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Full-Text Articles in Law
Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz
Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz
Fordham Journal of Corporate & Financial Law
For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …
Short And Distort, Joshua Mitts
Short And Distort, Joshua Mitts
Faculty Scholarship
Pseudonymous attacks on public companies are followed by stock price declines and sharp reversals. These patterns are likely driven by manipulative stock options trading by pseudonymous authors. Among 1,720 pseudonymous attacks on mid- and large-cap firms from 2010 to 2017, I identify over $20.1 billion in mispricing. Reputation theory suggests these reversals persist because pseudonymity allows manipulators to switch identities without accountability.