The U.S. system of security law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in...

In recent years securities markets have become increasingly interconnected, and securities fraud frequently crosses borders. The United States' well-developed private enforcement mechanism for securities fraud is very attractive to investors around the world who are harmed by transnational...

With globalization, securities markets have become increasingly interconnected, and securities fraud frequently crosses borders, creating problems for national regulators seeking to deter and punish fraud. The United States' well-developed private enforcement mechanism for securities fraud is...

Given the existence of contract, property, fraud, and company law, what is the purpose of securities laws? Broadly speaking, they can serve either of two functions, or some mix of both. The first is to facilitate contracting among entrepreneurs, managers, shareholders, and financial...