The Anatomy Of The Law Regulation And Economics Of Securities And Financial Markets In The United States

Author : Massimiliano Caruso
Publisher : Singulab
Page : 10 pages
File Size : 44,7 Mb
Release : 2023-09-11
Category : Law
ISBN : 9798987947517

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The Anatomy of the Law, Regulation and Economics of Securities and Financial Markets in the United States by Massimiliano Caruso Pdf

This book is an attempt to provide a systematic, comprehensive, and in-depth examination of the theories, policies, and practicalities of securities and capital markets regulation. It analyzes the regulation of the process of raising capital in public offerings and private placements of securities, which is governed primarily by the Securities Act of 1933, and the regulation of trading and trading venues, which is governed by the Securities Exchange Act of 1934. It also focuses on market manipulation and insider trading as well as on issues of market structure. As other books that I wrote, it is designed to be neutral, current, functional, concise and clear. I believe this book will challenge your preconceptions, broaden your horizons, and leave you with a greater appreciation of the complexity of the subject, for, among others, the following reasons: (i) Rather than advocating for one particular viewpoint, after carefully researching and analyzing a wide range of sources, including the surrounding context of the most important cases, I have taken a neutral approach to ensure that the information presented is unbiased and trustworthy, making it an ideal starting point for anyone looking to gain a deeper understanding of the most disputed theories and views on the securities and capital markets regulation. (ii) The rise of crypto-assets offerings and decentralized finance, high-frequency trading, dark pools, and new sophisticated typologies of market manipulation and insider trading has brought new complexities and dramatic transformations, raises questions about market fairness, transparency, and accountability, and threatens to undermine the very foundations of securities and capital markets regulations. Crypto-assets and offerings of crypto-assets, in particular, have challenged and breathed new life into the importance of the Howey and Reves tests in assessing the nature of security (or non-security) of instruments, contracts, transactions and schemes. (iii) This book considers the economic principles that underpin the functioning of the capital market, including market efficiency, supply and demand dynamics, and pricing mechanisms, and in so doing allows a deeper understanding of the critical issues shaping the modern capital markets. It is in fact, to some extent, a mixture of law, public policy, and economics.

Author : Stephen M. Bainbridge
Publisher : Edward Elgar Publishing
Page : 498 pages
File Size : 40,5 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9780857931856

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Research Handbook on Insider Trading by Stephen M. Bainbridge Pdf

In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.

Author : Alan N. Rechtschaffen
Publisher : Oxford University Press
Page : 496 pages
File Size : 48,8 Mb
Release : 2019-04-30
Category : Law
ISBN : 9780190879655

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Capital Markets, Derivatives, and the Law by Alan N. Rechtschaffen Pdf

Dramatic failures in individual markets and institutions sparked a global financial crisis that resulted in political, social, and economic unrest. In the United States, a host of legislative acts have completely reshaped the regulatory landscape. Capital Markets, Derivatives and the Law: Positivity and Preparation investigates the impact of the financial crisis on capital markets and regulation. With an emphasis on the structure and the workings of financial instruments, it considers market evolution after the crisis and the impact of Central Bank policy. In doing so, it provides the reader with the tools to recognize vulnerabilities in capital market trading activities. This edition serves as an essential guide to better understand the legal and business considerations of capital market participation. With useful definitions, case law examples, and expert insight into structures, regulation, and litigation strategies, Capital Markets, Derivatives and the Law: Positivity and Preparation offers readers invaluable tools to make prudent, well-informed decisions.

Author : Merritt B. Fox,Lawrence Glosten,Gabriel Rauterberg
Publisher : Columbia University Press
Page : 612 pages
File Size : 44,6 Mb
Release : 2019-01-08
Category : Business & Economics
ISBN : 9780231543934

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The New Stock Market by Merritt B. Fox,Lawrence Glosten,Gabriel Rauterberg Pdf

The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Author : Andrew W. Lo
Publisher : University of Chicago Press
Page : 390 pages
File Size : 50,9 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9780226488493

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The Industrial Organization and Regulation of the Securities Industry by Andrew W. Lo Pdf

The regulation of financial markets has for years been the domain of lawyers, legislators, and lobbyists. In this unique volume, experts in industrial organization, finance, and law, as well as members of regulatory agencies and the securities industry, examine the securities industry from an economic viewpoint. Ten original essays address topics including electronic trading and the "virtual"stock exchange; trading costs and liquidity on the London and Tokyo Stock Exchanges and in the German and Japanese government bond markets; international coordination among regulatory agencies; and the impact of changing margin requirements on stock prices, volatility, and liquidity. This clear presentation of groundbreaking research will appeal to economists, lawyers, and legislators who seek a refreshingly new perspective on policy issues in the securities industry.

Author : Alan Rechtschaffen
Publisher : Oxford University Press
Page : 384 pages
File Size : 41,5 Mb
Release : 2009-09-10
Category : Law
ISBN : 9780199713271

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Capital Markets, Derivatives and the Law by Alan Rechtschaffen Pdf

President Obama recently called for a new financial regulation system in the United States. In order to understand the intricacies of new regulation, individuals must have a strong foundation in how capital markets function as well as how financial instruments and derivatives work. Capital Markets, Derivatives, and the Law provides readers with the foundation necessary to make informed, well-reasoned decisions about capital market participation, derivative utilization, and adherence to existing and future regulations. This publication is an essential guide for attorneys and business professionals looking for an accessible resource to better understand the legal and business considerations of capital markets and derivatives transactions. This book offers expert insight into how derivatives work. The author also explores the structures of derivatives as well as how they are regulated and litigated. In the complex world of the current capital market upheaval, this book provides useful definitions, case law examples, and insight into structures, regulation, and litigation strategies.

Author : Jerry W. Markham,Rigers Gjyshi
Publisher : Edward Elgar Publishing
Page : 544 pages
File Size : 50,9 Mb
Release : 2014-07-31
Category : Business & Economics
ISBN : 9781782540076

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Research Handbook on Securities Regulation in the United States by Jerry W. Markham,Rigers Gjyshi Pdf

This fascinating Handbook provides a clear explanation of the securities market regulation regime in the United States. A diverse set of contributors offer a comprehensive overview of the regulatory process, Dodd-Frank, the principal securities statute

Author : Hamid Arshadi,Thomas H. Eyssell
Publisher : Springer Science & Business Media
Page : 171 pages
File Size : 49,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461532446

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The Law and Finance of Corporate Insider Trading: Theory and Evidence by Hamid Arshadi,Thomas H. Eyssell Pdf

A thorough analysis of insider trading requires the integration of law and finance, and this book presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory. The book begins with a conceptual framework that explores the theoretical roles of markets, firms and publicly held corporations, including a discussion of corporate governance to determine both who may have access to nonpublic information, and their legal rights and responsibilities. The book then examines different aspects of the securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and a critique of the SEC disclosure rules and their ramifications for market efficiency. This is followed by a detailed chronology of insider trading regulations enacted in the U.S. since 1934 and an overview of the existing empirical literature on insider trading. Empirical evidence is presented on insider trading activities and the merit of anti-insider trading laws is evaluated on theoretical arguments and recent empirical developments. The authors conclude by arguing that insider trading laws and enforcement activities have failed and propose the decriminalization of insider trading.

Author : Nicholas L. Georgakopoulos
Publisher : Cambridge University Press
Page : 215 pages
File Size : 45,9 Mb
Release : 2017-05-04
Category : Business & Economics
ISBN : 9781107158504

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The Logic of Securities Law by Nicholas L. Georgakopoulos Pdf

This book explains both financial markets and securities regulation in simple yet sophisticated terms.

Author : Reinier H. Kraakman,John Armour
Publisher : Oxford University Press
Page : 305 pages
File Size : 43,9 Mb
Release : 2017
Category : Corporation law
ISBN : 9780198739630

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The Anatomy of Corporate Law by Reinier H. Kraakman,John Armour Pdf

This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.

Author : Charles J. Johnson (Jr.),Joseph McLaughlin,Anna T. Pinedo
Publisher : Wolters Kluwer Law & Business
Page : 1728 pages
File Size : 52,5 Mb
Release : 2024-06-13
Category : Corporations
ISBN : 9781543881806

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Corporate Finance and the Securities Laws by Charles J. Johnson (Jr.),Joseph McLaughlin,Anna T. Pinedo Pdf

Author : James Burk
Publisher : Transaction Publishers
Page : 228 pages
File Size : 52,6 Mb
Release : 2024-06-13
Category : Business & Economics
ISBN : 1412840953

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Values in the Marketplace by James Burk Pdf

Author : Edward F. Greene
Publisher : Aspen Publishers
Page : 0 pages
File Size : 45,9 Mb
Release : 2002
Category : Banks and banking, Foreign
ISBN : 073552761X

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U.S. Regulation of the International Securities and Derivatives Markets by Edward F. Greene Pdf

Author : P.M. Vasudev,Susan Watson
Publisher : Edward Elgar Publishing
Page : 256 pages
File Size : 47,6 Mb
Release : 2017-08-25
Category : Electronic
ISBN : 9781786432872

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Global Capital Markets by P.M. Vasudev,Susan Watson Pdf

This topical volume examines key developments in the law regulating capital markets, drawing on examples from around the world – including United States, Canada, Europe, China, India, and New Zealand. With perspectives from international scholars, chapters look at current issues including the regulation of crowdfunding, efforts in Europe for shareholder empowerment, hedge fund activism in Canada, international regulatory cooperation, and regulation of corporate governance in China through securities law rules.

Author : Michael Müller
Publisher : GRIN Verlag
Page : 51 pages
File Size : 46,5 Mb
Release : 2011-10-05
Category : Law
ISBN : 9783656020943

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International Enforcement Jurisdiction in Securities Law by Michael Müller Pdf

Seminar paper from the year 2011 in the subject Law - Comparative Legal Systems, Comparative Law, The University of Texas at Austin, language: English, abstract: Money makes the world go round. If not a truism, at least it holds for financial markets. The amount of capital traded thereupon outreaches human imagination by far. At the same time, financial markets create specific dangers for their participants. These dangers are essentially predicated upon information asymmetries between companies as capital seekers and investors as capital providers. The traditional approach to eliminate these information asymmetries is by regulation rather than leaving the solution to the market mechanism . Thus, financial markets are regulated markets. The means of such regulation are usually twofold. First, capital seekers are imposed upon a duty to disclose material information. Secondly, if they do not sufficiently comply with this duty, sanctions are imposed. This, of course, poses the question of who can enforce these legal rules. The answer is twofold. Some rules create private causes of action enabling the impaired party to seek relief with the courts. Others provide for enforcement by an administrative agency. This, however, raises the question which agency is called to perform this task. Traditionally, the answer has been easy as financial markets used to be national markets. Consequently, pursuant to traditional concepts of sovereignty in international law, each country could and would determine the competent agency. Regulation was and still mainly is national. Meanwhile, globalization and the revolution in telecommunication technology have blurred the borderlines between originally separated financial markets. Financial markets are now becoming international markets. This reveals an incongruity. Although financial markets are international markets, they are nationally regulated. One might suggest implementing an international regulation to avoid this discrepancy and, indeed, such aspirations can be found to a certain extent. However, on a global stage a uniform regulatory system seems highly unrealistic. Thus, it still falls to national regulators to meet the challenges by the internationalization of financial markets. This paper intends to explore how the United States and Germany grapple with this issue by analyzing the ambit of international enforcement jurisdiction in securities law.