Banking and Finance Law Commons^™

Rediscovering The Economics Of Loss Causation , Richard Kaplan, Madge Thorsen, Scott Hakala

ExpressO

Abstract This article explores the economic principles and theories underlying loss causation in the context of securities fraud litigation. It explains the difference between “investment loss” and recoverable “inflationary loss” and posits that the latter consists of the difference between inflation in stock prices caused by the fraud at the time of purchase and inflation in the price at the time of sale. It reviews scenarios in which inflationary loss due to fraud may occur and would be recognized as a matter of economic theory as well as a matter of law. It urges that Dura v. Broudo Pharmaceuticals, 125 …

Much Ado About Nothing: Looking Past The Drama Of The Sarbanes-Oxley Act And Reevaluating The U.S. Delisting Trend Among Non-U.S. Firms, Kalani A. Morse

Brigham Young University International Law & Management Review

No abstract provided.

An Analysis For The Valuation Of Venture Capital-Funded Startup Firm Patents, John Dubiansky

ExpressO

In an era where forces such as the Bayh Dole act and the rise of the venture capital industry are reshaping the manner in which innovations are brought to market, the role of intellectual property in the financing of new ventures is becoming increasingly important. The investment community requires a better understanding of the risks of patent-based transactions as such deals become more prevalent. This paper addresses that need by explaining an analysis for the valuation of startup firm-held patents. The paper considers the commonly employed methods of patent valuation, and offers an analysis which considers Legal, Technical, and Technology-Market …

Tracing, Peter B. Oh

ExpressO

Tracing is a method that appears within multiple fields of law. Distinct conceptions of tracing, however, have arisen independently within securities and remedial law. In the securities context plaintiffs must “trace” their securities to a specific offering to pursue certain relief under the Securities Act of 1933. In the remedial context victims who “trace” their misappropriated value into a wrongdoer’s hands can claim any derivative value, even if it has appreciated.

This article is the first to compare and then cross-apply tracing within these two contexts. Specifically, this article argues that securities law should adopt a version of the “rules-based …

Development Of New Basel Capital Accords: Hearing Before The S. Comm. On Banking, Housing, And Urban Affairs, 109th Cong., Nov. 10, 2005 (Statement Of Professor Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo

Testimony Before Congress

No abstract provided.

The Summer Has Ended And We Are Not Saved! Towards A Transformative Agenda For Africa's Development, Nsongurua J. Udombana

San Diego International Law Journal

This Article examines the promised debt relief and commends the G8 for taking the initiative to assist a continent in crisis. The Article, however, argues that debt relief is far from a complete cure, and that Sub-Saharan Africa (SSA) needs more than handouts from the G8 to overcome poverty. Debt relief is merely the end of the beginning; it is, at best, a gesture of support to Africa's effort at meeting human security, which the African Union (A.U.) defines as "the security of the individual in terms of satisfaction of his/her basic needs." Africa's problems are conspicuous, though their solutions …

Taking The Stand: The Lessons Of The Three Men Who Took The Japanese American Internment To Court, Lorraine K. Bannai

Seattle Journal for Social Justice

No abstract provided.

Check Substitution: The Payment Processors' Perspective, Christian Johnson, Peter Soraparu

Christian A. Johnson

Towards A Basal Tenth Amendment: A Riposte To National Bank Preemption Of State Consumer Protection Laws, Keith R. Fisher

ExpressO

Recent regulations promulgated by the Office of the Comptroller of the Currency assert a sweeping authority to preempt a broad array of state laws, including consumer protection laws, applicable not only to national banks but to their state-chartered operating subsidiaries. These regulations threaten to disrupt state efforts to combat predatory lending and other abusive practices and to interfere with a state’s sovereign authority over corporations chartered under its laws. Yet federal courts faced with challenges to these initiatives have failed to devote any substantial analysis to claims based on the Tenth Amendment. The problem with such claims is the absence …

Better Than Cash? Global Proliferation Of Debit And Prepaid Cards And Consumer Protection Policy, Arnold S. Rosenberg

ExpressO

A global deluge of debit cards and prepaid cards – payment cards that do not require consumers to qualify for credit – is rapidly making electronic payment systems accessible to much of the world’s population that previously paid in cash for goods and services. The global proliferation of payment cards is fraught with both risk and promise for consumers.

The billions of people of low to moderate incomes who are being hurled from a cash economy into the era of electronic payments in emerging economies by the proliferation of debit and prepaid cards are particularly vulnerable to abuses by banks …

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

An Analysis Of The Duties And Obligations Of The International Legal Community To The Eradication Of Poverty And Growth Of Sustainable Development In Light Of The Jus Cogens Nature Of The Declaration Of The Right To Development, Freda R. Murray-Bruce

ExpressO

This paper examines the copious problem of world poverty affecting half of the world’s population in the South and assesses the international legal obligations of the international legal community, viz., developed states, transnational corporations and the international financial institutions of the IMF, World Bank and WTO to the eradication of poverty and the growth of sustainable development, in view of the inviolability and peremptory nature of the Charter of the UN, and the international human rights provisions arising therefrom. To this extent, we examine the 1986 General Assembly Declaration on the Right to Development, along with the other International Bill …

Digital Vat And Development: D-Vat And D-Velopment, Richard Thompson Ainsworth

Faculty Scholarship

This article suggests that the time is right for developing countries to consider adopting a comprehensive, fully digital VAT, (complete with certified software and trusted third party intermediaries who could assume all of the taxpayer's VAT responsibilities) within the limited group of enterprises encompassed by the large taxpayer group.

Since the e-commerce revolution began in the 1990's, tax policy discussions in developed economies have enlisted "e-solutions" to streamline consumption tax administration, as well as to resolve technical problems.

Inspiration came from the marketplace. Policy-makers observed widespread, business-initiated e-solutions to consumption tax compliance problems in a wide spectrum of jurisdiction. There …

Advertisements Misrepresentation And Remedies, Narsimha Rao A.V

Dr. A.V Narsimha Rao

Advertisements, with their effective designs and statements, influence people in their decision-making. With the exaggerated information, advertisments mislead and dissatisfy the consumer, who in turn becomes a bad advertiser. Due to this, the advertisers face embarrassing situations and pay a heavy price for their mistake. So it is essential to formulate a policy for advertising and make sure they work within the legal framework and in accordance with the codes created for the purpose of maintaining advertisement standards.

Governing The City Of London In A Global Era: The Promise And Problems Of Transgovernmental Regulatory Networks, Richard Woodward

Books/Book Chapters

No abstract provided.

Clients As Teachers, Barbara Glesner Fines

Faculty Works

No abstract provided.

To Lend Or Not To Lend: What The Cra Ought To Say About Sub-Prime And Predatory Lending, Cassandra Jones Havard

All Faculty Scholarship

Policies that support the expansion of affordable housing for low- and moderate-income persons must be reconciled with those policies that undercut the sustainability of home ownership. The sub-prime market represents a much needed expansion of credit markets to those who have been denied access to credit though they are creditworthy. The high failure rate of the sub-prime market indicates that market forces are ineffective in halting this economic abuse. This article argues that the public policy choices and justifications for certain practices have marginalized the concerns of particular consumer classes. It challenges the premise that the free market can and …

Finance Theory And Accounting Fraud: Fantastic Futures Versus Conservative Histories, Lawrence A. Cunningham

Buffalo Law Review

No abstract provided.

In Re Oracle Corp. Derivative Litigation: Death Of Special Litigation Committees?, Anna Panchenko

DePaul Business & Commercial Law Journal

No abstract provided.

Privatization Slow-Down: Government Reluctance Or Economic Failure?, Sara Alam El-Din

Archived Theses and Dissertations

This research is trying to disclose the reasons behind the slow down of the privatization program in Egypt. It does so by assessing the government's policy with regard to privatization by reference to secondary material and two case studies: the banking and the maritime sectors. These two case studies were carefully chosen in order to highlight particular issues related to the slow down of the process of privatization and the government's policies. The banking sector, for example, is one of the sectors that the government seems reluctant to privatize and only last January did the government announce the willingness to …

What Makes Asset Securitization "Inefficient"?, Kenji Yamazaki

ExpressO

Despite the damage caused by the recent Enron scandal , the asset securitization market has been vibrant and has become a popular financing alternative . A number of academics emphasize its merits and suggest that it is a more favorable way of financing, and Congress’s proposal to make sales of asset in securitization immune from characterization as secured transactions under the Bankruptcy Reform Act of 2001 (the “Reform Act”) almost materialized when the Enron scandal hit the scene. Conversely, there have been accusations that securitization is not a legitimate way of financing because, for example, it fosters fraudulent transactions.

Why …

Institutions And Inclusion In Saving Policy, Michael S. Barr, Michael Sherraden

Law & Economics Working Papers Archive: 2003-2009

No abstract provided.

Credit Where It Counts: Maintaining A Strong Community Reinvestment Act, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

The Community Reinvestment Act (CRA) has helped to revitalize low- and moderate-income communities and provided expanded opportunities for low- and moderate-income households. Recent regulatory steps aimed at alleviating burdens on banks and thrifts are unwarranted, and may diminish small business lending as well as community development investments and services. This policy brief explains the rationale for CRA, demonstrates its effectiveness, and argues that the recent regulatory proposals should be withdrawn or significantly modified.

Modes Of Credit Market Regulation, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

No abstract provided.

A Just New World Order In The Global Finance, Insop Pak

Theses and Dissertations

This study attempts to address that in search of a just new world order in the global finance what should be the proper national, regional, and international responses to the global financial integration. At first glance, it analyzes the globalization of finance. The impact of globalization on state sovereignty is also demonstrated. In this regard, this study seeks to reconceptualize the traditional notion of state sovereignty. Here it highlights the increased interaction and interdependence between states and non-state actors in the global economy. Then, this study moves on to the anatomy of the dynamics of global governance through government networks- …

Eternal Student Loan Liability: Who Can Sue Under 20 U.S.C. § 1091a?, Glenn E. Roper

Brigham Young University Journal of Public Law

No abstract provided.

Credit Where It Counts: The Community Reinvestment Act And Its Critics, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

Despite the depth and breadth of U.S. credit markets, low- and moderate-income communities and minority borrowers have not historically enjoyed full access to credit. The Community Reinvestment Act (CRA) was enacted in 1977 to help overcome barriers to credit that these groups faced. Scholars have long leveled numerous critiques against CRA as unnecessary, ineffectual, costly, and lawless. Many have argued that CRA should be eliminated. By contrast, I contend that market failures and discrimination justify governmental intervention and that CRA is a reasonable policy response to these problems. Using recent empirical evidence, I demonstrate that over the last decade CRA …

Distinguishing Swaps From Futures: A Regulatory History, Christian Johnson

Christian A. Johnson

European Law On Capital Markets – Quo Vadis?, Daniela Huemer

Cornell Law School Inter-University Graduate Student Conference Papers

The occurrence of more than a dozen accounting scandals in the United States over the past few years have deeply shaken the capital market and have led some to believe that “corporate and legal culture has lost all sense of right and wrong.” Scandals at companies such as Enron and Worldcom have cost thousands of employees their jobs and caused thousands of investors to lose their investments completely. Similar scandals have happened in Europe as well, such as at Parmalat and Lernout & Hauspie, which has caused an increasing reluctance among investors to trust companies with their dollars.

These circumstances …

Globalization, Law & Development: Introduction And Overview, Michael S. Barr, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

No abstract provided.