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Securities Law Commons

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Cardozo Law Review

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Articles 31 - 60 of 116

Full-Text Articles in Securities Law

Canceling The Deal: Two Models Of Material Adverse Change Clauses In Business Combination Agreements, Robert T. Miller Sep 2009

Canceling The Deal: Two Models Of Material Adverse Change Clauses In Business Combination Agreements, Robert T. Miller

Cardozo Law Review

In any large corporate acquisition, there is a delay between the time the parties enter into a merger agreement and the time the transaction is effected and the purchase price is paid. One effect of this delay is that the business or financial condition of one of the parties may deteriorate before the deal closes. When this happens to the target in a cash deal or to either party in a stock deal, the counterparty may conclude that the transaction is no longer attractive. Merger agreements typically protect counterparties against such contingencies through material adverse change (MAC) clauses. Under the …


What Due Diligence Dilemma? Re-Envisioning Underwriters' Continuous Due Diligence After Worldcom, Joseph K. Leahy May 2009

What Due Diligence Dilemma? Re-Envisioning Underwriters' Continuous Due Diligence After Worldcom, Joseph K. Leahy

Cardozo Law Review

The recent WorldCom decision is widely believed to pose a "due diligence dilemma." This dilemma supposedly forces underwriters for large, established corporations to choose between their clients' desire to issue securities quickly in shelf-registered offering and the obligation to exercise reasonable care in due diligence. According to most commentators, the bar for due diligence set by WorldCom is simply too high to surmount during a shelf takedown. As a result, underwriters will either lose lucrative business or lose their defense to liability for misstatements or omissions in the offering document. And the stakes are high: in WorldCom, the underwriters …


The Flight To New York: An Empirical Study Of Choice Of Law And Choice Of Forum Clauses In Publicly-Held Companies' Contracts, Theodore Eisenberg, Geoffrey P. Miller Mar 2009

The Flight To New York: An Empirical Study Of Choice Of Law And Choice Of Forum Clauses In Publicly-Held Companies' Contracts, Theodore Eisenberg, Geoffrey P. Miller

Cardozo Law Review

We study choice of law and choice of forum in a data set of 2,882 contracts contained as exhibits in Form 8-K filings by reporting corporations over as six month period in 2002 for twelve types of contracts and a seven month period in 2002 for merger contracts. These material contracts likely are carefully negotiated by sophisticated parties who are well-informed about the contract terms. They therefore provide evidence of efficient ex ante solutions to contracting problems. In prior work examining merger contracts, acquiring firms incorporated in Delaware tended to select Delaware law or a Delaware forum to govern disputes …


The Sec's 2006 Soft Dollar Guidance: Law And Economics, D. Bruce Johnsen Mar 2009

The Sec's 2006 Soft Dollar Guidance: Law And Economics, D. Bruce Johnsen

Cardozo Law Review

After some two years of deliberations, in July 2006 the SEC released its long-awaited Guidance on the scope of the "soft dollar safe harbor." Passed as part of the Securities Acts Amendments in May, 1975, the safe harbor has protected fund advisers and other money managers for over 30 years from criminal actions and civil suits for breach of fiduciary duty when they use client assets to pay more than the lowest available brokerage commissions in exchange for "brokerage and research services." During this time, the SEC has interpreted and reinterpreted the safe harbor's scope, largely owing to the public …


One Share, One Vote And The False Promise Of Shareholder Homogeneity, Grant M. Hayden, Matthew T. Bodie Nov 2008

One Share, One Vote And The False Promise Of Shareholder Homogeneity, Grant M. Hayden, Matthew T. Bodie

Cardozo Law Review

No abstract provided.


Accountability And Competition In Securities Class Actions: Why "Exit" Works Better Than "Voice", John C. Coffee Jr. Nov 2008

Accountability And Competition In Securities Class Actions: Why "Exit" Works Better Than "Voice", John C. Coffee Jr.

Cardozo Law Review

No abstract provided.


Sense And Sensibility In Securitization: A Prudent Legal Structure And A Fanciful Critique, Thomas E. Plank Nov 2008

Sense And Sensibility In Securitization: A Prudent Legal Structure And A Fanciful Critique, Thomas E. Plank

Cardozo Law Review

No abstract provided.


Cafa's Impact On Litigation As A Public Good, Elizabeth Chamblee Burch May 2008

Cafa's Impact On Litigation As A Public Good, Elizabeth Chamblee Burch

Cardozo Law Review

No abstract provided.


Securitization And Its Discontents: The Dynamics Of Financial Product Development, Kenneth C. Kettering Mar 2008

Securitization And Its Discontents: The Dynamics Of Financial Product Development, Kenneth C. Kettering

Cardozo Law Review

This paper takes as its point of departure the financing technique referred to as "securitization," a close cousin of secured lending that has grown to enormous size since its origin more than two decades ago. The paper pursues two themes. One is a critique of the legal foundations of securitization, which includes a perspective on aspects of fraudulent transfer law that are well established historically but have been neglected in recent decades. The other is exploration of the implications of this product growing so vast despite its dubious legal foundations. In that regard, the paper explores two points of legal …


Securities Class Action Abuse: Protecting Small Plaintiffs' Big Money, Russell Kamerman Nov 2007

Securities Class Action Abuse: Protecting Small Plaintiffs' Big Money, Russell Kamerman

Cardozo Law Review

No abstract provided.


Sarbanes-Oxley: The Evidence Regarding The Impact Of Sox 404, Robert Prentice Nov 2007

Sarbanes-Oxley: The Evidence Regarding The Impact Of Sox 404, Robert Prentice

Cardozo Law Review

No abstract provided.


The Group Dynamics Theory Of Executive Compensation, Michael B. Dorff Apr 2007

The Group Dynamics Theory Of Executive Compensation, Michael B. Dorff

Cardozo Law Review

No abstract provided.


Remarks: Enron And Multi-Jurisdictional Fraud, John R. Kroger Feb 2007

Remarks: Enron And Multi-Jurisdictional Fraud, John R. Kroger

Cardozo Law Review

No abstract provided.


Difficult, Duplicative And Wasteful?: The Nasd's Prohibition Of Class Action Arbitration In The Post-Bazzle Era, Matthew Eisler Feb 2007

Difficult, Duplicative And Wasteful?: The Nasd's Prohibition Of Class Action Arbitration In The Post-Bazzle Era, Matthew Eisler

Cardozo Law Review

No abstract provided.


The New Stage Of Corporate Governance Litigation: Section 220 Demands - Reprise, Stephen A. Radin Dec 2006

The New Stage Of Corporate Governance Litigation: Section 220 Demands - Reprise, Stephen A. Radin

Cardozo Law Review

No abstract provided.


Barbarians At The Ballot Box: The Use Of Hedging To Acquire Low Cost Corporate Influence And Its Effect On Shareholder Apathy, Jonathan J. Katz Dec 2006

Barbarians At The Ballot Box: The Use Of Hedging To Acquire Low Cost Corporate Influence And Its Effect On Shareholder Apathy, Jonathan J. Katz

Cardozo Law Review

No abstract provided.


The Economic Value Of Securities Regulation, Frank B. Cross, Robert A. Prentice Oct 2006

The Economic Value Of Securities Regulation, Frank B. Cross, Robert A. Prentice

Cardozo Law Review

No abstract provided.


Envy And Outsider Trading: The Case Of Martha Stewart, Jeanne L. Schroeder Apr 2005

Envy And Outsider Trading: The Case Of Martha Stewart, Jeanne L. Schroeder

Cardozo Law Review

No abstract provided.


Moral Hazard And The Initial Public Offering, Christine Hurt Jan 2005

Moral Hazard And The Initial Public Offering, Christine Hurt

Cardozo Law Review

No abstract provided.


The Security Of Securitization And The Future Of Security, Thomas E. Plank Apr 2004

The Security Of Securitization And The Future Of Security, Thomas E. Plank

Cardozo Law Review

No abstract provided.


Securitization Post-Enron, Steven L. Schwarcz Apr 2004

Securitization Post-Enron, Steven L. Schwarcz

Cardozo Law Review

No abstract provided.


The Need For Stricter Scrutiny: Application Of The Revlon Standard To The Use Of Standstill Agreements, Brian K. Kidd Aug 2003

The Need For Stricter Scrutiny: Application Of The Revlon Standard To The Use Of Standstill Agreements, Brian K. Kidd

Cardozo Law Review

No abstract provided.


Can Lawyers Be Cured?: Eternal Recurrence And The Lacanian Death Drive, Jeanne L. Schroeder Mar 2003

Can Lawyers Be Cured?: Eternal Recurrence And The Lacanian Death Drive, Jeanne L. Schroeder

Cardozo Law Review

No abstract provided.


Put-Call Parity And The Law, Michael S. Knoll Nov 2002

Put-Call Parity And The Law, Michael S. Knoll

Cardozo Law Review

No abstract provided.


Making It Up As They Go Along: The Role Of Law In Securities Arbitration, Barbara Black, Jill I. Gross Feb 2002

Making It Up As They Go Along: The Role Of Law In Securities Arbitration, Barbara Black, Jill I. Gross

Cardozo Law Review

No abstract provided.


Securities Regulation As Lobster Trap: A Credible Commitment Theory Of Mandatory Disclosure, Edward Rock Jan 2002

Securities Regulation As Lobster Trap: A Credible Commitment Theory Of Mandatory Disclosure, Edward Rock

Cardozo Law Review

What functions does the existing mandatory disclosure system serve? In this Article, I argue that the existing SEC system can be understood as providing issuers with a mechanism for making a credible commitment to high quality, comprehensive disclosure for an indefinite period into the future. This credible commitment device is particularly useful to new domestic issuers and to foreign issuers seeking to tap the U.S. capital markets. This credible commitment justification explains the striking but little discussed practical and formal asymmetry between the ease of entry into the SEC system and the difficulty of exit from it. I then consider …


Ziggy Stardust Reborn: A Proposed Modification Of The Bowie Bond, Adam Grant Mar 2001

Ziggy Stardust Reborn: A Proposed Modification Of The Bowie Bond, Adam Grant

Cardozo Law Review

No abstract provided.


The Heyman Center's Roundtable On Insider Trading: Law, Policy, And Theory After O'Hagan, Lawrence A. Cunningham Sep 1998

The Heyman Center's Roundtable On Insider Trading: Law, Policy, And Theory After O'Hagan, Lawrence A. Cunningham

Cardozo Law Review

No abstract provided.


Transcript Of The Roundtable On Insider Trading: Law, Policy, And Theory After O'Hagan Sep 1998

Transcript Of The Roundtable On Insider Trading: Law, Policy, And Theory After O'Hagan

Cardozo Law Review

No abstract provided.


A Critique Of The Misappropriation Theory Of Insider Trading, David M. Brodsky, Daniel J. Kramer Sep 1998

A Critique Of The Misappropriation Theory Of Insider Trading, David M. Brodsky, Daniel J. Kramer

Cardozo Law Review

No abstract provided.