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Articles 1 - 28 of 28
Full-Text Articles in Securities Law
Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership? Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga
Cornell Law Faculty Working Papers
This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empirical evidence to advance theoretical understanding of how and why concentrated ownership structures can change towards dispersed ownership.
Commentators argue that the Brazilian capital markets are finally taking off. The number of listed companies and IPOs in the Sao Paulo Stock Exchange (Bovespa) has greatly increased. Firms are migrating to Bovespa’s special listing segments, which require higher standards of corporate governance. Companies have sold control in the market, and the stock market has …
China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining
China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining
Law & Economics Working Papers Archive: 2003-2009
China's entry into the world economy will affect not just how we act but how we think. It will affect especially what "business," "business law," and "business corporation" come to mean both in a transnational setting and in American law. The nature of American business law today still stands in the way of a wholly profit-maximizing approach to law or the world in general. But there is strong pressure, consistent with a general tendency in Western thought, to make business and corporate decision-making entirely manipulative and calculating and to eliminate the force of human value from it. This Youde Lecture …
Tercer Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Tercer Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Bruno L. Costantini García
Tercer Congreso Nacional de Organismos Públicos Autónomos
"Autonomía, Reforma Legislativa y Gasto Público"
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.
Law And Morality, Mubashshir Sarshar
Natural Justice And Its Applications In Administrative Law, Mubashshir Sarshar
Natural Justice And Its Applications In Administrative Law, Mubashshir Sarshar
Mubashshir Sarshar
No abstract provided.
Capacity Of The State And Its Subordinates, Mubashshir Sarshar
Capacity Of The State And Its Subordinates, Mubashshir Sarshar
Mubashshir Sarshar
No abstract provided.
Judicial Review, Mubashshir Sarshar
Functioning Of The Law Commission Of India, Mubashshir Sarshar
Functioning Of The Law Commission Of India, Mubashshir Sarshar
Mubashshir Sarshar
No abstract provided.
J.S Mill On Liberty, Mubashshir Sarshar
Bar Council Of India, Mubashshir Sarshar
El Conflicto De Intereses Entre Los Beneficiarios Del Fideicomiso: Pautas De Interpretación De La Resolución General 530 De La Cnv, Martin Paolantonio
El Conflicto De Intereses Entre Los Beneficiarios Del Fideicomiso: Pautas De Interpretación De La Resolución General 530 De La Cnv, Martin Paolantonio
Martin Paolantonio
Análisis de alternativas de interpretación de las reglas de votación de los beneficiarios de fideicomisos financieros que sean a su vez fiduciantes
El Modelo Normativo De Información Al Inversor De Fondos Comunes De Inversión. La Necesidad De Su Adecuación Y La Futilidad Del Reglamento De Gestión, Martin Paolantonio
El Modelo Normativo De Información Al Inversor De Fondos Comunes De Inversión. La Necesidad De Su Adecuación Y La Futilidad Del Reglamento De Gestión, Martin Paolantonio
Martin Paolantonio
Crítica referencia al modelo normativo de información al inversor de fondos comunes de inversión, sustancialmente diferente del general vigente en el derecho de mercado de capitales
La Acción Cambiaria Directa: Presentación Al Pago Y Prescripción, Martin Paolantonio
La Acción Cambiaria Directa: Presentación Al Pago Y Prescripción, Martin Paolantonio
Martin Paolantonio
Breve análisis de una sentencia de la Cámara Nacional en lo Comercial y consideraciones sobre la acción directa para el cobro de pagarés
Los Amparos De Cuotapartistas De Fondos Comunes De Inversión. La Corte Suprema De Justicia Cierra Un Debate Más, Martin Paolantonio
Los Amparos De Cuotapartistas De Fondos Comunes De Inversión. La Corte Suprema De Justicia Cierra Un Debate Más, Martin Paolantonio
Martin Paolantonio
Nota a fallo de la Corte Suprema sobre la falta de legitimaciòn individual de los cuotapartistas para accionar por los perjuicios sufridos por el fondo de inversión
The Tyranny Of The Multitude Is A Multiplied Tyranny: Is The United States Financial Regulatory Structure Undermining U.S. Competitiveness?, Elizabeth F. Brown
The Tyranny Of The Multitude Is A Multiplied Tyranny: Is The United States Financial Regulatory Structure Undermining U.S. Competitiveness?, Elizabeth F. Brown
Elizabeth F Brown
This Article examines whether the U.S. regulatory structure undermined U.S. competitiveness with foreign financial markets, particularly the United Kingdom's markets.
La Parabola Del Administrador Infiel, Diego G. Pardow
La Parabola Del Administrador Infiel, Diego G. Pardow
Diego G. Pardow
No abstract provided.
Globalization And Corporate Social Responsibility: Challenges For The Academy, Future Lawyers, And Corporate Law, Faith Stevelman
Globalization And Corporate Social Responsibility: Challenges For The Academy, Future Lawyers, And Corporate Law, Faith Stevelman
NYLS Law Review
No abstract provided.
How Do Securities Laws Influence Affect, Happiness, & Trust?, Peter H. Huang
How Do Securities Laws Influence Affect, Happiness, & Trust?, Peter H. Huang
Publications
This Article advocates that securities regulators promulgate rules based upon taking into consideration their impacts upon investors' and others' affect, happiness, and trust. Examples of these impacts are consumer optimism, financial stress, anxiety over how thoroughly securities regulators deliberate over proposed rules, investor confidence in securities disclosures, market exuberance, social moods, and subjective well-being. These variables affect and are affected by traditional financial variables, such as consumer debt, expenditures, and wealth; corporate investment; initial public offerings; and securities market demand, liquidity, prices, supply, and volume. This Article proposes that securities regulators can and should evaluate rules based upon measures of …
Reforming Securities Litigation Reform: Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda Rose
Vanderbilt Law School Faculty Publications
Commentators have long debated how to reform the controversial Rule 10b-5 class action without pausing to ask whether the game is worth the candle. Is private enforcement of Rule lOb-5 worth preserving, or might we be better off with exclusive public enforcement? This fundamental but neglected question demands attention today more than ever. An academic consensus has emerged that the typical Rule 1Ob-5 class action cannot be defended on compensatory grounds. That leaves the oft-cited, but undertheorized, rationale that private enforcement is a "necessary supplement" to the securities fraud deterrence efforts of the SEC. When this justification is critically examined, …
Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern
Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern
Articles in Law Reviews & Other Academic Journals
Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew from $1 trillion to $4 trillion. In Mexico, domestic debt went from just over 20% of the total government debt stock in 1995 to nearly 80% in 2007. Foreign and local investors are buying. Over the same period, derivative contracts to transfer emerging market credit risk surpassed the market capitalization of the benchmark …
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.
Governance In The Ruins, David A. Skeel Jr.
Governance In The Ruins, David A. Skeel Jr.
All Faculty Scholarship
What gets an economy up and running after a catastrophic war or a period of oppressive rule? While there are nearly as many answers to these questions as experts, one of the most prominent for the past century has been law. Nearly every page of Law and Capitalism, a remarkable new book by Curtis Milhaupt and Katharina Pistor, stands in implicit or explicit dissent from the prevailing view. Milhaupt and Pistor’s countermodel begins a matrix consisting of two axes. The first contrasts a purely protective regime on one end, with a pervasively “coordinative” approach on the other. The second axis …
Human Freedom And Two Friedmen: Musings On The Implications Of Globalization For The Effective Regulation Of Corporate Behavior, Leo E. Strine Jr.
Human Freedom And Two Friedmen: Musings On The Implications Of Globalization For The Effective Regulation Of Corporate Behavior, Leo E. Strine Jr.
All Faculty Scholarship
In this essay, which was delivered as the Torys Lecture at the University of Toronto, Vice Chancellor Strine considers the implications of globalization for the effective regulation of corporate behavior affecting interests other than those of stockholders against the backdrop of the West’s political and economic experience. He concludes that consistent with prior experience, the globalization of corporate markets will require a corresponding expansion of the polity to protect those aspects of human freedom that are affected in important ways by corporate behavior. As a practical matter, this means that if the U.S. and other Western nations wish to limit …
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.
Do Investors In Controlled Firms Value Insider Trading Laws? International Evidence, Laura Nyantung Beny
Do Investors In Controlled Firms Value Insider Trading Laws? International Evidence, Laura Nyantung Beny
Articles
This article characterizes insider trading as an agency problem in firms that have a controlling shareholder. Using a standard agency model of corporate value diversion through insider trading by the controlling shareholder, I derive testable hypotheses about the relationship between corporate value and insider trading laws among such firms. The article tests these hypotheses using firm-level cross-sectional data from twenty-seven developed countries. The results show that stringent insider trading laws and enforcement are associated with greater corporate valuation among the sample firms in common law countries, a result that is consistent with the claim that insider trading laws mitigate agency …
El Sistema De Solución De Controversias Entre Estados, Pierino Stucchi, Luis García-Corrochano
El Sistema De Solución De Controversias Entre Estados, Pierino Stucchi, Luis García-Corrochano
Pierino Stucchi
No abstract provided.