Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Appraisal (1)
- Behavior (1)
- Behavioral economics (1)
- Benefit plans (1)
- Best interests (1)
-
- Broker-dealers (1)
- Delaware (1)
- Department of Labor (1)
- Disclosure (1)
- Efficient market theory (1)
- Employee ownership (1)
- Fiduciary duties (1)
- Impact of Sarbanes-Oxley on Doing Business (1)
- Investment advisers (1)
- Investments (1)
- Investors (1)
- Law reform (1)
- Pension trusts (1)
- Pricing (1)
- Securities and Exchange Commission (1)
- Symposia (1)
Articles 1 - 2 of 2
Full-Text Articles in Retirement Security Law
Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina
Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina
Michigan Law Review
For the average investor trying to save for retirement or a child’s college fund, the world of investing has become increasingly complex. These retail investors must turn more frequently to financial intermediaries, such as broker-dealers and investment advisers, to get sound investment advice. Such intermediaries perform different duties for their clients, however. The investment adviser owes his client a fiduciary duty of care and therefore must provide financial advice that is in the client’s best interests, while the broker-dealer must merely provide advice that is suitable to the client’s interests—a lower standard than the fiduciary duty of care. And yet …
The Use Of Efficient Market Hypothesis: Beyond Sox, Dana M. Muir, Cindy A. Schipani
The Use Of Efficient Market Hypothesis: Beyond Sox, Dana M. Muir, Cindy A. Schipani
Michigan Law Review
This Article focuses on the regulatory use of finance theory, particularly the efficient market hypothesis ("EMH"), in two areas where securities pricing is at issue: shareholder appraisal cases and the use of employer stock in benefit plans. Regarding shareholder appraisal cases, the Article finds that the Delaware courts seem to implicitly respect the principles of EMH when ascertaining the fair value of stock, but recognize that markets cannot operate efficiently if information is withheld. Regarding employer stock in benefit plans, it concentrates on the explicit adoption of EMH by the Department of Labor to exempt directed trustees from traditional duties …