Merritt B. Fox

Michael E. Patterson Professor of Law

Merritt B. Fox

Michael E. Patterson Professor of Law

Merritt B. Fox is Michael E. Patterson Professor of Law at Columbia Law School. He is Co-Director of the Center for Law and Economic Studies and co-director of the Program in the Law and Economics of Capital Markets.

Fox teaches international securities regulation, securities regulation, corporate finance, and capital markets regulation at the Law School, which he joined as a faculty member in 2003.

Fox's belief that law is significantly informed by the social sciences led him to pursue a Ph.D. in economics at Yale University in 1980 to more deeply understand his chosen field.  

Prior to entering teaching, he practiced law with Cleary, Gottlieb, Steen & Hamilton. One of his areas of practice was international lending to Latin America, which led him to spend time in Brazil. Fox uses such experience to help students understand the variety of considerations that go into designing workable vehicles for the international transfer of capital.

His research interests include corporate and securities law, capital markets regulation, law and economics, international securities regulation, and comparative corporate law. Fox's articles have appeared in the Duke Law Review, Business Lawyer, Stanford Law Review, Columbia Law Review, Michigan Law Review, and the New York University Law Review. He is also the author of The New Stock Market: Law, Economics, and Policy, 2019 (with Lawrence Glosten & Gabriel Rauterberg), Corporate Governance Lessons From Transitional Economies, 2006 (co-edited with Michael Heller), Finance and Industrial Performance in a Dynamic Economy, 1987, and The Signature of Power: Buildings, Communication and Policy, (with H. Lasswell), 1979.

Fox practiced law with the New York City firm of Cleary, Gottlieb, Steen & Hamilton and taught at Yale University, Fordham Law School, and Indiana University Law School in Bloomington. He served as a University of Michigan Law School faculty member from 1988 to 2003. He is a member of the Council on Foreign Relations and past chair of the business association's section of the American Law School’s Association.

In addition to earning a Ph.D. at Yale, Fox also has a J.D. from Yale Law School and is a graduate of Yale College.

  • J.D., Yale Law School, 1971
  • Ph.D., Yale University, 1980
  • B.A., Yale University, 1968
Areas of Expertise
  • Corporate and securities law
  • Law and economics
  • International finance
  • Capital markets regulation
  • Corporate finance
  • "Illuminating the Corporate Governance Dark Hole: Contextualizing the Link to Performance," (with Ronald Gilson and Darius Palia), 99 Boston University Law Review, (forthcoming 2019)
  • “The Economic and Legal Structure of the Stock Market,” (with Lawrence R. Glosten and Gabriel Rauterberg), Columbia University Press, 2019
  • “Informed Trading and Its Regulation,” (with Lawrence R. Glosten and Gabriel Rauterberg), 43 Journal of Corporate Law 817, 2018
  • “Personal Benefit Has No Place in Misappropriating Tipping Cases,” (with George Tepe), 71 Southern Methodist University Law Review 767, 2018
  • “Stock Market Manipulation and Its Regulation,” (with Lawrence R. Glosten and Gabriel Rauterberg), 35 Yale Journal on Regulation 67, 2018
  • “Stock Market Futurism,” (with Gabriel Rauterberg), 42 Journal of Corporate Law 793, 2017
  • “Evaluating Trading Practices and Their Regulation,” (with Kevin Haeberle), 42 Journal of Corporate Law 887, 2017
  • “Economic Crises and the Integration of Law and Finance: The Impact of Volatility Spikes,” (with Edward G. Fox and Ronald J. Gilson), 116 Columbia Law Review 325, 2016
  • “Regulating the Offering of Truly New Securities: First Principles,” 66 Duke Law Journal, 2016
  • “MiFID II and Equity Trading Regulation: A U.S. View,” (Danny Busch and Guido Ferrarini, eds.), Regulation of EU Financial Markets: MiFID II, Oxford University Press, forthcoming, 2016
  • “The Rise of Foreign Ownership and Corporate Governance,” (Jeffrey Gordon and Wolf-Georg Ringe, eds.), Oxford Handbook of Corporate Law and Governance, Oxford University Press, forthcoming, 2016
  • “The New Stock Market: Sense and Nonsense,” (with Lawrence R. Glosten and Gabriel Rauterberg), 65 Duke Law Journal 191, 2015
  • “Halliburton II: It All Depends on What Defendants Need to Show to Establish No Impact on Price,” 70 The Business Lawyer 437, 2015
  • “Halliburton II: What It’s All About,” 1 Journal of Financial Regulation 135, 2015
  • “Ongoing Issues in Russian Corporate Governance,” 52 Columbia Journal of Transnational Law 435, 2014
  • “Securities Class Actions Against Foreign Issuers,” 64 Stanford Law Review 1173, 2012
  • “Promoting Innovation: The Law of Publicly Traded Corporations,” 5 Capitalism and Society 1, 2010, Issue 3
  • “Short Selling and the News: A Preliminary Report on an Empirical Study,” (with Lawrence Glosten and Paul Tetlock), 54 N.Y.L.S. Rev. 645, 2010
  • “Civil Liability and Mandatory Disclosure,” 109 Columbia Law Review 237, 2009
  • “Why Civil Liability for Disclosure Violations When Issuers do not Trade,” 2009 Wisconsin Law Review 299, 2009
  • “Regulation and the Competitiveness of U.S. Securities Markets,” Sesquicentennial Essays of the Faculty of Columbia Law School, 2008
  • “Gatekeeper Failures: Why Important, What to Do,” 106 Michigan Law Review 1089, 2008
Activities and Affiliations
  • Chair, Business Associations Section, American Association of Law Schools, 1997 to 1998
  • Research Associate, European Corporate Governance Institute (ECGI)
  • Member, American Economics Association
  • Member, American Society of International Law
  • Council on Foreign Relations (Term Member, 1975–1980, Regular Member, 2004–present)
  • Member, American Law and Economics Association
  • Member, The American Law Institute
  • Member, New York City Bar Association, Securities Litigation Committee
  • Member, Center on Capitalism and Society, Columbia University
Office Hours

Tuesdays, 4:30 p.m to 5:30 p.m.

Download Full C.V.
Capital Markets Regulation
Corporate Finance
Securities Regulation