This chapter from the forthcoming Handbook on Law and Entrepreneurship (Gordon Smith, Christine Hurt & Brian Broughman eds.) sets out a template for the regulation of venture exchanges — securities markets specifically designed for trading smaller and younger firms. I argue for listing...

Expanding securities-law requirements, along with declining IPOs, have spurred a number of initiatives aimed at providing regulatory relief for smaller and younger firms. But the rhetoric of policymakers defending such efforts is superficial and the academic debate surrounding the issues at...