Rollover Risk: Ideating A U.S. Debt Default,
2014
Duke Law School
Rollover Risk: Ideating A U.S. Debt Default, Steven L. Schwarcz
Faculty Scholarship
This article examines how a U.S. debt default might occur, how it could be avoided, its potential consequences if not avoided, and how those consequences could be mitigated. To that end, the article differentiates defaults caused by insolvency from defaults caused by illiquidity. The latter, which are potentiated by rollover risk (the risk that the government will be temporarily unable to borrow sufficient funds to repay its maturing debt), are not only plausible but have occurred in the past. Moreover, the ongoing controversy over the federal debt ceiling and the rise of the shadow-banking system make these types of defaults …
Bypassing Congress On Federal Debt: Executive Branch Options To Avoid Default,
2014
Duke Law School
Bypassing Congress On Federal Debt: Executive Branch Options To Avoid Default, Steven L. Schwarcz
Faculty Scholarship
Even a “technical” default by the United States on its debt, such as a delay in paying principal or interest due to Congress’s failure to raise the federal debt ceiling, could have serious systemic consequences, destroying financial markets and undermining job creation, consumer spending, and economic growth. The ongoing political gamesmanship between Congress and the Executive Branch has been threatening — and even if temporarily resolved, almost certainly will continue to threaten — such a default. The various options discussed in the media for averting a default have not been legally and pragmatically viable. This article proposes new options for …
Financial Innovation And Flexible Regulation: Destabilizing The Regulatory State,
2014
Allard School of Law at the University of British Columbia
Financial Innovation And Flexible Regulation: Destabilizing The Regulatory State, Cristie Ford
All Faculty Publications
The author examines the regulatory failures leading up to the financial crisis, the rise of “flexible regulation,” the effects of financial innovation on regulation, and three different case studies that illuminate the drastic effects of that innovation: the Basel II banking regulations, the Canadian Asset-Backed Commercial Paper market, and the process for writing the Volcker Rule. Finally, she examines the underlying assumptions that should be re-examined in order to create more effective regulatory policies.
National And Coordinated Approaches To Securities Regulation: The Latest Initiatives In Historical Context,
2014
Allard School of Law at the University of British Columbia
National And Coordinated Approaches To Securities Regulation: The Latest Initiatives In Historical Context, David L. Johnston, Kathleen Rockwell, Cristie Ford
All Faculty Publications
If securities regulation is any indication, few countries in the world take their federalism as seriously as Canada does. Notwithstanding an increasingly globalised world, the central reality of Canadian federalism will continue to influence the enactment and enforcement of effective capital markets regulation. In the latest development, on September 8, 2014 the federal government and four participating provinces announced draft legislation, including a new uniform provincial act and new federal legislation, to establish a new Cooperative Capital Markets Regulator (CCMR). Some provinces are strongly opposed, including Québec, which has promised to challenge the proposed regime on constitutional grounds. This chapter …
A Canadian Model Of Corporate Governance,
2014
Allard School of Law at the University of British Columbia
A Canadian Model Of Corporate Governance, Carol Liao
All Faculty Publications
What is Canada’s actual legal model to govern its corporations? Recent landmark judicial decisions indicate Canada is shifting away from an Anglo-American definition of shareholder primacy. Yet the Canadian securities commissions have become increasingly influential in the governance sphere, and by nature are shareholder-focused. Shareholders’ rights have increased well beyond what was ever contemplated by Canadian corporate laws, and the issue of greater shareholder vs. board control has now become the topic of live debate. The future of Canada's overall model seems to rest on what will be more compelling: the constancy of the corporate statutes and trajectory of the …
Global Regulatory And Ethical Framework,
2014
Saint Louis University School of Law
Global Regulatory And Ethical Framework, Henry Ordower
All Faculty Scholarship
This chapter reviews statutory and court sanctioned private regulatory frameworks affecting the creation of private equity (PE) funds and their primary activity of acquiring corporate enterprises. The chapter reviews U.S. legislation regulating securities, investment companies, and tender offers, state antitakeover legislation, state court decisions on hostile corporate takeovers and “poison pill” defenses, as well as European Union directives on takeovers and alternative investment fund managers. It concludes that regulation in the United States has shifted the balance of power in corporate acquisitions to incumbent management. The chapter also examines the diametrically opposed ethical views of PE funds as investment entities …
Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups,
2013
The Catholic University of America, Columbus School of Law
Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups, Brian J. Farnkoff
Journal of Contemporary Health Law & Policy (1985-2015)
No abstract provided.
Escaping Entity-Centrism In Financial Services Regulation,
2013
Chicago-Kent College of Law
Escaping Entity-Centrism In Financial Services Regulation, Anita Krug
All Faculty Scholarship
In the ongoing discussions about financial services regulation, one critically important topic has not been recognized, let alone addressed. That topic is what this Article calls the “entity-centrism” of financial services regulation. Laws and rules are entity-centric when they assume that a financial services firm is a stand-alone entity, operating separately from and independently of any other entity. They are entitycentric, therefore, when the specific requirements and obligations they comprise are addressed only to an abstract and solitary “firm,” with little or no contemplation of affiliates, parent companies, subsidiaries, or multi-entity enterprises. Regulatory entity-centrism is not an isolated phenomenon, as …
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism,
2013
Cornell Law School
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Cornell Law Faculty Publications
In the wake of the disasters of March 2011, financial regulators and financial-risk management experts in Japan expressed little hope that much could be done nor did they take great interest in defining possible policy interventions. This curious response to regulatory crisis coincided with a new fascination with culturalist explanations of financial markets, on the one hand, and a resort to what I term “data politics”—a politics of intensified data collection—on the other. In this article, I analyze these developments as being exemplary of a new regulatory moment characterized by a loss of faith in both free market regulation and …
Dirty Remics, Revisited,
2013
Brooklyn Law School
Dirty Remics, Revisited, Bradley T. Borden, David J. Reiss
Cornell Law Faculty Publications
No abstract provided.
Reanalyzing Cost-Benefit Analysis: Toward A Framework Of Function(S) And Form(S),
2013
Texas A&M University School of Law
Reanalyzing Cost-Benefit Analysis: Toward A Framework Of Function(S) And Form(S), Robert B. Ahdieh
Faculty Scholarship
The analysis herein arises from the collision course between the sweeping reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and a single sentence of the U.S. Code, adopted nearly fifteen years earlier and largely forgotten ever since. Few were likely thinking of Section 106 of the National Securities Market Improvement Act when the Dodd-Frank Act was enacted on July 21, 2010. As applied by the D.C. Circuit less than a year later in Business Roundtable v. SEC, however, that provision’s peculiar requirement of cost-benefit analysis could prove the new legislation’s undoing.
To help navigate …
Judgment Day For Fraud-On-The-Market?: Reflections On Amgen And The Second Coming Of Halliburton,
2013
Georgetown University Law Center
Judgment Day For Fraud-On-The-Market?: Reflections On Amgen And The Second Coming Of Halliburton, Donald C. Langevoort
Georgetown Law Faculty Publications and Other Works
In November 2013, the Supreme Court granted certiorari in the Halliburton litigation to reconsider, and perhaps overrule, its seminal decision in Basic Inc. v. Levinson. Basic legitimated the fraud-on-the-market presumption of reliance, making securities class actions for claims of false corporate publicity viable, and such cases have become the central mechanisms for private securities fraud litigation. This move came after last Term’s Amgen decision, where four justices signaled their doubts about Basic. This essay looks at the connection between Amgen and the continuing viability of fraud-on-the-market litigation. How Halliburton comes out will likely depend on how the Court …
Legal Diversification,
2013
Florida State University College of Law
Legal Diversification, Kelli A. Alces
Scholarly Publications
The greatest protection investors have from the risks associated with capital investment is diversification. This Essay introduces a new dimension of diversification for investors: legal diversification. Legal diversification of investment means building a portfolio of securities that are governed by a variety of legal rules. Legal diversification protects investors from the risk that a particular method of minimizing agency costs will prove ineffective and allows investors to own securities in a variety of firms, with each security governed by the most efficient set of legal rules given the circumstances of the investment. Diversification of investment by legal rules is possible …
The Undersigned Attorney Hereby Certifies -- The Washington Supreme Court Rule On Standards And Its Implications,
2013
Seattle University School of Law
The Undersigned Attorney Hereby Certifies -- The Washington Supreme Court Rule On Standards And Its Implications, Justice Sheryl Gordon Mccloud, Justice Susan Owens, Marc Boman, Joanne Moore
Seattle Journal for Social Justice
No abstract provided.
G Forces: Gideon V. Wainwright And Matthew Adler's Move Beyond Cost-Benefit Analysis,
2013
Seattle University School of Law
G Forces: Gideon V. Wainwright And Matthew Adler's Move Beyond Cost-Benefit Analysis, Janet Moore
Seattle Journal for Social Justice
No abstract provided.
Dark Medicine: How The National Research Act Has Failed To Address Racist Practices In Biomedical Experiments Targeting The African-American Community,
2013
Seattle University School of Law
Dark Medicine: How The National Research Act Has Failed To Address Racist Practices In Biomedical Experiments Targeting The African-American Community, Anietie Maureen-Ann Akpan
Seattle Journal for Social Justice
No abstract provided.
Do We Have It Right This Time? An Analysis Of The Accomplishments And Shortcomings Of Washington's Indian Child Welfare Act,
2013
Seattle University School of Law
Do We Have It Right This Time? An Analysis Of The Accomplishments And Shortcomings Of Washington's Indian Child Welfare Act, Karen Gray Young
Seattle Journal for Social Justice
No abstract provided.
Securing Food Justice, Sovereignty & Sustainability In The Face Of The Food Safety Modernization Act (Fsma),
2013
Seattle University School of Law
Securing Food Justice, Sovereignty & Sustainability In The Face Of The Food Safety Modernization Act (Fsma), Eve Kerber
Seattle Journal for Social Justice
No abstract provided.
Driving While License Suspended - Third Degree, A Framework For Requesting Alternative Sentences,
2013
Seattle University School of Law
Driving While License Suspended - Third Degree, A Framework For Requesting Alternative Sentences, Sahar Fathi
Seattle Journal for Social Justice
No abstract provided.
About The Authors,
2013
Seattle University School of Law
