We examine insider trading in about 3,700 targets of takeovers announced during 1988-2006 and in a control sample of non-targets, both during an ‘informed' and a control period. Using difference-in-differences regressions of several insider trading measures, we find no evidence that insiders...

This paper is concerned with the allegation that fair value accounting rules have contributed significantly to the recent financial crisis. It focuses on one particular channel for that contribution: the impact of fair value on actual or potential failure of banks. The paper compares four...

This paper narrates a biblical story - Eve's ingestion of the forbidden fruit - and analogizes it to a recent business law story that I explore in my scholarship and use in my teaching - Martha Stewart's sale of ImClone stock as alleged insider trading. The analogy, while imperfect, helps expose...

We revisit debates on the regulation of IPOs by analyzing failure rates of IPOs carried out between 1900 and 1913 on the London and Berlin stock exchanges, two of the leading financial markets during the early 20th century. IPOs were regulated more heavily in Germany than in Britain and, as...

During 2008 and 2009 Australian listed entities raised large amounts of equity capital as the global financial crisis led to a significant tightening in credit markets. Over these two years listed entity after listed entity recapitalised, seeking additional equity to replace debt as lenders,...

This paper examines the effect of Sarbanes-Oxley provisions on 10-K filing delays. We find that tightened filing deadlines for accelerated and large accelerated filers are not associated with changes in the incidence of late filing; that Section 404 compliance does not affect filing timeliness...

This work is primarily focused on the settlement between the SEC and Goldman Sachs of July 2010 related to the structuring and marketing of a Collateralised Debt Obligation (CDO) known as Abacus 2007-AC1. A thorough discussion of this case leads to analyze the idea of a imposing a fiduciary duty...

This work is primarily focused on the settlement between the SEC and Goldman Sachs of July 2010 related to the structuring and marketing of a Collateralised Debt Obligation (CDO) known as Abacus 2007-AC1. A thorough discussion of this case leads to analyze the idea of a imposing a fiduciary duty...

On 19th March 2009, several national newspapers in Austria reported on a “turbo scandal” that had been suspected on the Vienna Stock Exchange for several years. Concerned investors argued that the issuers of turbo certificates tried to raid the underlying prices of these down-and-out call...

This revised draft book chapter describes the interrelationship between gender and U.S insider trading law and explores (anecdotally and through extensions of existing gender studies outside the insider trading realm) the potential roles and significance of gender in that context. Although women...