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Full-Text Articles in Securities Law
Unequal Investment: A Regulatory Case Study, Emily R. Winston
Unequal Investment: A Regulatory Case Study, Emily R. Winston
Faculty Publications
Growing economic inequality in the United States has reduced social mobility, placing financial security farther out of reach for a growing number of Americans. During the COVID-19 pandemic, U.S. stock prices have grown simultaneously with unemployment and food insecurity, highlighting the fact that prosperity is unequally distributed in the U.S. economy.
Many Americans do not benefit when the stock market soars because they do not have the means to invest. However, even ordinary American families who do have wealth to invest in the capital markets will face enormous obstacles in narrowing the wealth divide through investment. This is because ordinary …
Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond
Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond
Faculty Publications
To explore this new social fracture and its challenge to the legitimacy of Anglo-American capitalism, this Article presents a case study of the attempt by the Chinese government and major Wall Street investment banks to complete an initial public offering by a major Chinese corporation. Their efforts represented a classic example of the effort to build a new global capitalist order from above without significant concern for the legitimation question. And, as we shall see, the effort was met from below with a vigorous social response. Thus, I suggest that a kind of syndrome, the PetroChina Syndrome if you will, …