Louis Lowenstein (lawyer)

Louis Lowenstein (1925 – 2017) was an American legal scholar specializing in corporate and securities law. He was a professor at Columbia Law School for over 30 years, joining the faculty in 1968 and retiring in 2000.

Lowenstein was known for his influential critiques of corporate governance practices and his advocacy for shareholder rights. He argued that managers often prioritized short-term stock prices over long-term corporate value, and that institutional investors were often too passive in monitoring management.

His notable publications include:

• When Genius Failed: The Rise and Fall of Long-Term Capital Management (2000), a critical account of the hedge fund's collapse.
• Sense and Nonsense in Corporate Finance (1991), a book arguing for a more pragmatic and less theoretical approach to corporate finance.
• What's Wrong With Wall Street: Short-Term Gain and the Absentee Shareholder (1988), a critique of short-termism in financial markets.

Lowenstein received his J.D. from Harvard Law School and served as a law clerk to Justice William J. Brennan Jr. of the U.S. Supreme Court. Before entering academia, he practiced law in New York City. His work has been highly influential in shaping debates about corporate governance and securities regulation.