Non-U.S. companies increasingly spurn U.S. stock markets and choose to list their securities and raise capital abroad. The drivers behind this shift are complex, but many believe that a principal cause is regulatory. The SEC has promulgated arguably over-burdensome, one-size-fits-all rules which...

In May 2007, Oaktree Capital Management LLC, a U.S.-based hedge fund adviser with over forty billion dollars in assets under management, sold approximately fourteen percent of its equity for more than $800 million in a widespread offering made to a number of prospective purchasers. This equity...

This essay, based on the author's presentation last September to the annual meeting of the North American Securities Administration Association (NASAA), addresses several issues related to Rule 506, the most widely-used of the SEC's transactional exemptions from federal registration of...

Insider dealing has been unlawful in the UK since 1980 and market abuse, of which insider dealing is just one form, since 2000. It is from this time when the FSA was established and the creation of these as civil offences that they could be pursued rigorously. It is the purpose of this article...

In this study I review the main scientific contributions of Minsky and other scholars to the financial instability and crisis issues, and the role of institutions in modeling the medium and long business and financial waves. The topics developed in this paper are the following: the relationships...

In this study I review the main scientific contributions of Minsky and other scholars to the financial instability and crisis issues, and the role of institutions in modeling the medium and long financial and business waves. The topics developed in this paper are the following: the relationships...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...