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Securities Law Commons

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1988

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Articles 1 - 30 of 51

Full-Text Articles in Securities Law

The Unimportance Of Being Efficient: An Economic Analysis Of Stock Market Pricing And Securities Regulation, Lynn A. Stout Dec 1988

The Unimportance Of Being Efficient: An Economic Analysis Of Stock Market Pricing And Securities Regulation, Lynn A. Stout

Michigan Law Review

Part I of this article describes how perceptions that market efficiency is an important regulatory objective have influenced the development of securities law. For illustration, Part I examines the role of market efficiency goals in recent debates on the scope of insider trading liability, on trading in stock index futures, and on mandatory disclosure of merger negotiations. Part II then evaluates the notion that more efficient stock markets necessarily produce more optimal resource allocation. A closer look at the economic consequences of stock prices suggests that the principal function of stock prices is not resource allocation but rather the redistribution ...


Securities—Section 12(1) Seller Liability Limited To Persons Who Pass Title Or Solicit Securities Sales For Financial Gain. Pinter V. Dahl, 108 S. Ct. 2063 (1988)., Stan D. Smith Oct 1988

Securities—Section 12(1) Seller Liability Limited To Persons Who Pass Title Or Solicit Securities Sales For Financial Gain. Pinter V. Dahl, 108 S. Ct. 2063 (1988)., Stan D. Smith

University of Arkansas at Little Rock Law Review

No abstract provided.


A Broker-Dealer's Civil Liability To Investor's For Fraud: An Implied Private Right Of Action Under Section 15(C)(1) Of The Securities Exchange Act Of 1934, Charity Scott Oct 1988

A Broker-Dealer's Civil Liability To Investor's For Fraud: An Implied Private Right Of Action Under Section 15(C)(1) Of The Securities Exchange Act Of 1934, Charity Scott

Indiana Law Journal

No abstract provided.


On "Protecting The Ordinary Investor", Ralph K. Winter Oct 1988

On "Protecting The Ordinary Investor", Ralph K. Winter

Washington Law Review

In this lecture I propose to differentiate, in a somewhat arbitrary yet analytically helpful way, between four types of investors, and then to consider various issues of corporate and securities law in light of the interests and functions of the different investors. I will style the investors the "Ordinary Investor," the "Speculator," the "Institutional Investor," and the "Entrepreneur in the Market for Management Control." These distinctions are arbitrary because overlap exists between the categories. Moreover, these definitions are not based on how particular investors behave, but on the market functions different kinds of investors perform. Thus, some who consider themselves ...


Beyond Managerialism: Investor Capitalism?, Alfred F. Conard Oct 1988

Beyond Managerialism: Investor Capitalism?, Alfred F. Conard

University of Michigan Journal of Law Reform

Capitalism, in most large public corporations, has been subtly transformed from a system of dominance by the suppliers of capital to a system of dominance by the managers, dubbed "managerialism." In many respects, managerialism is beneficial to investors and other enterprise constituencies, since managers' rewards typically grow with the profitability of the enterprise. But managerialism permits drastic wastes of resources when managers hang on to their jobs after they have become inefficient or spend lavishly to defend themselves against takeover bids. Derivative suits, shareholder proposals, independent directors, and other prescriptions have failed to stifle managerial abuses. This is the message ...


Auditor Changes And Opinion Shopping- A Proposed Solution, Dale R. Rietberg Oct 1988

Auditor Changes And Opinion Shopping- A Proposed Solution, Dale R. Rietberg

University of Michigan Journal of Law Reform

This Note argues that the existing regulatory mechanism has failed to address adequately the problem of opinion shopping, and that better means of ensuring the reliability of financial statements are needed. Part I describes the nature and extent of the opinion-shopping problem, including a discussion of its larger, macroeconomic impact. Part II argues that the underlying causes of the problem are systemic and that present safeguards against opinion shopping are inadequate. Finally, Part III examines some alternative solutions and proposes a system of Accounting Issue Inquiry Centers under the direction and auspices of the SEC. These Centers would be designed ...


On "Protecting The Ordinary Investor", Ralph K. Winter Oct 1988

On "Protecting The Ordinary Investor", Ralph K. Winter

Washington Law Review

In this lecture I propose to differentiate, in a somewhat arbitrary yet analytically helpful way, between four types of investors, and then to consider various issues of corporate and securities law in light of the interests and functions of the different investors. I will style the investors the "Ordinary Investor," the "Speculator," the "Institutional Investor," and the "Entrepreneur in the Market for Management Control." These distinctions are arbitrary because overlap exists between the categories. Moreover, these definitions are not based on how particular investors behave, but on the market functions different kinds of investors perform. Thus, some who consider themselves ...


Securities Industry Self-Regulation-Tested By The Crash, Roberta S. Karmel Sep 1988

Securities Industry Self-Regulation-Tested By The Crash, Roberta S. Karmel

Washington and Lee Law Review

No abstract provided.


Expanding Seller Liability Under The Securities Act Of Washington—Habermann V. Wppss, 109 Wash. 2d 107, 744 P.2d 1032 (1987), Barbara L. Schmidt Jul 1988

Expanding Seller Liability Under The Securities Act Of Washington—Habermann V. Wppss, 109 Wash. 2d 107, 744 P.2d 1032 (1987), Barbara L. Schmidt

Washington Law Review

The Washington Public Power Supply System's ("WPPSS") abandonment of two nuclear power projects led to the largest municipal bond default in American history. This default generated an unprecedented volume of securities litigation. Among the many court decisions handed down in the wake of the WPPSS fiasco was the Washington Supreme Court's decision in Haberman v. WPPSS. The Haberman court significantly expanded the civil liability provisions of the Securities Act of Washington ("WSA"). In Haberman, the court expressly included as a "seller" the bond issuer and implicitly suggested that professional consultants who provide services in conjunction with a bond ...


Expanding Seller Liability Under The Securities Act Of Washington—Habermann V. Wppss, 109 Wash. 2d 107, 744 P.2d 1032 (1987), Barbara L. Schmidt Jul 1988

Expanding Seller Liability Under The Securities Act Of Washington—Habermann V. Wppss, 109 Wash. 2d 107, 744 P.2d 1032 (1987), Barbara L. Schmidt

Washington Law Review

The Washington Public Power Supply System's ("WPPSS") abandonment of two nuclear power projects led to the largest municipal bond default in American history. This default generated an unprecedented volume of securities litigation. Among the many court decisions handed down in the wake of the WPPSS fiasco was the Washington Supreme Court's decision in Haberman v. WPPSS. The Haberman court significantly expanded the civil liability provisions of the Securities Act of Washington ("WSA"). In Haberman, the court expressly included as a "seller" the bond issuer and implicitly suggested that professional consultants who provide services in conjunction with a bond ...


What Did Congress Really Want? An Implied Private Right Of Action Under Section 17(A) Of The 1933 Securities Act, Mark A. Ryan Jul 1988

What Did Congress Really Want? An Implied Private Right Of Action Under Section 17(A) Of The 1933 Securities Act, Mark A. Ryan

Indiana Law Journal

No abstract provided.


Transnational Takeover Talk: Regulations Relating To Tender Offers And Insider Trading In The United States, The United Kingdom, Germany, And Australia, Roberta S. Karmel Jul 1988

Transnational Takeover Talk: Regulations Relating To Tender Offers And Insider Trading In The United States, The United Kingdom, Germany, And Australia, Roberta S. Karmel

Faculty Scholarship

No abstract provided.


Integration Of Securities Offerings: Obstacles To Capital Formation Remain For Small Businesses, Perry E. Wallace, Jr. Jun 1988

Integration Of Securities Offerings: Obstacles To Capital Formation Remain For Small Businesses, Perry E. Wallace, Jr.

Washington and Lee Law Review

No abstract provided.


The Assignment Of Private Causes Of Action Under The Federal Securities Laws: Express Versus Automatic Assignment Jun 1988

The Assignment Of Private Causes Of Action Under The Federal Securities Laws: Express Versus Automatic Assignment

Washington and Lee Law Review

No abstract provided.


Sec Release 1092 On The Investment Advisers Act Of 1940: Applicability Of The Investment Advisers Act To Financial Planners And Other Persons Who Provide Financial Services Jun 1988

Sec Release 1092 On The Investment Advisers Act Of 1940: Applicability Of The Investment Advisers Act To Financial Planners And Other Persons Who Provide Financial Services

Washington and Lee Law Review

No abstract provided.


State Takeover Statutes: Constitutionality, Community, And Heresy, Lyman P. Q. Johnson Jun 1988

State Takeover Statutes: Constitutionality, Community, And Heresy, Lyman P. Q. Johnson

Washington and Lee Law Review

No abstract provided.


State Takeover Laws: A Rebirth Of Corporationlaw?, David K. Millon Jun 1988

State Takeover Laws: A Rebirth Of Corporationlaw?, David K. Millon

Washington and Lee Law Review

No abstract provided.


Program Trading-A Critical Analysis, Janet E. Kerr, John C. Maguire Jun 1988

Program Trading-A Critical Analysis, Janet E. Kerr, John C. Maguire

Washington and Lee Law Review

No abstract provided.


The Preexisting Relationship Doctrine Under Regulation D: A Rule Without Reason?, David B.H. Martin, Jr., L. Keith Parsons Jun 1988

The Preexisting Relationship Doctrine Under Regulation D: A Rule Without Reason?, David B.H. Martin, Jr., L. Keith Parsons

Washington and Lee Law Review

No abstract provided.


"May We Have The Last Dance?" States Take Aim At Corporate Raiders And Crash The Predator's Ball Jun 1988

"May We Have The Last Dance?" States Take Aim At Corporate Raiders And Crash The Predator's Ball

Washington and Lee Law Review

No abstract provided.


Destroying The Barriers Between Commercial And Investment Banking: Should Congress Repeal The Glass-Steagall Act? Jun 1988

Destroying The Barriers Between Commercial And Investment Banking: Should Congress Repeal The Glass-Steagall Act?

Washington and Lee Law Review

No abstract provided.


The Sec's Proposal To Regulate Market Sweeps Jun 1988

The Sec's Proposal To Regulate Market Sweeps

Washington and Lee Law Review

No abstract provided.


Shearson/American Express V. Mcmahon: The Diminishing Role Of Courts In Securities Disputes, Craig L. Griffin May 1988

Shearson/American Express V. Mcmahon: The Diminishing Role Of Courts In Securities Disputes, Craig L. Griffin

BYU Law Review

No abstract provided.


Apportioning Contribution In Section 10(B) And Rule 10b-5 Multi-Defendant Suits: A Critique Of Relative Culpability Shares In The Wake Of Smith V. Mulvaney, Adam S. Affleck May 1988

Apportioning Contribution In Section 10(B) And Rule 10b-5 Multi-Defendant Suits: A Critique Of Relative Culpability Shares In The Wake Of Smith V. Mulvaney, Adam S. Affleck

BYU Law Review

No abstract provided.


Securities Law—Partnerships—Adoption Of An Expansive Test For Defining A Security. Casali V. Schultz, 292 Ark. 602, 732 S.W.2d 836 (1987)., Charles P. Turley Apr 1988

Securities Law—Partnerships—Adoption Of An Expansive Test For Defining A Security. Casali V. Schultz, 292 Ark. 602, 732 S.W.2d 836 (1987)., Charles P. Turley

University of Arkansas at Little Rock Law Review

No abstract provided.


Vii. Corporate & Securities Law Mar 1988

Vii. Corporate & Securities Law

Washington and Lee Law Review

No abstract provided.


7th Annual Seminar On Securities Law, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, H. Alexander Campbell, Rutheford B. Campbell Jr., Ivan M. Diamond, Fredrich H. Thomforde, Frederic H. Davis, Cynthia W. Young, C. Craig Bradley Jr, David W. Harper, Gary L. Stage, Garrison R. Cox Feb 1988

7th Annual Seminar On Securities Law, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, H. Alexander Campbell, Rutheford B. Campbell Jr., Ivan M. Diamond, Fredrich H. Thomforde, Frederic H. Davis, Cynthia W. Young, C. Craig Bradley Jr, David W. Harper, Gary L. Stage, Garrison R. Cox

Continuing Legal Education Materials

Materials from the UK/CLE 7th Annual Seminar on Securities Law held February 12-13, 1988.


La Naturaleza Jurídica Del Cheque En La Ley 23.549, Martin Paolantonio, Eduardo Moccero Jan 1988

La Naturaleza Jurídica Del Cheque En La Ley 23.549, Martin Paolantonio, Eduardo Moccero

Martin Paolantonio

Ante la prohibición de endoso del cheque impuesta por la ley 23.549 se analiza la calificación jurídica que cabe al cheque desde la perspectiva de la teoría general de los títulos valores


Actualización Monetaria Y Propuesta De Acuerdo, Martin Paolantonio Jan 1988

Actualización Monetaria Y Propuesta De Acuerdo, Martin Paolantonio

Martin Paolantonio

Análisis sobre la necesidad de incluir cláusulas de indexación en las propuestas de acuerdo preventivo


Strange Case Of Fraud On The Market: A Label In Search Of A Theory, Barbara Black Jan 1988

Strange Case Of Fraud On The Market: A Label In Search Of A Theory, Barbara Black

Faculty Articles and Other Publications

Part I of this Article will briefly discuss fraud on the market as a label attached to different factual situations, analyzing Blackie v. Barrack and Shores v. Sklar as two paradigms of the label's application. Part II will discuss the Supreme Court's recent decision in Basic. It concludes that the Court did not analyze definitively fraud on the market, thus leaving open the possibility that a pure causation approach is an appropriate explanation of fraud on the market. The treatment and application of fraud on the market in the lower courts is next analyzed in three groups: those ...