoundation
Downloads 350 (158,775)

Abstract:

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ERISA, fiduciary duties, proxy advisors, investment advice fudicary, shareholder voting, corporate governance, investment managers, investment advisers

18.

Liberating the Market for Corporate Control

Berkeley Business Law Journal
Number of pages: 50 Posted: 01 Sep 2020 Last Revised: 12 Jul 2021
Bernard S. Sharfman, Marc T. Moore and Marc T. Moore
RealClearFoundation and University College London, Faculty of LawsUniversity College London, Faculty of Laws
Downloads 296 (189,797)

Abstract:

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Corporate Governance, Market for Corporate Control, Corporate Law, Unocal Test, Board of Directors, U.K. Takeover Code, Board Passivity Rule, Tender Offers, Hostile Takeover, Hostile Tender Offer, Corrective Mechanism, Substantive Coercion

19.

Kahn v. M&F Worldwide Corporation: A Small but Significant Step Forward in the War Against Frivolous Shareholder Lawsuits

Journal of Corporation Law, Volume 40, Issue 1
Number of pages: 19 Posted: 25 Jul 2014 Last Revised: 08 Feb 2022
Bernard S. Sharfman
RealClearFoundation
Downloads 264 (213,219)

Abstract:

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corporate law, freeze-out, merger, entire fairness

20.

Using the Law to Reduce Systemic Risk

Journal of Corporation Law, Vol. 36, No. 3, 2011
Number of pages: 28 Posted: 20 Nov 2010 Last Revised: 24 May 2011
Bernard S. Sharfman
RealClearFoundation
Downloads 253 (222,402)

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Financial Institutions, Tax Policy, Systemic Risk, Compensation, Financial Regulation

21.

The Risks and Rewards of Shareholder Voting

83 SMU Law Review 849 (2020)
Number of pages: 41 Posted: 19 May 2020 Last Revised: 31 Dec 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 250 (225,059)
Citation 4

Abstract:

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shareholder proposals, shareholder voting, securities regulation, corporate governance

22.

Enhancing the Value of Shareholder Voting Recommendations

86 Tenn. L. Rev. 691 (2019)
Number of pages: 44 Posted: 29 Jun 2019 Last Revised: 05 Feb 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 244 (230,534)
Citation 3

Abstract:

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shareholder voting, Investment Advisers Act of 1940, fiduciary duties, shareholder voting recommendations, securities law, corporate law, proxy advisors, information trader, board of directors

23.

The Tension between Hedge Fund Activism and Corporate Law

Journal of Law, Economics and Policy, Symposium Issue, pp. 251-277, Vol. 12, No. 3 (Fall 2016).
Number of pages: 28 Posted: 26 Jan 2016 Last Revised: 16 Jul 2017
Bernard S. Sharfman
RealClearFoundation
Downloads 235 (239,083)

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24.

How Discretionary Decision-Making Impacts the Financial Performance and Legal Disclosures of S&P 500 Funds

Brooklyn Law Review , Vol. 87, No. 3, 2022
Number of pages: 39 Posted: 02 Apr 2021 Last Revised: 16 Jan 2023
Bernard S. Sharfman and Vincent Deluard
RealClearFoundation and StoneX Group Inc
Downloads 234 (240,070)
Citation 3

Abstract:

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prospectus, form n-1a, open-end investment management companies, index, sec, securities, s&p 500, index effect, legal disclosures, index funds

25.

A Team Production Approach to Corporate Law and Board Composition

Northwestern University Law Review Colloquy, Vol. 103, pp. 380-392, February 16, 2009
Number of pages: 13 Posted: 25 Sep 2008 Last Revised: 13 Mar 2009
Bernard S. Sharfman and Steven J. Toll
RealClearFoundation and affiliation not provided to SSRN
Downloads 205 (271,906)

Abstract:

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corporate law, corporate governance

26.

How the Strong Negotiating Position of Wall Street Employees Impacts the Corporate Governance of Financial Firms

Virginia Law & Business Review, Volume 5, No. 3, Winter 2011
Number of pages: 27 Posted: 09 Dec 2009 Last Revised: 15 Feb 2011
Bernard S. Sharfman
RealClearFoundation
Downloads 179 (307,101)

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27.

Being Informed Does Matter: Fine Tuning Gross Negligence Twenty Plus Years after Van Gorkom

The Business Lawyer, Vol. 62, No. 1, p. 135, November 2006
Number of pages: 26 Posted: 14 Sep 2006 Last Revised: 10 Mar 2008
Bernard S. Sharfman
RealClearFoundation
Downloads 162 (334,915)

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Authority, accountability, abstention, gross negligence, exculpation

28.

Now is the Time to Designate Proxy Advisors as Fiduciaries Under ERISA

25 Stanford Journal of Law, Business, and Finance 1
Number of pages: 39 Posted: 07 Sep 2019 Last Revised: 20 Mar 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 158 (341,927)
Citation 2

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ERISA, fiduciary duties, proxy advisors, investment advice fudicary, shareholder voting, corporate governance, investment managers, investment advisers

What Theory and the Empirical Evidence Tell Us About Proxy Access

Journal of Law, Economics and Policy, Volume 13, Winter 2017, No. 1, 1-38.
Number of pages: 42 Posted: 03 Apr 2016 Last Revised: 22 Aug 2017
Bernard S. Sharfman
RealClearFoundation
Downloads 113 (446,251)

Abstract:

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What Theory and the Empirical Evidence Tell Us About Proxy Access

MERCATUS WORKING PAPER
Number of pages: 50 Posted: 07 Jun 2018
Bernard S. Sharfman
RealClearFoundation
Downloads 44 (764,621)
Citation 2

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30.

The Ascertainable Standards that Define the Boundaries of the SEC's Rulemaking Authority

The University of Chicago Business Law Review 193 (Vol. 3.1; 2023)
Number of pages: 42 Posted: 19 Jul 2023 Last Revised: 08 Feb 2024
Bernard S. Sharfman
RealClearFoundation
Downloads 151 (355,112)

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nondelegation doctrine, SEC, rulemaking, ascertainable standards, climate-related disclosures, Securities Act of 1933, Securities Exchange Act of 1934, Constitution, policy objectives, for the protection of investors, in the public interest, intelligible principle test

31.

What Shareholder Proposals on Proxy Access Tell Us about Its Value

Yale Journal on Regulation Online, 2016
Number of pages: 8 Posted: 23 Jun 2016 Last Revised: 15 Nov 2016
Bernard S. Sharfman
RealClearFoundation
Downloads 143 (371,006)

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32.

Presentation: Moving Beyond the Dodd-Frank Act: Reducing Systemic Risk by Cooling Wall Street's Bonus Culture: The Midwestern Law and Economics Association annual meeting, October 9, 2010

The Midwestern Law and Economics Association Annual Meeting, October 9, 2010
Number of pages: 24 Posted: 09 Oct 2010 Last Revised: 07 Aug 2014
Bernard S. Sharfman
RealClearFoundation
Downloads 135 (387,984)
Citation 2

Abstract:

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financial institutions, tax policy, compensation, systemic risk

33.

Taking a More Sophisticated Approach to Market Efficiency: How Securities Analyst Reports can be used to Establish Loss Causation in a Federal Securities Fraud Action

Securities Regulation Law Journal, Vol. 38, No. 1, pp. 57-63
Number of pages: 7 Posted: 09 Oct 2009 Last Revised: 18 Oct 2010
Bernard S. Sharfman
RealClearFoundation
Downloads 125 (411,942)

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securities law, securities regulation, loss causation

34.

Understanding Maryland's Business Judgment Rule

Duquesne Business Law Journal, Vol. 8, No. 1, pp. 1-31, 2006
Number of pages: 30 Posted: 04 Aug 2009
Bernard S. Sharfman
RealClearFoundation
Downloads 123 (416,873)

Abstract:

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corporate law, business judgment rule

35.

Comment Letter to the SEC on Climate Change Disclosures

Number of pages: 8 Posted: 28 Sep 2021 Last Revised: 03 Nov 2021
Bernard S. Sharfman
RealClearFoundation
Downloads 111 (450,016)

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mandatory disclosure, climate change, materiality, public interest, protection of investors

36.

Comment Letter to the SEC on its Proposed Rule Regarding Climate-Related Risk Disclosures

Number of pages: 30 Posted: 30 Jun 2022
Bernard S. Sharfman and James Copland
RealClearFoundation and Manhattan Institute
Downloads 99 (487,960)

Abstract:

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mandatory disclosure, climate change, materiality, public interest, protection of investors

37.
Downloads 99 (487,960)
Citation 1

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38.

ESG Investing Under ERISA

Yale Journal on Regulation Bulletin, Vol. 38, page 112 (2020).
Number of pages: 22 Posted: 22 Mar 2021
Bernard S. Sharfman
RealClearFoundation
Downloads 94 (504,718)

Abstract:

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ERISA, ESG, fiduciary duties, plan managers, DOL

39.

Comment Letter to DOL: ESG Investing Under ERISA

Number of pages: 14 Posted: 10 Sep 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 78 (565,531)
Citation 1

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Fiduciary Duties, ESG Investing, ERISA, Investment Adviser

40.
Downloads 76 (574,128)

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Erisa, Fiduciary Duties, Proxy Advisors, Investment Advice Fiduciary, Shareholder Voting, Corporate Governance, Investment Managers, Investment Advisers

41.

Modifying Model Rule 5.4 to Allow for Minority Ownership of Law Firms by Nonlawyers

Georgetown Journal of Legal Ethics, Vol. 13, No. 3, 2000
Number of pages: 20 Posted: 30 Oct 2011
Bernard S. Sharfman
RealClearFoundation
Downloads 70 (600,980)

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42.

How the Sec Can Help Mitigate the 'Proactive' Agency Costs of Agency Capitalism

American University Business Law Review
Number of pages: 21 Posted: 14 Feb 2019 Last Revised: 25 Jan 2021
Bernard S. Sharfman
RealClearFoundation
Downloads 66 (619,780)

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proxy process, shareholder voting, Investment Advisers Act of 1940, agency costs, agency capitalism, SEC, Proxy Voting Rule, mutual fund advisers, investment advisers

43.

RE: Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice

Number of pages: 13 Posted: 07 Feb 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 58 (661,111)
Citation 2

Abstract:

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proxy advisor

44.

Non-Material Mandatory Climate Change Disclosures

Oho State Business Law Journal Online, Volume 1, page 1, 2021
Number of pages: 11 Posted: 07 Dec 2021 Last Revised: 10 Feb 2022
Bernard S. Sharfman
RealClearFoundation
Downloads 56 (672,251)

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mandatory disclosure, climate change, materiality, public interest, protection of investors[comma separated]

45.

Shareholder Proposals on Social Issues are Not 'In the Public Interest'

Number of pages: 3 Posted: 25 Jun 2023 Last Revised: 19 Jul 2023
Bernard S. Sharfman
RealClearFoundation
Downloads 54 (683,590)

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shareholder proposals, in the public interest, social issues, investor protection, capital formation, efficiency, SEC, rulemaking

46.

Comment Letter to the DOL: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (RIN 1210-AC03)

Number of pages: 5 Posted: 15 Dec 2021
Bernard S. Sharfman and James Copland
RealClearFoundation and Manhattan Institute
Downloads 54 (683,590)

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Fiduciary Duties, ESG Investing, ERISA, Investment Adviser, mutual funds, ETFs, shareholder voting, shareholder engagement

47.

Comment Letter to the SEC: Release No. IA-5325 and the Fiduciary Duties of Proxy Advisors

Number of pages: 9 Posted: 24 Oct 2019 Last Revised: 24 Dec 2019
Bernard S. Sharfman
RealClearFoundation
Downloads 53 (689,288)

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fiduciary duties, Investment Advisors Act of 1940, proxy advisors, investment advisers, proxy voting

48.

Comment Letter to the SEC: Responding to the Imprecision in a Proxy Advisor's Voting Recommendations

Number of pages: 16 Posted: 22 Oct 2018
Bernard S. Sharfman
RealClearFoundation
Downloads 52 (695,240)
Citation 2

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proxy advisor, board of directors, information trader, fiduciary duties, voting recommendations, precision, imprecision

49.

The Ascertainable Standards that Guide and Limit the Surface Transportation Board's Authority over the Railroads

Number of pages: 36 Posted: 20 Dec 2023
Bernard S. Sharfman
RealClearFoundation
Downloads 50 (707,534)

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ascertainable standards, railroads, Staggers Rail Act of 1980, reciprocal switching, common carrier, constrained market pricing, major questions doctrine, nondelegation doctrine, intelligible principle, administrative procedures act, arbitrary and capricious

50.

Comment Letter to the SEC: Proposed New Disclosures for Investment Advisers to Mutual Funds

Number of pages: 14 Posted: 22 Oct 2018 Last Revised: 05 Feb 2019
Bernard S. Sharfman
RealClearFoundation
Downloads 50 (707,534)
Citation 2

Abstract:

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proxy voting rule, proxy voting, mutual funds, investment advisers, activism, shareholder empowerment, public pension funds, fiduciary duties

51.

Critiquing the CFA Institute's Report on Proxy Access

R Street Shorts No. 21, March 2016
Number of pages: 3 Posted: 03 Apr 2016
Bernard S. Sharfman
RealClearFoundation
Downloads 47 (726,583)

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52.

Comment Letter on the SEC's Proposed Rule: Modernization of Beneficial Ownership Reporting

Number of pages: 4 Posted: 20 Apr 2022
Bernard S. Sharfman
RealClearFoundation
Downloads 45 (739,500)

Abstract:

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53.

Comment Letter to the DOL: Fiduciary Duties Regarding Proxy Voting and Shareholder Rights (RIN 1210-AB91)

Number of pages: 45 Posted: 17 Nov 2020
Bernard S. Sharfman
RealClearFoundation
Downloads 45 (739,500)

Abstract:

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Fiduciary Duties, ESG Investing, ERISA, Investment Adviser, mutual funds, ETFs, shareholder voting, shareholder engagement

54.

Public-Pension Funds Play with Newest Toy in Corporate Governance

R Street Shorts, No. 12 (2015)
Number of pages: 3 Posted: 16 Aug 2015
Bernard S. Sharfman
RealClearFoundation
Downloads 45 (739,500)

Abstract:

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55.

Comment Letter to the SEC: The Value of Board Voting Recommendations

Number of pages: 11 Posted: 02 Jan 2019
Bernard S. Sharfman
RealClearFoundation
Downloads 44 (746,259)

Abstract:

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Investment Advisers Act of 1940, shareholder voting recommendations, corporate law, securities law, proxy advisors, board of directors, investment advisers, information trader, fiduciary duties