Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Keyword
-
- Corporations (23)
- Securities Law (21)
- Corporate Finance (8)
- Economics (6)
- Corporate Governance (4)
-
- Corporate Law (4)
- Litigation (4)
- Regulated Industries (4)
- Government Regulation (2)
- Jurisprudence (2)
- Law and Economics (2)
- Legal Profession (2)
- Access to information (1)
- Access to justice (1)
- Accounting Law (1)
- Banking and Finance (1)
- Bankruptcy Law (1)
- Broker-dealers (1)
- Business Entities (1)
- Civil Procedure (1)
- Class Action (1)
- Commercial Law (1)
- Corporate governance (1)
- Corporate law (1)
- Corporation Law (1)
- Corporations Law (1)
- Correctional libraries (1)
- Criminal Law (1)
- Criminal justice reform (1)
- Fiduciary Law (1)
- Publication Year
Articles 1 - 30 of 36
Full-Text Articles in Securities Law
Prison Libraries, Intellectual Freedom And Social Justice In Nigeria, Olusegun Adebayo Opesanwo, Oluyomi Abidemi Awofeso Phd
Prison Libraries, Intellectual Freedom And Social Justice In Nigeria, Olusegun Adebayo Opesanwo, Oluyomi Abidemi Awofeso Phd
Library Philosophy and Practice (e-journal)
This paper deployed a systematic review to examine prison libraries and intellectual freedom towards attaining social justice in Nigeria. Information resources used cover the periods of 2010 and 2020 to articulate the necessary development in prison libraries, intellectual freedom and social justice in Nigeria. Search engines such as Google scholar, Semantic Scholar, and RefSeek were used to retrieve information and through different queries yielded several results but very few of them were selected to fit in the study due to limited studies directed to address the focus of this study particularly in the Nigeria scenario. Information obtained were subjected to …
Unicorns, Guardians, And The Concentration Of The U.S. Equity Markets, Amy Deen Westbrook, David A. Westbrook
Unicorns, Guardians, And The Concentration Of The U.S. Equity Markets, Amy Deen Westbrook, David A. Westbrook
Journal Articles
No abstract provided.
Downstream Securities Regulation, Anita Krug
Downstream Securities Regulation, Anita Krug
All Faculty Scholarship
Securities regulation wears two hats. Its “upstream” side governs firms in connection with their obtaining financing in the securities markets. That is, it regulates firms’ and issuers’ offers and sales of securities, whether in public offerings to retail investors or in private offerings to institutional investors. Its “downstream” side, by contrast, governs financial services providers, who assist with investors’ activities in those markets. Their services include providing advice regarding securities investments, as investment advisers do; aggregating investors’ assets for purposes of enabling those investors to invest their assets collectively, as mutual funds do; and acting as “middlemen” between buyers and …
Agency Costs, Charitable Trusts, And Corporate Control: Evidence From Hershey's Kiss-Off, Jonathan Klick, Robert H. Sitkoff
Agency Costs, Charitable Trusts, And Corporate Control: Evidence From Hershey's Kiss-Off, Jonathan Klick, Robert H. Sitkoff
All Faculty Scholarship
In July 2002 the trustees of the Milton Hershey School Trust announced a plan to diversify the Trust’s investment portfolio by selling the Trust’s controlling interest in the Hershey Company. The Company’s stock jumped from $62.50 to $78.30 on news of the proposed sale. But the Pennsylvania Attorney General, who was then running for governor, opposed the sale on the ground that it would harm the local community. Shortly after the Attorney General obtained a preliminary injunction, the trustees abandoned the sale and the Company’s stock dropped to $65.00. Using standard event study methodology, we find that the sale announcement …
On Beyond Calpers: Survey Evidence On The Developing Role Of Public Pension Funds In Corporate Governance, Stephen Choi, Jill E. Fisch
On Beyond Calpers: Survey Evidence On The Developing Role Of Public Pension Funds In Corporate Governance, Stephen Choi, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Shareholder Primacy's Corporatist Origins: Adolf Berle And The Modern Corporation, William W. Bratton, Michael L. Wachter
Shareholder Primacy's Corporatist Origins: Adolf Berle And The Modern Corporation, William W. Bratton, Michael L. Wachter
All Faculty Scholarship
No abstract provided.
Private Equity's Three Lessons For Agency Theory, William W. Bratton
Private Equity's Three Lessons For Agency Theory, William W. Bratton
All Faculty Scholarship
No abstract provided.
Does Analyst Independence Sell Investors Short?, Jill E. Fisch
Does Analyst Independence Sell Investors Short?, Jill E. Fisch
All Faculty Scholarship
Regulators responded to the analyst scandals of the late 1990s by imposing extensive new rules on the research industry. These rules include a requirement forcing financial firms to separate investment banking operations from research. Regulators argued, with questionable empirical support, that the reforms were necessary to eliminate analyst conflicts of interest and ensure the integrity of sell-side research.
By eliminating investment banking revenues as a source for funding research, the reforms have had substantial effects. Research coverage of small issuers has been dramatically reduced—the vast majority of small capitalization firms now have no coverage at all. The market for research …
Criminalization Of Corporate Law: The Impact On Shareholders And Other Constituents, Jill E. Fisch
Criminalization Of Corporate Law: The Impact On Shareholders And Other Constituents, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Measuring Efficiency In Corporate Law: The Role Of Shareholder Primacy, Jill E. Fisch
Measuring Efficiency In Corporate Law: The Role Of Shareholder Primacy, Jill E. Fisch
All Faculty Scholarship
The shareholder primacy norm defines the objective of the corporation as maximization of shareholder wealth. Law and economics scholars have incorporated the shareholder primacy norm into their empirical analyses of regulatory efficiency. An increasingly influential body of scholarship uses empirical methodology to evaluate legal rules that allocate power within the corporation. By embracing the shareholder primacy norm, empirical scholars offer normative assessments about regulatory choices based on the effect of legal rules on measures of shareholder value such as stock price, net profits, and Tobin’s Q.
This Article challenges the foundations of using the shareholder primacy norm to judge corporate …
Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch
Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch
All Faculty Scholarship
An extensive body of behavioral economics literature suggests that investors do not behave with perfect rationality. Instead, investors are subject to a variety of biases that may cause them to react inappropriately to information. The policy challenge posed by this observation is to identify the appropriate response to investor irrationality. In particular, should regulators attempt to protect investors from bad investment decisions that may be the result of irrational behavior?
This Article considers the appropriate regulatory response to investor irrationality within the concrete context of the research analyst. Many commentators have argued that analyst conflicts of interest led to biased …
Supersize Pay, Incentive Compatibility, And The Volatile Shareholder Interest, William W. Bratton
Supersize Pay, Incentive Compatibility, And The Volatile Shareholder Interest, William W. Bratton
All Faculty Scholarship
No abstract provided.
The New Dividend Puzzle, William W. Bratton
The New Dividend Puzzle, William W. Bratton
All Faculty Scholarship
No abstract provided.
Institutional Competition To Regulate Corporations: A Comment On Macey, Jill E. Fisch
Institutional Competition To Regulate Corporations: A Comment On Macey, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Do Institutions Matter? The Impact Of The Lead Plaintiff Provision Of The Private Securities Litigation Reform Act, Stephen Choi, Jill E. Fisch, A. C. Pritchard
Do Institutions Matter? The Impact Of The Lead Plaintiff Provision Of The Private Securities Litigation Reform Act, Stephen Choi, Jill E. Fisch, A. C. Pritchard
All Faculty Scholarship
When Congress enacted the Private Securities Litigation Reform Act in 1995 (“PSLRA”), the Act’s “lead plaintiff” provision was the centerpiece of its efforts to increase investor control over securities fraud class actions. The lead plaintiff provision alters the balance of power between investors and class counsel by creating a presumption that the investor with the largest financial stake in the case will serve as lead plaintiff. The lead plaintiff then chooses class counsel and, at least in theory, negotiates the terms of counsel’s compensation.
Congress’s stated purpose in enacting the lead plaintiff provision was to encourage institutional investors—pension funds, mutual …
The New Federal Regulation Of Corporate Governance, Jill E. Fisch
The New Federal Regulation Of Corporate Governance, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
The Qualified Legal Compliance Committee: Using The Attorney Conduct Rules To Restructure The Board Of Directors, Jill E. Fisch, Caroline M. Gentile
The Qualified Legal Compliance Committee: Using The Attorney Conduct Rules To Restructure The Board Of Directors, Jill E. Fisch, Caroline M. Gentile
All Faculty Scholarship
The Securities and Exchange Commission introduced a new corporate governance structure, the qualified legal compliance committee, as part of the professional standards of conduct for attorneys mandated by the Sarbanes-Oxley Act of 2002. QLCCs are consistent with the Commission’s general approach to improving corporate governance through specialized committees of independent directors. This Article suggests, however, that assessing the benefits and costs of creating QLCCs may be more complex than is initially apparent. Importantly, QLCCs are unlikely to be effective in the absence of incentives for active director monitoring. This Article concludes by considering three ways of increasing these incentives.
Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen
Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen
All Faculty Scholarship
Following the collapse of the Enron Corporation, the ethical obligations of corporate attorneys have received increased scrutiny. The Sarbanes-Oxley Act of 2002, enacted in response to calls for corporate reform, specifically requires the Securities and Exchange Commission to address the lawyer’s role by requiring covered attorneys to “report up” evidence of corporate wrongdoing to key corporate officers, and, in some circumstances, to the board of directors. Failure to “report up” subjects a lawyer to liability under federal law.
This Article argues that the reporting up requirement reflects a second-best approach to corporate governance reform. Rather than focusing on the actors …
How To Fix Wall Street: A Voucher Financing Proposal For Securities Intermediaries, Stephen Choi, Jill E. Fisch
How To Fix Wall Street: A Voucher Financing Proposal For Securities Intermediaries, Stephen Choi, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Shareholder Value And Auditor Independence, William W. Bratton
Shareholder Value And Auditor Independence, William W. Bratton
All Faculty Scholarship
This Article questions the practice of framing problems concerning auditors’ professional responsibility inside a principal-agent paradigm. If professional independence is to be achieved, auditors cannot be enmeshed in agency relationships with the shareholders of their audit clients. As agents, the auditors by definition become subject to the principal’s control and cannot act independently. For the same reason, auditors’ duties should be neither articulated in the framework of corporate law fiduciary duty, nor conceived relationally at all. These assertions follow from an inquiry into the operative notion of the shareholder-beneficiary. The Article unpacks the notion of the shareholder and tells a …
The Securities Analyst As Agent: Rethinking The Regulation Of Analysts, Jill E. Fisch, Hillary A. Sale
The Securities Analyst As Agent: Rethinking The Regulation Of Analysts, Jill E. Fisch, Hillary A. Sale
All Faculty Scholarship
Recent press has highlighted shocking examples of bias, self-dealing, and inaccuracy in the behavior of the securities analyst. Critics have attributed the bubble and subsequent crash in the technology sector to analyst hype and posited that undue analyst optimism contributed to scandals such as Enron. After many years of minimal regulator oversight analysts are now the subject of extensive regulatory reform proposals, including a mandate in the Sarbanes-Oxley Act of 2002 requiring that the Securities and Exchange Commission adopt a variety of restrictions on analyst behavior.
Despite the media attention, there have been few attempts to conceptualize carefully the analyst's …
Enron, Sarbanes-Oxley And Accounting: Rules Versus Principles Versus Rents, William W. Bratton
Enron, Sarbanes-Oxley And Accounting: Rules Versus Principles Versus Rents, William W. Bratton
All Faculty Scholarship
No abstract provided.
Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch
Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Berle And Means Reconsidered At The Century's Turn, William W. Bratton
Berle And Means Reconsidered At The Century's Turn, William W. Bratton
All Faculty Scholarship
No abstract provided.
On Insider Trading, Markets, And "Negative" Property Rights In Information, Zohar Goshen, Gideon Parchomovsky
On Insider Trading, Markets, And "Negative" Property Rights In Information, Zohar Goshen, Gideon Parchomovsky
All Faculty Scholarship
No abstract provided.
Teaching Corporate Governance Through Shareholder Litigation, Jill E. Fisch
Teaching Corporate Governance Through Shareholder Litigation, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
All Faculty Scholarship
Recent federal court decisions have struggled to apply the Supreme Court's decision in Central Bank v. First Interstate to determine when outside professionals should be held liable as primary violators under section IO(b) of the Securities Exchange Act. In keeping with the Court's current interpretive methodology, Central Bank and its progeny employ a textualist approach. In this Article, Professor Fisch argues that literal textualism is an inappropriate approach for interpreting the federal securities laws generally and misguided in light of legislative developments post-dating the Central Bank decision. Instead, Professor Fisch advocates an approach that weighs Congress 's recent endorsement of …
Class Action Reform: Lessons From Securities Litigation, Jill E. Fisch
Class Action Reform: Lessons From Securities Litigation, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
An Inquiry Into The Efficiency Of The Limited Liability Company: Of Theory Of The Firm And Regulatory Competition, William W. Bratton, Joseph A. Mccahery
An Inquiry Into The Efficiency Of The Limited Liability Company: Of Theory Of The Firm And Regulatory Competition, William W. Bratton, Joseph A. Mccahery
All Faculty Scholarship
No abstract provided.
Dividends, Noncontractibility, And Corporate Law, William W. Bratton
Dividends, Noncontractibility, And Corporate Law, William W. Bratton
All Faculty Scholarship
No abstract provided.