Examining Stock Trading Reforms For Congress Hearing Before The U.S. House Of Representatives Committee On House Administration,
2022
Indiana University Maurer School of Law
Examining Stock Trading Reforms For Congress Hearing Before The U.S. House Of Representatives Committee On House Administration, Donna M. Nagy
Public Testimony by Maurer Faculty
Professor Nagy testified (text attached, video below) in support of federal legislation that would prohibit members of Congress from owning the securities of individual publicly traded companies as well as certain other investments that would likely conflict with their official duties.
It was nearly 10 years ago to the day when President Barack Obama signed the Stop Trading on Congressional Knowledge (STOCK) Act, requiring enhanced financial disclosures and creating new securities transaction reporting rules for members of Congress, certain members of their family, and their staff. The Act also made absolutely clear that a member of Congress who trades securities …
Nagy To Testify Before Congressional Committee On Stock Trading Reforms,
2022
Maurer School of Law - Indiana University
Nagy To Testify Before Congressional Committee On Stock Trading Reforms, James Owsley Boyd
Keep Up With the Latest News from the Law School (blog)
No abstract provided.
Disclosure Of Private Climate Transition Risks,
2022
William & Mary Law School
Disclosure Of Private Climate Transition Risks, Michael P. Vandenbergh
William & Mary Law Review
This Article identifies a gap in the securities disclosure regime for climate change and demonstrates how filling the gap can improve financial disclosures and accelerate climate change mitigation. Private climate initiatives have proliferated in the last decade. Often led by advocacy groups, these private initiatives have used naming and shaming campaigns and other means to induce investors, lenders, insurers, retail customers, supply chain customers, and employees to pressure firms to engage in climate change mitigation. Based on an empirical assessment of the annual reports filed with the Securities and Exchange Commission (SEC) by Fortune 100 firms and the largest firms …
Fraud On Any Market,
2022
University of Georgia Terry College of Business
Fraud On Any Market, Gregory Day, John T. Holden, Brian M. Mills
Indiana Law Journal
Claims of securities fraud had historically failed because investors seldom rely on false or misleading statements when transacting securities. To bolster confidence in securities markets, the U.S. Supreme Court adopted a doctrine called “fraud-on-the-market” so that duped investors can show detrimental reliance without ever encountering the fraudulent statements. The doctrine assumes that a stock’s price reflects all material information, meaning that an investor who bought tainted stock has constructively relied on the fraud.
Fraud-on-the-market is not only unavailable in other markets but is also embattled within securities law. The doctrine has endured volleys of criticisms about whether markets actually absorb …
Regulating Dynamic Risk In Changing Market Conditions,
2022
William & Mary Law School
Regulating Dynamic Risk In Changing Market Conditions, Susan Navarro Smelcer, Anne Tucker, Yusen Xia
William & Mary Business Law Review
How successful are the SEC's attempts to regulate dynamic risk in financial markets? Using mutual fund disclosure data from two financial shocks--the Puerto Rican debt crisis and COVID-19--this Article finds evidence that SEC open-ended regulations, like the obligation to disclose changing market conditions, are largely successful in capturing dynamic, future risk. Funds engage in widespread and, often, detailed disclosures for new risks--although these disclosures vary widely in specificity. But not all funds disclose new risks. This creates perverse incentives for funds to opt out of disclosure or downplay threats with boilerplate language when new risks are emerging. This Article recommends …
Is Bitcoin Prudent? Is Art Diversified? Offering Alternative Investments To 401(K) Participants,
2022
Benjamin N. Cardozo School of Law
Is Bitcoin Prudent? Is Art Diversified? Offering Alternative Investments To 401(K) Participants, Edward A. Zelinsky
Articles
Whether 401(k) plans’ investment menus should feature “alternative” investments is a fact-driven inquiry applying ERISA’s fiduciary standards of prudence, loyalty, and diversification. Central to this fact-driven inquiry is whether the alternative investment class in question is broadly accepted by investors in general and by professional defined benefit trustees in particular. A similarly salient concern when making this inquiry is the financial unsophistication of many, perhaps most, 401(k) participants. Accounting for these considerations, this Article concludes that REITs, private equity funds, and hedge funds can, with limits, today be offered as investment choices to 401(k) participants, but that cryptocurrencies (including Bitcoin), …
The Sec's Ice-Cold Take On Climate Disclosure: Is The 2010 Interpretive Climate Guidance Working?,
2022
Villanova University Charles Widger School of Law
The Sec's Ice-Cold Take On Climate Disclosure: Is The 2010 Interpretive Climate Guidance Working?, Patrick Dunbar
Villanova Environmental Law Journal
No abstract provided.
More Cowbell: Freeing Insider-Trading Liability For Mere-Thieves From The Supreme Court’S Twentieth-Century Devotion To The Cult Of Common-Law Doctrinal Analysis,
2022
University of Nevada, Las Vegas -- William S. Boyd School of Law
More Cowbell: Freeing Insider-Trading Liability For Mere-Thieves From The Supreme Court’S Twentieth-Century Devotion To The Cult Of Common-Law Doctrinal Analysis, Robert Steinbuch
Nevada Law Journal
No abstract provided.
Blockchain Technology For Good,
2022
University of St. Thomas School of Law
Blockchain Technology For Good, Wulf A. Kaal
University of St. Thomas Law Journal
No abstract provided.
Initial Public Offering And Optimal Corporate Governance,
2022
University of Michigan Law School
Initial Public Offering And Optimal Corporate Governance, Albert H. Choi
Law & Economics Working Papers
This paper examines the long-standing debate over whether firms have a market-based incentive to adopt optimal governance provisions at their initial public offering (IPO). Various scholars and practitioners have argued that firms that offer stock to the public with suboptimal governance structure will be penalized by the market through a lower IPO price. At the same time, others have documented empirical evidence that many IPO firms have putatively suboptimal governance provisions, such as anti-takeover provisions and dual class structure, and many, especially those with dual-class structure, enjoy a market premium at their IPO. This paper attempts to bridge this gap. …
Federally Mandated Online Sales Tax: A Logistical Solution For The Future Of E-Commerce,
2022
Depaul University College of Law
Federally Mandated Online Sales Tax: A Logistical Solution For The Future Of E-Commerce, Daniel O'Connor
DePaul Business and Commercial Law Journal
No abstract provided.
Economic Structural Transformation And Litigation: Evidence From Chinese Provinces, To Economic Change And Restructuring,
2022
Drake University Law School
Economic Structural Transformation And Litigation: Evidence From Chinese Provinces, To Economic Change And Restructuring, Doug Bujakowski, Joan Schmit
DePaul Business and Commercial Law Journal
No abstract provided.
The "Business Interruption" Insurance Coverage Conundrum: Covid-19 Presents A Challenge,
2022
University of North Dakota School of Law
The "Business Interruption" Insurance Coverage Conundrum: Covid-19 Presents A Challenge, Paul E. Traynor
DePaul Business and Commercial Law Journal
No abstract provided.
Misalighned Incentives In Markets: Envisioning Finance That Benefits All Of Society,
2022
University of Calgary
Misalighned Incentives In Markets: Envisioning Finance That Benefits All Of Society, Dr. Ryan Clements
DePaul Business and Commercial Law Journal
No abstract provided.
What’S A Nice Company Like Goldman Sachs Doing In The Supreme Court? How Securities Fraud Class Actions Rip Off Ordinary Investors–And What To Do About It,
2022
Villanova University Charles Widger School of Law
What’S A Nice Company Like Goldman Sachs Doing In The Supreme Court? How Securities Fraud Class Actions Rip Off Ordinary Investors–And What To Do About It, Richard A. Booth
Villanova Law Review
No abstract provided.
The Evolution Of Doj And Sec Expectations For Corporate Compliance Programs And Staying Ahead Of The Curve,
2022
DLA Piper
The Evolution Of Doj And Sec Expectations For Corporate Compliance Programs And Staying Ahead Of The Curve, Brian H. Benjet, Jamie Kurtz
Villanova Law Review
No abstract provided.
Why Comparability Is A Greater Problem Than Greenwashing In Esg Etfs,
2022
William & Mary Law School
Why Comparability Is A Greater Problem Than Greenwashing In Esg Etfs, Ryan Clements
William & Mary Business Law Review
This Article argues that comparability in environmental, social, and governance (ESG) exchange traded funds (ETFs) is a much greater problem than greenwashing. Rising demand for sustainable investment products in recent years has been met with an explosion in ESG ETF varieties, and numerous ESG-themed funds have captured massive capital inflows. There is little evidence, however, that deceptive “greenwashing” is widespread in ETFs. ETF issuers face significant reputational costs from such behavior, and there are effectively no consumer switching costs for hyperliquid, easily accessible ETFs. While nondeceptive practices of asset managers are observable in the zero-sum, highly competitive, asset management game …
What’S In The Forecast For The Spac Boom & The Pslra?,
2022
Saint Louis University School of Law
What’S In The Forecast For The Spac Boom & The Pslra?, Nick Krone
SLU Law Journal Online
Special Purpose Acquisition Companies (SPACs) have exploded in popularity. These so-called “blank check” companies are used as vehicles to take companies public without going through a traditional IPO process. Financial projections in SPACs are currently protected by the safe harbor for forward-looking statements afforded by the Private Securities Litigation Reform Act (PSLRA). In this article, Nick Krone examines whether SPACs should be protected by the PSLRA.
The New Public/Private Equilibrium And The Regulation Of Public Companies,
2022
Duke University School of Law
The New Public/Private Equilibrium And The Regulation Of Public Companies, Elisabeth De Fontenay, Gabriel V. Rauterberg
Law & Economics Working Papers
This Symposium Article examines how the public/private divide works today and maps out some of the potential implications for major issues in securities law. Classic debates in securities law were often predicated on the idea that public companies are a coherent class of firms that differ markedly from private companies. For more than fifty years after the adoption of the federal securities laws, this view was justified. During that period, the vast majority of successful and growing private firms eventually accepted the regulatory obligations of being public in order to access a wider and deeper pool of capital, among other …
Monsanto: Creator Of Cancer Liability,
2022
DePaul University
Monsanto: Creator Of Cancer Liability
DePaul Business and Commercial Law Journal
No abstract provided.