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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…


  • Corporate Governance
  • Securities Regulation
  • Federal Courts
  • Litigation

Articles and Book Chapters

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

Family Ties: Salman and the Scope of Insider Trading, 69 STAN. L. REV. ONLINE 46 (2016).

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).

Federal Securities Fraud Litigation as a Lawmaking Partnership, 93 WASH. U. L. REV. 453 (2015).

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform, 93 N. C. L. REV. 935 (2015).

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).

Who Calls the Shots?: How Mutual Funds Vote on Director Elections, 3 HARV. BUS. L. REV. 35 (2013) (with Stephen J. Choi & Marcel Kahan).

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

Attorneys as Arbitrators, 39 J. LEGAL STUD. 109 (2010) (with Stephen Choi and A.C. Pritchard).

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

Lawyers on the Auction Block: Evaluating the Selection of Class Counsel by Auction, 102 COLUM. L. REV. 650 (2002).

More publications can be found here.

Working Papers

Mootness Fees (May 29, 2019), U of Penn, Inst for Law & Econ Research Paper No. 19-26; VAND. L. REV. (forthcoming) (with Matthew D. Cain, Steven Davidoff Solomon, & Randall S. Thomas). (forthcoming)
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Centros, California’s “Women on Boards” Statute and the Scope of Regulatory Competition (May 7, 2019). European Business Organization Law Review (forthcoming).; U of Penn, Inst for Law & Econ Research Paper No. 19-23 (with Steven Davidoff Solomon). (forthcoming 2020)
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Defined Contribution Plans and the Challenge of Financial Illiteracy (February 13, 2019). CORNELL L. REV., forthcoming 2019; U of Penn, Inst for Law & Econ Research Paper No. 19-22 (with Annamaria Lusardi & Andrea Hasler). (forthcoming 2019)
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Shareholder Collaboration (March 2019), TEX. L. REV. (Forthcoming 2019), U of Penn, Inst for Law & Econ Research Paper No. 18-22 (with Simone M. Sepe). (forthcoming 2019)
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The New Titans of Wall Street: A Theoretical Framework for Passive Investors (March 2019), U. PA. L. REV. (Forthcoming 2019), U of Penn, Inst for Law & Econ Research Paper No. 18-12 (with Assaf Hamdani & Steven Davidoff Solomon). (forthcoming 2019)
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The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers (November 13, 2018), U of Penn, Inst for Law & Econ Research Paper No. 18-34 (with Robert Bartlett, Matthew D, Cain, and Steven Davidoff Solomon). (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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