The Brokaw Act's Long-Term Consequences For Activists

Law360, New York (April 15, 2016, 10:29 AM EDT) -- On March 17, 2016, the latest in the long-running effort to reduce the impact and influence of activist investors came in the form of the proposed "Brokaw Act" — a set of amendments to the Section 13(d) disclosure rules ostensibly designed to address supposed "short-termism" at U.S. public companies. Short-termism, or quarterly capitalism as it is sometimes called, has been described as the focus by companies on meeting short-term financial goals at the expense of building long-term value. The source of this phenomenon according to the co-sponsors of the Brokaw Act, Sens. Tammy Baldwin, D-Wis., and Jeff Merkley, D-Ore.? Activist investors....

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