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Full-Text Articles in Law

Private Inequity: Reform Rule 506 To Safely Accommodate Investment By Nonaccredited Investors, Allen C. Page Nov 2022

Private Inequity: Reform Rule 506 To Safely Accommodate Investment By Nonaccredited Investors, Allen C. Page

William & Mary Business Law Review

In 2012, Congress enacted Title III of the Jumpstart Our Business Startups Act (the “JOBS Act”), which it named the Crowdfund Act, to create an exemption from registration under the Securities Act of 1933 that, in the words of President Barack Obama, would allow “ordinary Americans . . . to go online and invest in entrepreneurs that they believe in.” While perhaps well-intentioned in principle, Regulation Crowdfunding imposes material limitations and costs on the issuer, leading most issuers to conclude that the inclusion of unaccredited investors in a crowdfunding campaign is not worth the complexity and expense. Furthermore, the most …


The Emergence Of The Actively Managed Etf, Kevin S. Haeberle Jan 2021

The Emergence Of The Actively Managed Etf, Kevin S. Haeberle

Faculty Publications

Since the first exchange-traded fund began trading in 1993, the ETF form has attracted enormous investment flows. However, this triumph of the ETF has been overwhelmingly limited to the world of passive investment. Due to a mix of recent market innovation and regulatory change, this state of affairs is changing today. As I explain in this Article, there is much reason to believe that the actively managed ETF is now set to emerge as a significant feature of the investment landscape. And this emergence has important implications for, among others, the main parties that play key roles in protecting investors …


Legal Literature Review Of Social Entrepreneurship And Impact Investing (2007-2017): Doing Good By Doing Business, Deborah Burand, Anne Tucker Feb 2020

Legal Literature Review Of Social Entrepreneurship And Impact Investing (2007-2017): Doing Good By Doing Business, Deborah Burand, Anne Tucker

William & Mary Business Law Review

Although the ambition to do good by doing business is not new, the burgeoning realization of this ambition is. As the fields of social entrepreneurship and impact investing advance in size, scope and complexity, questions about the roles of corporations and capital markets in society intensify.

What is legal scholarship contributing to this discussion? This Article reviews the scholarly contributions of 260 articles written by over 150 authors about the fields of social enterprise, social finance, and impact investing. The Article maps the contributions of legal scholarship over the last decade—from 2007 (when the term “impact investing” was first coined) …


Crowdfunding Signals, Darian M. Ibrahim Sep 2018

Crowdfunding Signals, Darian M. Ibrahim

Faculty Publications

Entrepreneurs can now “crowdfund,” or sell securities to unaccredited investors over the Internet, to raise capital. But will these companies be able to attract the follow-on investors (angels and venture capitalists) that are necessary for long-term success? Angels and VCs face extreme levels of information asymmetry when deciding whether to fund a company. Signals can reduce this asymmetry. Early commentary argues a company only crowdfunds as a last resort for fear of sending a negative signal about the company’s quality to follow-on investors. This Article argues the inverse. This Article argues a successful crowdfunding campaign can send a positive signal …


Advising Venture & Early-Stage Client: Issues Confronting Early-Stage Companies, Carroll D. Hurst Nov 2014

Advising Venture & Early-Stage Client: Issues Confronting Early-Stage Companies, Carroll D. Hurst

William & Mary Annual Tax Conference

No abstract provided.


Advising Venture & Early-Stage Clients: Current Ear-To-The-Ground Assessment, Gary D. Leclair Nov 2014

Advising Venture & Early-Stage Clients: Current Ear-To-The-Ground Assessment, Gary D. Leclair

William & Mary Annual Tax Conference

No abstract provided.


Net Investment Income Tax Planning, Jeanne M. Sullivan Nov 2014

Net Investment Income Tax Planning, Jeanne M. Sullivan

William & Mary Annual Tax Conference

No abstract provided.


Investors And Employees As Relief Defendants In Investment Fraud Receiverships: Promoting Efficiency By Following The Plain Meaning Of "Legitimate Claim Or Ownership Interest", Jared A. Wilkerson Mar 2011

Investors And Employees As Relief Defendants In Investment Fraud Receiverships: Promoting Efficiency By Following The Plain Meaning Of "Legitimate Claim Or Ownership Interest", Jared A. Wilkerson

W&M Law Student Publications

Relief defendants are nominal, innocent parties who hold funds traceable to the receivership but have no legitimate claim or ownership interest in them. These nominal parties, as opposed to full or primary defendants, have no cause of action asserted against them, and if they show no legitimate claim to the funds traced to the receivership, the funds are disgorged — generally at summary judgment. This seemingly simple relief defendant tool is used by receivers and regulatory agencies to quickly recover receivership funds for ultimate distribution to creditors. Recently, however, conflict has arisen in federal courts concerning the meaning of “legitimate …


The Hershey Trust's Quest To Diversify: Redefining The State Attorney General's Role When Charitable Trusts Wish To Diversify, Jennifer L. Komoroski Mar 2004

The Hershey Trust's Quest To Diversify: Redefining The State Attorney General's Role When Charitable Trusts Wish To Diversify, Jennifer L. Komoroski

William & Mary Law Review

No abstract provided.


Investing For After-Tax Returns: An Overview, Anne B. Shumadine Dec 2000

Investing For After-Tax Returns: An Overview, Anne B. Shumadine

William & Mary Annual Tax Conference

No abstract provided.


Analysis Of Revenue Ruling 75-292: A Proposal To Allow The Combined Use Of Sections 1031 And 351 Without Destroying The Tax-Free Status Of Either Mar 1976

Analysis Of Revenue Ruling 75-292: A Proposal To Allow The Combined Use Of Sections 1031 And 351 Without Destroying The Tax-Free Status Of Either

William & Mary Law Review

No abstract provided.


Other Investments, Forrest W. Brown Jr. Dec 1971

Other Investments, Forrest W. Brown Jr.

William & Mary Annual Tax Conference

No abstract provided.


The Uniform Commercial Code And The Certificateless Society, Thomas H. Jolls Jan 1971

The Uniform Commercial Code And The Certificateless Society, Thomas H. Jolls

Faculty Publications

No abstract provided.


Investment Securities, Thomas H. Jolls Apr 1970

Investment Securities, Thomas H. Jolls

Faculty Publications

No abstract provided.


Can We Do Without Stock Certificates? A Look At The Future, Thomas H. Jolls Jul 1968

Can We Do Without Stock Certificates? A Look At The Future, Thomas H. Jolls

Faculty Publications

No abstract provided.


Investment Securities, Thomas H. Jolls Apr 1968

Investment Securities, Thomas H. Jolls

Faculty Publications

No abstract provided.


Protection Of Private Foreign Investments In Less Developed Countries - Its Reality And Effectiveness, Henry Landau Mar 1968

Protection Of Private Foreign Investments In Less Developed Countries - Its Reality And Effectiveness, Henry Landau

William & Mary Law Review

No abstract provided.


Investment Securities, Thomas H. Jolls Apr 1967

Investment Securities, Thomas H. Jolls

Faculty Publications

No abstract provided.