March 2018 – Working Paper
Artificial intelligence (AI) and Blockchain are infrastructure technologies historically analogous to desktop operating systems and internet communications.
Public controversy surrounding both AI and Blockchain echo back in time to widespread media dialogue in the 1980's and 90's on the potentially deleterious effects of computing power on the autonomy and security of the individual.
Dominant platforms to enable widespread consumer and enterprise adoption of AI and Blockchain have yet to emerge. However, user-friendly operating systems or software to enhance cognitive human capacity and facilitate economic transacting will usher in a new age of productivity and global growth – provided rising public and regulatory concerns regarding their adoption can be alleviated.
The Promise of Artificial Intelligence and Blockchain to Reduce Economic Inequality
November 2017 – Working Paper
Economic disparity, a significant underlying cause of human suffering and misery, is highly correlated with preventable disease, political unrest, and breakdown in basic social infrastructure.
Financial technology (FinTech) has the capacity to alter the status quo like never before in human history. Economic disparity is defined as having two core components: (1) income inequality from low wages, and (2) capital inequality from relatively scant opportunities to invest or protect savings, particularly in countries experiencing political turmoil and where the rate of return to global capital (r) is greater than the local economic growth rate (g). This work posits that artificial intelligence and blockchain have the capacity to reduce the capital inequality component of economic disparity.
Corporate Governance and the 21st Century Company: How is Value Created and For Whom?
Nov 2017 – Working Paper
This article, based on research shared during a speaking engagement in New York City, elaborates upon a new framework for understanding the corporate governance responsibilities of directors and managers in publicly-traded companies.
The broad category of corporate governance is defined as having two components: (1) business governance, closely tied to the historical origins of corporate governance and a focus on aligning the interests of managers and shareholders, and (2) social governance, represented by the Environmental, Social and Governance (ESG) movement in recent decades. This innovative corporate governance framework provides added clarity on the duties of directors and managers in terms of business performance, as distinct from the responsibility of managers to be cognizant of – and to take action where appropriate – when corporate decisions have broader impacts on society and the public good.
June 2017 – This research piece was written at the invitation of the Business Law group at the University of Oxford and is based on a forthcoming manuscript titled 'Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory'.
The era of the U.S. public corporation is in decline. Tectonic shifts in seemingly disparate regions of the corporate landscape are underway. Through the lens of a new theory of the firm, these phenomena are eerily consistent with Harvard Professor Michael Jensen's bold prediction in Eclipse of the Public Corporation (1989). Yet, much debate in securities law and corporate governance continues to be premised upon the 1932 Berle-Means corporation, marked by a separation between share ownership and managerial control. Eighty-five years later, that ownership structure is being displaced by a more robust organizational form that is particularly suitable to exponential innovation and growth in highly competitive markets – conceptualized as the founder centric firm... [read more]
May 2017 – Working Paper (Forthcoming)
For almost a decade, the author has outperformed many of the world's greatest investors. This working paper reveals the economic basis for this outperformance, which extends beyond idiosyncratic stock selection abilities.
Concentrated equity ownership theory, an economic discovery made in 2007, explains the rise of founder centric firms over the subsequent decade. This paper introduces a dynamic unifying governance model, while uncovering theoretical links between otherwise disconnected economic phenomena.
In illustrating theoretical continuity in the seemingly disparate investment styles of Jorge Paulo Lemann with 3G Capital, William A. Ackman with Pershing Square Capital Management, and Warren Buffett with Berkshire Hathaway, the author identifies hidden economic efficiencies powering the world's largest companies from Apple to Facebook, Google and Amazon.
The novel economic theory presented in this paper also outlines legal and extra-legal mechanisms driving macroeconomic phenomena, specifically those at play in Canada and Silicon Valley - distinct geographic regions uniquely situated for robust economic performance over the next century.
This working paper is forthcoming and builds upon the theoretical foundations established in "An Indeterminate Theory of Canadian Corporate Law" (peer-reviewed manuscript, published in the University of British Columbia Law Review, 2014)
December 2016 – Business Law Advisory Council, Ministry of Government and Consumer Services
Contributed research to the Ministry of Government and Consumer Services on the economic efficiencies within certain founder centric ownership structures – with a view to advancing Canada’s economic prosperity and competitiveness as a jurisdiction of choice for entrepreneurial activity, investor engagement, and business expansion.
The Business Law Advisory Council is tasked with making recommendations to reform laws that are responsive to changing business priorities and supportive of a prosperous economy. Modernizing business laws is part of the government's economic plan to build Ontario up and deliver on its priority of growing the economy.
October 2015 – Ministry of Government and Consumer Services
Submission regarding the province of Ontario's Business Law Agenda: Priority Findings and Recommendations Report for reform of Ontario’s corporate and commercial legislation. Contributed research on the unique characteristics of Ontario’s capital markets with regard to concentrated share ownership patterns and the inherent efficiencies of founder centric ownership and voting structures.
The Ministry of Government and Consumer Services is responsible for the legislative framework governing businesses registered in Ontario. The Business Law Policy Consultation is part of a governmental commitment to advance legal frameworks that are responsive, flexible and adaptable to the needs of technology companies. These legislative reforms are part of a broader commitment to ensuring that Ontario’s legislative structure facilitates an efficient market and prosperous economic climate.
January 2014 – University of British Columbia Law Review (peer-reviewed)
This publication, in a highly ranked peer-reviewed law journal, establishes the foundation of a distinct economic theory for the enhanced efficiency of business corporations. This research challenges the dominant paradigms of shareholder primacy and stakeholder theory, while positing that inherent efficiencies exist within certain concentrated ownership structures.
This manuscript has powered a highly scalable ten-year track record in the capital markets that rivals those of the world’s greatest investors. In expanding this theory’s real-world applications to technology companies and other innovative businesses, the author actively engages with founder centric ownership structures.