An increasing focus on improved disclosures has been the regulatory thrust of securities regulations since the great crash of 1929. India gave up the merit based system of a controller regulating the issue of securities in favor of the disclosure based regulatory philosophy in 1988. Since then...

Hedge funds and private equity offer unique investing opportunities, including the possibility for diversified and excess returns. Yet, current federal securities regulation effectively prohibits the public offer and purchase in the United States of these hedge fund and private equity...

This is a summary, practitioner-oriented article which summarizes our research on debt and hybrid decoupling. Equity decoupling refers to the unbundling of the rights and obligations normally associated with shares. Debt decoupling refers to the unbundling of the economic and governance rights...

Most U.S. public companies have a single class of voting common shares: voting power is proportional to economic ownership. Linking votes to shares is often thought to be desirable, because, as residual claimants, shareholders have an incentive to exercise voting power well. The linkage also...

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 2004, the mutual fund industry of Costa Rica experienced a massive run by investors that reduced the industry to half its size in a month. This paper explores how weaknesses in the regulatory framework played a role in the crisis and draws lessons for developing countries. The analysis of...

The U.S. Securities and Exchange Commission adopted Regulation NMS, which will modernize the U.S. equity markets through the Trade-Through Rule, rules regarding market data, a rule on access to quotations, and the Sub-Penny Rule. The SEC settled the first enforcement action under Regulation FD...

The National Association of Securities Dealers, Inc. (NASD) has adopted a new rule that regulates the use of investment analysis tools by NASD members. The new rule has specific disclosure, access, and filing requirements. The U.S. Securities and Exchange Commission (SEC) adopted a new rule that...