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72 Duke L.J. 1 (2022-2023)

handle is hein.journals/duklr72 and id is 1 raw text is: Duke Law Journal VOLUME 72 OCTOBER 2022 NUMBER 1 AGENTS OF INEQUALITY: COMMON OWNERSHIP AND THE DECLINE OF THE AMERICAN WORKER ZOHAR GOSHENT AND DORON LEVITTT ABSTRACT The last forty years have seen two major economic trends: wages have stalled despite rising productivity, and institutional investors have replaced retail shareholders as the predominant owners of the U.S. equity markets. A few powerful institutional investors-dubbed common owners-now hold large stakes in most U.S. corporations. And in no coincidence, when U.S. workers acquired this new set of bosses, their wages stopped growing while shareholder returns increased. This Article explains how common owners shift wealth from labor to capital, thereby exacerbating income inequality. Powerful institutional investors pushing public corporations en masse to adopt strong corporate governance has an inherent, painful Copyright © 2022 Zohar Goshen and Doron Levit t Jerome L. Greene Professor of Transactional Law, Columbia Law School and Ono Academic College. f t Marion B. Ingersoll Professor, University of Washington Foster School of Business. For helpful comments we are grateful to Farouk S Al-Salihi, Harshil Bansal, Ari Blask, Danielle Chaim, Asaf Eckstein, Einer Elhauge, Luca Enriques, Merritt Fox, Michal Gal, Isabella Gerrard, Frank Giaoui, Ronald Gilson, Victor Goldberg, Jeffrey Gordon, Assaf Hamdani, Henry Hansmann, Robert Jackson, Marcel Kahan, Michael Klausner, Aneil Kovvali, Bentley MacLeod, Curtis Milhaupt, Joshua Mitts, John Morley, Max Pearl, Menesh Patel, Katharina Pistor, Alex Raskolnikov, Edward Rock, Patrick Ronan, Chuck Sabel, Richard Squire, Eric Talley, Avi Weiss, and participants at the following events: the Blue Sky Talk and the Faculty Workshop at Columbia Law School, the Business Law Workshop Series at the University of Oxford Faculty of Law, the Corporate Law Academic Workshop, the Law and Economics Seminars at the University of Tel Aviv Faculty of Law and the Hebrew University Faculty of Law. We also are grateful to Eitan Arom for his superb research and editing assistance. Zohar Goshen is also grateful to the financial support of the Grace P. Tomei Endowment Fund.

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