Law Commons^™

Ipos And The Slow Death Of Section 5, Donald C. Langevoort, Robert B. Thompson

Georgetown Law Faculty Publications and Other Works

Since its enactment, Section 5 of the Securities Act of 1933 has restricted sales-based communications with investors, but that effort is nearly dead even with respect to the most sensitive of offerings, the IPO. Our paper traces that devolution, which began almost as soon as the ’33 Act came into existence, though the SEC’s 2005 deregulatory reforms and Congress’ intervention in the JOBS Act of 2012. We show how much of this related to an embrace of “book-building” as the industry’s preferred method of price discovery, which requires private two-way communications between underwriters and potential sophisticated investors. But book-building (and …

Merger Settlement And Enforcement Policy For Optimal Deterrence And Maximum Welfare, Steven C. Salop

Georgetown Law Faculty Publications and Other Works

Merger enforcement today relies on settlements more than litigation to resolve anti-competitive concerns. The impact of settlement policy on welfare and the proper goals of settlement policy are highly controversial. Some argue that gun-shy agencies settle for too little while others argue that agencies use their power to delay to extract over-reaching settlement terms, even when mergers are not welfare-reducing. This article uses decision theory to throw light on this controversy. The goal of this article is to formulate and analyze agency merger enforcement and settlement commitment policies in the face of imperfect information, litigation costs, and delay risks by …

Top 10 Law School Home Pages Of 2012, Roger V. Skalbeck, Matthew L. Zimmerman

Georgetown Law Faculty Publications and Other Works

For a fourth consecutive year, every website home page of every ABA-accredited law school is evaluated and ranked based on objective criteria. The goal is to identify well-executed sites adopting best practices. For the 2012 report, twenty-six elements are evaluated across these three categories: Design Patterns and Metadata, Accessibility and Validation, & Marketing and Communications. For 2012, there are four new elements, two prior elements have been combined, and one element was dropped.

For 2012, forty-six schools now use the HTML5 doctype, which is up from thirteen in 2011 and just one in 2010. Eighteen schools achieve perfect scores in …