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Full-Text Articles in Law

Endogenous Market Choice, Listing Regulations, And Ipo Spread: Evidence From The London Stock Exchange, Hafiz Hoque, John Doukas Jan 2023

Endogenous Market Choice, Listing Regulations, And Ipo Spread: Evidence From The London Stock Exchange, Hafiz Hoque, John Doukas

Finance Faculty Publications

This study examines the endogenous market choice and its impact on underwriter spread if Alternative Investment Market (AIM) IPOs that meet Main Market (MM) listing requirements had issued equity in the MM during the 1995–2021 period. We find that the spread is 1.33% higher in the AIM than the MM for IPO listings that meet the MM listing requirements. This finding suggests that AIM companies, meeting the MM listing requirements, could have saved more than £100 million by going public through the MM than the AIM market. We also find that this spread differential is attributed to the issuing firms' …


The Cryptic Nature Of Crypto Digital Assets Regulations: The Ripple Lawsuit And Why The Industry Needs Regulatory Clarity, Jacqueline Hennelly Jan 2022

The Cryptic Nature Of Crypto Digital Assets Regulations: The Ripple Lawsuit And Why The Industry Needs Regulatory Clarity, Jacqueline Hennelly

Fordham Journal of Corporate & Financial Law

The tension and associated time lag between technology and regulation has been well documented. Paradigmatic of this phenomenon is the global evolution of blockchain technology and digital assets. Digital assets in the blockchain allow users to transact directly without financial intermediaries. However, the regulatory guidelines for the assets, their issuance, and the subsequent transactions are unclear. The Securities and Exchange Commission (SEC) has filed an action to apply its existing regulations and the judicial interpretations to Ripple’s issuance of XRP, its token, and Ripple’s control over subsequent user transactions of XRP. This Note uses SEC v. Ripple as a case …


Goodbye Buybacks? Why Recent Stock Buyback Reform Proposals Go Beyond What Is Necessary, Joshua Zelen Jan 2022

Goodbye Buybacks? Why Recent Stock Buyback Reform Proposals Go Beyond What Is Necessary, Joshua Zelen

Fordham Journal of Corporate & Financial Law

This note provides an overview of the intensifying debate around the impact that stock buybacks have on economic inequality and the proposals designed to reform the practice. With the advent of the Securities and Exchange Commission’s (SEC) 1982 promulgation of Rule 10b-18, corporations began allocating vast portions of their profits to stock buybacks. In recent years, this practice has become increasingly more common and has surpassed previous historical benchmarks.

Critics of stock buybacks primarily view the practice as a misuse of excess corporate funds that could instead be allocated to improve employee working conditions, benefits, and future outcomes. Opponent’s concerns …


Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson Dec 2021

Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson

All Faculty Scholarship

Corporations have received growing criticism for their role in climate change, perpetuating racial and gender inequality, and other pressing social issues. In response to these concerns, shareholders are increasingly focusing on environmental, social, and corporate governance (ESG) criteria in selecting investments, and asset managers are responding by offering a growing number of ESG mutual funds. The flow of assets into ESG is one of the most dramatic trends in asset management.

But are these funds giving investors what they promise? This question has attracted the attention of regulators, with the Department of Labor and the Securities and Exchange Commission (SEC) …


Mutual Fund Stewardship And The Empty Voting Problem, Jill E. Fisch Oct 2021

Mutual Fund Stewardship And The Empty Voting Problem, Jill E. Fisch

All Faculty Scholarship

When Roberta Karmel wrote the articles that are the subject of this symposium, she was skeptical of both the potential value of shareholder voting and the emerging involvement of institutional investors in corporate governance. In the ensuing years, both the increased role and engagement of institutional investors and the heightened importance of shareholder voting offer new reasons to take Professor Karmel’s concerns seriously. Institutional investors have taken on a broader range of issues ranging from diversity and political spending to climate change and human capital management, and their ability to influence corporate policy on these issues has become more significant. …


The Virus, Risk, And Commercial Mortgage-Backed Securities: Examining Dodd-Frank’S Impact In The Midst Of A Pandemic, Owen Haney Jan 2021

The Virus, Risk, And Commercial Mortgage-Backed Securities: Examining Dodd-Frank’S Impact In The Midst Of A Pandemic, Owen Haney

Fordham Journal of Corporate & Financial Law

When lawmakers sought to reshape the financial industry through the passage of the Dodd-Frank Act in 2010, they specifically attacked the “moral hazard” in the asset-backed securities market that they believed was partly responsible for the collapse of global financial markets. Congress identified several practices in asset-backed securitizations that posed a risk to the world economy. In particular, regulators believed that the “originate-to-distribute” model, whereby loan originators—those parties armed with the best knowledge regarding the quality of the loans in the transaction and who consequently set underwriting standards—could sell off the loans without bearing any risk should those borrowers (homeowners …


Synthetic Governance, Byung Hyun Anh, Jill E. Fisch, Panos N. Patatoukas, Steven Davidoff Solomon Jan 2021

Synthetic Governance, Byung Hyun Anh, Jill E. Fisch, Panos N. Patatoukas, Steven Davidoff Solomon

All Faculty Scholarship

Although securities regulation is distinct from corporate governance, the two fields have considerable substantive overlap. By increasing the transparency and efficiency of the capital markets, securities regulation can also enhance the capacity of those markets to discipline governance decisions. The importance of market discipline is heightened by the increasingly vocal debate over what constitutes “good” corporate governance.

Securities product innovation offers new tools to address this debate. The rise of index-based investing provides a market-based mechanism for selecting among governance options and evaluating their effects. Through the creation of bespoke governance index funds, asset managers can create indexes that correspond …


A False Sense Of Security: How Congress And The Sec Are Dropping The Ball On Cryptocurrency, Tessa E. Shurr Oct 2020

A False Sense Of Security: How Congress And The Sec Are Dropping The Ball On Cryptocurrency, Tessa E. Shurr

Dickinson Law Review (2017-Present)

Today, companies use blockchain technology and digital assets for a variety of purposes. This Comment analyzes the digital token. If the Securities and Exchange Commission (SEC) views a digital token as a security, then the issuer of the digital token must comply with the registration and extensive disclosure requirements of federal securities laws.

To determine whether a digital asset is a security, the SEC relies on the test that the Supreme Court established in SEC v. W.J. Howey Co. Rather than enforcing a statute or agency rule, the SEC enforces securities laws by applying the Howey test on a fact-intensive …


Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker Jan 2020

Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker

Faculty Publications By Year

Evidence of the tremendous rise in the significance of environmental, social, and governance (ESG) investing is coming from all quarters. Fund flows into ESG investment vehicles are growing at a sustained and sometimes exponential pace. Fund complexes are rushing to design products, creating and rebranding scores of mutual funds and exchange traded funds (ETFs), including lower-cost indexed options. Industry leaders, critics, and commentators are all heralding the sea change as a shift in investing - and corporate governance - to more broadly consider environmental and social factors.

This Article provides vital context for this conversation. Its descriptive account of the …


Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher Oct 2019

Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher

St. Mary's Law Journal

Abstract forthcoming


Capacitación Para La Elaboración De Informes Administrativos Y Contables De La Fundación Jesús El Buen Pastor, Según Requerimiento De La Alcaldía Mayor De Bogotá D.C, David Ernesto Ramos Cobos, Ana Carolina Hernández Jan 2019

Capacitación Para La Elaboración De Informes Administrativos Y Contables De La Fundación Jesús El Buen Pastor, Según Requerimiento De La Alcaldía Mayor De Bogotá D.C, David Ernesto Ramos Cobos, Ana Carolina Hernández

Administración de Empresas

El siguiente proyecto, consistió en orientar y capacitar en temas administrativos y contables a los miembros de la entidad sin ánimo de lucro Fundación Jesús el Buen Pastor, dedicada a prestar servicio social a las familias de bajos recursos en la localidad de Bosa de Bogotá. Dentro del texto se encontrará los enfoques más importantes en los cuales se tuvo que trabajar rápidamente, esto debido a que la Fundación Jesús el Buen Pastor por temas de desconocimiento no cumplía con los requisitos mínimos de las entidades reguladoras, los cual podía llevarlos a un cierre definitivo de sus instalaciones. A través …


El Impuesto A La Renta Y Complementarios En Colombia Desde El Punto De Vista Del Contribuyente Persona Natural, Ley 1819 De 2016, Juan David Rojas, Natalia Ramírez Barbosa Jan 2019

El Impuesto A La Renta Y Complementarios En Colombia Desde El Punto De Vista Del Contribuyente Persona Natural, Ley 1819 De 2016, Juan David Rojas, Natalia Ramírez Barbosa

Contaduría Pública

El presente artículo, tiene como objetivo presentar el impuesto a la renta y complementarios en Colombia desde el punto de vista del contribuyente persona natural, ley 1819 de 2016, en el que permiten evitar la evasión y elusión fiscal en Colombia. La evasión y elusión de impuestos son fenómenos que se encuentran inmersos en los diferentes grupos sociales, afectando a la comunidad en aspectos económicos, sociales, culturales y fiscales. La evasión responde a conductas o prácticas que adoptan las personas en el intento de evitar o eludir una responsabilidad u obligación que se tiene consigo mismo, con la comunidad o …


Trabajo De Campo En El Área Administrativa Y Contable Fundación Jesús El Buen Pastor, Katherine Lastra Vargas, Luis Eduardo Aroca Cobos Jan 2019

Trabajo De Campo En El Área Administrativa Y Contable Fundación Jesús El Buen Pastor, Katherine Lastra Vargas, Luis Eduardo Aroca Cobos

Administración de Empresas

En este trabajo podemos encontrar la aplicación de los conocimientos adquiridos en las carreras de Administración de Empresas y Contaduría Pública para el mejoramiento de los procesos y procedimientos de la Fundación Jesús El Buen Pastor, el cual contribuyó a crear un marco estratégico que permitió identificar la misión para la cual la organización fue creada y a su vez establecer lineamientos y herramientas que pudieran ayudar al crecimiento de la fundación tanto administrativo como contable. Al desarrollar este trabajo de grado se pudo obtener la situación actual de la fundación, realizar un diagnóstico de la misma y a su …


The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon Jan 2019

The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

All Faculty Scholarship

Passive investors — ETFs and index funds — are the most important development in modern day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporate America. Neither the business model of passive funds, nor the way that they engage with their portfolio companies, however, is well understood, and misperceptions of both have led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. Specifically, this literature takes a narrow view both of the market in which passive investors compete to manage customer funds and of passive investors’ participation …


The Emerging International Taxation Problems, James G. Yang, Victor N.A. Metallo Jan 2018

The Emerging International Taxation Problems, James G. Yang, Victor N.A. Metallo

Department of Accounting and Finance Faculty Scholarship and Creative Works

The problems of tax evasion and tax avoidance are as old as taxes themselves. Between 2015 and 2016 alone, many U.S. multinational corporations were involved in tax disputes with the European Commission. From a historical perspective, these disputes are unprecedented as they have resulted in tremendous amount of tax penalties. The most notable case was Apple for €13 billion of unpaid tax. This article discusses what tax strategies these corporations used that caused such disputes. It specifically investigates seven corporations: Apple Inc., McDonald’s, Starbucks, Fiat, Amazon, Google, and Ikea, and elaborates on the following tax strategies: high royalties, intercompany transfer …


Geopolitics Of Rare Earth Elements, Bert Chapman Oct 2017

Geopolitics Of Rare Earth Elements, Bert Chapman

Libraries Faculty and Staff Presentations

Rare earth elements (REE) contain unique chemical physical properties such as lanthamum, are found in small concentrations, need extensive precise properties to separate, and are critical components of modern technologies such as laser guidance systems, personal electronics such as IPhones, satellites, and military weapons systems as varied as Virginia-class fast attack submarines, DDG-51 Aegis destroyers, the F-35 Joint Strike Fighter, and precision guided munitions. The U.S. has some rare earth resources, but is heavily dependent on access to them from countries as varied as Afghanistan, Bolivia, and China. Losing access to these resources would have significant adverse economic, military, and …


Trading Ahead Of Bad News: Evidence From Short-Sales Of Stocks And The Options Market, Nicholas E. Macksoud Apr 2016

Trading Ahead Of Bad News: Evidence From Short-Sales Of Stocks And The Options Market, Nicholas E. Macksoud

Business and Economics Honors Papers

Throughout the past ten years, the United States Environmental Protection Agency (EPA) has issued hundreds of enforcement actions in the electric, natural gas, and petroleum industries. The vast majority of these citations have been violations of environmental statutes, notably the Clean Air Act (CAA) and the Clean Water Act (CWA). My research evaluates the timing of informed investors’ actions pertaining to the public release of these EPA announcements. Since informed traders have much more leverage in the options market, there seems likely to be a concentration of abnormal put option activity shortly before the time in which the announcements reach …


Raj Rajaratnam: Cheater (Revised), Alicia Baker Jan 2016

Raj Rajaratnam: Cheater (Revised), Alicia Baker

Richard T. Schellhase Essay Prize in Ethics

No abstract provided.


What Price Security?, Singapore Management University Jun 2015

What Price Security?, Singapore Management University

Perspectives@SMU

Non-state actors have muddied the global security picture but the fundamental problems remain unchanged from those millenia ago


The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch Jan 2015

The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch

All Faculty Scholarship

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.

Determining the …


Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani May 2014

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …


Why Do Retail Investors Make Costly Mistakes? An Experiment On Mutual Fund Choice, Jill E. Fisch, Tess Wilkinson-Ryan Jan 2014

Why Do Retail Investors Make Costly Mistakes? An Experiment On Mutual Fund Choice, Jill E. Fisch, Tess Wilkinson-Ryan

All Faculty Scholarship

There is mounting evidence that retail investors make predictable, costly investment mistakes, including underinvestment, naïve diversification, and payment of excessive fund fees. Over the past thirty-five years, however, participant-directed 401(k) plans have largely replaced professionally managed pension plans, requiring unsophisticated retail investors to navigate the financial markets themselves. Policy-makers have struggled with regulatory interventions designed to improve the quality of investment decisions without a clear understanding of the reasons for investor mistakes. Absent such an understanding, it is difficult to design effective regulatory responses.

This article offers a first step in understanding the investor decision-making process. We use an internet-based …


A Framework For Analyzing Attorney Liability Under Section 10(B) And Rule 10b-5, Gary M. Bishop Oct 2012

A Framework For Analyzing Attorney Liability Under Section 10(B) And Rule 10b-5, Gary M. Bishop

The University of New Hampshire Law Review

[Excerpt] “Lawyers who make their living representing securities issuers face a myriad of challenges. Securities lawyers must navigate and master an intricate body of statutory, regulatory, and case law at both the state and the federal level and ensure that their clients comply with the law. The compliance requirement, however, is not limited to the issuer clients. Defrauded investors will often seek recovery of their losses from both the issuer of the failed investment securities and from the lawyers who represent the issuer, which only exacerbates the complexity of the securities lawyer’s work. These securities fraud actions against lawyers raise …


The Strategic Implications Of China's Rare Earths Policy, Shane Bilsborough Oct 2012

The Strategic Implications Of China's Rare Earths Policy, Shane Bilsborough

Journal of Strategic Security

Drawing on literature in China studies, strategic theory, and expert interviews, this article analyzes the possibility of "rare earths" being leveraged by the People's Republic of China (PRC) in a crisis. The evidence suggests China's position in the rare earths market could constitute a significant security liability for the United States. It also seems that even if coercion fails to materialize, China's rare earths policies have the potential to intensify security dilemmas in Sino-American relations.


Arctic Energy Resources: Security And Environmental Implications, Peter Johnston Oct 2012

Arctic Energy Resources: Security And Environmental Implications, Peter Johnston

Journal of Strategic Security

In recent years, there has been considerable interest in the Arctic as a source for resources, as a potential zone for commercial shipping, and as a region that might experience conflict due to its strategic importance. With regards to energy resources, some studies suggest that the region contains upwards of 13 percent of global undiscovered oil, 30 percent of undiscovered gas, and multiples more of gas hydrates. The decreasing amount and duration of Arctic ice cover suggests that extraction of these resources will be increasingly commercially viable. Arctic and non-arctic states wish to benefit from the region's resources and the …


The 2011 Mena Revolutions: A Study In U.S. Energy (In)Security, Jessie Rumsey Oct 2012

The 2011 Mena Revolutions: A Study In U.S. Energy (In)Security, Jessie Rumsey

Journal of Strategic Security

The recent upheavals in the Middle East and North Africa (MENA) have brought into stark relief the conflict between democratic values and strategic interests in U.S. foreign policy. Americans are known for commitment to life, liberty, and the pursuit of happiness, yet the U.S. Government is frequently unwilling to step forward and openly express even rhetorical support for reform movements in foreign countries. In fact, initial American reluctance to support the recent "Arab Spring" uprisings serves as another example of what scholars argue is a general exception in the MENA to broader post-Cold War rising costs of maintaining autocracy. This …


Assessing Whether Oil Dependency In Venezuela Contributes To National Instability, Adam Kott Oct 2012

Assessing Whether Oil Dependency In Venezuela Contributes To National Instability, Adam Kott

Journal of Strategic Security

The focus of this article is on what role, if any, oil has on Venezuela's instability. When trying to explain why a resource-rich country experiences slow or negative growth, experts often point to the resource curse. The following pages explore the traditional theory behind the resource curse as well as alternative perspectives to this theory such as ownership structure and the correlation between oil prices and democracy. This article also explores the various forms of instability within Venezuela and their causes. Finally, the article looks at President Hugo Chavez's political and economic policies as well as the stagnation of the …


European Strategies For Energy Security In The Natural Gas Market, Boyka M. Stefanova Oct 2012

European Strategies For Energy Security In The Natural Gas Market, Boyka M. Stefanova

Journal of Strategic Security

This article examines the European Union's (EU) approach to energy security on the example of its natural gas imports from Russia, the largest supplier of gas to European markets. Two major projects, Nord Stream in the Northern and Western part of the EU, and Nabucco in South-Central Europe, demonstrate opposing energy security strategies, seemingly at odds with the EU objective of achieving energy independence from Russia. The question arises: Are these strategies sustainable? How can they be reconciled and pursued under a common policy? The main argument is that such conflicting sub-regional policy initiatives are amenable to progressive realignment and …


Cover & Front Matter Oct 2012

Cover & Front Matter

Journal of Strategic Security

No abstract provided.


Cover & Front Matter Jul 2012

Cover & Front Matter

Journal of Strategic Security

No abstract provided.