Law Commons^™

Informed Trading And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Gabriel V. Rauterberg

Articles

Informed trading--trading on information not yet reflected in a stock's price-- drives the stock market. Such informational advantages can arise from astute analysis of varied pieces of public news, from just released public information, or from confidential information from inside a firm. We argue that these disparate types of trading are all better regulated as part of the broader phenomenon of informed trading. Informed trading makes share prices more accurate, enhancing the allocation of capital, but also makes markets less liquid, which is costly to the efficiency of trade. Informed trading thus poses a fundamental trade-off in how it affects …

Automating Threat Sharing: How Companies Can Best Ensure Liability Protection When Sharing Cyber Threat Information With Other Companies Or Organizations, Ari Schwartz, Sejal C. Shah, Matthew H. Mackenzie, Sheena Thomas, Tara Sugiyama Potashnik, Bri Law

University of Michigan Journal of Law Reform

This Article takes an in-depth look at the evolution of cybersecurity information sharing legislation, leading to the recent passage of the Cybersecurity Information Sharing Act (CISA) and offers insights into how automated information sharing mechanisms and associated requirements implemented pursuant to CISA can be leveraged to help ensure liability protections when engaging in cyber threat information sharing with and amongst other non-federal government entities.

It Is Time: Why The Fda Should Start Disclosing Drug Trial Data, Mustafa Ünlü

Michigan Telecommunications & Technology Law Review

Although [drug] manufacturers bear the cost of research data generation, it is oftentimes a worthwhile investment that also confers significant commercial advantages. Consequently, they have argued that research data should be considered a trade secret and kept confidential. The FDA's longstanding position has been to accept this proposition. Even when Congress appeared to mandate disclosure or weaken the underlying rationale for secrecy, the FDA has continued to treat research data as confidential. A strong argument against a default posture of confidentiality is that research data disclosure would promote broad public interests by eliminating the societal costs brought about by keeping …

Confidentiality Of Educational Records And Child Protective Proceedings, Frank E. Vandervort

Book Chapters

The Federal Family Education Rights and Privacy Act (FERPA), which provides funding for state educational programming, requires that student records be disclosed to a nonparent only with the written consent of the child’s parent, unless the disclosure falls within one of the several exceptions detailed in the statute. One of the exemptions provided for in the federal law permits a school to disclose information to “state or local officials or authorities to whom [that] information is allowed to be reported or disclosed pursuant to state statute,” if that official certifies in writing “that the information will not be disclosed to …

Trends In Protection For Informational Works Under Copyright Law During The 19th And 20th Centuries, Miriam Bitton

Michigan Telecommunications & Technology Law Review

The debate over databases protection has failed to identify and discuss some of its most basic and preliminary assumptions, accepting instead many of the historical aspects involved as given. This Article therefore seeks to challenge these underlying assumptions by providing a fresh look at the historical dimension of the debate. One common argument regarding database protection is that the U.S. Supreme Court decision in Feist v. Rural Publications Inc. brought about a dramatic change in the legal landscape, displacing the then-accepted "sweat of the brow" rationale for protecting rights in databases. This Article's historical analysis therefore thoroughly examines the treatment …

Taking A Bite Out Of Circumvention: Analyzing 17 U.S.C. 1201 As A Criminal Law, Jason M. Schulz

Michigan Telecommunications & Technology Law Review

...information content providers who depend heavily on copyright law are growing increasingly wary of advances in digital technology that allow manipulation of their content and potentially diminish the effectiveness of their copyright protection. Technology firms, on the other hand, are looking more and more at developing products which provide low-cost, high quality access to content without restriction. Thus, as technologists work feverishly to find new ways to free up information, content providers are fighting just as hard to constrain access in order to prevent market-killing duplication and distribution of their works. These two codependent yet clashing interest groups recently met …

White House Electronic Mail And Federal Recordkeeping Law: Press "D" To Delect History, James D. Lewis

Michigan Law Review

This Note argues that federal recordkeeping law should promote the preservation of history above all other concerns. First, courts should construe and apply the recordkeeping statutes with this goal in mind. Second, Congress should amend the recordkeeping statutes to correct enforcement deficiencies that leave irresponsible recordkeeping practices unchecked and risk the loss of a historical record of White House decisionmaking. Finally, executive officials should adopt guidelines that identify and preserve historically significant materials regardless of the medium in which they are captured.

Part I of this Note examines the statutes that currently regulate the management and public disclosure of White …

Insider Trading Deterrence Versus Managerial Incentives: A Unified Theory Of Section 16(B), Merritt B. Fox

Michigan Law Review

Part I of this article assesses the social costs of a crude rule of thumb. Because section 16(b) applies to a given class of paired transactions, it deters both transactions based on inside information and transactions not so based. Each time section 16(b) is stretched to include a class of paired transactions, it deters some additional innocent transactions. This side effect will take the form of officers' and directors' purchasing fewer shares in their own companies and refusing to accept as large a portion of their compensation in a form based on share price. There are strong theoretical and empirical …

Collective Bargaining In The Federal Public Sector: Disclosing Employee Names And Addresses Under Exemption 6 Of The Freedom Of Information Act, Trina Jones

Michigan Law Review

This Note examines the application of FOIA and the Privacy Act to union requests for employee names and addresses under the Fed. LM Statute. Part I briefly explores the importance of employee names and addresses to collective bargaining. This Part also examines the increasingly significant role of public sector unions due to the growth in federal public sector employment and the decline of private sector unionization. Part II analyzes the various circuit court decisions supporting disclosure in the federal public sector. Part III examines Reporters Committee and Department of the Treasury and discusses the potential policy implications resulting from the …

Michigan "Freedom Of Information Act", David T. Alexander

University of Michigan Journal of Law Reform

A policy of public disclosure is as appropriate at the state level as it is at the federal level. There are comparable state agencies for almost all Federal departments concerned with commerce and the public health, safety and welfare. Through licensing and supervisory powers over businesses and individuals, state agencies exercise extensive quasi-legislative and quasi-judicial powers of immediate concern to the public. The resulting rules, records, regulations, orders and opinions serve as both the factual findings and the substantive law of the particular area administered by each agency. Recognizing this need for public disclosure at the state level, the Michigan …