Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, January 24, 2023

New Securities Law Articles in Print

The following law review articles relating to securities regulation are now available in paper format:

Dan Awrey & Joshua C. Macey, Open Access, Interoperability, and DTCC's Unexpected Path to Monopoly, 132 Yale L. J. 96 (2022).

Carl S. Bjerre, Investment Securities, 77 Bus. Law. 1315 (2022).

Benjamin P. Edwards, Supreme Risk, 74 Fla. L. Rev. 543 (2022).

Scott Hirst & Adriana Z. Robertson, Hidden Agendas in Shareholder Voting, 39 Yale J. on Regul. 1218 (2022).

Jennifer O'Hare, Don't Forget the "G" in ESG: The SEC and Corporate Governance Disclosure, 64 Ariz. L. Rev. 417 (2022).

Frank Partnoy, Market Prices vs. Fundamental Value: The Case for Using Discounted Cash Flow Analysis in Securities Class Actions, 77 Bus. Law. 1059 (2022).

Alexander I. Platt, Beyond "Market Transparency": Investor Disclosure and Corporate Governance, 74 Stan. L. Rev. 1393 (2022).

Mark J. Roe, What Is Stock Market Short-Termism?, 77 Bus. Law. 1039 (2022).

Gladriel Shobe & Jarrod Shobe, The Dual-Class Spectrum, 39 Yale J. on Regul. 1343 (2022).

January 24, 2023 | Permalink | Comments (0)

Monday, January 16, 2023

Gevurtz on Investment Predictions

Franklin A. Gevurtz has posted Important Warning or Dangerous Misdirection: Rethinking Cautions Accompanying Investment Predictions on SSRN with the following abstract:

We are constantly bombarded with cautions warning us of dangers to our health or wellbeing. Sometimes, however, cautions increase the danger. This article addresses one example: cautions warning investors of the risks that predictions regarding corporate performance will not pan out.

Here, the danger is investors falling prey to trumped up predictions of corporate performance, the result of which is to misallocate resources, increase the cost of capital for honest businesses, and create a drag on the overall economy. This article shows how the typical cautions accompanying predictions of corporate performance facilitate rather than avoid this danger by misdirecting both investors and courts from looking at what they should: the credibility of the speaker in giving the prediction.

To solve this problem, this article introduces a radically different approach to determining the legal impact of cautions accompanying predictions of corporate performance. This is to distinguish between cautions alerting investors to problems with the speaker’s credibility in giving the prediction versus those that simply list various risks that might lead the prediction to not pan out. The article thereby provides a roadmap for courts to replace their current misguided focus on the wrong type of cautions in the numerous cases raising the issue of when cautions serve as a defense to claims of securities fraud based upon a failed prediction.


January 16, 2023 | Permalink | Comments (0)

New Securities Law Articles in Print

The following law review articles relating to securities regulation are now available in paper format:

Sue S. Guan, Meme Investors and Retail Risk, 63 B.C. L. Rev. 2051 (2022).

Lin Lin & Dan W. Puchniak, Institutional Investors in China: Corporate Governance and Policy Channeling in the Market within the State, 35 Colum. J. Asian L. 74 (2022).

Allyson Patterson, Note, The Ongoing Issue of Cyber Insecurity: Why Cyber Insurance Should Be Mandatory for Consumer Companies, 48 Fla. St. U. L. Rev. 841 (2021). 

January 16, 2023 | Permalink | Comments (0)

Thursday, January 12, 2023

New Securities Law Articles in Print

The following law review articles relating to securities regulation are now available in paper format:

Anat Alon-Beck, Bargaining Inequality: Employee Golden Handcuffs and Asymmetric Information, 81 Md. L. Rev. 1165 (2022).

Madison Condon, Sarah Ladin, Jack Lienke, Michael Panfil & Alexander Song, Mandating Disclosure of Climate-Related Financial Risk, 23 N.Y.U. J. Legis. & Pub. Pol'y 745 (2021).

Robert K. Cowan, Time for Plan(et) B? Why Securities Litigation Is a Misguided Attempt at Regulating Climate Change, 33 Geo. Env't L. Rev. 333 (2021).

Joel Crank, Comment, Rethinking Kirschner v. J.P. Morgan: How Securities and Banking Laws Should Apply to Syndicated Loans, 93 U. Colo. L. Rev. 1095 (2022).

Anita K. Krug, Temporary Securities Regulation, 79 Wash. & Lee L. Rev. 185 (2022).

Brittany Mann, Note, Federal Courts Take the Wheel: The Delaware Supreme Court Validates Federal Forum Provisions for '33 Act Litigation in Salzberg v. Sciabacucchi, 67 Vill. L. Rev. 613 (2022).

Aidan D. Mulry, Note, A True Sense of Security: How Kirschner v. J.P. Morgan Chase Illustrates the Failings of the Reves Family Resemblance Test and the Need to Recognize Some Syndicated Loans as Securities for the Sake of the Financial System, 87 Brook. L. Rev. 979 (2022).

Bernard S. Sharfman & Vincent Deluard, How Discretionary Decision-Making Impacts the Financial Performance and Legal Disclosures of S&P 500 Funds, 87 Brook. L. Rev. 915 (2022).

Michael Vuong, Note, The European Union's Sustainable Finance Disclosure Regulation: Compliance & Policy Implications, 55 Int'l Law. 395 (2022).

Ethan Yaro, Note, A National International Affair: The Long Jurisdictional Reach of In re Irving H. Picard, Tr. for Liquidation of Bernard L. Madoff Investment Securities, 31 Minn. J. Int'l L. 187 (2022).

January 12, 2023 | Permalink | Comments (0)