Edwin Hu

Associate Professor @UVALaw.

Former @SECGov Economist, @SECJackson Counsel, Division of Elon Musk.

[Edwin Hu @_edwinhu_]

Proud to see my first law paper out in the SLR. Thanks to the wonderful editorial team for their hard work, and everyone who provided feedback!

[Stanford Law Review @StanLRev]

Colleen Honigsberg, Edwin Hu & Robert J. Jackson, Jr. identify thousands of financial advisors who have committed serious misconduct and exited the federal regulatory regime—yet continue to advise investors. @StanfordLaw, @nyulaw (2/4) https://t.co/XGBNYvdarO

[UVA Law School @UVALaw]

Prof. @_edwinhu_’s co-authored paper analyzing how shareholders use customized proxy advice won the @NFA_CA Best Paper Award in Corporate Finance. https://t.co/PkwO7cStVG

[NBER @nberpubs]

Institutional investors rely heavily on customized recommendations from proxy advisors. Customization helps funds express their ideologies and allocate attention effectively, from @_edwinhu_, @nmalenko, and Jonathon Zytnick https://t.co/7qbUzY46AC

[UVA Law School @UVALaw]

Empirical law and finance expert Edwin “Eddy” Hu, a former economic adviser to an SEC Commissioner who has already shaped the field, will join the #UVALaw faculty on July 1. @_edwinhu_ https://t.co/hiuIJ8RHKo

[Harvard Law School Program on Corporate Governance @HarvardCorpGov]

Posted: Custom Proxy Voting Advice, https://t.co/kuCCD0yGzY #corpgov

[Edwin Hu @_edwinhu_]

@AnthonyLeeZhang And of course secondary trades on an exchange are normally not public offerings because they don’t involve the “issuer” or their “underwriter.” By contrast a direct listing is a programmatic sale that involves an issuer.

[Edwin Hu @_edwinhu_]

@AnthonyLeeZhang Yes, once you have answered the threshold question of is it (ever) a security, you look at whether the offering was illegal. It should have come out the opposite. Institutional sales likely exempt (not a “public offering”), but programmatic sales definitely a “public offering.”

[Edwin Hu @_edwinhu_]

@kadhim yeah it makes no sense. a direct listing is a programmatic sale via an auction.

[Edwin Hu @_edwinhu_]

@AnthonyLeeZhang @theshah39 A DAO that can—through tokenomics, pricing, or vote weights—allocate value would potentially be a viable for-profit member-investor hybrid entity. I suspect most DAOs will degenerate into investor-owned entities unless they are basically run as nonprofits.

[Edwin Hu @_edwinhu_]

@AnthonyLeeZhang @theshah39 Voting weights maybe a second or third-best option, but not clear that "loyalty shares" model of Curve approximates that either.

[Silla Brush @sabrush]

US regulators are expanding their crackdown on misleading labels of investment products with a probe focused on whether managers of funds marketed as sustainable are trading away their right to vote on ESG issues https://t.co/ET28YnEvKm via @business

[Edwin Hu @_edwinhu_]

Econ research in a nutshell.

[Randall Munroe @xkcd]

Proxy Variable https://t.co/pZlsuQJNLY

[Edwin Hu @_edwinhu_]

But the argument that proxy votes "impose" on firms makes little since since proposals are precatory under Delaware law.

[Edwin Hu @_edwinhu_]

To be sure, there may be reasons to prefer engagement over proxy voting as there is at least correlative evidence that the former is effective (in Europe).

https://t.co/hmcmAmcJZJ

[Edwin Hu @_edwinhu_]

@SMTuffy Yup. Levered/inverse was the main thing our office was concerned about. I was under the impression that this would be addressed by other rules. The surprise (to me) is that the industry got these through before the SEC/FINRA added those safeguards.

https://t.co/ogQMF8Nfys

[Edwin Hu @_edwinhu_]

@SMTuffy In trying to streamline the ETF registration process (and derivatives rules) the SEC (inadvertently) opened the door to these products. Funds no longer have to seek individual exemptive relief or "approval" as long as they meet certain reqs.

[Edwin Hu @_edwinhu_]

@matt_levine @IvanTheK perhaps still trying to get firms like Coinbase to register or seek exemptions (but seems especially unlikely with today's Coinbase rulemaking petition).

https://t.co/Jts1gObHKc

[Edwin Hu @_edwinhu_]

@AnthonyLeeZhang Also, I'm wrong about the liquidity externalities (at least according to this paper).

https://t.co/0Bx3ofey6Y