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Articles 31 - 53 of 53
Full-Text Articles in Entire DC Network
Mapping The American Shareholder Litigation Experience: A Survey Of Empirical Studies Of The Enforcement Of The U.S. Securities Law, James D. Cox, Randall S. Thomas
Mapping The American Shareholder Litigation Experience: A Survey Of Empirical Studies Of The Enforcement Of The U.S. Securities Law, James D. Cox, Randall S. Thomas
Faculty Scholarship
In this paper, we provide an overview of the most significant empirical research that has been conducted in recent years on the public and private enforcement of the federal securities laws. The existing studies of the U.S. enforcement system provide a rich tapestry for assessing the value of enforcement, both private and public, as well as market penalties for fraudulent financial reporting practices. The relevance of the U.S. experience is made broader by the introduction through the PSLRA in late 1995 of new procedures for the conduct of private suits and the numerous efforts to evaluate the effects of those …
Lying And Getting Caught: An Empirical Study Of The Effect Of Securities Class Action Settlements On Targeted Firms, James D. Cox, Lynn Bai, Randall S. Thomas
Lying And Getting Caught: An Empirical Study Of The Effect Of Securities Class Action Settlements On Targeted Firms, James D. Cox, Lynn Bai, Randall S. Thomas
Faculty Scholarship
The ongoing Great Recession has triggered numerous proposals to improve the regulation of financial markets and, most importantly, the regulation of organizations such as credit rating agencies, underwriters, hedge funds, and banks, whose behavior is believed to have caused the credit crisis that spawned the economic collapse. Not surprisingly, some of the reform efforts seek to strengthen the use of private litigation. Private suits have long been championed as a necessary mechanism not only to compensate investors for harms they suffer from financial frauds but also to enhance deterrence of wrongdoing. However, in recent years there has been a chorus …
Enforcing International Corrupt Practices Law, Paul D. Carrington
Enforcing International Corrupt Practices Law, Paul D. Carrington
Faculty Scholarship
This Essay strives to advance the current international movement to
deter the transnational corrupt practices that have long burdened the global economy and weakened governments, especially in “developing” nations. Laws made in the last decade to address this longstanding global problem have not been effectively enforced. Described here are the moderately successful efforts in the United States since 1862 to reward private citizens serving as enforcers of laws prohibiting corrupt practices. It is suggested that this American experience might be adapted by international organizations to enhance enforcement of the new public international laws.
Reinventing The Sec By Staring Into Its Past, James D. Cox
Reinventing The Sec By Staring Into Its Past, James D. Cox
Faculty Scholarship
No abstract provided.
Coping In A Global Marketplace: Survival Strategies For A 75-Year-Old Sec, James D. Cox
Coping In A Global Marketplace: Survival Strategies For A 75-Year-Old Sec, James D. Cox
Faculty Scholarship
Notwithstanding cynicism to the contrary, data bears witness to the fact that government agencies come and go. There are multiple causes that give rise to their disappearance but among the most powerful is that conditions that first gave rise to the particular agency's creation no longer exist so that the regulatory needs that once prevailed are no longer present or that there is a better governmental response than Congress' earlier embraced when it initially created an independent regulatory agency to address the problems needing to be addressed. Certainly the more rigid the regulatory authority conferred on an agency has much …
The Circus Comes To Town: The Media And High-Profile Trials, David A. Sellers
The Circus Comes To Town: The Media And High-Profile Trials, David A. Sellers
Law and Contemporary Problems
No abstract provided.
The Competing Paradigms Of Securities Regulation, James J. Park
The Competing Paradigms Of Securities Regulation, James J. Park
Duke Law Journal
Although the securities industry is primarily regulated by specific rules, it is also governed by general principles. When conduct violates a rule, the regulatory response is obvious-enforce the rule. The issue is more difficult when conduct does not violate a rule but violates a principle. A regulator can excuse the conduct on the ground that the law is unclear and prohibit the conduct going forward through rulemaking. Or, the regulator can punish the conduct through what I call a "principles-based" enforcement action. Since 2002, there has been a surge of principles-based enforcement actions, provoking criticism that regulators are engaging in …
Reforming Punishment Of Financial Reporting Fraud, Samuel W. Buell
Reforming Punishment Of Financial Reporting Fraud, Samuel W. Buell
Faculty Scholarship
Present sentencing law in criminal cases of financial reporting fraud is embarrassingly flawed. The problem is urgent given that courts are now regularly sentencing corporate offenders, sometimes (but sometimes not) to extremely punitive terms of imprisonment. Policing of fraud by multiple jurisdictions in a federal system means that principled sentencing law is necessary not only for first-order policy reasons but also for coordination of sanctioning efforts. Proportionality and rationality demand that sentencing law have an agreed scale for measuring cases of financial reporting fraud in relation to each other, a sound methodology for fixing a given case on that scale, …
The New Global Financial Landscape: Why Egregious International Corporate Fraud Should Be Cognizable Under The Alien Tort Claims Act, Joel Slawotsky
The New Global Financial Landscape: Why Egregious International Corporate Fraud Should Be Cognizable Under The Alien Tort Claims Act, Joel Slawotsky
Duke Journal of Comparative & International Law
No abstract provided.
Financial Information Failure And Lawyer Responsibility, Steven L. Schwarcz
Financial Information Failure And Lawyer Responsibility, Steven L. Schwarcz
Faculty Scholarship
When public firms collapse amid allegations of financial information failure-such as misleading financial statements-society looks beyond the role of accountants to see who else should be held responsible. Lawyers advising the firm increasingly are charged with responsibility, perhaps because modern financial and business complexities, as well as rules that make accounting determinations turn in part on legal conclusions, have blurred the boundary between legal and accounting duties. Lawyers should want to satisfy this responsibility not only to avoid liability but also to safeguard their reputation and integrity. The difficult question, which this article attempts to answer, is what that responsibility …
The Oligopolistic Gatekeeper: The U.S. Accounting Profession, James D. Cox
The Oligopolistic Gatekeeper: The U.S. Accounting Profession, James D. Cox
Faculty Scholarship
The accounting and financial scandals the last few years not only produced the Sarbanes-Oxley Act, but have prompted a good deal of debate what forces led to so many dramatic reporting failures. This article is the only work to examine how the competitive structure of the accounting industry contributed to its movement from being a profession to a business that performed auditing. In the article we find not only documentation that the accounting profession is an oligopoly but a sound explanation of how its poor structure contributes significantly to negative social welfare. Throughout the article provides rich support of data …
Proportionality As A Principle Of Limited Government, Alice Ristroph
Proportionality As A Principle Of Limited Government, Alice Ristroph
Duke Law Journal
This Article examines proportionality as a constitutional limitation on the power to punish. In the criminal context, proportionality is often mischaracterized as a specifically penological theory-an ideal linked to specific accounts of the purpose of punishment. In fact, a constitutional proportionality requirement is better understood as an external limitation on the state's penal power that is independent of the goals of punishment. Proportionality limitations on the penal power arise not from the purposes of punishment, but from the fact that punishing is not the only purpose that the state must pursue. Other considerations, especially the protection of individual interests in …
Organizational Misconduct: Beyond The Principal-Agent Model, Kimberly D. Krawiec
Organizational Misconduct: Beyond The Principal-Agent Model, Kimberly D. Krawiec
Faculty Scholarship
This article demonstrates that, at least since the adoption of the Organizational Sentencing Guidelines in 1991, the United States legal regime has been moving away from a system of strict vicarious liability toward a system of duty-based organizational liability. Under this system, organizational liability for agent misconduct is dependant on whether or not the organization has exercised due care to avoid the harm in question, rather than under traditional agency principles of respondeat superior. Courts and agencies typically evaluate the level of care exercised by the organization by inquiring whether the organization had in place internal compliance structures ostensibly designed …
Capitalism And Freedom — For Whom?: Feminist Legal Theory And Progressive Corporate Law, Kellye Y. Testy
Capitalism And Freedom — For Whom?: Feminist Legal Theory And Progressive Corporate Law, Kellye Y. Testy
Law and Contemporary Problems
Progressive corporate law has the potential to realign corporate activity and market economies with human benefit. The present state of disruption in the economy is a key moment: with disruption comes the opportunity for change.
Corporate Law Or The Law Of Business?: Stakeholders And Corporate Governance At The End Of History, Adam Winkler
Corporate Law Or The Law Of Business?: Stakeholders And Corporate Governance At The End Of History, Adam Winkler
Law and Contemporary Problems
Surely, corporate managers themselves, who must operate within the broader law of business, are aware of the legally imposed duties to protect workders, consumers, and larger communities. Perhaps it is time corporate lawyers caught up to this reality.
Some Thoughts On An Agenda For The Public Company Accounting Oversight Board, Elliott J. Weiss
Some Thoughts On An Agenda For The Public Company Accounting Oversight Board, Elliott J. Weiss
Duke Law Journal
No abstract provided.
Sec Enforcement Heuristics: An Empirical Inquiry, James D. Cox, Randall S. Thomas, Dana Kiku
Sec Enforcement Heuristics: An Empirical Inquiry, James D. Cox, Randall S. Thomas, Dana Kiku
Duke Law Journal
This Article examines the overlap between SEC securities enforcement actions and private securities fraud class actions. We begin with an overview of data concerning all SEC enforcement actions from 1997 to 2002. We find that the volume of SEC enforcement proceedings is relatively modest. We next examine the scope of the recently enacted "Fair Fund" provision that authorizes the SEC to designate civil penalties it recovers from defendants to benefit defrauded private investors. We conclude that this provision offers only limited potential relief for private investors. We complete this Part of the Article with an analysis of the serious resource …
Whither Securities Regulation? Some Behavioral Observations Regarding Proposals For Its Future, Robert Prentice
Whither Securities Regulation? Some Behavioral Observations Regarding Proposals For Its Future, Robert Prentice
Duke Law Journal
Respected commentators have floated several proposals for startling reforms of America's seventy-year-old securities regulation scheme. Many involve substantial deregulation with a view toward allowing issuers and investors to contract privately for desired levels of disclosure and fraud protection. The behavioral literature explored in this Article cautions that in a deregulated securities world it is exceedingly optimistic to expect issuers voluntarily to disclose optimal levels of information, securities intermediaries such as stock exchanges and stockbrokers to appropriately consider the interests of investors, or investors to be able to bargain efficiently for fraud protection.
Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch
Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch
Law and Contemporary Problems
No abstract provided.
Deconstructing Section 11: Public Offering Liability In A Continuous Disclosure Environment, Donald C. Langevoort
Deconstructing Section 11: Public Offering Liability In A Continuous Disclosure Environment, Donald C. Langevoort
Law and Contemporary Problems
There can be no successful reform of the system of capital-raising regulation in the US without rethinking the liability regime. Reform is long overdue and can readily be accomplished in a way that does not unnecessarily compromise investor protection.
Cross-Border Investment, Conflict Of Laws, And The Privatization Of Securities Law, Robert W. Hillman
Cross-Border Investment, Conflict Of Laws, And The Privatization Of Securities Law, Robert W. Hillman
Law and Contemporary Problems
The rapid acceleration of transnational investing is occurring in an environment in which emerging markets, and foreign interest in these markets, are exploding. The issues involved with cross-border investment, conflict of laws and the privatization of securities law are examined.
The Second Banking Directive: Conflicts, Choices, And Long-Term Goals, Barbara C. Matthews
The Second Banking Directive: Conflicts, Choices, And Long-Term Goals, Barbara C. Matthews
Duke Journal of Comparative & International Law
No abstract provided.
Cenco, Inc. V. Seidman & Seidman: A Futile Attempt To Deter Management Fraud, Cathy A. Gay
Cenco, Inc. V. Seidman & Seidman: A Futile Attempt To Deter Management Fraud, Cathy A. Gay
Duke Law Journal
No abstract provided.