The Shareholder Forumtm

support of long term investor interests in

Appraisal Rights


Intrinsic Value Realization




The Delaware Supreme Court issued a ruling on December 14, 2017 that endorsed its interpretation of the "Efficient Market Hypothesis" as a foundation for relying upon market pricing to define a company’s “fair value” in appraisal proceedings. The Forum accordingly reported that it would resume support of marketplace processes instead of judicial appraisal for its participants' realization of intrinsic value in opportunistically priced but carefully negotiated buyouts. See:

December 21, 2017 Forum Report

 Reconsidering Appraisal Rights for Long Term Value Realization



Forum reference:

Applications of analytical expertise for investor realization of value in opportunistic company buyouts


For research providing a foundation for Professor Jiang's seminar presentation below, see


Source: Columbia Business School Program for Financial Studies, February 14, 2017 seminar


Video Library


Wei Jiang: Disagreement on Valuation – Appraisals as Arbitrage

Channel: Program for Financial Studies

On February 14, 2017, Wei Jiang, Arthur F. Burns Professor of Free and Competitive Enterprise, presented Disagreement on Valuation: How Appraisals Have Become Governance Remedy and Investment Arbitrage. The presentation was part of the Program for Financial Studies' No Free Lunch Seminar Series titled Current Research on Valuation.

The Program for Financial Studies' No Free Lunch Seminar Series provides broader community access to Columbia Business School faculty research. At each seminar, attended by invited MBA and PhD students, faculty members introduce their current research within an informal lunch setting.

Learn more at


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