Publications

The rules that govern the capital markets

Research and commentary from RBI.

White Paper · September 16, 2026

Rule 14a-8 and the Governance Architecture of the Exchange Act: A Historical and Institutional Account of the Shareholder Proposal Rule

Timothy M. Doyle and Robert G. Eccles

The SEC has proposed rescinding Rule 14a-8. The 1943 House hearings show Congress never authorized the obligation in the first place.

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Papers and articles

Working Paper

September 9, 2026

The Cost of Delay: Federal Permitting and America’s Energy Challenge ↗

Timothy M. Doyle and Robert G. Eccles

Next American Era

Delay in building energy infrastructure is an affordability problem. It has no single cause, which is why permitting reform keeps failing.

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Working Paper

July 17, 2026

Rule 14a-8 in Practice: A Descriptive Account from Twenty Interviews ↗

Timothy M. Doyle and Robert G. Eccles

Twenty interviews with issuers, investors, lawyers, academics, and advocacy organizations on how the shareholder proposal process actually works, what it costs, and where participants genuinely disagree. Descriptive by design, with no recommendations.

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Article

October 2025