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Jill E. Fisch

Saul A. Fox Distinguished Professor of Business Law; Co-Director, Institute for Law and Economics

Jill Fisch

Jill E. Fisch is an internationally-known scholar whose work focuses on the intersection of
business and law, including the role of regulation and litigation in addressing limitations in
the disciplinary power of the capital markets. She has written more than 70 scholarly articles
that have appeared in top law reviews, including the Harvard Law Review, the Yale Law
Journal, and the University of Pennsylvania Law Review. Continue reading…

Articles and Book Chapters

Defined Contribution Plans and the Challenge of Financial Illiteracy, 105 CORNELL L. REV. 741 (2020) (with Annamaria Lusardi & Andrea Hasler).

Shareholder Collaboration, 98 TEX. L. REV. 863 (2020) (with Simone M. Sepe).

The New Titans of Wall Street: A Theoretical Framework for Passive Investors, 168 U. PA. L. REV. 73 (2019) (with Assaf Hamdani & Steven Davidoff Solomon).

Mootness Fees, 72 VAND. L. REV. 1777 (2019) (with Matthew D. Cain, Steven Davidoff Solomon, & Randall S. Thomas).

Centros, California’s “Women on Boards” Statute and the Scope of Regulatory Competition. 20 EUR. BUS. ORG. L. REV. 493 (2019) (with Steven Davidoff Solomon).

The Problem of Sunsets, 99 B.U. L. REV. 1057 (2019) (with Steven Davidoff Solomon).

The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers, 74 BUS. LAW. 1967 (2019) (with Robert Bartlett, Matthew D, Cain, and Steven Davidoff Solomon).

Boilermakers and the Contractual Approach to Litigation Bylaws, in THE CORPORATE CONTRACT IN CHANGING TIMES: IS THE LAW KEEPING UP? (Steven Davidoff Solomon & Randall Stuart Thomas eds., Chicago 2019).

Making Sustainability Disclosure Sustainable, 107 GEO. L.J. 923 (2019).

Tales from the Dark Side: Money Market Funds and the Shadow Banking Debate, in RESEARCH HANDBOOK ON THE REGULATION OF MUTUAL FUNDS (John Morley & William Birdthistle, eds., Elgar 2018).

The Economics of Complex Decision Making: The Emergence of the Robo Adviser, in THE DISRUPTIVE IMPACT OF FINTECH ON RETIREMENT SYSTEMS (Olivia S. Mitchell, ed., Oxford 2018) (with Marion Labouré and John A. Turner). (forthcoming)

Constructive Ambiguity and Judicial Development of Insider Trading, 71 SMU L. REV. 749 (2018).

Is Say on Pay All About Pay? The Impact of Firm Performance, 8 HARV. BUS. L. REV. 101 (2018) (with Darius Palia and Steven Davidoff Solomon).

Governance by Contract: The Implications for Corporate Bylaws, 106 CALIF. L. REV. 373 (2018).

The Shifting Tides of Merger Litigation, 71 VAND. L. REV. 603 (2018) (with Matthew D. Cain, Steven Davidoff Solomon, & Randall S. Thomas).

The Logic and Limits of Event Studies in Securities Fraud Litigation, 96 TEX. L. REV. 553 (2018) (with Jonah B. Gelbach & Jonathan Klick).

Standing Voting Instructions: Empowering the Excluded Retail Investor, 102 MINN. L. REV. 51 (2017).

The Knowledge Gap in Workplace Retirement Investing and the Role of Professional Advisors, 66 DUKE L. J. 633 (2016) (with Tess Wilkinson-Ryan and Kristin Firth).

Does Majority Voting Improve Board Accountability?, 83 U. CHI. L. REV. 1119 (2016) (with Stephen J. Choi, Marcel Kahan, and Edward B. Rock).

The New Governance and the Challenge of Litigation Bylaws, 81 BROOK. L. REV. 1637 (2016).

How Corporate Governance Is Made: The Case of the Golden Leash, 164 U. PA. L. REV. 649 (2016) (with Matthew D. Cain, Steven J. Griffith, and Steven Davidoff Solomon).

Confronting the Peppercorn Settlement in Merger Litigation: An Empirical Analysis and a Proposal for Reform, 93 TEX. L. REV. 557 (2015) (with Sean J. Griffith and Steven M. Davidoff).

Why Do Retail Investors Make Costly Mistakes? An Experiment on Mutual Fund Choice, 162 U. PA. L. REV. 605 (2014) (with Tess Wilkinson-Ryan).

Rethinking the Regulation of Securities Intermediaries, 158 U. PA. L. REV. 1961 (2010).

How to Fix Wall Street: A Voucher Financing Proposal for Securities Intermediaries, 113 YALE L.J. 269 (2003) (with Stephen Choi).

More publications can be found here.

Working Papers

A Lesson from Startups: Contracting Out of Shareholder Appraisal (March 1, 2021), U of Penn, Inst for Law & Econ Research Paper No. 20-47; IOWA L. REV. (forthcoming). (forthcoming)
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Stealth Governance: Shareholder Agreements and Private Ordering (Mar. 1, 2021), 99 WASH. U. L. REV. (forthcoming 2022); U of Penn, Inst for Law & Econ Research Paper No. 20-48; European Corporate Governance Institute - Law Working Paper No. 538/2020. (forthcoming 2022)
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The “Value” of a Public Benefit Corporation (October 5, 2020), U of Penn, Inst for Law & Econ Research Paper No. 20-54; in RESEARCH HANDBOOK ON CORPORATE PURPOSE AND PERSONHOOD (Elizabeth Pollman & Robert B. Thompson, eds., Elgar, forthcoming) (with Steven Davidoff Solomon). (forthcoming)
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Should Corporations Have a Purpose? (Feb. 17, 2021), TEXAS L. REV., Forthcoming; U of Penn, Inst for Law & Econ Research Paper No. 20-22 (with Steven Davidoff Solomon). (forthcoming)
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Implicit Communication and Enforcement of Corporate Disclosure Regulation (July 28, 2020), U of Penn, Inst for Law & Econ Research Paper No. 20-45 (with Ashiq Ali, Michael T. Durney, & Hoyoun Kyung). (forthcoming)
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Synthetic Governance (July 5, 2020), U of Penn, Inst for Law & Econ Research Paper No. 20-41 (with Byung Hyun Anh, Panos N. Patatoukas, & Steven Davidoff Solomon). (forthcoming)
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Power and Statistical Significance in Securities Fraud Litigation (February 18, 2020), U of Penn, Inst for Law & Econ Research Paper No. 20-28; HARV. BUS. L. REV. (forthcoming 2021) (with Jonah B. Gelbach). (forthcoming)
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The Uncertain Stewardship Potential of Index Funds (January 2020), in GLOBAL SHAREHOLDER STEWARDSHIP: COMPLEXITIES, CHALLENGES AND POSSIBILITIES (Dionysia Katelouzou & Dan W. Puchniak eds, Cambridge University Press, forthcoming). European Corporate Governance Institute - Law Working Paper No. 490/2020; U of Penn, Inst for Law & Econ Research Paper No. 20-09. (forthcoming)
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Research Areas

  • Corporate Law
  • Corporate Governance
  • Securities Regulation and Litigation
  • Federal Courts


Fordham – T.J. Maloney Professor of Business Law and Director, Corporate Law Center (1989-2008)

Penn Law – Perry Golkin Professor of Law (2009- ); Professor of Law (2008-09)

U.S. Justice Department (Honors Program), Criminal Division Trial Attorney (1985-87)

Cleary, Gottlieb, Steen & Hamilton - Associate (1987-89)

Visiting Professor – Georgetown, Penn Law, Columbia, Harvard

Professional Activities

Association of American Law Schools: Chair, Section on Business Associations – Academic Year 2004-2005; Chair, Section on Securities Regulation – Academic Year 2008-2009

Member, American Law Institute

Member, American Law & Economics Association

Board of Academic Advisors, Institute for Law & Economic Policy


  • Corporations
  • Securities Regulation
  • Corporate Governance Seminar
  • Federal Courts

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