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Articles 1 - 30 of 39
Full-Text Articles in Securities Law
Gaming The System: Bio-Economics, Game Theory, & Fisheries Management, Richard A. Grisel
Gaming The System: Bio-Economics, Game Theory, & Fisheries Management, Richard A. Grisel
Richard A Grisel
This paper argues that game theory provides powerful, effective new tools to analyze externalities that occur in the context of strategic, multi-party, interactive decision-making. I will attempt to treat this as a non-technical paper and avoid the complex mathematics better left to economists and mathematicians. Instead, a more achievable goal is to illustrate how high-seas open-access fishing is virtually identical to a game situation, treat the fundamentals of game theory, and demonstrate that game theoretic analyses are well-suited and fruitful for designing effective policy responses to fisheries management, particularly with respect to the straddling stocks problem. Indeed, one seminal fisheries …
Rethinking Risk, Renee Jones
Hedge Funds & Poison Pills: Can Typical Hedge Fund Activism Really Be Considered A Reasonable Threat Under Unocal?, Vincent V. Hilldrup
Hedge Funds & Poison Pills: Can Typical Hedge Fund Activism Really Be Considered A Reasonable Threat Under Unocal?, Vincent V. Hilldrup
Vincent V. Hilldrup
At a time when hedge fund returns have been stagnating and failing to meet expectations in the period from 2004-2007, they have also attracted significant amounts of capital as investors have eagerly sought to secure above market returns.1 Pressured to perform in the wake of the 2008 financial crisis, hedge funds have turned to shareholder activism as a means of maximizing profits and increasing their returns on investment, seeking to influence corporate policy and, if necessary, hold underperforming managers accountable. With significant amounts of funds available at their disposal, they have the means to pressure management and directly influence corporate …
The Case Beyond Time, Lyman P.Q. Johnson, David K. Millon
The Case Beyond Time, Lyman P.Q. Johnson, David K. Millon
David K. Millon
The Delaware Supreme Court's opinion in Paramount Communications, Inc. v. Time, Inc.' treats several important questions that arise in connection with hostile corporate takeovers. At the same time, it leaves three critical issues unanswered. In this article, we first briefly describe what the Time decision did, comparing Chancellor William Allen's somewhat discursive Chancery Court opinion with the more peremptory ruling of the Supreme Court. Next, we identify three unarticulated but potentially far-reaching implications of both the Supreme Court's and Chancellor Allen's reasoning that threaten to destabilize seemingly settled doctrine governing the conduct of target company management.
La Experiencia Chilena Disuadiendo Ilícitos Corporativos, Diego G. Pardow
La Experiencia Chilena Disuadiendo Ilícitos Corporativos, Diego G. Pardow
Diego G. Pardow
This paper analyzes the investigations on potential misconducts conducted by the Chilean public enforcer (Superintendencia de Valores y Seguros, “SVS”) between 1990 and 2012. The evidence reveals two groups of problems: on the one hand, the SVS has leaved a substantial region of the market unmonitored; on the other hand, the level of specific deterrence is generally low and relies greatly on indirect mechanisms of punishment. Such results suggest that future reforms should facili- tate private enforcement on both the extensive and the intensive margin. Whereas improving the performance of the SVS on the extensive margin should mitigate its monitoring …
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
Diego G. Pardow
Among other changes, the Dodd–Frank bounty program substantially increases the size of the rewards. The supporters argue that the program should encourage more players to step in, whereas the critics claim that it would only increase less reliable whistleblowers. This note describes the economic reasoning behind the dispute, attempting to build a reasonable expectation in light of the available empirical data. Although most of the evidence from previous bounty programs sides with the supporter’s theory, it has to be considered that the quantity and quality of whistleblower reporting are not the only relevant factors. Whistleblowers play a key role diversifying …
The Biological Basis For The Recognition Of The Family, Scott Fitzgibbon
The Biological Basis For The Recognition Of The Family, Scott Fitzgibbon
Scott T. FitzGibbon
The family is matter of heart and blood. It is created, in part, by physical and emotional intimacy. It projects itself through history through its biological dimension. Any reasonable definition of the family must recognize this fundamental characteristic. “Biological dimension” here refers, not only to genetic affinities, important as those may be, but to all physical connections and to all matters closely related to the physical. Thus, it includes all the activities and dispositions which, generation after generation, bring a family together in the great procreative project: the begetting and rearing of children. The biological dimension includes making love and …
Running In The Shadows, Joshua A. Craven
Running In The Shadows, Joshua A. Craven
joshua a craven
The financial crisis of 2007-2008 can be characterized as a run on the shadow banking system. Over several decades, the United States slowly and quietly developed a massive shadow banking system—a complex chain of borrowers and investors entering into repo agreements financed by money-market mutual funds and primary dealers, collateralized with asset-backed securities derived from mortgages originated by lenders and securitized through special purpose vehicles, then purchased by banks with capital raised by entering into repo agreements. For years, this chain of transactions operated to meet banks’ short-term liquidity needs, until uncertainty in the value of the asset-backed securities used …
The Biological Basis For The Recognition Of The Family, Scott Fitzgibbon
The Biological Basis For The Recognition Of The Family, Scott Fitzgibbon
Scott T. FitzGibbon
No abstract provided.
La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García
La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García
Bruno L. Costantini García
La Transparencia en la Protección de Datos Personales, ponencia elaborada dentro de los trabajos del VII Congreso Nacional de Organismos Públicos Autónomos (OPAM)
The Alternative Forms Of Dispute Settlement And The Essential Difference Between These And Arbitration, Michael Diathesopoulos
The Alternative Forms Of Dispute Settlement And The Essential Difference Between These And Arbitration, Michael Diathesopoulos
Michael Diathesopoulos
The paper examines the characteristics of some common alternative forms of dispute settlement and their key differences from arbitration regarding their nature and scope. Its purpose is to explore each mechanism's suitability for specific types of disputes.
Toward A Public Enforcement Model For Directors' Duty Of Oversight, Renee Jones, Michelle Welsh
Toward A Public Enforcement Model For Directors' Duty Of Oversight, Renee Jones, Michelle Welsh
Renee Jones
This Article proposes a public enforcement model for the fiduciary duties of corporate directors. Under the dominant model of corporate governance, the principal function of the board of directors is to oversee the conduct of senior corporate officials. When directors fail to provide proper oversight, the consequences can be severe for shareholders, creditors, employees, and society at large. Despite general agreement on the importance of director oversight, courts have yet to develop a coherent doctrine governing director liability for the breach of oversight duties. In Delaware, the dominant state for U.S. corporate law, the courts tout the importance of board …
Aspectos Generales Dela Publicidad En México. "La Publicidad De Productos, Servicios, Y Actividades Reguladas Por La Ley General De Salud", Bruno L. Costantini García
Aspectos Generales Dela Publicidad En México. "La Publicidad De Productos, Servicios, Y Actividades Reguladas Por La Ley General De Salud", Bruno L. Costantini García
Bruno L. Costantini García
Introducción a las generalidades de la regulación en materia de publicidad de insumos para el consumo humano (salud) en México.
Titularidad Accionaria Y Legitimación Del Accionista En La Sociedad Anónima, Pablo A. Legón
Titularidad Accionaria Y Legitimación Del Accionista En La Sociedad Anónima, Pablo A. Legón
Pablo A Legón
Análisis sobre la legitimación del socio en la sociedad anónima, particularmente en sede judicial, cuando no cuenta con los títulos representativos de las acciones
Ejecución Cambiaria Y Declaración De Incompetencia Oficiosa, Pablo A. Legón
Ejecución Cambiaria Y Declaración De Incompetencia Oficiosa, Pablo A. Legón
Pablo A Legón
Análisis sobre las posiciones jurisprudenciales en materia de declaración oficiosa de incompetencia cuando se ejecutan títulos valores vinculados a relaciones de consumo
Ejecución Cambiaria Por Una Suma Menor A La Literalizada En El Documento, Pablo A. Legón
Ejecución Cambiaria Por Una Suma Menor A La Literalizada En El Documento, Pablo A. Legón
Pablo A Legón
Análisis sobre el principio de "literalidad" de los títulos valores a la hora de su ejecución judicial
Pago Indebido Del Cheque: Responsabilidad Concurrente Del Cuentacorrentista Y El Banco Girado, Pablo A. Legón, Martín E. Paolantonio
Pago Indebido Del Cheque: Responsabilidad Concurrente Del Cuentacorrentista Y El Banco Girado, Pablo A. Legón, Martín E. Paolantonio
Pablo A Legón
En nota a fallo, se analizan los riesgos del pago indebido del cheque, repasando los diferentes escenarios previstos legalmente y las líneas jurisprudenciales relevantes
Threats Escalate: Corporate Information Technology Governance Under Fire, Lawrence J. Trautman
Threats Escalate: Corporate Information Technology Governance Under Fire, Lawrence J. Trautman
Lawrence J. Trautman Sr.
In a previous publication The Board’s Responsibility for Information Technology Governance, (with Kara Altenbaumer-Price) we examined: The IT Governance Institute’s Executive Summary and Framework for Control Objectives for Information and Related Technology 4.1 (COBIT®); reviewed the Weill and Ross Corporate and Key Asset Governance Framework; and observed “that in a survey of audit executives and board members, 58 percent believed that their corporate employees had little to no understanding of how to assess risk.” We further described the new SEC rules on risk management; Congressional action on cyber security; legal basis for director’s duties and responsibilities relative to IT governance; …
Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr.
Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr.
Abel C Ramirez Jr.
When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. As a legitimate investment strategy, short selling is a method by which investors can capitalize on over-valued stocks that decline – this is NOT the same as “contributing” to the stock’s decline, which short selling’s detractors might believe.
Regulation Not Prohibition: The Comparative Case Against The Insurable Interest Doctrine, Sharo Michael Atmeh
Regulation Not Prohibition: The Comparative Case Against The Insurable Interest Doctrine, Sharo Michael Atmeh
Sharo M Atmeh
American law requires an insurable interest—a pecuniary or affective stake in the subject of an insurance policy—as a predi-cate to properly obtaining insurance. In theory, the rule prevents both wagering on individual lives and moral hazard. In practice, the doctrine is avoided by complex insurance transaction structuring to effectuate both origination and transfers of insurance by individuals without an insurable interest. This paper argues that it is time to ab-andon the insurable interest doctrine. As both the English and Aus-tralian experiences indicate, elimination of the insurable interest doctrine will have little detrimental pecuniary effect on the insurance industry, while freeing …
"Because That's Where The Money Is": A Theory Of Corporate Legal Compliance, William Bradford
"Because That's Where The Money Is": A Theory Of Corporate Legal Compliance, William Bradford
william bradford
Upon his capture in 1934, the legendary bank robber Willie Sutton was asked by FBI agents, Why do you rob banks, Willie? Sutton, who believed the question to be rhetorical, replied, dryly, Because that's where the money is. In other words, Sutton understood his interrogator to be inquiring as to why he robbed banks rather than, say, homes, or gas stations, or church offering plates. Had he understood the query as intended - i.e., what was it about Willie Sutton the impelled Willie Sutton to crime when many others, struggling to survive the Great Depression, were not? - Sutton could …
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Stephen P. Hoffman
There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the regulation of financial markets in order to not only prevent such disasters in the future, but to help restore financial stability more quickly if and when they do occur. In this Paper, I provide a background of the events leading up to the most devastating financial crisis since the Great Depression, focusing on …
Títulos Valores, Martin Paolantonio
Títulos Valores, Martin Paolantonio
Martin Paolantonio
Análisis de los principales aspectos del Proyecto de Código Civil de 2012, que unifica la legislación comercial y civil e incorpora por primera vez una parte general de títulos valores
Derecho Penal Y Mercado Financiero: Ley 26.733, Martin Paolantonio
Derecho Penal Y Mercado Financiero: Ley 26.733, Martin Paolantonio
Martin Paolantonio
Análisis integral de los tipos penales incorporados por la ley 26.733, que incluyen insider trading, manipulación de mercado, oferta engañosa de valores negociables, intermediación financiera irregular, colocación no autorizada en el mercado de capitales, cohecho financiero y responsabilidad penal de la persona jurídica
El Proyecto De Código Civil Y Comercial Y Los Títulos Valores, Martin Paolantonio
El Proyecto De Código Civil Y Comercial Y Los Títulos Valores, Martin Paolantonio
Martin Paolantonio
Análisis de los principales aspectos del Proyecto de Código Civil de 2012, que unifica la legislación comercial y civil e incorpora por primera vez una parte general de títulos valores
La Autocontratación En La Ejecución Cambiaria, Martin Paolantonio
La Autocontratación En La Ejecución Cambiaria, Martin Paolantonio
Martin Paolantonio
Análisis de cuestiones que plantea la autocontratación en los títulos valores cambiarios, a propósito de un fallo de la Sala B de la Cámara Nacional de Apelaciones en lo Comercial
Opciones De Diseño Institucional En La Ley Del Mercado De Capitales, Martin Paolantonio
Opciones De Diseño Institucional En La Ley Del Mercado De Capitales, Martin Paolantonio
Martin Paolantonio
Análisis de algunas de las opciones centrales del legislador en materia de mercado de capitales: poderes del regulador, autorregulación y objetivos de la ley
Mercado De Valores Y Derecho Penal: Insider Trading, Martin Paolantonio
Mercado De Valores Y Derecho Penal: Insider Trading, Martin Paolantonio
Martin Paolantonio
Primer análisis del tipo penal de uso o suministro de información privilegiada, incorporada al Código Penal por la ley 26733 de diciembre de 2011
Juicio De Conocimiento Posterior A La Ejecución Cambiaria, Martin Paolantonio
Juicio De Conocimiento Posterior A La Ejecución Cambiaria, Martin Paolantonio
Martin Paolantonio
En nota a fallo, revisión de las cuestiones principales en el juicio de conocimiento posterior a la condena en la ejecución de un pagaré
Transmisión Del Cheque Rechazado, Truncamiento Y Ejecución, Martin Paolantonio
Transmisión Del Cheque Rechazado, Truncamiento Y Ejecución, Martin Paolantonio
Martin Paolantonio
Nota a fallo en donde se analizan algunos aspectos de la circulación del cheque luego del rechazo bancario, y del truncamiento