The Logic of Securities Law

Law

The Logic of Securities Law

By Nicholas Georgakopoulos
Cambridge University Press April 2017

Specifications

ISBN-13
9781107158504
Publisher
Cambridge University Press
Publication
April 2017
Format
Hardback
Jurisdiction
U.K. ? Countri(es) for reference only

Also available as

Paperback

Details

This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to combat irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis.

Table of Contents

1. Introduction. Real markets and financial markets

Part I. Definition of a Security: When to Leave Buyer Beware for Seller Disclose?:
2. Toward defining a security
3. The vacuous definition of a security
4. The function of investment contract
5. Pricing mechanisms
6. From the sale of business doctrine to Gustafson
7. Gustafson works!
8. Definition conclusion

Part II. Disclosure: Why Subsidize Informed Traders?:
9. Introduction
10. An overview of disclosure theories
11. The failure of the corporate disclosure decision

Part III. Deterrence of Securities Fraud:
12. Introduction to deterrence intensity
13. Comparing the economic function of deceit to that of securities fraud
14. Reliance in deceit and securities fraud
15. Conclusion of deterrence intensity

Part IV. Insider Trading:
16. Introduction to insider trading
17. Insider trading law
18. Defining insiders
19. Concluding the insider trading analysis

Part V. The Virtuous Cycle of Liquid Markets, Accurate Prices and Cheap Trading:
20. The virtuous cycle
21. Closing note: financial crises and securities law.
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