Introduction – The American Corporation and the Institutional Investor: Are There Lessons from Abroad?

Friday, January 1st, 1988 at 12:00 am by Louis Lowenstein & Ira Millstein
Louis Lowenstein & Ira Millstein, Introduction – The American Corporation and the Institutional Investor: Are There Lessons from Abroad?, 1988 Colum. Bus. L. Rev. 739

There is increasing tension in the United States between shareholders and corporate directors and managers which, many observers believe, is leading to watershed developments in the governance of U.S. corporations. At best, the present situation is palpably unstable. The U.S. does not have a well-defined consensus on the proper role of the shareholder of large public corporations, and, for better or worse, powerful forces for change are building. It is against this background that the Center for Law and Economic Studies at Columbia University School of Law (the “Center”), in collaboration with the New York Stock Exchange (the “NYSE”), established the Institutional Investor Project (the “Project”) in 1988. The Project, which is independently funded, is a major, long-term effort to explore the large, growing, and increasingly contentious role of the institutional investor in large, publicly-owned corporations.

Author Information

Louis Lowenstein, Simon H. Rifkind Professor of Law, Columbia University School of Law. B.S., 1947, Columbia; LL.B., 1953. Professor Lowenstein is the Director of the Institutional Investor Project. Ira Millstein, Senior Partner, Weil, Gotshal & Manges. B.S., 1947, Columbia School of Engineering; LL.B., 1949. Mr. Millstein is chair of the board of advisors of the Institutional Investor Project.