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Articles 1 - 3 of 3
Full-Text Articles in Law
Appraisal Arbitrage And Shareholder Value, Scott Callahan, Darius Palia, Eric L. Talley
Appraisal Arbitrage And Shareholder Value, Scott Callahan, Darius Palia, Eric L. Talley
Faculty Scholarship
Post-merger appraisal rights have been the focus of heated controversy within mergers and acquisitions circles in recent years. Traditionally perceived as an arcane and cabalistic proceeding, the appraisal action has recently come to occupy center stage through the ascendancy of appraisal arbitrage — whereby investors purchase target-company shares shortly after an announcement principally to pursue appraisal. Such strategies became more feasible and profitable a decade ago, on the heels of two seemingly technocratic reforms in Delaware: (i) the statutory codification of pre-judgment interest, pegging a presumptive rate at five percent above the federal discount rate; and (ii) the Transkaryotic opinion, …
Amazon – An Infrastructure Service And Its Challenge To Current Antitrust Law, Lina M. Khan
Amazon – An Infrastructure Service And Its Challenge To Current Antitrust Law, Lina M. Khan
Faculty Scholarship
This chapter maps out facets of Amazon’s power. In particular, it traces the sources of Amazon’s growth and analyzes the potential effects of its dominance. Doing so enables us to make sense of the company’s business strategy and illuminates anticompetitive aspects of its structure and conduct. This analysis reveals that the current framework in antitrust — specifically its equating competition with “consumer welfare,” typically measured through short- term effects on price and output — fails to capture the architecture of market power in the 21st- century marketplace. In other words, the potential harms to competition posed by Amazon’s dominance are …
Naked Open Market Manipulation And Its Effects, Merritt B. Fox, Lawrence R. Glosten, Gabriel Rauterberg
Naked Open Market Manipulation And Its Effects, Merritt B. Fox, Lawrence R. Glosten, Gabriel Rauterberg
Faculty Scholarship
More than 80 years after US federal law first addressed stock market manipulation, there is still dispute about manipulation law’s foundational principles; this chapter aims to provide clarity by offering an analytical framework for understanding a specific manipulation. There has been a sharp split among the federal circuits concerning manipulation law’s central question: Can trading activity alone ever be considered illegal manipulation? Economists and legal scholars do not agree on whether manipulation is possible in principle, let alone on how to address it properly in practice. The framework offered by this chapter aims to help clarify federal law and may …