The past forty years have witnessed a remarkable transformation in horizontal merger enforcement in the United States. With no change in the underlying statute, the Clayton Act, the weight given to market concentration by the federal courts and by the federal antitrust agencies has declined...

International human rights law is generally thought to apply directly to states, not to corporations since the latter is not a subject of international law. Some domestic courts are, however, enforcing these norms against corporations in domestic settings. Canadian courts have, for instance,...

Accepting the argument made by Manne, Epstein and others that firms wishing to allow their employees to insider trade should be permitted to do so, this article shows that there is still a crucial role for government in regulating insider trading. In particular, allowing employees to profit by...

Economic theory suggests that sometimes the enforcement of insider trading laws may be more important than the existence of these laws. Is that true? I find that at the end of 2022: (1) Insider trading laws exist in most countries; they are not enforced in many countries; (2) firms in countries...

Corporate America today is astonishingly beholden to three large financial institutions: BlackRock, Vanguard, and State Street Global Advisors. As investors have moved their money into low cost, highly-diversified investment vehicles known as index funds, the so-called “Big Three”...

Within the past decade, the EU has made significant steps in strengthening and harmonising the legal framework of capital markets. Despite passing and amending secondary legislation on this topic, it only partially addressed the issue of enforcement, leaving private enforcement an issue for its...

The international response to corruption raises many important questions: How did corruption become a matter of concern for international law? Was it the result of globalization? Was it the result of a renewed sense of morality around the world? Is this part of a global outcry against the abuse...

Although a comparative approach is used, the primary focus of this article is how recent legislative changes and market events have influenced the Canadian securities landscape. In doing so, this Article contributes to the ongoing debate on public and private enforcement by evaluating securities...

The corporate governance literature usually refers to the U.S. enforcement superiority to explain the premium that foreign firms experience when cross-listing in U.S. stock exchanges. This paper casts doubt on this hypothesis by analyzing two comparative case-studies of private and public...