Jonathan Macey


Jonathan R. Macey, was a visiting fellow at the Hoover Institution, and is the Sam Harris Professor of Corporate Law, Corporate Finance and Securities Law at Yale University and professor in the Yale School of Management. He is also a member of the board of directors of the Yale Law School Center for the Study of Corporate Governance, and a member of the faculty advisory group of Yale’s Millstein Center for Corporate Governance and Performance. He was also a member of the Hoover Institution's Property Rights Task Force.

Macey is the author of several books including, most recently, Corporate Governance: Promises Made, Promises Broken (Princeton 2008), as well as monographs on insider trading and corporate finance, and the two-volume treatise Macey on Corporation Laws (Aspen Law & Business). He is the coauthor of the leading casebooks on corporate law and banking law: Corporations: Including Partnerships and Limited Liability Companies (2007 Thompson/West) is in its tenth edition; The Law of Banking and Financial Institutions (2009 Wolters Kluwer Law & Business) is now in its fourth edition. He is the author of more than 200 scholarly articles.

Macey has received the Paul M. Bator Prize for Excellence in Teaching, Scholarship and Public Service from the Federalist Society for Law and Public Policy and the Jacobs Prize for the most significant paper in volume 6 of the Journal of Financial Intermediation for his paper “The Law & Economics of Best Execution” (with Maureen O’Hara). In 2001 Professor Macey was appointed a Bertil Daniellson Distinguished Visiting Professor in Banking and Finance at the Stockholm School of Economics. In 2004, Macey was given the Yale Law School Teaching Award by the Yale Law Women in recognition of his “commitment to excellence in teaching, mentoring and inspiring.” Macey is a member of the board of editors of Thompson*West Publishing Company, as well as a member of the National Adjudicatory Council of the Financial Industry Regulatory Authority (FINRA) and the Council of Economic Advisers of FINRA.

Macey earned his BA from Harvard in 1977 and his JD from Yale Law School in 1982, where he was article and book review editor of the Yale Law Journal. In 1996, Macey received a PhD honoris causa from the Stockholm School of Economics.

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Recent Commentary

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Insider Trading And The Supreme Court

by Jonathan Maceyvia Defining Ideas
Thursday, September 29, 2016

The SEC and Department of Justice want more stringent securities laws that will enhance their own power at the expense of the marketplace. 

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The Rise Of Crony Capitalism

by Jonathan Maceyvia Defining Ideas
Thursday, February 11, 2016

Affirmative action and collective bargaining are corrupt forms of political favoritism that harm the economy.

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Beware Of Banking Animus

by Jonathan Maceyvia Defining Ideas
Tuesday, January 5, 2016

Populist proposals to regulate the banking industry will leave consumers with higher rates and fees, and a less competitive financial industry. 

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Injustice At The SEC

by Jonathan Maceyvia Defining Ideas
Thursday, May 14, 2015

The commission is unfairly suing a private equity firm that is trying to save American businesses. 

The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Stre

The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street

by Jonathan Maceyvia FT Press
Tuesday, May 14, 2013

The Death of Corporate Reputation describes the transformation of US finance from the old reputational model to the existing laissez-faire model and argues that the change came as a result of three key factors: (1) the growth in reliance on regulation rather than reputation, (

Analysis and Commentary

Is Mitt Romney at risk from the Department of Justice?

by Jonathan Maceyvia Politico
Thursday, August 16, 2012
Analysis and Commentary

The Feds' New Mortgage Disclosures Are a Bust

by Jonathan Maceyvia Wall Street Journal
Wednesday, July 18, 2012

Incredibly, the annual percentage rate is hidden under new rules from the Consumer Financial Protection Bureau...

Analysis and Commentary

Losing Money Isn't a Crime

by Jonathan Maceyvia Wall Street Journal
Tuesday, May 15, 2012

J.P. Morgan lost $2 billion. They'll learn from experience. Regulators rarely do...

Analysis and Commentary

An end to the regulatory state?

by Jonathan Maceyvia Politico
Thursday, March 22, 2012

If the JOBS bill is enacted, the regulatory infrastructure could become difficult to defend...

Analysis and Commentary

How Private Equity Works

by Jonathan Maceyvia Wall Street Journal
Friday, January 13, 2012

Mitt Romney's candidacy is subjecting the entire private-equity industry—where Mr. Romney spent most of his business career—to vicious attacks by journalists and several of his rivals for the Republican presidential nomination...