Monday, June 9, 2014

Best Country for a Securities Professor to Visit?

Today, rather than my usual profound insights, I’m going to pose a question to our readers. (What do you mean, what “usual profound insights”?)

I have been thinking about applying for a Fulbright to teach overseas. The problem is that Fulbright applications are country-specific and I’m having trouble deciding where I would like to teach.

There are several ways to approach this problem. The first approach would be to look for the greatest possible geographical distance from Lincoln, Nebraska. I think this would be my Dean’s preference. But, as my Dean will tell you, pleasing her is almost never one of my criteria.

The second approach would be to choose the place with the greatest beach. This seems like a sound approach to me, but there seems to be a serious shortage of teaching opportunities in places like Tahiti.

That leaves but one possibility—choosing a location that best fits my particular teaching and research interests. My primary focus is securities regulation, particularly the application of securities law to small businesses. Given that focus what would be the best country to visit? Where would I find both (1) interesting things going on in securities regulation of small businesses and (2) people interested in learning about the U.S. approach to these issues?

China is an obvious choice, but what other countries would make sense? (I’m a coward, so please don’t suggest any countries that would require me to dodge bullets.)

Here’s your chance, blog readers: tell me where to go. (Keep it nice.)

C. Steven Bradford, Securities Regulation, Travel | Permalink


Dear Professor Bradford, to your question: if you would let me, I would highly recommend to you to go to Chile, especially to the Pontificia Universidad Católica de Chile ( The university is now ranked as the best in Latin American and the country is well known for its development. Consider that, if you would want more information I can put you in contact with professors there.


Posted by: Matias | Jun 9, 2014 10:02:12 AM

Thanks. Chile is a great suggestion. Unfortunately, almost all of the South American countries require one to lecture in Spanish, and my Spanish, other than an extensive vocabulary of food items, consists only of a few phrases I picked up growing up in Texas. Elsewhere in the world, English lectures are fine, but most of the Spanish-speaking countries insist on Spanish.

Posted by: Steve Bradford | Jun 9, 2014 10:29:23 AM

I know of at least one of your colleagues who is off in Seoul studying crowd funding.

Posted by: Hakim | Jun 9, 2014 11:30:02 AM


Thanks. Korea is another great suggestion. I just visited Seoul this summer to speak about crowdfunding, and there are some interesting things going on there. It's also a great place to visit; I certainly wouldn't mind spending more time there.

Posted by: Steve Bradford | Jun 9, 2014 11:38:22 AM

I personally have enjoyed my time teaching in Brazil. But you may have to speak Portuguese to go there and teach on a Fulbright. Several colleagues have had really great Fulbright experiences in China. Eastern Europe also has been a place that a few law professor friends have enjoyed on Fulbright fellowships. The world is your oyster, Steve. Wherever you go, you'll make something of it. I just know it.

Posted by: Joan Heminway | Jun 9, 2014 8:10:02 PM

Thanks, Joan.

Posted by: Steve Bradford | Jun 10, 2014 5:31:44 AM

I cannot really tell you whether India is a better place than the others with regard to securities regulation. But I can give you reasons why it can help you achieve your objectives
Firstly, SEBI which is the indian securities market regulator, is modelled on SEC to a very great extent. So much so, that we start our securities regulation course with seligman's book and other people's money (I'm sure that our professor doesn't know that brandeis also introduced the idea of right to privacy). As SEC was established due to the mayhem of the great depression, it had a lot of safety nets regarding fraud and insider trading. SEBI, on the other hand was created due to the opening of the Indian economy, therefore it did have the traditional anti fraud legislation, but didn't have the solution to newer problems like ponzi schemes, etc. Now it is looking for a solution to that by creating jurisdiction over it through legislation. Therefore, these are exciting times in securities regulation.
Secondly, SEBI didn't have the power of search and seizure at its inception. Through an ordinance which was signed last year, it got enormous powers of search and seizure (more than SEC, where you still need subpeonas). Now that the ordinance has lapsed, the bill needs to be passed in both the houses and therefore there is an enormous debate about whether a regulator can get police powers. We look at US, UK, Australia and Singapore for comparative studies regarding this. There is much perspective that you can bring regarding this point.
Thirdly, SEBI is also facing a lot of problems regarding information overload and therefore it has set up a committee to look into it. The disclosure that is mandated in US and India is principally the same, therefore you can bring in many ideas which might be helpful.
Fourthly, the problems of ponzi schemes is burgeoning in the rural areas of the country and the major problem that the regulator is facing is that of bringing this under its jurisdiction. The problem is regarding the definition of security and how Indians identify with it. Indians think that the shares and debentures are the only instruments that come under the definition of security. Therefore, there is a lack of knowledge of the philosophy of securities regulation in the country.
Fifthly, as India is a socialist state according to its constitution and a capitalistic one due to its economic policies, we students are very confused regarding the place of securities markets in the political concept. I had a discussion regarding this with my friends, and we came to various conclusions out of which one was that securities market will act as a quick sand for the socialistic stand. Though the securities markets are here to stay, it would be lovely if you enliven the debate from the perspective of a country where capitalism is followed out rightly. If we find some understanding, it sure will help our regulation.
On the ancillary front, we have national law schools here (15 of them) where education is of a very high quality and Atleast five national law schools teach courses regarding securities laws. If you visit all five, then you'll end up touring the whole country. There are beaches too and it has been a long time since the bullets ceased in India. Anyway, no one is interested in attacking a national law school, they just don't think that it's dangerous enough. You also have a fan in me, who might as well accompany you during the whole tour. And lastly, you can meditate and take some peace along with you.

Posted by: Puneet Passi | Jun 10, 2014 11:15:33 AM


Thanks for a very informative post. I will definitely have to look to see if there are Fulbright opportunities available in India. A couple of the professors in our Space Law program visited India and enjoyed it. And I'm glad to hear you're a fan.

Posted by: Steve Bradford | Jun 10, 2014 11:22:04 AM

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