Banking and Finance Law Commons^™

Why U.S. States Need Their Own Cannabis Industry Banks, Christoph Henkel, Randall K. Johnson

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The legal cannabis trade is the fastest growing industry in the United States. In 2019, about 48.2 million Americans used the drug at least once. As such, it is easy to see why the legal cannabis trade may generate annual revenues exceeding $30 billion in Fiscal Year 2022 alone.

One inconvenient truth, however, is that the parties to any cannabis trade may face a range of difficulties due to conflicts between federal and state laws. These difficulties include the fact that many financial institutions are reluctant to handle cannabis proceeds. One reason is that a lack of alignment in terms …

Wireless Investors & Apathy Obsolescence, Sergio Alberto Gramitto Ricci, Christina M. Sautter

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This Article discusses how a subgenre of retail investors makes investors’ apathy obsolete. In prior work, we dub retail investors who rely on technology and online communications in their investing and corporate governance endeavors “wireless investors.” By applying game theory, this Article discusses how wireless investors’ global-scale online interactions allow them to circulate information and coordinate, obliterating collective action problems.

The Retail Investor Report, Nick Einhorn, Jill E. Fisch, Sergio Alberto Gramitto Ricci, Monique Le, Christina M. Sautter

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In 2020, a wave of retail investors entered the stock market. In the last two years, approximately 30 million new retail investors opened brokerage accounts in the U.S. By 2021, retail investors comprised 25% of total equities trading volume, nearly double the percentage reported a decade prior.

And they’ve stuck around. In February 2023, retail investors across platforms set a new all-time high for weekly inflows, with $1.5 billion dollars pouring into the market in a single week.

Participation in the public markets remains high; more significantly, it has evolved. Public.com surveyed 2,000+ investors to compile its 2023 report. Public’s …

Broken Infrastructure, Del C. Wright Jr.

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No abstract provided.

The Wireless Investors Movement, Sergio Alberto Gramitto Ricci, Christina M. Sautter

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The inaugural guest academic article for the University of Chicago Business Law Review Blog discusses how Millennial and GenZ investors can set in motion a social movement with disruptive effects on the current corporate governance paradigm. It refers to Millennial and GenZ investors as “wireless investors” and their social movement as the “Wireless Investors Movement.” The Wireless Investors Movement, fueled by wireless investors’ vision of the world and technology savviness, will bring corporations to pursue social and environmental causes. This short contribution analyzes the characteristics of the Wireless Investors Movement and the effects it will have on corporate governance.

How The United States Postal Service (Usps) Could Encourage More Local Economic Development, Randall K. Johnson

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No abstract provided.

Economic Ideology And The Rise Of The Firm As Criminal Enterprise, June Carbone, William K. Black

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No abstract provided.

How Tax Increment Financing (Tif) Districts Correlate With Taxable Properties, Randall K. Johnson

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This article deals with Tax Increment Financing (TIF), which is a popular economic development tool. TIF borrows against future tax revenues to subsidize current development projects. In Illinois, this economic development tool is justified by its promise to expand the local tax base: by increasing tax revenues, increasing the number of tax payers or increasing the number of taxable properties in the area. However, it is not clear that TIF delivers on its promise. A new dataset, which is introduced in this article, helps to clarify the issue. It does so by providing information about the number of TIF Districts …

The Challenge Of Optimism And Complexity: Inadequately Addressed By The Fcic's Report, Timothy E. Lynch

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No abstract provided.

Derivatives: A Twenty-First Century Understanding, Timothy E. Lynch

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Derivatives are commonly defined as some variation of the following: a financial instrument whose value is derived from the performance of a secondary source such as an underlying bond, commodity or index. But this definition is both over-inclusive and under-inclusive. Thus, not surprisingly, derivatives are largely misunderstood, including by many policy makers, regulators and legal analysts. It is important for interested parties such as policy makers to understand derivatives, because the types and uses of derivatives have exploded in the last few decades, and because these financial instruments can provide both social benefits and cause social harms. This Article presents …

Those Who Ignore The Successes Of The Past Suffer Recurrent, Intensifying Crises, William K. Black

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No abstract provided.

Greene V. Fisher: Will The Aedpa Trump Uniformity And Equity In Constitutional Decision Making, Sean O'Brien

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No abstract provided.

Deeply Persistently Conflicted: Credit Rating Agencies In The Current Regulatory Environment, Timothy E. Lynch

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Credit rating agencies have a pervasive and potentially devastating influence on the financial well-being of the public. Yet, despite the recent passage of the Credit Rating Agency Reform Act, credit rating agencies enjoy a relative lack of regulatory oversight. One explanation for this lack of oversight has been the appeal of a self-regulating approach to credit rating agencies that claim to rely deeply on their reputational standing within the financial world. There are strong arguments for doubting this approach, including the conflicting self-interest of credit rating agencies whose profits are gained or lost depending on their ability to lure the …

Clients As Teachers, Barbara Glesner Fines

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No abstract provided.

A Common Tragedy: Promises To Benefit The Public Interest And The Enforceability Problem, Irma S. Russell

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No abstract provided.

Financial Services In The 21st Century: The Perspective Of Insurance, Jeffrey E. Thomas

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No abstract provided.

The Principles, Tools, And Limits Of Preservation Law In Missouri, John W. Ragsdale Jr

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No abstract provided.

Current State Of The Savings And Loan Industry, William K. Black

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No abstract provided.

The New Debt-Equity Regulations Under The Internal Revenue Code, Christopher R. Hoyt

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One of the most litigated tax issues is whether an interest in a corporation is stock or debt. Although stock and debt have many similar characteristics, the tax consequences can vary drastically depending on which interest exists. Recognizing the need to end this uncertainty, Con­gress enacted section 385 of the Internal Revenue Code as part of the Tax Reform Act of 1969. That section authorized the Treasury Department to issue regulations distinguishing debt from equity for all tax purposes and listed five factors that may be considered. On December 29, 1980, the department filed final regulations scheduled to become effective …

Redlining Practices, Racial Resegregation, And Urban Decay: Neighborhood Housing Services As Viable Alternative, Marcia Duncan, Edwin T. Hood, James L. Neet

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No abstract provided.

Timing And Sequential Controls--The Essential Basis For Effective Regional Planning: An Analysis Of The New Directions For Land Use Control In The Minneapolis-St. Paul Metropolitan Region, Robert H. Freilich, John W. Ragsdale Jr

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No abstract provided.