Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Business Organizations Law (3)
- Economics (3)
- Law and Economics (3)
- Social and Behavioral Sciences (3)
- Banking and Finance Law (2)
-
- Bankruptcy Law (2)
- Commercial Law (2)
- Contracts (2)
- Courts (2)
- Dispute Resolution and Arbitration (2)
- Law and Society (2)
- Legal Ethics and Professional Responsibility (2)
- Legal History (2)
- Legal Profession (2)
- Accounting Law (1)
- Administrative Law (1)
- Admiralty (1)
- Agency (1)
- Agriculture Law (1)
- Air and Space Law (1)
- Animal Law (1)
- Antitrust and Trade Regulation (1)
- Civil Law (1)
- Civil Rights and Discrimination (1)
- Communications Law (1)
- Comparative and Foreign Law (1)
- Computer Law (1)
- Institution
- Publication
- Publication Type
Articles 1 - 4 of 4
Full-Text Articles in Securities Law
Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor
Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor
ExpressO
No abstract provided.
Price, Path & Pride: Third-Party Closing Opinion Practice Among U.S. Lawyers (A Preliminary Investigation), Jonathan C. Lipson
Price, Path & Pride: Third-Party Closing Opinion Practice Among U.S. Lawyers (A Preliminary Investigation), Jonathan C. Lipson
ExpressO
This article presents the first in-depth exploration of third-party closing opinions, a common but curious – and potentially troubling -- feature of U.S. business law practice. Third-party closing opinions are letters delivered at the closing of most large transactions by the attorney for one party (e.g., the borrower) to the other party (e.g., the lender) offering limited assurance that the transaction will have legal force and effect.
Hundreds, if not thousands, of legal opinions are delivered every week. Yet, lawyers often complain that they create needless risk and cost, and produce little benefit. Closing opinions thus pose a basic question: …
The "Duty" To Be A Rational Shareholder, David A. Hoffman
The "Duty" To Be A Rational Shareholder, David A. Hoffman
ExpressO
How and when do courts determine that corporate disclosures are actionable under the federal securities laws? The applicable standard is materiality: would a (mythical) "reasonable investor" have considered the disclosures important. As I establish through empirical and statistical testing of 500 cases analyzing the materiality standard, judicial findings of immateriality are remarkably common, and have been stable over time. Materiality's scope results in the dismissal of a large number of claims, and creates a set of cases in which courts attempt to explain and defend their vision of who is, and is not, a "reasonable investor." Thus, materiality provides an …
Fraud By Hindsight, G. Mitu Gulati, Jeffrey J. Rachlinski, Donald C. Langevoort
Fraud By Hindsight, G. Mitu Gulati, Jeffrey J. Rachlinski, Donald C. Langevoort
Cornell Law Faculty Publications
In securities-fraud cases, courts routinely admonish plaintiffs that they are not permitted to rely on allegations of "fraud by hindsight." In effect, courts disfavor plaintiffs' use of evidence of bad outcomes to support claims of securities fraud. Disfavoring hindsight evidence appears to tap into a well known, well-understood, and intuitively accessible problem of human judgment of "20/20 hindsight." Events come to seem predictable after unfolding, and hence, bad outcomes must have been predicted by people in a position to make forecasts. Psychologists call this phenomenon the hindsight bias. The popularity of this doctrine among judges deciding securities cases suggests that …