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Corporate & Securities Law

Business Law Prof Blog

Business law resources, information, and news for the academic community

Post Frequency: 11.8/day

Last Entry: April 01, 2011 at 11:04:42

Senate Passes "Restoring American Financial Stability Act"

Posted on May 22, 2010
The Senate has passed the Restoring American Financial Stability Act. Next up is reconciliation with the House version. Some of the key provisions (summarized here) include: Creation of a Consumer Financial Protection Agency (housed in the Fed--let the fox and...

When It Comes to Responsibility, Primary Does Not Mean Exclusive

Posted on May 21, 2010
The Wall Street Journal (among other sources) reports the BP and Transocean are back to fighting about who was responsible for one of the worst oil spill disasters in history. Obviously, this will be contentious, but I always find the...

Falaschetti on Corporate Governance

Posted on May 21, 2010
Dino Falaschetti has posted Democratic Governance and Economic Performance: How Accountability Can Go Too Far in Politics, Law, and Business on SSRN with the following abstract: Conventional wisdom warns that unaccountable political and business agents can enrich a few at...

Botchway on Negotiations

Posted on May 20, 2010
Francis N. Botchway has posted Can the Law Compel Business Parties to Negotiate? on SSRN with the following abstract:Many businesses, national or international, would opt to negotiate differences between or among themselves. There are circumstances, however, where disputing parties are...

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Goldman and the Use of Non-Public Information

Posted on May 20, 2010
I second Josh's recommendation of the recent New York Times article discussing Goldman's penchant for betting against clients. It makes it almost impossible not to see Goldman as fueling the financial crisis, rather than merely responding to it. The discussion...

Questioning Broker-Dealer Fiduciary Duties

Posted on May 20, 2010
The Wall Street Journal has an interesting Q&A with J.W. Verret regarding the proposal to impose fiduciary duties on broker-dealers. Verret is against the proposal. Verret is quoted as saying that Sen. Arlen Specter, the amendment's sponsor, "suffers from a...

Do Market Principles Apply to Market Makers?

Posted on May 19, 2010
The New York Times reports that some customers of Goldman Sachs (and other investment banks) are ?worried? about the dual, and often conflicting, role the banks play in the market. The report indicates that executives at some of Goldman?s clients,...

Profs to figure prominently...

Posted on May 18, 2010
...on the new joint SEC-CFTC panel addressing regulatory issues confronting the two agencies. While the early days of the present financial crisis perhaps augured an SEC-CFTC consolidation, that notion quickly yielded to thoughts of a more cooperative union between the...

The Risk of Emphasizing Disclosure

Posted on May 18, 2010
The financial page of this week's New Yorker magazine points out that exotics such as junk bonds and credit default swaps have helped people on occasion, and that "financial innovation" cannot be universally condemned. Maybe so, but the piece goes...

Bodie on Shareholder Proposals

Posted on May 17, 2010
Matthew T. Bodie has posted The Case for Employee Referenda on Transformative Transactions as Shareholder Proposals on SSRN with the following abstract: This Comment describes and advocates for employee referenda as implemented through a SEC Rule 14a-8 shareholder proposal...

Branson on Short Selling

Posted on May 17, 2010
Douglas M. Branson has posted More Muscle Behind Regulation SHO? Short Selling and the Regulation of Stock Borrowing Programs on SSRN with the following abstract: Recent amendments to SEC Regulation SHO (originally adopted in 2004) have implemented hard close requirements...

Speed, the new market enemy

Posted on May 17, 2010
Remember when it was disclosed last summer that the stock exchanges were granting a millisecond advantage to certain traders? "Flash trading," as we all learned, accorded some market players a sneak peak at order flow under a dated exemption to...

General Motors' First Profit (Ever)

Posted on May 17, 2010
General Motors posted a profit ($865 million) for the first quarter of 2010, which (according to the New York Times) is the company's first profit since 2007. Despite the success, G.M. (wisely) did not provide a timeline about when the...

Yale Law Student Wins North American Poker Tour Main Event

Posted on May 15, 2010
A belated congratulations to Vanessa Selbst, Yale law student and winner of the NAPT Mohegan Sun main event (outlasting 715 other players for a cool $750K). In addition to making tuition payments a lot easier for herself, Vanessa has also...

Texting Significance: Beyond the Cell Phone

Posted on May 14, 2010
The New York Times reports that cell phones are now used more often for data than for phone calls. And when they do call, the calls are getting significantly shorter. This revelation that phones are used more for data communication...

Henderson on Executive Compensation

Posted on May 14, 2010
M. Todd Henderson has posted Implicit Compensation on SSRN with the following abstract: This Paper presents evidence boards of directors bargain with executives about the profits they expect to make from trades in firm stock. In general, the evidence suggests...

Harris on Environmental Audits

Posted on May 13, 2010
Michael Ray Harris has posted Promoting Corporate Self-Compliance: An Examination of the Debate Over Legal Protections for Environmental Audits on SSRN with the following abstract: This paper examines the debate over legal protection for environmental auditing...

When Should a Wells Notice Be Disclosed?

Posted on May 13, 2010
Peter Henning provides some thoughtful analysis here. Personally, I think much of the answer lies in this one line from the post:[T]he mere report of a Wells notice is now enough to cause a strong negative reaction in the market....

Live Blogging From the University of Kentucky College of Law Developing Ideas Conference

Posted on May 13, 2010
I am currently attending the University of Kentucky College of Law Developing Ideas Conference. Having obtained the required permission, I am posting the idea abstract submitted by Antony Page from the Indiana University School of Law - Indianapolis: Notion Building:...

Eliminating the Possibility of Market Manipulation

Posted on May 12, 2010
The American Power Act was introduced today by Senators John F. Kerry and Joseph I. Lieberman. The bill would create a cap-and-trade program designed to reduce greenhouse gas emissions to 17% below 2005 levels by 2020 and 83% by 2050....

Those elusive circuit breakers...

Posted on May 11, 2010
The Dow's harrowing 900-point intra-day decline last Thursday should serve first and foremost as a reminder of the futility of circuit breakers. These artificial brakes on an entire market are triggered by a 10% decline as gauged by the daily...

Aronson on Japanese Corporate Law

Posted on May 10, 2010
Bruce E. Aronson has posted Postwar Reform of Corporate Law and Corporate Governance in Japan: Democratization Under the Occupation and the Japanese Reaction on SSRN with the following abstract: This short essay introduces two opposing views, held by two American...

A Teaching Case: Proper Assignment and the Authority to Lease a Beer Cart

Posted on May 10, 2010
The Iowa Supreme Court last week issued an opinion in Frontier Leasing Corporation v. Links Engineering, LLC, that may just find its way into my Business Associations I course in the fall. The case is reasonably short, covers several key...

Happy Birthday New SEC Rules 200 and 201

Posted on May 10, 2010
In late February, primarily in efforts to minimize abuse short selling, the SEC announced amendments to two Rules included in its Regulation SHO. The changes implemented a "short sale-related circuit breaker" designed to stymie significant, intra-day price losses by halting...

Similarities Between the Financial Crisis and the Oil Spill

Posted on May 08, 2010
The Wall Street Journal ran an article yesterday on the lack of regulatory oversight of U.S. offshore drilling. Any of these points sound familiar? The Minerals Management Service (MMS) has gradually shifted safety regulation to the industry over the course...

D'Onfro on Consumer Protection

Posted on May 07, 2010
Danielle D'Onfro has posted TILA and a Uniform Law of Consumer Credit on SSRN with the following abstract: This paper provides a cursory overview and criticism of predatory lending laws then proposes a Uniform Law of Consumer Credit (ULCC) to...

Rebuilding Goldman?s Reputation Should Start with Cleaning up the Language

Posted on May 07, 2010
The Wall Street Journal reports that Goldman Sachs is vowing to rebuild the company?s image. Chairman and CEO Lloyd C. Blankfein said that the past few weeks were both ?difficult and disappointing.? He went on to say, ?Questions have been...

Guest Post by Professor Douglas M. Branson - Women in Corporate Governance: Halfway Up From Nowhere?

Posted on May 06, 2010
Not quite. Halfway? Try 3 percent. As late as 1997, there were no female CEOs in the Fortune 500. Jill Barad at Mattel Toy was the first. As late as 2002, there were only two. Women are, or are soon...

Gaining Some Perspective

Posted on May 06, 2010
Is it just me, or does there seem to be a strong positive correlation between how wealthy someone is and how much they complain about taxes? Here's the not uncommon scenario: I'm chatting with someone who makes a six-figure income....

Questioning Buffett's Goldman Defense

Posted on May 06, 2010
When Warren Buffett speaks, people listen. Undoubtedly, his recent strong defense of Goldman was music to that company's ears. However, the apologia left me with some questions. First, Buffett is quoted in the Wall Street Journal as saying, "I haven't...

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