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Tribal Bondage: Statutory Shackles And Regulatory Restraints On Tribal Economic Development, Gavin Clarkson
Tribal Bondage: Statutory Shackles And Regulatory Restraints On Tribal Economic Development, Gavin Clarkson
Law & Economics Working Papers Archive: 2003-2009
Upwards of $50 billion in capital needs go unmet each year in Indian Country in such vital sectors as infrastructure, community facilities, housing, and enterprise development, in part due to the restrictions imposed on tribal access to the capital markets, specifically the ability of tribal governments to issue tax-exempt debt. Section 7871 of the Internal Revenue Code requires tribal tax-free bond proceeds to be used only for “essential governmental functions,” a restriction not applicable to state and municipal bonds, and Section 7871(e) further limits the scope of available tax-exempt bonding to activities “customarily performed by State and local governments with …
Insider Trading Laws And Stock Markets Around The World (Former Title: Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence), Laura N. Beny
Law & Economics Working Papers Archive: 2003-2009
The primary goal of this article is to bring empirical evidence to bear on the largely theoretical law and economics debate about insider trading. The article first summarizes various agency cost and market theories of insider trading propounded over the course of this perennial debate. The article then proposes three testable hypotheses regarding the relationship between insider trading laws and several measures of stock market performance. Using international data, the paper finds that more stringent insider trading laws are generally associated with more dispersed equity ownership, greater stock price accuracy and greater stock market liquidity. These results suggest the appropriate …