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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 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. Her scholarship has appeared in a variety of publications including the Harvard Law Review, the Yale Law Journal, the Columbia Law Review, the University of Pennsylvania Law Review, and the Texas Law Review. Continue reading…


  • Corporate Governance
  • Securities Regulation
  • Federal Courts
  • Litigation

Articles and Book Chapters

Is Say on Pay All About Pay? The Impact of Firm Performance, U8 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).

The Mess at Morgan: Risk, Incentives and Shareholder Empowerment, 83 U. CIN. L. REV. 651 (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).

The Influence of Arbitrator Background and Representation on Arbitration Outcomes, 9 VA. L. & BUS. REV. 43 (2014). (with Stephen J. Choi & Adam C. Pritchard).

The Long Road Back: Business Roundtable and the Future of SEC Rulemaking, 36 SEATTLE U. L. REV. 695 (2013).

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

Leave it to Delaware: Why Congress Should Stay out of Corporate Governance, 37 DEL. J. CORP. L. 731 (2013).

A Floating NAV for Money Market Funds: Fix or Fantasy?, 2012 U. ILL L. REV. 1003 (2012) (with Eric Roiter).

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).

Director Elections and the Role of Proxy Advisors, 82 S. CAL. L. REV. 649 (2009) (with Stephen J. Choi and Marcel Kahan).

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

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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Making Sustainability Disclosure Sustainable (August 8, 2018), GEO. L.J., forthcoming; U of Penn, Inst for Law & Econ Research Paper No. 18-27. (forthcoming)
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Shareholder Collaboration (July 25, 2018), U of Penn, Inst for Law & Econ Research Paper No. 18-22 (with Simone M. Sepe). (forthcoming)
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Passive Investors (June 4, 2018). U of Penn, Inst for Law & Econ Research Paper No. 18-12 (with Assaf Hamdani & 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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