TOO BIG TO BE ACTIVIST Page 1 TOO BIG TO BE ACTIVIST JOHN D. MORLEY* Big
investment managers, such as Vanguard and Fidelity, have accumulated an astonishing …

A firm raises capital from multiple investors to fund a project. The project succeeds only if the
capital raised exceeds a stochastic threshold, and the firm offers payments contingent on …

Academic and policy debates often conceptualize federal agencies as working as singular
units. Deregulation debates focus on the actions of particular agencies-for example, whether …

The legal rules governing business transactions place great confidence in the ability of
contracting parties to bargain effectively. Contract law, for example, is built on the …

Private equity's original purpose was to optimize companies' governance and operations.
Reuniting ownership and control in corporate America, the leveraged buyout (or the mere …

The rise of private equity over the past decade has raised a number of important questions
about corporate governance, stakeholder rights, and the role of corporate law in managing …

Strong criticisms have been levied against private equity fund agreements in recent years.
Fund agreements have been accused of enabling managers to charge exorbitant …

Recent years have witnessed a remarkable amount of innovation in our financial markets. 1
New technologies have emerged to challenge the financial institutions that have so long …

ABSTRACT A standard feature of the private equity industry," side letters" are confidential
agreements between the sponsor and individual investors that give the latter special rights …

This Article provides the first comprehensive examination of an emerging practice within the
private equity sector—continuation funds. Continuation funds break from the traditional …