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Articles 1 - 30 of 118
Full-Text Articles in Securities Law
State Securities Enforcement, Andrew K. Jennings
State Securities Enforcement, Andrew K. Jennings
BYU Law Review
Each year, state securities regulators bring over twice the enforcement actions brought by the Securities and Exchange Commission, yet their work is largely missing from the literature. This Article provides an institutional account of state securities enforcement and identifies two key advantages — detection granularity and institutional decentralization — that states enjoy over their federal counterparts in policing localized frauds involving individual, often small-dollar, victims. Although states share enforcement jurisdiction with the SEC and DOJ, their enforcement activity reflects their institutional advantages and constraints and thus largely does not overlap with that of federal authorities. Instead, states serve as the …
Relational Enforcement Of Stock Exchange Rules, Geeyoung Min, Kwon-Yong Jin
Relational Enforcement Of Stock Exchange Rules, Geeyoung Min, Kwon-Yong Jin
BYU Law Review
Stock exchanges, as regulating entities supervised by the Securities and Exchange Commission (SEC), have wielded their rulemaking power on various corporate governance issues, ranging from the independent board committee requirement adopted in 2003 to the board diversity requirement approved in 2021. Simultaneously, as for-profit corporate entities, major stock exchanges have been competing against each other to attract and retain more companies. This dual status of stock exchanges — as regulators and as profit driven entities — brings into question the stock exchanges' incentive to enforce their own rules against listed companies. What happens if a listed company violates stock exchange …
Spactivism, Sharon Hannes, Adi Libson, Gideon Parchomovsky
Spactivism, Sharon Hannes, Adi Libson, Gideon Parchomovsky
All Faculty Scholarship
In this Essay, we propose a modified version of the SPAC designed to allow the public to participate in the world of corporate activism. Unlike existing SPACs, our version is designed for investments in public companies in order to change their course of action, not in private companies in order to make them go public, and overcomes many of the problems that pertain conventional SPACs. At present, direct investment in activism is reserved to affluent individuals and other professional investors of activist hedge funds. The public at large is barred from directly entering the activist arena. The current model comes …
Avoiding Wasteful Competition: Why Trading On Inside Information Should Be Illegal, Michael D. Guttentag
Avoiding Wasteful Competition: Why Trading On Inside Information Should Be Illegal, Michael D. Guttentag
Brooklyn Law Review
This article offers a new and compelling reason to make all trading based on inside information illegal. The value realized by trading on inside information is unusual in two respects. First, inside information is produced at little or no incremental cost and is nevertheless quite valuable. Second, profits made from trading on inside information come largely at the expense of others. When the value of something exceeds the cost to produce it, a wasteful race to be the first to capture the resulting surplus is likely to ensue. Similarly, resources expended solely to take something of value from others are …
Business Judgment Rule Or Due Diligence? How To Reduce Vicarious Liability For Spac Directors And Officers, Beau Duty
University of Arkansas at Little Rock Law Review
No abstract provided.
Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson
Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson
All Faculty Scholarship
Corporations have received growing criticism for their role in climate change, perpetuating racial and gender inequality, and other pressing social issues. In response to these concerns, shareholders are increasingly focusing on environmental, social, and corporate governance (ESG) criteria in selecting investments, and asset managers are responding by offering a growing number of ESG mutual funds. The flow of assets into ESG is one of the most dramatic trends in asset management.
But are these funds giving investors what they promise? This question has attracted the attention of regulators, with the Department of Labor and the Securities and Exchange Commission (SEC) …
Structural Barriers To Inclusion In Arbitrator Pools, Nicole G. Iannarone
Structural Barriers To Inclusion In Arbitrator Pools, Nicole G. Iannarone
Washington Law Review
Critics increasingly challenge mandatory arbitration because the pools from which decisionmakers are selected are neither diverse nor inclusive. Evaluating diversity and inclusion in arbitrator pools is difficult due to the black box nature of mandatory arbitration. This Article evaluates inclusion in arbitrator pools through a case study on securities arbitration. The Article relies upon the relatively greater transparency of the Financial Industry Regulatory Authority (FINRA) forum. It begins by describing the unique role that small claims securities arbitration plays in maintaining investor trust and confidence in the securities markets before describing why ensuring that the FINRA arbitrator pool is both …
Karmel’S Dissent: The Sec’S Use And Occasional Misuse Of Section 21(A) Reports Of Investigation, James J. Park
Karmel’S Dissent: The Sec’S Use And Occasional Misuse Of Section 21(A) Reports Of Investigation, James J. Park
Brooklyn Journal of Corporate, Financial & Commercial Law
Section 21(a) of the Securities Exchange Act gives the SEC the option of publishing a report of its findings after conducting an investigation. Typically, the SEC issues such reports about once a year to highlight major compliance and enforcement issues. This Article examines the SEC’s use of Section 21(a) investigative reports with special attention to its 1979 report in Spartek, where Commissioner Roberta Karmel filed a famous dissent. In that opinion, she argued that the report effectively sanctioned conduct over which the SEC did not have jurisdiction and that Spartek did not have sufficient notice of its regulatory obligations. While …
Full Of Questions And Wonder: Roberta Karmel's Legacy, Alan R. Palmiter
Full Of Questions And Wonder: Roberta Karmel's Legacy, Alan R. Palmiter
Brooklyn Journal of Corporate, Financial & Commercial Law
Roberta Karmel has been perhaps the keenest observer and commentator on the securities industry and its regulation for the past five decades. Her observations about securities regulation—during the SEC’s precocious adolescence and into its young adulthood—have framed the academic inquiry of all of us who have written on the subject during this period. But more valuable to us than her observations have been her questions, full of wonder and penetrating insight. We securities academics, the enterprise of securities regulation, and especially market capitalism, all owe an enormous debt of gratitude to Professor Karmel.
Murky Materiality & Scattered Standards: In Favor Of A More Uniform System Of Sst Disclosure Requirements, Megan Ganley
Murky Materiality & Scattered Standards: In Favor Of A More Uniform System Of Sst Disclosure Requirements, Megan Ganley
Fordham Law Review
The Securities and Exchange Commission (SEC) requires corporations to disclose their business in or with state sponsors of terrorism (SSTs). The SEC solicits these disclosures with varying standards arising under several different mechanisms. These mechanisms include the requirements of the materiality standard, the provisions of Regulation S-K, targeted inquiry in individually issued comment letters, and affirmative requirements mandated under specific legislation. Each of these mechanisms requires disclosure of slightly different information regarding SSTs with varying degrees of exactitude. This Note examines the SEC’s current SST disclosure framework, considering the benefits, as well as the criticisms, of these disclosure mandates. This …
Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill Fisch, Adriana Z. Robertson
Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill Fisch, Adriana Z. Robertson
Michigan Law Review
Corporations have received growing criticism for contributing to climate change, perpetuating racial and gender inequality, and failing to address other pressing social issues. In response to these concerns, shareholders are increasingly focusing on environmental, social, and corporate governance (ESG) criteria in selecting investments, and asset managers are responding by offering a growing number of ESG mutual funds. The flow of assets into ESG is one of the most dramatic trends in asset management.
But are these funds giving investors what they promise? This question has attracted the attention of regulators, with the Department of Labor and the Securities and Exchange …
Securities Law: Overview And Contemporary Issues, Neal Newman, Lawrence J. Trautman
Securities Law: Overview And Contemporary Issues, Neal Newman, Lawrence J. Trautman
Faculty Scholarship
This is not your grandfather’s SEC anymore. Rapid technological change has resulted in novel regulatory issues and challenges, as law and policy struggles to keep pace. The U.S. Securities and Exchange Commission (SEC) reports that “the U.S. capital markets are the deepest, most dynamic, and most liquid in the world. They also have evolved to become increasingly fast and extraordinarily complex. It is our job to be responsive and innovative in the face of significant market developments and trends.” With global markets increasingly interdependent and interconnected and, “as technological advancements and commercial developments have changed how our securities markets operate, …
Lunch Lecture | Insider Trading: Overview And Developments, Eric Kriftcher
Lunch Lecture | Insider Trading: Overview And Developments, Eric Kriftcher
Ronald H. Filler Institute for Financial Services Law
No abstract provided.
To Remove Or Not To Remove - Is That The Question In 1933 Act Securities Cases?, Tanya Pierce
To Remove Or Not To Remove - Is That The Question In 1933 Act Securities Cases?, Tanya Pierce
Faculty Scholarship
Litigants spend immense time and money fighting over procedure. That fact is especially true for procedural rules concerning where a case may be heard—which, in the context of class actions, can determine the viability of claims almost regardless of their underlying merit. The potential for class certification, which tends to be greater in state than in federal courts, can transform claims that alone are too small to even justify suing into threats so large that defendants routinely use the words “judicial blackmail” to describe them. This paper focuses on a growing conflict between federal statutory removal provisions that arises in …
Arbitrating Security Class Actions: The Limits Of Forum Selection Bylaws, Paul Schochet
Arbitrating Security Class Actions: The Limits Of Forum Selection Bylaws, Paul Schochet
St. John's Law Review
No abstract provided.
Lunch Lecture | Organizing A Venture Capital Fund: An Overview, Herbert Moore, Jr.
Lunch Lecture | Organizing A Venture Capital Fund: An Overview, Herbert Moore, Jr.
Ronald H. Filler Institute for Financial Services Law
No abstract provided.
A Conversation About Current Issues Facing The Global Financial Industry, Ronald Filler, Scott O'Malia, Jill Sommers, Robert Cook, Hester Peirce, Thomas Sexton, Dawn Stump
A Conversation About Current Issues Facing The Global Financial Industry, Ronald Filler, Scott O'Malia, Jill Sommers, Robert Cook, Hester Peirce, Thomas Sexton, Dawn Stump
Ronald H. Filler Institute for Financial Services Law
No abstract provided.
Mutual Fund Stewardship And The Empty Voting Problem, Jill E. Fisch
Mutual Fund Stewardship And The Empty Voting Problem, Jill E. Fisch
All Faculty Scholarship
When Roberta Karmel wrote the articles that are the subject of this symposium, she was skeptical of both the potential value of shareholder voting and the emerging involvement of institutional investors in corporate governance. In the ensuing years, both the increased role and engagement of institutional investors and the heightened importance of shareholder voting offer new reasons to take Professor Karmel’s concerns seriously. Institutional investors have taken on a broader range of issues ranging from diversity and political spending to climate change and human capital management, and their ability to influence corporate policy on these issues has become more significant. …
The Breakdown Of The Public–Private Divide In Securities Law: Causes, Consequences, And Reforms, George S. Georgiev
The Breakdown Of The Public–Private Divide In Securities Law: Causes, Consequences, And Reforms, George S. Georgiev
Faculty Articles
As a regulatory scheme, U.S. securities law has traditionally been designed around a set of lines—the “public–private divide”—which separate public companies, public capital, and public markets, from private companies, private capital, and private markets. Until the early 2000s, the lines were successful in establishing two largely coherent legal realms—a highly regulated public realm and a lightly regulated private realm. A series of bold and often-inconsistent reforms between 2002 and 2020, however, have transformed this longstanding regime into a low-friction system wherein public capital flows to both public and private companies, private capital is ever more abundant, and firms can effectively …
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Faculty Publications
To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as …
Corporate Governance Gaming: The Collective Power Of Retail Investors, Sergio Alberto Gramitto Ricci, Christina M. Sautter
Corporate Governance Gaming: The Collective Power Of Retail Investors, Sergio Alberto Gramitto Ricci, Christina M. Sautter
Faculty Works
The GameStop saga and meme stock frenzy have shown the pathway to the most disruptive revolution in corporate governance of the millennium. New generations of retail investors use technologies, online forums, and gaming dynamics to coordinate their actions and obtain unprecedented results. Signals indicate that these investors, whom we can dub wireless investors, are currently expanding their actions to corporate governance. Wireless investors’ generational characteristics suggest that they will use corporate governance to pursue social and environmental causes. In fact, wireless investors can set in motion a social movement able to bring business corporations to serve their original partly-private-partly-public purpose. …
Legal Economics And The Canadian Accredited Investor Standard: Efficiency As A Proxy For Change, Jeremy White
Legal Economics And The Canadian Accredited Investor Standard: Efficiency As A Proxy For Change, Jeremy White
Master of Laws Research Papers Repository
This paper takes a legal-economic approach in assessing the current accredited investor standard that exists as part of Canada’s securities laws. An accredited investor is often characterized as an individual that, due to his or her wealth, may participate in certain investment opportunities that would otherwise not be available. Canada’s National Instrument 45-106 views accredited investors as those with a unique ability to understand financial markets, and due to this level of understanding, the typical disclosure protections afforded to the public—mainly, the prospectus—are not necessary to these individuals.
A legal-economic approach to the accredited investor standard looks at the system …
Board Diversity Shareholder Suits: Diverging Materiality Tests Under Rules 10b-5 And 14a-9, John C. Friess
Board Diversity Shareholder Suits: Diverging Materiality Tests Under Rules 10b-5 And 14a-9, John C. Friess
Michigan Business & Entrepreneurial Law Review
Environmental, social, and governance (ESG) investing has grown significantly as an investment strategy over the past decade, leading to intensified demands among investors for more ESG disclosures from publicly listed companies. Perhaps the most high-profile example of this trend is the recent widespread demand among institutional investors, proxy advisory firms, and exchanges for more disclosure and compliance as it relates to board and workplace diversity. Given these efforts and the signals coming from the SEC that it intends to take a more proactive approach to ESG disclosure and compliance, issuers can expect an environment of more specific and detailed diversity …
Carbon Accounting By Public And Private Financial Institutions: Can We Be Sure Climate Finance Is Leading To Emissions Reductions?, Martin Dietrich Brauch, Emily Spittle
Carbon Accounting By Public And Private Financial Institutions: Can We Be Sure Climate Finance Is Leading To Emissions Reductions?, Martin Dietrich Brauch, Emily Spittle
Columbia Center on Sustainable Investment Staff Publications
To further and fully understand how to plan for the decarbonization of mining value chains, we need better data on carbon and other greenhouse gas (GHG) emissions. However, neither consumers, corporates, or financial institutions know the embodied emissions in the products they produce or sell. While methods like life-cycle analysis and environmental product declarations exist, none use a verifiable, comparable, or widely adopted emissions reporting framework capable of sending supply chain signals.
To truly reform material supply chains, new solutions for markets, capital, and policy are required. COMET (the Coalition on Materials Emissions Transparency) – an alliance launched at Davos …
The Future Of Securities Law In The Supreme Court, Adam C. Pritchard, Robert B. Thompson
The Future Of Securities Law In The Supreme Court, Adam C. Pritchard, Robert B. Thompson
Articles
Since the enactment of the first federal securities statute in 1933, securities law has illustrated key shifts in the Supreme Court’s jurisprudence. During the New Deal, the Court’s securities law decisions shifted almost overnight from open hostility toward the newly-expanded administrative state to broad deference to agency expertise. In the 1940s, securities cases helped build the legal foundation for a broadly enabling administrative law. The 1960s saw the Warren Court creating new implied rights of action in securities law illustrative of the Court’s approach to statutes generally. The stage seemed set for the rise of “federal corporate law.” The Court …
Five Years After The Adoption Of The Paris Agreement, Are Climate Change Considerations Reflected In Mining Contracts?, Tehtena Mebratu-Tsegaye, Perrine Toledano, Martin Dietrich Brauch, Mara Greenberg
Five Years After The Adoption Of The Paris Agreement, Are Climate Change Considerations Reflected In Mining Contracts?, Tehtena Mebratu-Tsegaye, Perrine Toledano, Martin Dietrich Brauch, Mara Greenberg
Columbia Center on Sustainable Investment Staff Publications
Domestic laws are the ideal legal instrument to regulate the mining sector’s contribution to climate change mitigation and adaptation. Even so, as a stop-gap-measure, governments may consider updating model mining development agreements (MMDAs) or negotiating climate-related contractual provisions. This CCSI paper explores whether governments are using, and how they can use, investor–state mining contracts to advance climate goals. We synthesize our findings and recommendations for six categories of provisions: integrating renewable energy into mining products, reducing deforestation, requiring a climate risk assessment and community vulnerability assessment, regulating water use, requiring tailings dam design justifications, and integrating climate risks into closure …
The Growth & Regulatory Challenges Of Decentralized Finance, Aaron J. Wright
The Growth & Regulatory Challenges Of Decentralized Finance, Aaron J. Wright
Articles
Proceedings of the 2021 Spring Conference: The Impact of Blockchain on the Practice of Law Panel 1: The Growth & Regulatory Challenges of Decentralized Finance
The Rise Of Decentralized Autonomous Organizations: Opportunities And Challenges, Aaron J. Wright
The Rise Of Decentralized Autonomous Organizations: Opportunities And Challenges, Aaron J. Wright
Articles
The Author explores the nature of DAOs and highlights several areas where states and regulators can adapt existing legal regimes to potentially accommodate DAOs. Part of the Blockchain & Procedural Law seminars (Max Planck Institute Luxembourg for Procedural Law).
Session 3: Access To Financial Services - The Promise (And Challenges) Of Fintech, Joseph M. Vincent, Chris Adams, Lucinda Fazio, Roberta Hollinshead, Sumit Mallick, Sands Mckinley, Jonice Gray Tucker, Tonita Webb
Session 3: Access To Financial Services - The Promise (And Challenges) Of Fintech, Joseph M. Vincent, Chris Adams, Lucinda Fazio, Roberta Hollinshead, Sumit Mallick, Sands Mckinley, Jonice Gray Tucker, Tonita Webb
SITIE Symposiums
For many Americans, the American Dream is a dream deferred. Recently, there has been an explosion in demand for diversity, equity, and inclusion in financial services. This has coincided with an explosion of a different kind related to delivering financial services through innovations in technology, otherwise known as FinTech. We have seen a plethora of FinTech applications on our smartphones, ranging from online lending to remote deposit making. While these applications provide potential opportunities to level the playing field for those whose dream has been deferred, there remain challenges.
Session 2: Access To Health And Health Services Panel - The Covid-19 Experience, Annette Clark, Wendy Chalres, Dan Laster, Anna Santos Rutschman, Madhavi Sunder, Margret Chon
Session 2: Access To Health And Health Services Panel - The Covid-19 Experience, Annette Clark, Wendy Chalres, Dan Laster, Anna Santos Rutschman, Madhavi Sunder, Margret Chon
SITIE Symposiums
COVID-19 has had a massive impact on the U.S. and the world regarding health care and health care access. Improving access has been the topic of scholarship for many years. It took the COVID- 19 pandemic to bring these issues to the forefront of public discussion. Inequities in public health access, not only domestically but globally, have become apparent in the light of COVID-19. This expert panel addresses the inequities of vaccines worldwide and the concept of vaccine sharing programs. It also explores the role that intellectual property plays in these equity issues and some of the risks inherent in …