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Articles 1 - 7 of 7
Full-Text Articles in Law
The Case For A European Securities Commission, Roberta S. Karmel
The Case For A European Securities Commission, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Stock Markets And The Globalization Of Retirement Savings - Implications Of Privatization Of Government Pensions For Securities Regulators, Roberta S. Karmel
Stock Markets And The Globalization Of Retirement Savings - Implications Of Privatization Of Government Pensions For Securities Regulators, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Suitability Rule, Investor Diversification, And Using Spread To Measure Risk, Richard A. Booth Marbury Research Professor Of Law
The Suitability Rule, Investor Diversification, And Using Spread To Measure Risk, Richard A. Booth Marbury Research Professor Of Law
Faculty Scholarship
This article reviews the state of the law regarding actions against broker-dealers based on the NASD suitability rule and similar theories, summarizes the theory and practice of investor diversification, explains the motivations that may lead a broker to recommend excessively risky securities and investment strategies, and discusses the various methods that may be used to quantify or compare risk, focusing in particular on how the bid-ask spread may be used as a forward-looking surrogate for the direct measurement of risk.
Privatization And Corporate Governance: The Lessons From Securities Market Failure, John C. Coffee Jr.
Privatization And Corporate Governance: The Lessons From Securities Market Failure, John C. Coffee Jr.
Faculty Scholarship
Should privatization be "fast" or "slow"? Should policymakers adopt a "Damn the torpedoes, full speed ahead" approach that accepts the inevitability of some overreaching by controlling shareholders, but justifies this cost as necessary to realize and expedite the efficiency gains incident to privatization? Or should privatization proceed more cautiously because of the risks of market failure and political corruption that may result when control seekers are tempted to bribe and seduce the judicial and regulatory systems to achieve the private benefit of control? These tempting private benefits arise, of course, precisely to the extent that privatization preceded the creation of …
The Internet, Securities Regulation, And Theory Of Law, Tamar Frankel
The Internet, Securities Regulation, And Theory Of Law, Tamar Frankel
Faculty Scholarship
Rarely has a change in the environment affected society as dramatically as the Internet. It has transformed the way we retain, transfer, and exchange information. At minimal cost, the Internet offers us far more information at a faster pace than ever before. It enables us to interact around the globe with more people than at any time in the past. When such dramatic environmental changes occur, drastic changes in the law often follow. 1 The Internet affects the environment in which securities markets operate, and the laws that govern them. 2 The use of the Internet has already begun to …
Retaining Mandatory Securities Disclosure: Why Issuer Choice Is Not Investor Empowerment, Merritt B. Fox
Retaining Mandatory Securities Disclosure: Why Issuer Choice Is Not Investor Empowerment, Merritt B. Fox
Faculty Scholarship
This Article advances the reopened debate over mandatory disclosure in two ways. First, it demonstrates that the proponents of issuer choice have not effectively countered the arguments that have formed the basis of the prevailing consensus for retaining mandatory disclosure. While this consensus was formed when the alternative to mandatory disclosure was total abandonment of regulation, the proponents of issuer choice have not shown how the arguments that form the basis of this consensus have any less force when applied to the new alternative of issuer choice. Nor have the proponents offered persuasive, more general rebuttals to these arguments. Second, …
Required Disclosure And Corporate Governance, Merritt B. Fox
Required Disclosure And Corporate Governance, Merritt B. Fox
Faculty Scholarship
One of the most distinctive features of U.S. business law is the stringent requirements of ongoing disclosure imposed on issuers of publicly traded securities. This scheme usually has been justified as necessary to protect investors from making poor trading decisions as a result of being uninformed. Little scholarly attention, however, has been paid to the corporate governance effects of such required disclosure. In analyzing these effects, this article concludes that required disclosure can improve corporate governance in important ways. Indeed, improving corporate governance, not investor protection, provides the most persuasive justification for imposing on issuers the obligation to provide ongoing …