Topic
Securities Regulation
Posts
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ArticleVol. 104 · Iss. 1
Dual-Track Bias
Since the JOBS Act of 2012 made it easier to start the IPO process, startups have increasingly pursued a “dual-track” exit strategy, simultaneously preparing…
Alexander I. Platt -
ArticleVol. 103 · Iss. 5
Mass Corporate Governance
Abstract Democracy is a compliance cost. At least, that is the modern conception of performative corporate governance. Structurally contingent legal and market characteristics mean…
Caleb N. Griffin -
ArticleVol. 102 · Iss. 3
Investor Climate Alliances
Climate change causes systemic financial risk, compelling long-term institutional investors to act. Its impacts extend beyond financial harms, aligning institutional investors with socially responsible…
Amelia Miazad -
ArticleVol. 101 · Iss. 4
Do the Securities Laws Actually Protect Investors (And How)? Lessons from SPACs
Some have criticized mandatory securities regulation based on the claim that market competition alone adequately constrains exploitation of public investors in securities offerings. Other…
Patrick M. Corrigan -
ArticleVol. 101 · Iss. 1
We Must Protect Investors and Our Banking System From the Crypto Industry
The crypto boom and crash of 2020–22 demonstrated that (i) cryptocurrencies with fluctuating values are extremely risky and highly volatile assets and (ii) cryptocurrencies…
Arthur E. Wilmarth, Jr. -
ArticleVol. 100 · Iss. 6
Wireless Investors & Apathy Obsolescence
Abstract This Article discusses how a subgenre of retail investors makes investors’ apathy obsolete. In prior work, we dub retail investors who rely on…
Sergio Alberto Gramitto Ricci & Christina M. Sautter -
ArticleVol. 100 · Iss. 6
The Centralization Paradox in Cryptocurrency Markets
Introduction The costly and highly public collapse of cryptocurrency exchange FTX has highlighted two key phenomena central to crypto-market design. First, despite its originating…
Yesha Yadav -
ArticleVol. 100 · Iss. 6
The SPAC Market
Introduction Special purpose acquisition companies (SPACs) exploded in popularity in the past few years, to such a degree that they made up 60% of…
Usha R. Rodrigues & Michael Stegemoller -
ArticleVol. 100 · Iss. 6
Fairness Opinions and SPAC Reform
Abstract This paper assesses the emerging regulatory framework for special purpose acquisition companies (SPACs). According to this framework, mergers of SPACs, known as de-SPACs,…
Andrew F. Tuch -
ArticleVol. 100 · Iss. 4
Side Letter Governance
Abstract A standard feature of the private equity industry, “side letters” are confidential agreements between the sponsor and individual investors that give the latter…
Elisabeth De Fontenay & Yaron Nili -
ArticleVol. 100 · Iss. 3
SPACTIVISM
Abstract In this Essay, we propose a modified version of the SPAC, called the Activist SPAC, that is uniquely designed to allow the public…
Sharon Hannes, Adi Libson & Gideon Parchomovsky -
ArticleVol. 100 · Iss. 3
Crypto Assets and the Problem of Tax Classifications
Abstract To date, Internal Revenue Service (I.R.S.) guidance on cryptocurrencies has been thin. When the I.R.S. has issued guidance, it occasionally mishandles the technical…
Eric D. Chason