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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
As AI systems evolve, there’s been a surge of attention and anxiety around how they are reshaping the workforce. The conversation often centers on which jobs are at risk of automation and what machines are capable of. While these are important issues, in our new paper, we offer a different perspective, one that puts humans, not machines, at the center of conversations about the future of work. To begin, we make a simple claim: Metrics matter.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Large language models (LLMs) are rapidly becoming integral to financial analysis, from parsing earnings calls to predicting stock market reactions to news. But a critical question remains: When we feed these models more information, do they perform better? Our recent study suggests, not necessarily. We document a structural limitation of LLMs in financial tasks, a phenomenon we call information overload, where too much context leads to worse outcomes.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Growing concerns about the externalities that companies may impose on stakeholders have placed the mainstream shareholder primacy model under intense scrutiny. Stakeholderism, or stakeholder model, is an alternative approach that requires companies to consider interests beyond those of shareholders, is an increasingly accepted way for companies around the world to pursue success.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Earlier this month, the Governor of Colorado signed the Uniform Antitrust Pre-Merger Notification Act (“the Colorado Act”) into law, making Colorado the second U.S. state to enact a broad antitrust pre-merger notification requirement following Washington State in April. The Colorado Act is expected to take effect on August 6, shortly after the Washington Act goes into effect on July 27.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
In a recent article, we explore the curious case of how regulators in the EU, UK, and United States treat two forms of insider trading — what we call “traditional insider trading” and “shadow trading.” The former, familiar to all, involves corporate insiders trading in the shares of their own firm. The latter, less familiar and often legally overlooked, involves trading in the shares of “economically connected firms,” such as competitors and suppliers.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
On 6 April 2025, the consumer protection provisions of the Digital Markets, Competition and Consumers Act 2024 (DMCC Act) came into force. The UK Competition and Markets Authority (CMA) can now directly pursue enforcement action without going through the courts (as with competition law investigations), including issuing fines, ordering businesses to improve their practices, and making them pay redress to affected consumers. This marks a further increase in the CMA’s already extensive powers.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
In recent years, public firms in the U.S. have increasingly issued revenue guidance that is not based on Generally Accepted Accounting Principles (GAAP).
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
On May 29, 2025, the staff of the SEC’s Division of Corporation Finance (the “Staff”) issued a statement concluding that certain proof-of-stake blockchain “staking” activities do not involve the offer or sale of “securities” within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934.
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2 weeks ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Tariffs have been front-page news for the last few months, virtually since the moment that the Trump Administration came into office. Along with this news has come considerable commentary on the impact the tariffs may have on the U.S. and the global economy and relations between the U.S. and important trading partners such as China, Canada, Mexico, and the European Union (EU).
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2 weeks ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Earlier this year, Judge Reed O’Connor made headlines when he rejected a plea agreement between the Department of Justice (“DOJ”) and Boeing. O’Connor rejected the agreement because it required the DOJ to consider its DEI policies in selecting a corporate monitor, and the judge found that this term infringed on the court’s responsibility to select the monitor solely on merit.
