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49 U.B.C. L. Rev. 725 (2016)
The Agency Cost Case for Regulating Proxy Advisory Firms

handle is hein.journals/ubclr49 and id is 742 raw text is: THE AGENCY COST CASE FOR REGULATING PROXY ADVISORY FIRMS BRYCE C. TINGLEt I. INTRODUCTION Something has gone wrong in Western public capital markets., They are less attractive to companies already listed on these markets and to companies that would otherwise consider going public., At the same time, Western economies are experiencing an apparent secular decline in dynamism and productivity growth.3 This has unleashed a flood of blue ribbon panels and t N. Murray Edwards Chair in Business Law, University of Calgary Faculty ofLaw. Email: btingle@ucalgary.ca. 1 See Bryce C Tingle, J Ari Pandes & MichaelJ Robinson, The IPO Market in Canada: What a Comparison with the United States Tells Us about a Global Problem (2013) 54:3 Can Bus LJ 321 (discussing proposed causes of the decline in Canadian and US initial public offering (IPO) markets). 2 See Jesse M Fried, Firms Gone Dark (2009) 76:1 U Chicago L Rev 135 at 136 (discussing how and why firms have been delisting over the last several years); Xiaohui Gao, Jay R Ritter & Zhongyan Zhu, Where HaveAll the IPOs Gone? (2013) 48:6J Financial & Quantitative Analysis 1663 at 1664, 1667-68 (describing a drop in small firms issuing IPOs); Tingle, Pandes & Robinson, supra note 1 (America is not just generating fewer IPOs domestically, it has become significantly less attractive a market for foreign IPOs at 330). 3 See International Monetary Fund, World Economic Outlook: Uneven Growth Short- and Long-Term Factors (Washington, DC: April 2015) at 111-43 (finding declining private business investment throughout the world); Ryan Decker et al, The Role of Entrepreneurship in US Job Creation and Economic Dynamism (2014) 28:3 J Economic Perspectives 3 (discussingdeclines in US economic dynamism, particularly declining business start-up rates and job creation and destruction); StevenJ Davis et al, Business Volatility, Job Destruction, and Unemployment (2010) 2:2 American Economic J 259 (showing a declining pace of job flows over time); John Haltiwanger, Ian Hathaway & Javier Miranda, Declining Business Dynamism in the

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