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This Article analyzes the impact of insider trading on options market makers from the perspective of the characteristics of options as complex securities, the structural features of options markets, and the corresponding unique risks and hedges of these market participants. It is argued that...
Persistent link: https://www.econbiz.de/10014214481
Upstream producers that possess market power, sell forwards with a lengthy duration to regional electricity companies (REC). As part of the liberalization of the electricity market, RECs have been privatized and exposed to a possible bankruptcy threat if spot prices have fallen below their...
Persistent link: https://www.econbiz.de/10003951795
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We examine derivatives trading prior to takeover rumors in a sample of 1,638 publicly traded U.S. firms. The volume of options traded is abnormally high over the 5-day pre-rumor period, primarily due to the number of out-of-the-money call options traded. In addition, the direction of option...
Persistent link: https://www.econbiz.de/10014238260
The Trust Indenture Act prohibits a binding vote of bondholders to change any core term-principal amount, interest rate, or maturity date-of a bond issue. In this Article, I show how the prohibition on a collective action clause inhibits a troubled company's ability to reorganize outside of...
Persistent link: https://www.econbiz.de/10013006354
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begin with theory, situating TPV relative to other corporate voting structures such as one-share-one-vote and dual …
Persistent link: https://www.econbiz.de/10012971472
Study of Majority Voting in Director Elections analyzes the initial roll-out and rapid success of the movement to require that directors be elected by a majority vote, rather than a plurality. As documented in the Study, only 16% of the companies in the S&P 500 were known to have adopted some...
Persistent link: https://www.econbiz.de/10013033040
In a series of articles, Henry Hu and I developed and defined the concept of empty voting. TELUS Corp. has separate classes of voting and nonvoting shares. It proposes to combine them, with a zero premium for voting shares. Mason Capital has taken a (long voting shares, short nonvoting shares)...
Persistent link: https://www.econbiz.de/10013100386
Shareholder voting is a weak and much-criticized mechanism for controlling managerial opportunism. Among other problems, shareholders are often too uninformed to vote wisely, and majority and supermajority rule permits large shareholders to exploit small shareholders. We propose a new voting...
Persistent link: https://www.econbiz.de/10013082089