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Securities Law

2016

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Articles 1 - 30 of 84

Full-Text Articles in Law

The Hostile Poison Pill, A. Christine Hurt Dec 2016

The Hostile Poison Pill, A. Christine Hurt

Faculty Scholarship

No abstract provided.


Beyond Trade Deals: Charting A Post-Brexit Course For Uk Investment Treaties, Lise Johnson, Lorenzo Cotula Dec 2016

Beyond Trade Deals: Charting A Post-Brexit Course For Uk Investment Treaties, Lise Johnson, Lorenzo Cotula

Columbia Center on Sustainable Investment Staff Publications

The Brexit referendum has raised questions about the future terms of the United Kingdom’s engagement with the world economy. While a debate over the UK’s future approach to trade deals has already begun, a similar discussion has yet to develop on the treaties that govern foreign investment. As this briefing note by Lorenzo Cotula of the International Institute for Environment and Development, and Lise Johnson of CCSI highlights, the stakes are high: ill-designed treaties could leave the UK excessively exposed to legal claims by foreign companies and could fail to address relevant economic, social and environmental challenges. While ...


The Role Of Blue Sky Laws After Nsmia And The Jobs Act, Rutheford B. Campbell Jr. Dec 2016

The Role Of Blue Sky Laws After Nsmia And The Jobs Act, Rutheford B. Campbell Jr.

Law Faculty Scholarly Articles

State securities laws—in particular, state laws requiring that securities offered by issuers be registered with the states—have been an impediment to the efficient movement of capital to its highest and best use. The pernicious effects of these laws—generally referred to as “blue sky laws”—have been felt most acutely by small businesses, a vital component of our national economy.

It has been difficult to remedy this problem. States and state regulators have been tenacious in protecting their registration authority from federal preemption. The Securities and Exchange Commission, on the other hand, has been reluctant to advocate for ...


Crowdfunding Without The Crowd, Darian M. Ibrahim Nov 2016

Crowdfunding Without The Crowd, Darian M. Ibrahim

Popular Media

No abstract provided.


The Mechanisms Of Derivatives Market Efficiency, Dan Awrey Nov 2016

The Mechanisms Of Derivatives Market Efficiency, Dan Awrey

Cornell Law Faculty Publications

These are not your parents' financial markets. A generation ago, the image of Wall Street was one of floor traders and stockbrokers, of opening bells and ticker symbols, of titans of industry and barbarians at the gate. These images reflected the prevailing view in which stock markets stood at the center of the financial universe. The high point of this equity-centric view coincided with the development of a significant body of empirical literature examining the efficient market hypothesis (EMH): the prediction that prices within an efficient stock market will fully incorporate all available information. Over time, this equity-centric view became ...


Submission To Opic On Revisions To Its Environmental And Social Policy Statement, Kaitlin Y. Cordes Nov 2016

Submission To Opic On Revisions To Its Environmental And Social Policy Statement, Kaitlin Y. Cordes

Columbia Center on Sustainable Investment Staff Publications

In November 2016, CCSI sent a submission to the Overseas Private Investment Corporation (OPIC) regarding its draft revised Environmental and Social Policy Statement (ESPS). CCSI’s input focused on two discrete issues that CCSI has been working on: (1) contract transparency for natural resource and infrastructure projects, and (2) redress for harms in the context of project abandonment or failure. The submission urged OPIC to add into the ESPS a requirement that Applicants involved in natural resource or infrastructure projects commit to publicly disclosing any investor-state contracts related to the underlying Project. CCSI’s submission also suggested that OPIC incorporate ...


Conference Report: Climate Change And Sustainable Investment In Natural Resources: From Consensus To Action, Columbia Center On Sustainable Investment, Sustainable Development Solutions Network, Sabin Center For Climate Change Law Nov 2016

Conference Report: Climate Change And Sustainable Investment In Natural Resources: From Consensus To Action, Columbia Center On Sustainable Investment, Sustainable Development Solutions Network, Sabin Center For Climate Change Law

Columbia Center on Sustainable Investment Staff Publications

The Columbia Center on Sustainable Investment has produced this conference report on CCSI’s Conference on Climate Change and Sustainable Investment in Natural Resources: From Consensus to Action. A shorter outcome document, which was disseminated at COP22, is also available. These documents summarize the discussions at the eleventh annual Columbia International Investment Conference, which took place on November 2-3, 2016, at Columbia University. The Conference offered a high-level opportunity to discuss how countries can reduce their greenhouse gas emissions in accordance with the Paris Agreement, while also advancing the Sustainable Development Goals, and in particular the important implications for the ...


International Investment Agreements: Impacts On Climate Change Policies In India, China And Beyond, Lise Johnson, Brooke Güven Nov 2016

International Investment Agreements: Impacts On Climate Change Policies In India, China And Beyond, Lise Johnson, Brooke Güven

Columbia Center on Sustainable Investment Staff Publications

Mitigating and adapting to climate change will require a fundamental reorientation of our global economy as we move away from fossil fuels and transition to a low carbon and climate-resilient world. This reorientation depends on government actions to help catalyze and channel financial flows in new directions and away from business-as-usual practices.

International investment agreements (IIAs) – treaties that now number over 3,000 and have the objective of promoting and protecting cross-border investment flows_could potentially play a key role in these efforts to scale up and (re)direct investments to meet climate change mitigation and adaptation needs. As presently drafted ...


Outcome Report Of Workshop On International Investment And The Rights Of Indigenous Peoples, Kaitlin Y. Cordes, Jesse Coleman Nov 2016

Outcome Report Of Workshop On International Investment And The Rights Of Indigenous Peoples, Kaitlin Y. Cordes, Jesse Coleman

Columbia Center on Sustainable Investment Staff Publications

On May 12, 2016, the United Nations (UN) Special Rapporteur on the rights of indigenous peoples, Victoria Tauli-Corpuz, and the Columbia Center on Sustainable Investment hosted a one-day workshop on international investment and the rights of indigenous peoples. This outcome document synthesizes the discussions that took place during the May 12 workshop.

The workshop was part of a series of consultations undertaken to support the Special Rapporteur's Second Thematic Analysis on the Impact of International Investment Agreements on the Rights of Indigenous Peoples. Held at the Ford Foundation in New York, the workshop brought together 53 academics, practitioners, indigenous ...


Investment Treaties Are About Justice, Frank J. Garcia Oct 2016

Investment Treaties Are About Justice, Frank J. Garcia

Boston College Law School Faculty Papers

This Perspective argues that investment law is ripe for a paradigm shift away from pure capital protection. Rather, investment law should be recognized as part of a comprehensive global economic governance system for ensuring justice and the rule of law, in this case in the allocation of investment capital.


Two Faces Of Corporate Lobbying: Evidence From The Pharmaceutical Industry, Dongnyoung Kim, Incheol Kim, Omer Unsal Oct 2016

Two Faces Of Corporate Lobbying: Evidence From The Pharmaceutical Industry, Dongnyoung Kim, Incheol Kim, Omer Unsal

Finance Faculty Publications

This paper addresses two side effects of corporate lobbying on firm value in the pharmaceutical industry. Employing corporate lobbying and the Food and Drug Administration (FDA) approval data for the period from 1998 to 2013, we find that lobbying firms have a 67.3 percent higher chance that their new prescription drugs are approved by the FDA than non-lobbying firms. On the 3-day window surrounding FDA approval announcements, lobbying firms yield, on average, a 1.1% higher market reaction than non-lobbying peers. However, we also find that insiders in lobbying firms abnormally purchase their own stocks prior to FDA approvals ...


Price Impact Possibilities, Wendy Gerwick Couture Oct 2016

Price Impact Possibilities, Wendy Gerwick Couture

Articles

No abstract provided.


The Sec, Administrative Usurpation, And Insider Trading, Adam C. Pritchard Oct 2016

The Sec, Administrative Usurpation, And Insider Trading, Adam C. Pritchard

Articles

The history of insider trading law is a tale of administrative usurpation and legislative acquiescence. Congress has never enacted a prohibition against insider trading, much less defined it. Instead, the SEC has led in defining insider trading, albeit without the formality of rulemaking, and subject to varying degrees of oversight by the courts. The reason why lies in the deference that the Supreme Court gave to the SEC in its formative years. The roots of insider trading law are commonly traced to the SEC’s decision in Cady, Roberts & Co. Cady, Roberts was only made possible, however, by the Supreme ...


The 5th Annual Professor Anthony J. Santoro Business Law Lecture: Enforcing Insider Trading Laws: The Changing Landscape, Stephen L. Cohen, Roger Williams University School Of Law Sep 2016

The 5th Annual Professor Anthony J. Santoro Business Law Lecture: Enforcing Insider Trading Laws: The Changing Landscape, Stephen L. Cohen, Roger Williams University School Of Law

School of Law Conferences, Lectures & Events

No abstract provided.


Newsroom: A Changing Landscape: Insider Trading Law 09/20/2016, Roger Williams University School Of Law Sep 2016

Newsroom: A Changing Landscape: Insider Trading Law 09/20/2016, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.


Section 3: Business, Institute Of Bill Of Rights Law At The William & Mary Law School Sep 2016

Section 3: Business, Institute Of Bill Of Rights Law At The William & Mary Law School

Supreme Court Preview

No abstract provided.


Information-Dissemination Law: The Regulation Of How Market-Moving Information Is Revealed, Kevin S. Haeberle, M. Todd Henderson Sep 2016

Information-Dissemination Law: The Regulation Of How Market-Moving Information Is Revealed, Kevin S. Haeberle, M. Todd Henderson

Faculty Publications

No abstract provided.


Notes From The Border: Writing Across The Administrative Law/Financial Regulation Divide, Robert B. Ahdieh Aug 2016

Notes From The Border: Writing Across The Administrative Law/Financial Regulation Divide, Robert B. Ahdieh

Faculty Scholarship

A central feature – if not the central feature – of legal scholarship today is analysis across divides.

It is surprising, then, how little has been written across the divide that separates administrative law and financial regulation. That is perhaps especially so, given the modest nature of the relevant divide: one that is intra- rather than interdisciplinary, one that operates within rather than across geographic boundaries, and one that involves no temporal dimension but operates entirely within current-day law.

For all the proximity in their interests, targets of study, and even analytical tools, however, scholars of administrative law and of financial regulation ...


Arbitration Case Law Update 2016, Jill I. Gross Jul 2016

Arbitration Case Law Update 2016, Jill I. Gross

Elisabeth Haub School of Law Faculty Publications

This chapter identifies decisions by the U.S. Supreme Court and selected federal and high state courts in the past year that interpret and apply the Federal Arbitration Act (FAA). This chapter also analyzes the impact some of these cases might have on securities arbitration practice.


21st Century Investment Agreements: Justice, Governance And The Rule Of Law, Frank J. Garcia Jul 2016

21st Century Investment Agreements: Justice, Governance And The Rule Of Law, Frank J. Garcia

Boston College Law School Faculty Papers

Investment treaty law can no longer be managed as if it were merely a system of private ordering setting out the protected rights of capital owners. This philosophy has contributed to the ongoing legitimacy crisis affecting investment law today, including the TPP and TTIP negotiations. In response to a similar legitimacy crisis in the 1990s, the international trade system began a profound paradigm shift, recognizing that trade law was not simply a technical regime for liberalizing economic flows, but a system of treaty-based governance for managing transnational economic resources for the good of society as a whole.

Investment law has ...


Disclosure Reform - The Sec Is Riding Off In Two Directions At Once, Roberta Karmel Jul 2016

Disclosure Reform - The Sec Is Riding Off In Two Directions At Once, Roberta Karmel

Faculty Scholarship

No abstract provided.


Employment From Mining And Agricultural Investments: How Much Myth, How Much Reality?, Kaitlin Y. Cordes, Olle Östensson, Perrine Toledano Jul 2016

Employment From Mining And Agricultural Investments: How Much Myth, How Much Reality?, Kaitlin Y. Cordes, Olle Östensson, Perrine Toledano

Columbia Center on Sustainable Investment Staff Publications

Employment creation is often seen as a key benefit of investment in natural resources. However, this benefit sometimes falls short: job estimates may be inflated, governmental policies may fail to maximize employment generation, and, in some cases, investments may lead to net livelihood losses. A more thorough examination of employment tied to mining and agricultural investments is thus useful for assessing whether and how employment from natural resource investments contributes to sustainable economic development – a particularly timely topic as countries consider how they will achieve the Sustainable Development Goals adopted in 2015.

This report aims to clarify the processes and ...


Space For Local Content Policies And Strategies, Lise Johnson Jul 2016

Space For Local Content Policies And Strategies, Lise Johnson

Columbia Center on Sustainable Investment Staff Publications

This paper explores both the role that local content measures can play in advancing sustainable development, and the impact that trade and investment treaties concluded over the past 20 years have had and will continue to have on the ability of governments to employ those tools. Certain local content measures had been restricted under the WTO due to wide agreement by negotiating parties that their costs outweigh their benefits. But the WTO also left a number of local content measures in governments’ policy toolboxes. As is discussed in this paper, however, that is changing, with the range of permissible actions ...


Submission To The Sec On Addressing Land Tenure Risks Through Regulation S-K, Kaitlin Y. Cordes Jul 2016

Submission To The Sec On Addressing Land Tenure Risks Through Regulation S-K, Kaitlin Y. Cordes

Columbia Center on Sustainable Investment Staff Publications

In July 2016, CCSI sent a submission to the Securities and Exchange Commission (SEC) to provide input into how land tenure risks could be addressed through disclosure requirements for public companies. The SEC was seeking input into modernizing business and financial disclosure requirements in Regulation S-K, including whether Regulation S-K should be amended to require disclosure of public policy and sustainability information. CCSI argued that, due to the significant financial risk created by land tenure disputes in countries with weak or transitioning land governance systems, companies should be required to report on land tenure risks. Disclosure should be required for ...


Transcanada Lawsuit Highlights Need To Scuttle Tpp, Jeffrey D. Sachs, Brooke Güven, Lisa E. Sachs Jul 2016

Transcanada Lawsuit Highlights Need To Scuttle Tpp, Jeffrey D. Sachs, Brooke Güven, Lisa E. Sachs

Columbia Center on Sustainable Investment Staff Publications

The Obama administration is still trying, against the odds, to push the Trans-Pacific Partnership trade and investment agreement (TPP) through the lame-duck session of Congress after the November presidential vote. The administration knows that TPP can’t pass before the election because both Hillary Clinton and Donald Trump oppose it; therefore, they are hoping for a stealth Senate vote between the election and inauguration of the new president in 2017.We can therefore “thank” TransCanada for reminding us why the TPP needs to be scuttled.


Representations And Warranties: Why They Did Not Stop The Crisis, Patricia A. Mccoy, Susan Wachter Jun 2016

Representations And Warranties: Why They Did Not Stop The Crisis, Patricia A. Mccoy, Susan Wachter

Boston College Law School Faculty Papers

During the run-up to the 2008 financial crisis, representations and warranties (contractual statements enforceable through legal action) may have given investors false assurance that mortgage loans were being properly underwritten. This assurance in turn may have contributed to overinvestment in mortgage-backed securities in two ways. First, the assumption that legally enforceable penalties associated with reps and warranties would deter lax underwriting may have led to less monitoring of these contracts than would otherwise have occurred. In turn, the lack of monitoring of actual underwriting practices enabled the spread of lax lending practices. The existence of these reps and warranties and ...


A New Coalescence In The Housing Finance Reform Debate?, Patricia A. Mccoy, Susan Wachter Jun 2016

A New Coalescence In The Housing Finance Reform Debate?, Patricia A. Mccoy, Susan Wachter

Boston College Law School Faculty Papers

This policy brief examines recent proposals for reform of the housing finance system.


Carrot Or Stick? The Shift From Voluntary To Mandatory Disclosure Of Risk Factors, Karen K. Nelson, Adam C. Pritchard Jun 2016

Carrot Or Stick? The Shift From Voluntary To Mandatory Disclosure Of Risk Factors, Karen K. Nelson, Adam C. Pritchard

Articles

This study investigates risk factor disclosures, examining both the voluntary, incentive-based disclosure regime provided by the safe harbor provision of the Private Securities Litigation Reform Act as well as the SEC's subsequent mandate of these disclosures. Firms subject to greater litigation risk disclose more risk factors, update the language more from year to year, and use more readable language than firms with lower litigation risk. These differences in the quality of disclosure are pronounced in the voluntary disclosure regime, but converge following the SEC mandate as low-risk firms improved the quality of their risk factor disclosures. Consistent with these ...


Contracting In The Age Of The Internet Of Things: Article 2 Of The Ucc And Beyond, Stacy-Ann Elvy Apr 2016

Contracting In The Age Of The Internet Of Things: Article 2 Of The Ucc And Beyond, Stacy-Ann Elvy

Articles & Chapters

This Article analyzes the global phenomenon of the Internet of Things (“IOT”) and its potential impact on consumer contracts for the sale of goods. Recent examples of IOT products include Amazon’s Dash Replenishment Service, which allows household devices to automatically reorder goods. By 2025, the IOT is estimated to have an economic impact of as much as $11.1 trillion. To date, there are approximately fifteen billion interconnected devices, and by 2020, there will be fifty billion such devices worldwide. IOT devices will revolutionize the way that consumers shop for consumable supplies and other goods. Consumers will no longer ...


Newsroom: Ap: Chung On 38 Studios Settlement 03-14-2016, Michelle R. Smith, Roger Williams University School Of Law Mar 2016

Newsroom: Ap: Chung On 38 Studios Settlement 03-14-2016, Michelle R. Smith, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.