Merchants and banks are currently engaged in a wide-ranging struggle for control over payment systems. The conflict is playing itself out in business practices, in banking regulation, in corporate governance, in corporate restructuring, in securities offerings, and in the biggest antitrust...

We hypothesize that insiders strategically choose disclosure policies and the timing of their equity trades to maximize trading profits, subject to the litigation costs associated with disclosure and insider trading. Accounting for endogeneity between disclosures and trading, we find that when...

Evaluating the application of existing securities laws and regulation in a cyberspace context requires an understanding of how existing legal structures accommodate changing societal or other conditions, including changes resulting from technological innovation and changing business culture and...

This paper discusses the regulation of foreign investment in China's stock market. It starts with the development of financial markets in China, followed by a detailed introduction to the evolution of China's stock market and the regulatory regime. It then introduces the forms of foreign...

In 2001, the SEC required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects order-routing decisions and whether the...

This article suggests that the response to the most recent Supreme Court of Canada decision concerning corporate governance, Peoples, and the Canadian corporate governance debate, as currently engaged, are operating on the false underlying assumption that the principle-agent, shareholder primacy...

We offer an explanation for why raiders do not acquire the maximum possible toehold prior to announcing a takeover bid. By endogenously modeling the target firm's value following an unsuccessful takeover we demonstrate that a raider may optimally acquire a small toehold even if the acquisition...

The significant role which small and medium-sized firms play in the economy depends to a great extent on their ability, once established, to grow. While the growth and success of these enterprises depends on various factors, access to appropriate financing is critical for their expansion. In...

This article discusses the application of the unfairly prejudicial conduct remedy under the Companies Act 1985 section 459 to groups of companies. The article focuses on the Court of Appeal's decision in Gross v Rackind [2004] that relief could be granted against a parent company when the...