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Securities Law Commons

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1997

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Articles 1 - 30 of 46

Full-Text Articles in Securities Law

How Efficient Markets Undervalue Stocks: Capm And Ecmh Under Conditions Of Uncertainty And Disagreement, Lynn A. Stout Nov 1997

How Efficient Markets Undervalue Stocks: Capm And Ecmh Under Conditions Of Uncertainty And Disagreement, Lynn A. Stout

Cornell Law Faculty Publications



Securities Disclosure In A Globalizing Market: Who Should Regulate Whom, Merritt B. Fox Aug 1997

Securities Disclosure In A Globalizing Market: Who Should Regulate Whom, Merritt B. Fox

Michigan Law Review

One of the most dramatic examples of increasing interaction across national boundaries in recent years has been the burgeoning volume of transnational transactions in corporate equities. Most developed capitalist countries impose affirmative obligations on issuers of corporate equity to disclose certain information about themselves. While these obligations are imposed on issuers, they are triggered by transactions. The growth in transnational transactions is thus increasingly raising difficult issues concerning the reach of differing national regimes. Given the magnitude of legal resources devoted to compliance with such disclosure regulations, they promise to feature prominently in the larger discussion of the role of ...


Technology, Transactions Costs, And Investor Welfare: Is A Motley Fool Born Every Minute?, Lynn A. Stout Jul 1997

Technology, Transactions Costs, And Investor Welfare: Is A Motley Fool Born Every Minute?, Lynn A. Stout

Cornell Law Faculty Publications

Computer network technology promises to revolutionize the secondary securities market and particularly to reduce dramatically the marginal costs associated with trading corporate equities. Lowering transactions costs usually is presumed to increase trader welfare. Certain unique characteristics of the secondary securities market suggest, however, that reducing the marginal costs associated with trading stocks may have the perverse and counterintuitive effect of decreasing investor welfare. Policymakers should consider this possibility as they respond to the market's rapid evolution.


The Insider Story, Richard C. Reuben Jun 1997

The Insider Story, Richard C. Reuben

Faculty Publications

The central issue in United States v. O'Hagan, No. 96-842, is the validity of the so-called "misappropriation theory" of insider trader liability under Section 10(b) of the Securities and Exchange Act of 1934. 15 US.C. 78(j)(b). The justices heard oral arguments in April. If the theory propounded by federal regulators is endorsed by the Court, it would expand insider trader liability under U.S. law.


United States U. O'Hagan: 'L'He Eighth Circuit Throws The Second Strike To The Misappropriation Theory Of Rule 10b-5 Liability, Shawn J. Lindquist Mar 1997

United States U. O'Hagan: 'L'He Eighth Circuit Throws The Second Strike To The Misappropriation Theory Of Rule 10b-5 Liability, Shawn J. Lindquist

BYU Law Review

No abstract provided.


Judge Friendly And The Law Of Securities Regulation: The Creation Of A Judicial Reputation, Margaret V. Sachs Mar 1997

Judge Friendly And The Law Of Securities Regulation: The Creation Of A Judicial Reputation, Margaret V. Sachs

Scholarly Works

Few judges are more revered than the late Henry J. Friendly, a member of the United States Court of Appeals for the Second Circuit from 1959 to 1986. Leading jurists and scholars have described him as "one of our wisest judges," "a legend in his own time," "the most remarkable legal mind of his generation," "the pre-eminent appellate judge of his era," and "the most distinguished judge in this country during his years on the bench."

Are great judicial reputations-like great literary and scientific reputations- also shaped by contingencies? Or does the legal profession for some reason stand apart? This ...


Apuntes Sobre El Régimen Legal De La Factura De Crédito (Ley 24.760), Martin Paolantonio, Salvador Bergel Jan 1997

Apuntes Sobre El Régimen Legal De La Factura De Crédito (Ley 24.760), Martin Paolantonio, Salvador Bergel

Martin Paolantonio

Análisis inicial del régimen de la ley 24.760 y la instauración de la factura de crédito como reemplazo de la factura conformada


Cuestiones Probatorias En Derecho Cambiario, Martin Paolantonio, Salvador Bergel Jan 1997

Cuestiones Probatorias En Derecho Cambiario, Martin Paolantonio, Salvador Bergel

Martin Paolantonio

Enfocado desde la perspectiva de reglas sustanciales en materia probatoria, un análisis de las disposiciones pertinentes de la legislación sobre letras de cambio, pagarés y cheques


Inexistencia De La Cuenta Corriente Bancaria Y Su Alegación En El Juicio Ejecutivo, Martin Paolantonio Jan 1997

Inexistencia De La Cuenta Corriente Bancaria Y Su Alegación En El Juicio Ejecutivo, Martin Paolantonio

Martin Paolantonio

Análisis breve de una sentencia que autorizó la alegación de la inexistencia del contrato en un proceso de ejecución


Facultades Del Fiduciario En El Fideicomiso De Garantía, Martin Paolantonio Jan 1997

Facultades Del Fiduciario En El Fideicomiso De Garantía, Martin Paolantonio

Martin Paolantonio

Análisis de las facultades para realizar la garantía por el fiduciario en el fideicomiso de garantía, posibilidad y límites de la aplicación analógica de disposiciones sobre derechos reales


La Inversión En Activos Extranjeros De Los Fondos Comunes De Inversión Y Una Limitación Que Debe Replantearse, Martin Paolantonio Jan 1997

La Inversión En Activos Extranjeros De Los Fondos Comunes De Inversión Y Una Limitación Que Debe Replantearse, Martin Paolantonio

Martin Paolantonio

Crítica de la solución normativa que restringe la inversión en activos extranjeros por parte de fondos comunes de inversión


La Oferta Pública En La Argentina De Participaciones De Fondos De Inversión Constituidos En El Extranjero (Resolución General 286 De La Cnv), Martin Paolantonio Jan 1997

La Oferta Pública En La Argentina De Participaciones De Fondos De Inversión Constituidos En El Extranjero (Resolución General 286 De La Cnv), Martin Paolantonio

Martin Paolantonio

Análisis de la primera reglamentación en la Argentina para la oferta pública de fondos de inversión extranjeros


Notas Sobre El Régimen De Las Alteraciones En El Derecho Cambiario Argentino, Martin Paolantonio, Diego Serebrinsky Jan 1997

Notas Sobre El Régimen De Las Alteraciones En El Derecho Cambiario Argentino, Martin Paolantonio, Diego Serebrinsky

Martin Paolantonio

Nota a fallo vinculado con la existencia de testaduras no salvadas en el documento cambiario y su consideración como alteraciones irrelevantes


Blue Sky Laws And The Recent Congressional Preemption Failure, Rutheford B. Campbell Jr. Jan 1997

Blue Sky Laws And The Recent Congressional Preemption Failure, Rutheford B. Campbell Jr.

Law Faculty Scholarly Articles

Laws regarding the sale of securities may be understood as responses to perceived bargaining failures. The most extreme examples of these bargaining failures are seen in instances in which investors are intentionally misled or defrauded regarding the quality of the investments they receive for their money. Even without the presence of such culpability, however, bargaining failures are likely anytime the trading parties lack sufficient, accurate information necessary to effect value-enhancing trades. When that occurs in trades for capital, the parties to the transaction are misinformed respecting the trade, expectations are not protected, and that precious commodity, capital, may be turned ...


The Betrayal Of Mcmahon, Constantine N. Katsoris Jan 1997

The Betrayal Of Mcmahon, Constantine N. Katsoris

Fordham Urban Law Journal

There is controversy over awarding punitive damages by arbitration in securities disputes. Securities disputes are unique because the vast majority of such disputes are filed at Self Regulatory Organizations (“SROs”) which are subject to SEC oversight. However, other securities disputes are filed at the American Arbitration Association (“AAA”), which is not subject to SEC oversight. As a result differing rules evolved for SRO arbitrations than those applicable at the AAA. No SRO rule directly authorized punitive damages but section 31(d) of the Uniform Code of Arbitration prohibits limiting the ability of arbitrators to make any award. Whereas a AAA ...


Does Russia Need A Securities Law?, Greg Lumelsky Jan 1997

Does Russia Need A Securities Law?, Greg Lumelsky

Northwestern Journal of International Law & Business

The question in the title of this article is not necessarily rhetorical. Perhaps a more appropriate inquiry is, does Russia need its current securi- ties law?' The response to the titular question is, as I will argue, clearly yes. The answer to the second question is to a large extent negative. Given the prevailing economic conditions in Russia, the course of enterprise pri- vatization, and the principal institutions shaping Russian capital markets, there is good reason to think that rather than assisting the growth and en- trenchment of a market in securities, much of the current Russian securities legislation will ...


Globalizing Sanctions Against Foreign Bribery: The Emergence Of A New International Legal Consensus, David A. Gantz Jan 1997

Globalizing Sanctions Against Foreign Bribery: The Emergence Of A New International Legal Consensus, David A. Gantz

Northwestern Journal of International Law & Business

Part I of the article begins with a review of the rationale and key legal ele- ments of the U.S. Foreign Corrupt Practices Act. Part II describes recent efforts by the United States to convince other governments and firms of the need for binding, enforceable and universally accepted rules against corrupt payments to foreign public officials. Parts III and IV survey the activities of various governmental organizations and major private sector groups that support international efforts to effectively discourage foreign bribery, re- spectively. The key sections, Parts V and VI, describe, analyze and critique the two major international conventions ...


Defending Sec And Doj Fcpa Investigations And Conducting Related Corporate Internal Investigations: The Triton Energy/Indonesia Sec Consent Decree Settlements, Arthur F. Mathews Jan 1997

Defending Sec And Doj Fcpa Investigations And Conducting Related Corporate Internal Investigations: The Triton Energy/Indonesia Sec Consent Decree Settlements, Arthur F. Mathews

Northwestern Journal of International Law & Business

This article will summarize the foreign bribery/corrupt foreign pay- ments provisions of the FCPA, briefly survey the related books and records and internal accounting controls provisions, analyze available defenses to civil and criminal FCPA charges, and explore sensitive substantive and strategic issues that arise in the defense of SEC and DOJ/grand jury investi- gations and in the conduct of related corporate internal investigations. This article will also analyze the recent SEC consent decree settlements in the Triton Energy/Indonesia case, and explore the types of defenses that might be pursued if an FCPA foreign payments case like Triton ...


International Financial Institutions Face The Corruption Eruption: If The Ifis Put Their Muscle And Money Where Their Mouth Is, The Corruption Eruption May Be Capped, James P. Jr. Wesberry Jan 1997

International Financial Institutions Face The Corruption Eruption: If The Ifis Put Their Muscle And Money Where Their Mouth Is, The Corruption Eruption May Be Capped, James P. Jr. Wesberry

Northwestern Journal of International Law & Business

This article addresses what IFIs are doing, are not doing, and hopefully might do to help cap the corruption eruption sweeping our world. The article primarily relates the efforts of the World Bank in this area and briefly discusses efforts by other major IFIs.


The Problem Of Corruption: A Tale Of Two Countries, Kimberly Ann Elliott Jan 1997

The Problem Of Corruption: A Tale Of Two Countries, Kimberly Ann Elliott

Northwestern Journal of International Law & Business

This perspective provides an introduction to the problem of corruption, focusing on two questions: * What causes corruption? * Where is corruption most serious? The perspective concludes with a brief discussion of two countries - Kenya and Uganda - that seem to be going in opposite directions politi- cally and economically, as well as in their attitudes toward corruption.


The Development Of Compliance Programs: One Company's Experience, Patrick J. Head Jan 1997

The Development Of Compliance Programs: One Company's Experience, Patrick J. Head

Northwestern Journal of International Law & Business

Though the FCPA is only a small portion of the coverage of corporate compliance programs, this perspective will focus on the FCPA and, to a certain extent, on other collateral impact statutes, such as securities and in- ternal revenue laws. It will not delve into related statutes, such as the over- seas reach of antitrust laws.


An Inquiry Into The Efficiency Of The Limited Liability Company: Of Theory Of The Firm And Regulatory Competition, William W. Bratton, Joseph A. Mccahery Jan 1997

An Inquiry Into The Efficiency Of The Limited Liability Company: Of Theory Of The Firm And Regulatory Competition, William W. Bratton, Joseph A. Mccahery

Faculty Scholarship at Penn Law

No abstract provided.


Report Of The Task Force On Rule 102(E) Proceedings: Rule 102(E) Sanctions Against Accountants, Dixie L. Johnson, John H. Sturc, Kenneth B. Winer, Jayne W. Barnard, Evan J. Falchuk, Jeffrey T. Gilleran, Thomas Gorman, David B. Hardison, Gloria K. Niemi, Thomas L. Riesenberg Jan 1997

Report Of The Task Force On Rule 102(E) Proceedings: Rule 102(E) Sanctions Against Accountants, Dixie L. Johnson, John H. Sturc, Kenneth B. Winer, Jayne W. Barnard, Evan J. Falchuk, Jeffrey T. Gilleran, Thomas Gorman, David B. Hardison, Gloria K. Niemi, Thomas L. Riesenberg

Faculty Publications

No abstract provided.


Stockholders, Stakeholders, And Bagholders (Or How Investor Diversification Affects Fiduciary Duty), Richard A. Booth Marbury Research Professor Of Law Jan 1997

Stockholders, Stakeholders, And Bagholders (Or How Investor Diversification Affects Fiduciary Duty), Richard A. Booth Marbury Research Professor Of Law

Faculty Scholarship

The traditional wisdom is that management should serve the interests of the corporation and the stockholders who own it by maximizing stockholder wealth. But a significant number of legal scholars argue that management duty should be more broadly construed to include other constituencies ("stakeholders"), such as employees, creditors, customers, suppliers, and the community at large. The broader view of management duty means that management has more discretion and that stockholders will seldom have recourse if management fails to maximize profits. Nevertheless, many states have adopted so-called other constituency statutes permitting management to consider such other interests. The difference between the ...


Unregulated Investment In Certain Death: Sec V. Life Partners, Inc., Michael R. Davis Jan 1997

Unregulated Investment In Certain Death: Sec V. Life Partners, Inc., Michael R. Davis

Villanova Law Review

No abstract provided.


Chasing Down The Devil: Standards Of Prudent Investment Under The Restatement (Third) Of Trusts, W. Brantley Phillips, Jr. Jan 1997

Chasing Down The Devil: Standards Of Prudent Investment Under The Restatement (Third) Of Trusts, W. Brantley Phillips, Jr.

Washington and Lee Law Review

No abstract provided.


Class Action Reform: Lessons From Securities Litigation, Jill E. Fisch Jan 1997

Class Action Reform: Lessons From Securities Litigation, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


The Failure Of The Freedom-Based And Utlilitarian Arguments For Assisted Suicide, Scott T. Fitzgibbon Jan 1997

The Failure Of The Freedom-Based And Utlilitarian Arguments For Assisted Suicide, Scott T. Fitzgibbon

Boston College Law School Faculty Papers

In recent years, numerous initiatives have been launched to promote physician-assisted suicide. Numerous statutes have been proposed, and one (in Oregon) has been enacted. The United States Court of Appeals for the Ninth Circuit and the United States Court of Appeals for the Second Circuit were recently persuaded to recognize constitutionally protected rights to assisted suicide, although their decisions have been reversed by the Supreme Court. An international organization called the World Federation of Right-to-Die Societies furthers such efforts in other countries. The two most common justifications for such initiatives are that assisted suicide enhances freedom or liberty, and that ...


Fiduciaries, Misappropriators And The Murky Outlines Of The Den Of Thieves: A Conceptual Continuum For Analyzing United States V. O’Hagan,, Kimberly D. Krawiec Jan 1997

Fiduciaries, Misappropriators And The Murky Outlines Of The Den Of Thieves: A Conceptual Continuum For Analyzing United States V. O’Hagan,, Kimberly D. Krawiec

Faculty Scholarship

No abstract provided.


More Than Just New Financial Bingo: A Risk-Based Approach To Understanding Derivatives, Kimberly D. Krawiec Jan 1997

More Than Just New Financial Bingo: A Risk-Based Approach To Understanding Derivatives, Kimberly D. Krawiec

Faculty Scholarship

The large losses suffered by investors in financial derivatives during recent years have prompted a wave of litigation, as well as proposals from Congress and regulatory agencies for increased monitoring of derivatives markets. Many, including some members of Congress and even "industry experts," are uneasy with the growing use of derivatives. Yet many market participants and others knowledgeable about this growing industry insist that derivatives serve an important, and perhaps vital, purpose by allowing investors to better manage the financial risks associated with their business transactions.

I define the term derivative and briefly discuss the history, uses and types of ...