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May 11, 2007

Press contacts: Kirston Fortune, Assistant Dean for Communications, (512) 471.7330 or

Articles by Professors Bernard Black and Henry Hu Named in the Top 10 Best Corporate and Securities Articles for 2006

AUSTIN, Texas—Articles by law professors Bernard Black and Henry Hu at The University of Texas School at Austin have been chosen among the top 10 Best Corporate and Securities Articles for 2006 based on a recently published poll of scholars in the field.

Experts in corporate and securities law were asked to select the best corporate and securities articles from a list of 450 articles published during 2006. The results will be published in an upcoming issue of the legal journal, “Corporate Practice Commentator.”

Professors Black, Brian Cheffins, and Michael Klausner were honored for their article, “Outside Director Liability,” which was published in the Stanford Law Review in 2006. Professors Black and Cheffins also published a related article, “Outside Director Liability Across Countries” in the Texas Law Review in 2006.

Professors Hu and Black were honored for their article, “Empty Voting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms,” published in 2006 in the Business Lawyer. Companion articles were published in the Southern California Law Review (2006), and the Journal of Corporate Finance (forthcoming 2007). On Jan. 26, the lead front page story of The Wall Street Journal was devoted to the phenomenon of hedge fund “empty voting” in corporate governance, credited Hu and Black with coining the term, and referred repeatedly to their research.

Professor Robert Thompson at Vanderbilt University Law School, who has served as editor of the Corporate Practice Commentator since 1991, provided the following list of authors whose articles were chosen for 2006:

Stephen Bainbridge (UCLA), Lucian Bebchuk (Harvard), Bernard Black (Texas) (two articles), Stephen Choi (NYU), Brian Cheffins (Cambridge), James Cox (Duke), Jill Fisch (Fordham), Ronald Gilson (Columbia & Stanford), Zohar Goshen (Columbia), Henry Hansmann (Yale), Henry Hu (Texas), Marcel Kahan (NYU) (two articles), Michael Klasuner (Stanford), Reinier Kraakman (Harvard), Gideon Parchomovsky (Penn), A.C. Pritchard (Michigan), Edward Rock (Penn), D. Gordon Smith (Wisconsin, but moving to BYU), Richard Squire (Fordham), and Randall Thomas (Vanderbilt). (Because of ties there are 12 on this year’s list.)

You can download the full list of articles here: The Top 10 Corporate and Securities Articles of 2006 (Word .doc)

The Named UT-Related Law Review Articles:

Bernard S. Black, Brian R. Cheffins, and Michael Klausner, “Outside Director Liability,” 58 Stanford Law Review 1055–1159 (2006), also available at

Henry T. C. Hu and Bernard Black, “Empty Voting and Hidden (Morphable) Ownership: Taxonomy, Implications and Reforms,” 61 Business Lawyer 1011–1070 (2006), also available at

About Professors Hu and Black:

Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at The University of Texas School of Law and is interested in, among other things, the law and economics of corporate governance and corporate and international finance. Hu was chair of the Association of American Law Schools’ Business Associations section in 1996. During 1997–98, he taught at Harvard Law School as the Bruce W. Nichols Visiting Professor. In 2000, he was appointed to the National Association of Securities Dealers’ Legal Advisory Board, in 2001, to NASD Regulation’s e-Brokerage Committee, and in 2006, to NASD’s Market Regulation Committee. He is a member of the American Law Institute.

Bernard S. Black is Hayden W. Head Regents Chair for Faculty Excellence at The University of Texas School of Law, professor of finance at UT’s McCombs School of Business, and managing director of the Social Science Research Network. Before coming to Texas, he was professor at Stanford Law School (1998–2004) and Columbia Law School (1988–1998). He has been an advisor on company law, securities law, and corporate governance in Armenia, Brazil, Indonesia, Korea, Mongolia, Russia, Ukraine, and Vietnam.

Related Links:

About Professor Hu:

About Professor Black:

Research by Professors Henry Hu and Bernard Black Featured in Front Page Story of The Wall Street Journal:

Research by Professors Henry Hu and Bernard Black Featured in The Financial Times (London) on the Impact of Their “Empty Voting” Research: