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Public Actors In Private Markets: Toward A Developmental Finance State, Robert C. Hockett, Saule T. Omarova 2015 Cornell Law School

Public Actors In Private Markets: Toward A Developmental Finance State, Robert C. Hockett, Saule T. Omarova

Robert C. Hockett

The recent financial crisis brought into sharp relief fundamental questions about the social function and purpose of the financial system, including its relation to the “real” economy. This Article argues that, to answer these questions, we must recapture a distinctively American view of the proper relations among state, financial market, and development. This programmatic vision – captured in what we call a “developmental finance state” – is based on three key propositions: (1) that economic and social development is not an “end-state” but a continuing national policy priority; (2) that the modalities of finance are the most potent means of fueling continuous ...


Public Actors In Private Markets: Toward A Developmental Finance State, Saule Omarova 2015 Cornell University, Law School

Public Actors In Private Markets: Toward A Developmental Finance State, Saule Omarova

International Financial Regulation Seminar

No abstract provided.


Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson II 2015 George Washington University School of Law

Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson Ii

William Alan Nelson II

Broker-dealers, unlike investment advisers, are not regulated as fiduciaries when providing investment advice, even though broker-dealers are holding themselves out as financial advisors and offering virtually identical services to investors. The lack of consistent regulation of financial service providers arises from the structure in which advice historically has been delivered. Financial services regulation since the Great Depression has developed along roughly dual tracks: laws governing the sale of financial products, which may or may not require that the products be suitable for the customer, and laws governing investment advice, which impose a fiduciary requirement on the adviser to act solely ...


How Dodd-Frank Killed International Law, David Zaring 2015 The Wharton School, University of Pennsylvania

How Dodd-Frank Killed International Law, David Zaring

International Financial Regulation Seminar

No abstract provided.


Bridgefunding Is Crowdfunding For Startups Across The Private Equity Gap, Seth C. Oranburg 2015 Florida State University

Bridgefunding Is Crowdfunding For Startups Across The Private Equity Gap, Seth C. Oranburg

Seth C Oranburg

Title III of the JOBS Act of 2012, which attempts to encourage entrepreneurship by allowing startups and small business to sell stock to the general public over the Internet through “crowdfunding,” is completely backwards. Its ceiling should be a floor—the $1 million limit should be inverted. By capping startups at raising $1 million from crowdfunding, the JOBS Act does not address the private equity gap, a fundamental problem in startup markets, and exposes unsophisticated investors to risk and fraud.

This Article presents a regulatory framework premised on “bridgefunding,” an approach that this article develops to protect new investors by ...


Public Actors In Private Markets: Toward A Developmental Finance State, Robert C. Hockett, Saule T. Omarova 2015 Cornell Law School

Public Actors In Private Markets: Toward A Developmental Finance State, Robert C. Hockett, Saule T. Omarova

Cornell Law Faculty Working Papers

The recent financial crisis brought into sharp relief fundamental questions about the social function and purpose of the financial system, including its relation to the “real” economy. This Article argues that, to answer these questions, we must recapture a distinctively American view of the proper relations among state, financial market, and development. This programmatic vision – captured in what we call a “developmental finance state” – is based on three key propositions: (1) that economic and social development is not an “end-state” but a continuing national policy priority; (2) that the modalities of finance are the most potent means of fueling continuous ...


Law, Fugitive Capital, And Karl Polanyi's The Great Transformation, walter j. kendall lll 2015 the john marshall law school

Law, Fugitive Capital, And Karl Polanyi's The Great Transformation, Walter J. Kendall Lll

walter j kendall lll

No abstract provided.


“Whimsy Little Contracts” With Unexpected Consequences: An Empirical Analysis Of Consumer Understanding Of Arbitration Agreements, Jeff Sovern 2015 St. John's University School of Law

“Whimsy Little Contracts” With Unexpected Consequences: An Empirical Analysis Of Consumer Understanding Of Arbitration Agreements, Jeff Sovern

Jeff Sovern

Arbitration clauses have become ubiquitous in consumer contracts. These arbitration clauses require consumers to waive the constitutional right to a civil jury, access to court, and, increasingly, the procedural remedy of class representation. Because those rights cannot be divested without consent, the validity of arbitration agreements rests on the premise of consent. Consumers who do not want to arbitrate or waive their class rights can simply decline to purchase the products or services covered by an arbitration agreement. But the premise of consent is undermined if consumers do not understand the effect on their procedural rights of clicking a box ...


International Tax Cooperation, Taxpayers’ Rights And Bank Secrecy: Brazilian Difficulties To Fit Global Standards, Carlos Otávio Ferreira de Almeida 2015 Pontificia Universidade Catolica de Campinas

International Tax Cooperation, Taxpayers’ Rights And Bank Secrecy: Brazilian Difficulties To Fit Global Standards, Carlos Otávio Ferreira De Almeida

Carlos Otávio Ferreira de Almeida

This paper analyses the conflict between two constitutionally protected rights: privacy and transparency. The latter has been invoked increasingly often by international organizations committed to tackling harmful tax practices, and the former has been recognized as a crucial human right. In an interconnected world, domestic laws are not capable of countering cross-border tax evasion strategies, so that transparency has become one of the most important topics in international tax cooperation, but it is doubtful whether tax authorities can access banking data in order to obtain information to exchange. The judicial reserve clause upheld by the Brazilian Supreme Court represents a ...


Sovereign Debt In The Situations Of Greece And Argentina, Anna Gelpern 2015 Georgetown University School of Law

Sovereign Debt In The Situations Of Greece And Argentina, Anna Gelpern

International Financial Regulation Seminar

No abstract provided.


Buying Time In Spain: The Spanish Law Of Installment Sales, John M. Steadman 2015 District of Columbia Court of Appeals

Buying Time In Spain: The Spanish Law Of Installment Sales, John M. Steadman

Georgia Journal of International & Comparative Law

No abstract provided.


Securities Regulations Investigations - United States-Swiss Treaty Attempts To Increase Cooperation In Releasing Names Of Swiss-Based Account Holders Involved In United States Securities And Exchange Commission Investigations, Daniel B. Simon III 2015 University of Georgia School of Law

Securities Regulations Investigations - United States-Swiss Treaty Attempts To Increase Cooperation In Releasing Names Of Swiss-Based Account Holders Involved In United States Securities And Exchange Commission Investigations, Daniel B. Simon Iii

Georgia Journal of International & Comparative Law

No abstract provided.


A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins JD, LLM, Jennifer L. Chapman JD, CPA, Jason M. Gordon JD, MBA 2015 Georgia Gwinnett College

A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins Jd, Llm, Jennifer L. Chapman Jd, Cpa, Jason M. Gordon Jd, Mba

Benjamin W. Akins

Bitcoin is a virtual, cryptocurrency growing rapidly in influence throughout the world. Numerous characteristics associated with the bitcoin system, including low transaction costs and greater user privacy, make it appealing as a medium of electronic payment. The number of users of bitcoin, including merchants accepting the currency as a form of payment, has grown considerably in recent years. Estimates indicate that there are more than 60,000 active bitcoin users as of September 2012, with nearly 11 million bitcoins in existence. According to the latest estimates, bitcoin market capitalization is roughly $9 billion. The growth of bitcoin as an accepted ...


Pari Passu's Golden Fossils, Anna Gelpern 2015 Georgetown University Law Center

Pari Passu's Golden Fossils, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

U.S. federal court rulings against Argentina since 2012 have turned the pari passu clause in sovereign bond contracts into the most promising debt collection tool against immune governments since the days of gunboat diplomacy. The large literature on pari passu (“equal step” in Latin) assumes that the clause had not been used for enforcement before the late 1990s, and that it was first construed by a Belgian court in a case against Peru in the year 2000. The Belgian decision was criticized for wrongly concluding that pari passu promised ratable payment to all holders of Peru’s external debt ...


Revisiting The Revolution: Reintegrating The Wealth Transmission System, Melanie B. Leslie, Stewart E. Sterk 2015 Benjamin N. Cardozo School of Law, Yeshiva University

Revisiting The Revolution: Reintegrating The Wealth Transmission System, Melanie B. Leslie, Stewart E. Sterk

Boston College Law Review

Thirty years ago, John Langbein published “The Nonprobate Revolution and the Future of Succession.” The article celebrated testators’ newfound ability to avoid the expense and delay of the probate court system by holding assets in a variety of non-probate devices, such as retirement and bank accounts with beneficiary designations and revocable trusts. Langbein highlighted problems the revolution might generate and predicted how they might be resolved. Since then, significant problems have indeed developed. First, wills law doctrines designed to effectuate intent of testators have not been universally extended to non-probate transfers. Second, the fragmentation of the wealth transmission process has ...


Benchmark Manipulation, Andrew Verstein 2015 Wake Forest University School of Law

Benchmark Manipulation, Andrew Verstein

Boston College Law Review

Substantial scholarship has questioned whether market manipulation is impossible and regulation unnecessary. This Article challenges orthodox understandings of manipulation, showing that they reflect an obsolete view of markets. While manipulation skeptics discuss prices, markets focus on benchmarks of price—and so do the manipulators who prey upon them. Benchmarks such as LIBOR or the S&P 500 summarize market prices and they have become essential to contemporary markets. They are written directly into industrial contracts, financial derivatives, statutes, and regulations, and so their accuracy affects the economy every bit as much as the prices themselves. They are also are much ...


Optimized Theft: Why Some Controlling Shareholders “Generously” Expropriate From Minority Shareholders, Sang Yop Kang 2015 Peking University

Optimized Theft: Why Some Controlling Shareholders “Generously” Expropriate From Minority Shareholders, Sang Yop Kang

Sang Yop Kang

Although controlling shareholder agency problems have been well studied so far, many questions still remain unanswered. In particular, an important puzzle in a bad-law jurisdiction is: why some controlling shareholders (“roving controllers”) loot the entire corporate assets at once, and why others (“stationary controllers”) siphon a part of corporate assets on a continuous basis. To solve this conundrum, this Article provides analytical frameworks exploring the behaviors and motivations of controlling shareholders. To begin with, I reinterpret Olson’s political theory of “banditry” in the context of corporate governance in developing countries. Based on a new taxonomy of controlling shareholders (“roving ...


Annual Survey Of Developments In International Trade Law: 1985, Georgia Journal of International and Comparative Law 2015 University of Georgia School of Law

Annual Survey Of Developments In International Trade Law: 1985, Georgia Journal Of International And Comparative Law

Georgia Journal of International & Comparative Law

No abstract provided.


The Export Trade Note: A New Instrument For International Trade, Eugene A. Ludwig, Michael J. Coursey 2015 Covington & Burling

The Export Trade Note: A New Instrument For International Trade, Eugene A. Ludwig, Michael J. Coursey

Georgia Journal of International & Comparative Law

No abstract provided.


The Bank-Centered View Of The Money Market, Part I: Why Banks Are Different, Carolyn Sissoko 2015 University of Southern California

The Bank-Centered View Of The Money Market, Part I: Why Banks Are Different, Carolyn Sissoko

University of Southern California Legal Studies Working Paper Series

This paper introduces modern readers to the basic understanding of the banking system that was held by academics and practitioners in the early years of the 20th century – that is, to traditional banking theory. This theory is completely inconsistent with the theoretic framework that views banks as financial intermediaries that receive deposits and invest those deposits in assets. Thus, this paper first sets forth in detail the basic elements of traditional banking theory and then relates those elements to the modern network effects literature. From this a bank-centered view of the money market is derived: all demand and short-term bank ...


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