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1
이, 준범. "증권관련집단소송 사건 중 집단소송허가절차에 관한 한국과 미국 법리 비교연구." Korea Association of the Law of Civil Procedure 26, no. 2 (June 30, 2022): 321–67. http://dx.doi.org/10.30639/cp.2022.6.26.2.321.
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The U. S. Supreme Court has decided four judgments in the past 10 years on the issues of the securities class action certification. Securities class action cases under Section 10(b) and Rule 10b-5 are actively filed in the United States. Under Basic Inc. v. Levinson, the plaintiffs are no longer required to prove individual reliance. This rule allowed the U.S. investor class to be more easily certified in a Rule 10b-5 securities class action.
In Korea, the Securities-related Class Action Act was enacted.
Although securities-related class actions were not actively filed, there were some cases where the Supreme Court of Korea interpreted the rule on class action certification. Under the rule interpreted by the Supreme Court of Korea, the requirements to be certified as a class are different from that of the United States.
In the United States, plaintiffs in a securities fraud class action frequently submit event studies at the class certification stage. However, Korean plaintiffs are not required to submit an event study at the class certification stage in a typical stock price drop class action.
This is because, as the article discusses, the substantive securities law and the class certification rule differs from that of the United States.
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Gea, Mansix Agusmanto, and Marihot Janpieter Hutajulu. "Insider Trading Case Settlement: Studies in Indonesia and The United States." Wacana Hukum 28, no. 1 (February 28, 2022): 18–22. http://dx.doi.org/10.33061/1.wh.2022.28.1.6781.
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Insider trading is a term that refers to the practice in which corporate insiders conduct securities transactions (trading) using their exclusive information that is not yet available to the public or investors. Indonesia and the United States are 2 (two) countries that prohibit insider trading in the capital market. Through this article, the author wants to analyze the similarities and differences the regulation of insider trading in Indonesia and the United States, and explain the legal process for the settlement of Insider Trading cases in Indonesia and the United States. This research is a normative research, using the laws and regulations on the capital market originating from 2 (two) countries, there are the laws and regulations on the capital market of Indonesia and the United States. The analysis of this paper concludes that Indonesia and the United States prohibit the practice of insider trading in the capital market.
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Gea, Mansix Agusmanto, and Marihot Janpieter Hutajulu. "Insider Trading Case Settlement: Studies in Indonesia and The United States." Wacana Hukum 28, no. 2 (February 28, 2022): 18–22. http://dx.doi.org/10.33061/wh.v28i1.6781.
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Insider trading is a term that refers to the practice in which corporate insiders conduct securities transactions (trading) using their exclusive information that is not yet available to the public or investors. Indonesia and the United States are 2 (two) countries that prohibit insider trading in the capital market. Through this article, the author wants to analyze the similarities and differences the regulation of insider trading in Indonesia and the United States, and explain the legal process for the settlement of Insider Trading cases in Indonesia and the United States. This research is a normative research, using the laws and regulations on the capital market originating from 2 (two) countries, there are the laws and regulations on the capital market of Indonesia and the United States. The analysis of this paper concludes that Indonesia and the United States prohibit the practice of insider trading in the capital market.
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Huang, Robin Hui. "Rethinking the Relationship Between Public Regulation and Private Litigation: Evidence from Securities Class Action in China." Theoretical Inquiries in Law 19, no. 1 (February 13, 2018): 333–61. http://dx.doi.org/10.1515/til-2018-0011.
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Abstract China has a civil procedure for collective litigation, which is dubbed Chinese-style class action, as it differs from the U.S.-style class action in some important ways. Using securities class action as a case study, this Article empirically examines both the quantity and quality of reported cases in China. It shows that the number of cases is much lower than expected, but the percentage of recovery is significantly higher than that in the United States. Based on this, the Article casts doubt on the popular belief that China should adopt the U.S.-style class action, and sheds light on the much-debated issue concerning the relationship between public and private enforcement of securities law. The Article also discusses the future prospects of securities class action in China in light of some recent developments which may provide its functional equivalents, including the regulator-brokered compensation fund and public interest group litigation.
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Tuttle, Jonathan R., Matthew E. Kaplan, and Benjamin R. Pedersen. "Who is the “reasonable investor”?" Journal of Investment Compliance 17, no. 4 (November 7, 2016): 61–64. http://dx.doi.org/10.1108/joic-09-2016-0044.
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Purpose To discuss how two recent court decisions applied the materiality standard concerning information disclosed to investors and the definition of a “reasonable investor”. Design/methodology/approach Explains the origins and evolution of the materiality standard and the “reasonable investor” paradigm, discusses the difficulty in applying the materiality standard in the absence of a clear definition of the “reasonable investor”, and addresses potential implications of two 2016 cases, Flannery v. SEC and United States v. Litvak, on whether materiality should be applied on a subjective, rather than objective, basis and evidentiary burdens in proving materiality. Findings Flannery and Litvak suggest that, in assessing what information is material to a “reasonable investor”, courts may place increasing weight on the relative sophistication of investors, the types of securities and the nature of the markets in which they are investing, and types of information investors in those securities and markets typically consider to be material. Originality/value Informed analysis by experienced practitioners in capital markets, financial services and securities litigation.
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Cohen Smutny, Abby, and Hansel T. Pham. "Enforcing Foreign Arbitral Awards in the United States: The Non–Arbitrable Subject Matter Defense." Journal of International Arbitration 25, Issue 6 (December 1, 2008): 657–68. http://dx.doi.org/10.54648/joia2008053.
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The New York Convention has had a considerable impact on attitudes toward international arbitration in the United States. This is particularly true with respect to the non–arbitrable subject matter defense, which provides that certain types of disputes are inappropriate for arbitration and are subject to the exclusive jurisdiction of the courts. Prior to 1970, U.S. courts’ skepticism about arbitration often was manifested by a reluctance to stay litigation in favor of an arbitration agreement in a wide range of disputes, including federal securities law and antitrust. With the United States’ accession to the New York Convention, U.S. courts increasingly began to accept arbitration as a means for resolving disputes and have continued to limit the scope of the non–arbitrable subject matter defense in cases seeking to resist enforcement of a foreign arbitral award.
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Wang, Siyao. "Protection of Small and Medium-sized Investors under the Securities Law A Study on Information Disclosure and Early Payment System of Listed Companies." Advances in Economics, Management and Political Sciences 21, no. 1 (September 13, 2023): 83–87. http://dx.doi.org/10.54254/2754-1169/21/20230237.
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Small and medium-sized investors occupy the vast majority of China's securities market. However, the rights and interests of small and medium investors are not protected due to the disparity of power with companies, lengthy trial periods, high trial costs and lack of professional knowledge. Through comparative legal analysis, the article first examines the natural investors, followed by the analysis of the policies and implementation status in China and the United States based on data and cases, along with the viability of relevant policies in both countries. Finally, it provides suggestions for the existing policies.
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Amoa-Gyarteng, Karikari. "Corporate Financial Distress: The Impact of Profitability, Liquidity, Asset Productivity, Activity and Solvency." Journal of Accounting, Business and Management (JABM) 28, no. 2 (November 7, 2021): 104. http://dx.doi.org/10.31966/jabminternational.v28i2.447.
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This study aims to determine the importance of liquidity, profitability, asset productivity, activity, and solvency in cases of corporate financial distress. One hundred and five firms in the extractive industry in the United States were analyzed. Firms must be publicly traded and have filed form 10-K reports with the securities and exchange commission of the United States to be considered for the study’s population. The measure of corporate financial distress is the Altman Z-score. By using the Altman discriminant function, this study identifies the precipitants of corporate financial distress. This is especially important because widespread corporate financial distress could cause global financial system volatility. The indicators were measured in the last two years before the distressed firms declared bankruptcy. The results indicate that liquidity, profitability, asset productivity and solvency have an impact on the financial health of firms and therefore, on financial distress. The study further determines that activity ratio does not have a statistically significant relationship with financial distress.
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Abdullah (Leslie Terebessy), Abdul Karim. "Benefits of Risk-Sharing in the Structuring of Sukuk." ICR Journal 2, no. 3 (April 15, 2011): 561–63. http://dx.doi.org/10.52282/icr.v2i3.634.
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Several cases of sukuk defaults and near defaults have occurred recently. In Malaysia, according to the Securities Exchange Commission, seven sukuk with a combined value of more than RM740 million, have defaulted. Sukuk issued by the Saad Group of Saudi Arabia, Dar Investment Group, the International Investment Group of Kuwait, East Cameron Partners in the United States and others also defaulted. In December 2009, several sukuk issued by Dubai World and its subsidiaries nearly defaulted. Was the way the sukuk were structured among the reasons for the defaults, as alleged by some, or were the sukuk investors simply the victims of the larger global economic and financial crisis?
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Yli-Kankahila, Heidi M. K. "Moving Past Reliance – The Problem of a Reliance Requirement in Secondary Market Securities Litigation and Solutions from Select Jurisdictions." European Company and Financial Law Review 20, no. 3 (October 16, 2023): 447–80. http://dx.doi.org/10.1515/ecfr-2023-0023.
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Abstract 447Investors’ individual reliance on misstated inside information as an element of causation in securities litigation has provoked criticism. Scholarship has long acknowledged that a reliance requirement is not justified as damage may occur without an investor’s reliance on misstated inside information in the secondary market. This article analyses the reliance requirement in select European jurisdictions (the Netherlands, Germany, Sweden, Norway, Denmark, Finland, and the United Kingdom) and the United States. The article investigates whether a reliance requirement exists in the secondary market litigation regime in said jurisdictions and analyses whether a presumption of reliance exists to fulfil the reliance requirement. The article argues that most of the suggested solutions to resolve the reliance problem are not entirely satisfactory. An often-suggested presumption of reliance, while leavening the investors’ burden of proof, keeps the reliance requirement in place. This article submits that proof of individual investors’ reliance should not be required in secondary market inside information misstatement cases. Discarding the reliance requirement altogether makes any presumptions redundant as well.448
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Biktashev, Ainur A. "Protecting the interests of a retail investor i n the United States, China and Russia: the example of brokerage." RUDN Journal of Law 26, no. 1 (March 24, 2022): 129–48. http://dx.doi.org/10.22363/2313-2337-2022-26-1-129-148.
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The main objectives in regulating brokerage activities are to ensure the interests of brokers clients while minimizing the regulatory burden. At the moment, in connection with the flow of households assets to the securities market, the Bank of Russia is actively developing direct tools to protect the interests of investors, including the mechanism for qualifying investors. However, its effectiveness is questioned by the expert and professional community. To assess the results of the use of direct and indirect regulatory instruments aimed at protecting retail investors, a comparative analysis of the regulatory policy in this area in countries with the most developed financial markets was carried out. Based on the results of the analysis of regulation in the United States and China, it was established that they used tools of both direct and indirect regulatory impact. Despite the differ-ences in regulation in both cases, the emphasis in regulation is placed on indirect measures of influence. Direct bans on access to financial instruments for certain categories of investors in the countries under consideration are not applied. It was also noted that despite applying certain measures in Russia, similar to the indirect regulation in the United States and China, their implementation is often sufficient, which reduces their effectiveness.
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Kuzmin, S. E. "Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States." MGIMO Review of International Relations, no. 1(40) (February 28, 2015): 209–14. http://dx.doi.org/10.24833/2071-8160-2015-1-40-209-214.
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The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition) laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the higher courts are binding for cases adjudicated in lower courts. Judicial decisions have a major impact on the regulation of mergers and acquisitions of corporations, in particular, the state corporate Laws. The article analyses the main similarities and differences of sources of legal regulation of mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States.
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George, Barbara Crutchfield, and Maria Boss. "Corporate Insider Trading: New Dimensions In Liability." Journal of Applied Business Research (JABR) 2, no. 4 (November 1, 2011): 106. http://dx.doi.org/10.19030/jabr.v2i4.6563.
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At first glance it may appear that the law which prohibits the use of material non-public information only applies to the technical insider (e.g., corporate directors and officers). However, the scope of the prohibition encompasses persons other than technical insiders. Because the statutory language in Section 10 (b) is broad in scope, and for that matter never mentions directly or indirectly the term insider trading, the United States Supreme Court will ultimately have to determine to whom the term insider can be applied. At the present time there is a conflict between the lower courts and the Securities and Exchange Commission (SEC), on the one hand and the U.S. Supreme Court, on the other, in the handling of insider trading cases: the lower courts and the SEC are expanding the scope of liability for insider trading, but this expansion has been rejected by the high court when it has been confronted with such expansion attempts.
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Coyne, Michael P., Richard Mason, and John R. Mills. "Contingent Legal Fees on Settlements and Awards and the Calculation of Gross Income by Individuals for United States Federal Income Tax Purposes." ATA Journal of Legal Tax Research 2, no. 1 (January 1, 2004): 1–12. http://dx.doi.org/10.2308/jltr.2004.2.1.1.
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Lawsuits involving contingent legal fees are reasonably common. This paper focuses on the appropriateness of the inclusion in plaintiff's gross income for individual federal tax purposes of the portion of settlements going to attorneys for contingent legal fees. We present an example of the significant difference in taxes payable by a plaintiff under the two competing tax treatments. We also recap the current position of the various Circuit Courts on the issue using the opposing views of the Sixth to the Second and Seventh Circuits to frame a discussion of the issue and then discuss the treatment of securities classaction settlement proceeds that are apparently treated differently for tax purposes. The Supreme Court has recently granted certiorari in two cases and will be addressing the inclusion of contingent legal fees in gross income. We advocate that although taking the broader Sixth Circuit approach of excluding contingent attorney's fees on a joint endeavor theory would lead to more equitable results for plaintiffs, it would not necessarily be prudent judicial action and that the appropriate remedy to the situation may best be Congressional action, as the Internal Revenue Service has consistently favored inclusion.
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Morrissey, Dan. "The EU’S Struggles with Collective Action for Securities Fraud." Texas A&M Law Review 7, no. 1 (October 2019): 125–52. http://dx.doi.org/10.37419/lr.v7.i1.3.
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Notwithstanding the apparent exit of the United Kingdom, the European Union (“EU”) has grown in membership and power since its modest beginnings after World War II, now rivaling the U.S. in economic strength. With the goal of promoting the security and prosperity of all the citizens of the countries that belong to it, the EU is pressing ahead to adopt laws that will promote their political and financial integration. Along those lines, it has also recently acknowledged a deficiency in the legal systems of its member states when it comes to allowing collective actions for victims of various types of economic harm. To address that, the EU is now developing guidelines for such procedures that can redress those injuries. In the area of securities fraud, establishing such measures has taken on more importance after both a spate of financial frauds by European companies and a significant decision from the United States Supreme Court, Morrison v. National Australia Bank. That ruling cut back on the jurisdiction of American courts to adjudicate these claims against foreign defendants—even when a significant amount of the wrongdoing has occurred in the U.S. This EU initiative to develop a collective jurisprudence to redress securities fraud also supports another goal that would foster European economic well-being. It would promote a shift in the financing of businesses there from debt to equity. That would particularly help small- and medium-size firms by giving confidence to investors in those enterprises that if they were cheated they would have an effective means to remedy that wrong. As it is now, such stock frauds can typically involve a large number of investors, many of whom have relatively small holdings. Individual actions in those situations are not only too expensive to maintain but are often inadequate to compensate all their victims and deter future misconduct. The availability of effective collective remedies would help Europeans overcome their reluctance to make equity investments and therefore provide more flexible capital structures to businesses. The European Commission10 (“Commission”) is therefore trying to fashion legal tools to address that problem. This involves enhancement of the EU’s mechanisms for stockholder litigation—what one commentator defines as “an umbrella term for various forms of suit and a range of claims brought by shareholders against the company in which they hold shares or against its directors and officers.” The EU’s proposals in that regard seek to encourage what it calls “collective actions,”—its analog to U.S. class actions—where many stockholders with small claims can join together and adjudicate them in one suit. Without such a corrective mechanism, the costs of litigation would be too great for those individuals, and they would not be able to counter the substantial resources that the defendants typically have. The EU’s proposals, however, lack features that have made American class actions so effective. The Commission is reluctant to embrace that model because of what it calls our “abusive practices.” Chief among them are contingent fees that compensate lawyers who represent shareholders harmed by these frauds. In addition, the Europeans appear determined to hold on to several rules that discourage lawyers from taking these cases. One is “loser pay,” which makes those who are unsuccessful in litigation liable for the legal fees of their counterparties who prevail. The potential of that heavy extra charge is a disincentive for lawyers who would take these cases. Another is that only plaintiffs who directly consent to be parties can be part of these actions (opt-in), as opposed to the more generous opt-out practice which includes all victims of the common fraud as plaintiffs unless they specifically choose not to participate. This Article will therefore offer comment on those deficiencies in the developing European model and encourage our friends across the Atlantic to take a more realistic approach to their reforms. The American experience with securities class actions certainly has its detractors and may have had some failings which have now been corrected. All and all, however, the U.S. approach has served our economy well by protecting investors, checking corporate wrongdoing, and affording compensation to defrauded investors. First, this Article will give a brief overview of the historic problems that European companies have had with an over-reliance on debt financing. It will then discuss how reforms like better redress for fraud can change that by giving equity investors a stronger belief that they will get a fair shake. The EU’s proposals are a step in the right direction to address that concern, and the Article will go on to describe the current state of their development. After that, it will use an American perspective to point out their shortcomings with the goal of highlighting the benefits of the U.S. model to European policymakers.
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Huang, Robin Hui. "Enforcement of Chinese Insider Trading Law: An Empirical and Comparative Perspective." American Journal of Comparative Law 68, no. 3 (September 1, 2020): 517–75. http://dx.doi.org/10.1093/ajcl/avaa018.
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Abstract This Article conducts the first comprehensive and systematic empirical analysis of all relevant insider trading cases in China from the birth of Chinese securities markets in the early 1990s until mid-2017, shedding light on the way in which China’s insider trading law has been enforced by the regulator and criminal courts in practice. First, the Article generates descriptive statistics on features of insider trading cases, such as the total number of cases over the study period, the temporal distribution of the cases, the identity of the insider, and the nature of the insider information. Second, it measures the intensity of insider trading enforcement and compares the Chinese situation with six overseas jurisdictions, including the United States, the United Kingdom, Australia, Canada, Singapore, and Hong Kong. Third, using multiple regression analyses, it identifies potential factors determining the administrative and criminal penalties for insider trading. The results of the empirical study indicate that China has significantly stepped up its efforts to crack down on insider trading in recent years, resulting in a sharp increase in insider trading cases, particularly criminal cases since 2008. While the Chinese insider trading law was essentially transplanted from overseas jurisdictions, its; enforcement has exhibited distinctive features in its local environment. Judging by the type, magnitude, and frequency of the sanctions imposed, the intensity of insider trading enforcement in China seems to be at a level comparable to relevant jurisdictions overseas. Administrative and criminal penalties against insider trading are found to be significantly influenced by some factors, notably the amount of illegal proceeds, the magnitude of social impact, the presence of mitigating circumstances, and whether the trader used others’ accounts to trade. The hope is that the empirical findings will help inform the policy debate over the regulation of insider trading in China and beyond.
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Tajti (Thaythy), Tibor. "Pyramid and Ponzi schemes and the repercussions of the differing regulatory approaches." Hungarian Journal of Legal Studies 62, no. 1 (March 21, 2022): 24–74. http://dx.doi.org/10.1556/2052.2021.00313.
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Abstract Apart from a few shorter papers inspired by the nomination of a new crime prohibiting the organization of ‘pyramid games’ by the Hungarian Criminal Code in 1996, the topic of ‘pyramid and Ponzi schemes’ remained of little interest to Hungarian legal scholars. Internationally, the topic has garnered increased attention due to the grave socio-economic effects of ever newer scheme-collapses, from the high-profile American Madoff (2009) to the myriad less-known cases from emerging systems like the fiasco of the Albanian pyramid schemes in the mid-1990s, pyramid schemes camouflaged as multi-level marketing (MLM) ventures, or their online versions more recently. Comparative works that would juxtapose the pertaining laws and experiences of the United States with those of Hungary are lacking. To fill the void, this article contrasts a select number of differing regulatory approaches. At one end of the spectrum is the United States (US), which, instead of passing sector-specific laws, mobilized and adapted the enforcement tools of all utilizable branches of law to combat the schemes. While in the US this has been uniquely primed by securities laws, in Hungary the task remains limited to what criminal law and the criminal justice system could offer, coupled with the dominantly ad hoc reactions of the Hungarian Securities and Exchange Commission (SEC). Development of tests to distinguish legitimate Multi-Level Marketing (MLM) companies from pyramid schemes disguised as such represents the only segment where significant rapprochement occurred between the US, the European Union (EU) and therefore also Hungary. For contrast and illustration of the other end of the spectrum, the systems that were forced to react to risks corollary to the schemes by enacting sector-specific laws, the most recent regulatory reactions of India, Myanmar, and Sri Lanka had to be resorted to. As the latter two imposed complete bans on all MLMs, it is only the Indian 2019 comprehensive act that attempts to combat the schemes and akin forms of financial fraud relying on a new comprehensive regulatory model. The Philippines is an interesting mixture made of local and transplants that readily proves that the solutions of the most developed US system could successfully be transplanted into a significantly different socio-economic environment.
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Anele, Kalu Kingsley. "Revisiting class action litigations against corporations in Nigeria: Lessons from the US experience." Journal of Corporate and Commercial Law & Practice, The 8, no. 2 (2022): 55–83. http://dx.doi.org/10.47348/jccl/v8/i2a3.
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Class actions remain one of the most plausible mechanisms to aggregate and ventilate corporate grievances in court effectively. Despite its advantages, including recurrent corporate malfeasance, the class action procedure in Nigeria is limited in scope. This article uses a comparative analysis methodology and the class action regime in the United States (US), which is general in nature under Rule 23, to interrogate the application of the procedure in Nigeria. It argues that Nigeria’s extant class action legal framework is limited in scope since it focuses only on intellectual property infringements. By comparatively analysing the application of Rule 23 in the US in bankruptcy, competition, securities, and human rights cases, the article submits that introducing a general class action framework is imperative in Nigeria. Consequently, this article suggests using legislation, courts, public enlightenment strategy, and guidelines for attorney fees to introduce, strengthen, and implement a general class action regime in Nigeria. This would engender corporate behavioural change, encourage policy regulation, bolster the use of class action by legal practitioners, and facilitate access to court.
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Riyanto, Agus, Paulus Aluk Fajar Dwi Santo, and Suwardi. "Trapping Insider Trading Perpetrators with Misappropriation Theory, Is That Possible?" E3S Web of Conferences 388 (2023): 03024. http://dx.doi.org/10.1051/e3sconf/202338803024.
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In Indonesia, insider trading is a crime that the perpetrators do not easily catch. This is sourced from the theory of fiduciary obligations in Article 95 of Law no. 8 of 1995 concerning the Capital Market and restrictions on insider trading. In the United States, using the abuse theory in Sections 10(b) and Sections 10b-5, the Securities and Exchange Act of 1934 can reach anyone, without limitation, which is categorized as an insider trader. The main purpose of this paper is to find new ideas about the existing obstacles to ensnare insider trading actors that have been happening in Indonesia so far. For this reason, the method used is to compare regulations and insider trading cases in the two countries. This study shows that it is time for Indonesia to adopt the theory of misappropriation as an alternative to trapping insider trading actors in the capital market. This urgency is needed to foster investor confidence in the growth and development of the Capital Market in Indonesia.
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Stanberry, Mary Taylor. "Cryptocurrency’s Clash with Bankruptcy: Insolvent Crypto Exchange Companies Create Difficulties for Courts & Customers." SMU Science and Technology Law Review 26, no. 2 (2023): 445. http://dx.doi.org/10.25172/smustlr.26.2.8.
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This comment explores the novelty of cryptocurrency, its legal ambiguity in the realms of securities, property, and tax law, and the difficulties arising from insolvent crypto-exchange company’s estates within the context of the United States Bankruptcy Code. For the purposes of this comment, individuals who invested in crypto-exchange platforms will be referred to as “customers” rather than “investors” to avoid potential confusion in the context of 11 U.S.C. § 507 of the Bankruptcy Code. Customers who invested with insolvent crypto-exchange companies are concerned about being last in line for repayment of their investments based on traditional bankruptcy creditor priority. These concerns, combined with the alleged mismanagement and undercapitalization of many insolvent crypto-exchange companies, have introduced new issues of legal interpretation and the weighing of various policy concerns both within and outside of the bankruptcy process. By examining the bankruptcy process, the history of cryptocurrency, and analyzing several current cases of insolvent crypto-exchange companies, this comment explores the multi-faceted issues surrounding cryptocurrency as well as the need for guidance and clarity of cryptocurrency’s classification for the purposes of bankruptcy law.
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Kabacaoğlu, Selin, and Fulya Memişoğlu. "Political Leaders’ Discourses and Securitization of Migration: A Comparison of Turkey and the United States." Journal of Humanity and Society (insan & toplum) 11, no. 3 (September 15, 2021): 1–38. http://dx.doi.org/10.12658/m0623.
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With the growing importance of human mobility in the global agenda since the early 1990s, international migration has increasingly evolved into a securitized phenomenon. This has also made international migrantsa prominent target group of security speech acts. The main objective of this study is to explore migration-security nexus in the context of political discourses. The paper brings a comparative perspective to the role of political leader discourses in the securitization of migration by examining the cases of the United States (USA), hosting the largest number of international migrants, and Turkey, the world’s top refugee hosting country. Through the analytical lens of critical discourse analysis (CDA) and securitization theory, the study unpacks the rhetoric used by Turkish President Recep Tayyip Erdoğan and American President Donald John Trump towards migrants/ asylum seekers. As the key findings demonstrate, the way the two leaders reflect the migration-security relationship to their speech acts significantly varies. President Trump associates migrants with security issues in multiple ways including social, political and economic spheres, while President Erdoğan’s discourse links migrants with security issues inthe economic realm, but his general discourse reflects a desecuritization approach. In both countries, it is observed that the discourses of political leaders concerning migrants and asylum seekers exert influence on public opinion.
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Andress, K. "(A332) Increasing Medical Situational Awareness and Interoperability via “Virtual USA”." Prehospital and Disaster Medicine 26, S1 (May 2011): s93. http://dx.doi.org/10.1017/s1049023x11003165.
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IntroductionHistory is replete with interoperability and resource reporting deficits during disaster that impact medical response and planning. Situational awareness for disaster and emergency medical response includes communicating health hazards as well as infrastructure and resource status, capability and GIS location. The need for actionable, real-time data is crucial to response. Awareness facilitates medical resource placement, response and recovery. A number of internet, web-based disaster resource and situational status reporting applications exist but may be limited or restricted by functional, jurisdictional, proprietary and/or financial requirements. Restrictions prohibit interoperability and inhibit information sharing that could affect health care delivery. Today multiple United States jurisdictions are engaged in infrastructure and resource situation status reporting via “virtual” states and regional projects considered components of “Virtual USA”.MethodsThis report introduces the United States' Department of Homeland Security's “Virtual USA” initiative and demonstrates a health application and interoperability via “Virtual Louisiana's” oil spill related exposure reporting during the 2010, British Petroleum Gulf Horizon catastrophe. Five weekly Louisiana Department of Health and Hospital summary reports from the Louisiana Poison Center; Hospital Surveillance Systems; Public Health Hotline; and Physician Clinic Offices were posted on the Louisiana Office of Homeland Security and Emergency Preparedness's “Virtual Louisiana”.Results227 total spill-related, exposure cases from five reporting weeks were provided by five Louisiana source agencies and reported in Virtual Louisiana. Cases were reported weekly and classified as “workers” or “population”; associated with the parish exposure locations (8), offshore (1), or unknown (1); and shared with four other virtual states.ConclusionsReal-time health and medical situation status, resource awareness, and incident impact could be facilitated through constructs demonstrated by “Virtual USA”.
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Kim, Su-Sung, and Kyung-Jin Choi. "A Study on Problems and Improvement Measures of Taxation on REITs Dividendable Profits." KOREAN SOCIETY OF TAX LAW 9, no. 1 (March 30, 2024): 77–107. http://dx.doi.org/10.37733/tkjt.2024.9.1.77.
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REITs are indirect real estate investment products that collect funds from investors, invest them in real estate-related securities, and return the profits to investors. In the case of domestically listed REITs, if dividendable profits are generated, more than 90% must be paid as dividends. Through this, corporate tax is exempted. The government has made great efforts to expand the size of the public REITs and public real estate fund markets. Nevertheless, REIT investment is less active in some areas than major overseas countries. Recently, under the Corporate Tax Act, the principle is not to include valuation gains and losses in the tax base. However, arguments have raised that an exception should be recognized for REIT valuation losses. This is because undistributed profits due to valuation losses of REITs, which are indirect investment vehicles, are included in the taxable list, and corporate tax is paid, causing the double taxation problem for REIT investors. Considering this situation, this study examined the problems and improvement measures of the current REIT-related tax system for the growth of Korea's REIT market. In addition, we sought to derive implications for tax support for the REITs market through examples from significant countries. If we want to revitalize the REITs market more than currently, support from government policies is essential. Among them, tax support occupies the most important position. In order to dramatically grow the REITs market, it is necessary to provide bold tax benefits as in other countries. This study raised the need to improve Korea's current REIT tax system, as in the cases of the United States and Japan, and attempted to establish a taxation plan for the REIT tax system suitable for Korea's circumstances. One of the most urgent tasks in revitalizing REIT investment is to quickly resolve the conflicting issues between commercial law and corporate tax law to prevent double taxation of REITs. In addition, the tax support plan presented in this study is expected to minimize tax problems occurring in the REIT market and promote a reasonable taxation plan for the REIT market that is consistent with Korea. The policy alternatives in this study are expected to help use them as primary data when establishing policy alternatives for tax authorities or related ministries in the future.
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Barreras, Bryan L., Barbara M. Goodstein, and Kevin C. McDonald. "Hague Securities Convention goes into effect in the United States." Journal of Investment Compliance 18, no. 4 (November 6, 2017): 72–77. http://dx.doi.org/10.1108/joic-08-2017-0047.
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Purpose To explain the Hague Securities Convention in the context of secured financing transactions in the US and to discuss the implications of the Convention on new and existing transactions, as well as on market practice going forward. Design/methodology/approach This article provides a broad overview of the Hague Securities Convention and the impact of the Convention’s choice of law rules on secured financing transactions in the US involving intermediated securities, including how this deviates from previously applicable laws (such as the Uniform Commercial Code), and provides practical considerations with respect to secured financing transactions. Findings While in most circumstances the Convention provides for the same choice of law as previously applicable laws, there are certain scenarios where the Convention will produce a different result. Market practice with respect to perfecting security interests will likely change to take account of the Convention and to provide the parties with certainty regarding the law applicable to secured transactions. Practical implications The Convention calls for increased diligence with respect to the law governing the account agreement between the debtor and the securities intermediary and whether the securities intermediary has a qualifying office in that jurisdiction. Originality/value Practical guidance from experienced finance lawyers.
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McCaffrey, David P., and Sue R. Faerman. "Shared Regulation in the United States Securities Industry." Administration & Society 26, no. 2 (August 1994): 204–35. http://dx.doi.org/10.1177/009539979402600205.
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Salama, Bruno Meyerhof. "In Re Petrobras Securities Litigation: Validade e Abrangência da Cláusula Arbitral." Revista Brasileira de Arbitragem 14, Issue 55 (October 1, 2017): 79–93. http://dx.doi.org/10.54648/rba2017041.
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In Re Petrobras Securities Litigation involves Petrobras investors who acquired securities both in Brazil and in the United States and who filed a class action in an American court. Petrobras sought to block access to the US jurisdiction by reasoning about the validity and scope of the arbitration clause contained in its bylaws. This article explains the arguments raised by each party to the lawsuit and clarifies the decision given by the US court. It then presents some of the implications and doubts that are relevant for Brazilian companies issuing securities in the United States.
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Krueger, Thomas. "Stock Settlement and Clearance in the United States." Journal of Finance Issues 4, no. 1 (June 30, 2006): 171–79. http://dx.doi.org/10.58886/jfi.v4i1.2461.
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This abstract was created post-production by the JFI Editorial Board. Capital markets would be less efficient without the existence of the Depository Trust and Clearance Corporation (DTCC) , if they existed at all. This report sheds light on the Depository Trust and Clearance Corporation, and its two main components the Depository Trust Corporation (DTC) and the National Security Clearing Corporation (NSCC). It is the job of the two organizations to provide an efficient and safe way for the buyer and seller to exchange securities and money, thus "clearing and settling" the transaction. Broker-to-broker trades are processed by National Securities Clearing Corporation (NSCC), which handles posttrade processing for virtually all equity, municipal and corporate bond transactions in the U.S. market. DTCC also provides clearance and settlement for institutional trades by mutual funds, pension funds, hedge funds, bank trust departments, and insurance companies.
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Figueroa, Dante. "Insider Trading and Other Securities Frauds in the United States: Lessons for Chile." Michigan Business & Entrepreneurial Law Review, no. 3.2 (2014): 165. http://dx.doi.org/10.36639/mbelr.3.2.insider.
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This Article is a comparative analysis of insider trading law in the United States and Chile. The study summarily reviews the historical, political, and legal foundations of insider trading regulation in both jurisdictions, identifying areas of convergence, as well as areas in which the Chilean securities market could benefit vis- ` a-vis the more advanced experience of the considerably larger American securities market. The Article also highlights the axiological closeness between both jurisdictions concerning the protection of inside corporate information and the fiduciary role of those who intervene in securities markets in their various capacities (as investors, shareholders, corporate officers, consultants, advisors, or as other intermediary roles). The Article concludes by identifying a series of reforms that might potentially benefit the Chilean legal system as it works towards its stated purpose of protecting and promoting transparency in its national securities market.
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MAHONEY, PAUL G. "The Development of Securities Law in the United States." Journal of Accounting Research 47, no. 2 (May 2009): 325–47. http://dx.doi.org/10.1111/j.1475-679x.2009.00326.x.
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Tajti, Tibor. "What makes the securities criminal law system of the United States work: 'All-embracing' 'blanket' securities crimes and the linked enforcement framework." Pravni zapisi 12, no. 1 (2021): 146–83. http://dx.doi.org/10.5937/pravzap0-30658.
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The article explores the key factors that make the securities criminal law of the United States (US), as one of the integral building blocks of the capital markets and securities regulatory system, efficient. This includes the role and characteristics of sectoral (blanket) all-embracing securities crimes enshrined into the federal securities statutes, their nexus with general crimes, the close cooperation of the Securities Exchange Commission (SEC) and prosecutorial offices, the applicable evidentiary standards, and the fundamental policies undergirding these laws. The rich repository of US experiences should be instructive not only to the Member States of the European Union (EU) striving to forge deeper capital markets but also to those endeavoring to accede the EU (e.g., Serbia), or to create deep capital markets for which efficient prosecution of securities crimes is inevitable.
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Frances S. Fendler. "AN OVERVIEW OF UNITED STATES LAW GOVERNING TRANSACTIONS IN SECURITIES." Dankook Law Riview 40, no. 3 (September 2016): 367–82. http://dx.doi.org/10.17252/dlr.2016.40.3.012.
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Karim Miajee, Md Rezaul. "The American National System of Corporate Governance." International Journal of Shari'ah and Corporate Governance Research 1, no. 1 (October 21, 2018): 3–21. http://dx.doi.org/10.46281/ijscgr.v1i1.56.
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Introduction Corporate governance (CG) has recently been extensively discussed, intensely debated and variously defined in the United States. For the purposes of this chapter, CG shall mean the internal arrangements within a corporation intended to provide reasonable assurances that corporate directors and officers make and implement decisions in accordance with their duties of care and loyalty to their corporations. CG in the United States is often associated with the recent initiatives taken in the wake of corporate scandals such as Enron and MCI. While the recent initiatives are undoubtedly important, their significance can best be understood in the context of the existing frameworks under corporate and securities law. The current initiatives in the United States (i.e. the recently adopted CG provisions in the listing requirements for the New York Stock Exchange (NYSE) – and the provisions of the Sarbanes–Oxley Act of 2002 – often called “Sarbanes– Oxley”) in important ways simply add to the governance measures already in place pursuant to corporate law and securities regulation in the United States. Only after understanding foundations in corporate law and securities regulation in the United States is it possible to understand the significance, and the limitations, of the recently adopted NYSE listing requirements and of Sarbanes–Oxley. In general, the recent NYSE initiatives attempt to improve the degree of independence among directors of corporations listed there so that they are better able – and more likely – to meet the performance standards currently applicable to directors under corporate law (i.e. duties of care and loyalty), but the NYSE does not change those standards. Unfortunately, the NYSE listing requirements do not have the force of law. Sarbanes–Oxley, on the other hand, in general, attempts to improve the independence of external auditors and corporate directors so that they are better able – and more likely – to prepare public disclosures in form and substance required by US securities regulations. There are also provisions intended to enhance the care with which corporate officers prepare required public disclosures. Unfortunately, Sarbanes–Oxley applies only to disclosure requirements under US securities regulations. With limited exceptions, Sarbanes–Oxley is not specifically intended to apply to directors’ or officers’ broader obligations to their corporations or the standards applicable to their performance of those obligations.
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Ph.D. MBA, CPA, CTP, Karina Kasztelnik. "The Role and Impact of International Financial Reporting Standards on Cross-Border Financing for a Systemically Important Bank from Macroeconomic Perspectives—Technical Review Research Study." International Business & Economics Studies 2, no. 3 (September 2, 2020): p74. http://dx.doi.org/10.22158/ibes.v2n3p74.
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The author of the study note that the extensiveness of a country’s international accounting disclosure requirements is a good for the overall disclosure extensiveness of the exchange in that foreign country, which, in turn, is bigly correlated with the cost of listing such as United States, Canada, United Kingdom, The Netherlands, France, Japan, and Germany. The United States and the national over-the-counter market have enjoyed significant growth in foreign listing. In absolute terms, the U.S. numbers are even more impressive. As of December 2019, the 1,420 foreign companies whose shares are traded in the United States reparent the largest amount of foreign listings of any major stock exchange in the world., which reflects, at least in part, recognition by multinational entities that the U.S. securities market represents the most efficient market in the world, thus translating into a lower cost of capital for issuer of securities. This technical research review article may support both the public trade companies and policymakers around the World.
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Krainer, John R., and Pascal Paul. "Monetary Transmission through Bank Securities Portfolios." Federal Reserve Bank of San Francisco, Working Paper Series 2023, no. 18 (July 26, 2023): 01–60. http://dx.doi.org/10.24148/wp2023-18.
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We study the transmission of monetary policy through bank securities portfolios for the United States using granular supervisory data on bank securities, hedging positions, and corporate credit. We find that banks that experienced larger market value losses on their securities during the monetary tightening cycle in 2022 extended relatively less credit to firms. Such a spillover effect was stronger for (i) available-for sale securities, (ii) unhedged securities, (iii) low-capitalized banks, and (iv) banks that have to include unrealized gains and losses on their available-for-sale securities in their regulatory capital. Our findings provide evidence for a forceful transmission channel of monetary policy that is shaped by the regulatory framework of the banking system.
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Antwi, Johnson, and Cephas B. Naanwaab. "Generational Differences, Risk Tolerance, and Ownership of Financial Securities: Evidence from the United States." International Journal of Financial Studies 10, no. 2 (May 12, 2022): 35. http://dx.doi.org/10.3390/ijfs10020035.
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This paper examines the relationship between generational differences, risk tolerance, and attitudes towards financial investments in a nationally representative sample from the United States of America. The sample consists of pooled cross-sectional data of three waves (2012–2018) and 80,000 observations from the National Financial Capability Study (NFCS). Using a probit model (with and without sample selection), all of the predictor variables are estimated to have statistically significant effects on the ownership of financial securities, with the expected sign effects. There is clearly a generational cohort effect, whereby Baby Boomers are on average more likely to own financial investments than Millennials, controlling for other factors such as incomes, education, and financial literacy. Generation Xers are statistically less likely to have investments in financial securities compared to Millennials. In general, Baby Boomers are more risk-averse and Generation Xers are more risk-loving than Millennials, accounting for education and income levels. The paper reveals a conundrum in which Baby Boomers (Gen Xers), although more (less) risk-averse, are more (less) likely to own financial securities. We control for reverse causality (endogeneity) in the relationship between risk tolerance and the ownership of securities, using the bivariate probit model. The level of financial knowledge of respondents correlates highly with asset ownership: individuals with high and medium levels of financial knowledge are more likely to own financial assets than those with low levels of financial knowledge. To address the limitations of the current findings with regard to generational attitudes towards financial investments, further research is recommended.
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Frydman, Carola, and Eric Hilt. "Investment Banks as Corporate Monitors in the Early Twentieth Century United States." American Economic Review 107, no. 7 (July 1, 2017): 1938–70. http://dx.doi.org/10.1257/aer.20150143.
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We study the effect of financial relationships on firms' investment decisions and access to external finance. In the early twentieth century, securities underwriters commonly held directorships with American corporations. Section 10 of the Clayton Antitrust Act prohibited bankers from serving on the boards of railroads for which they underwrote securities. We find that following the implementation of Section 10, railroads with strong preexisting relationships with underwriters saw declines in their investment rates, valuations, and leverage, and increases in their costs of external funds. Reassuringly, we do not observe similar effects among industrials and utilities, which were not subject to Section 10. Our results are consistent with underwriters on corporate boards acting as delegated monitors, and highlight the potential for regulations intended to address conflicts of interest to disrupt valuable information flows. (JEL G24, G31, G32, G34, K22, N21, N22)
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N, Rishab Kumar Jain, and Sarah John. "The Intersection of Cryptocurrencies with Securities Law." April-May 2023, no. 33 (May 26, 2023): 17–29. http://dx.doi.org/10.55529/ijrise.33.17.29.
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The Intersection of Cryptocurrency and Securities Law has been discussed in various legal contexts in the present scenario. The rise of cryptocurrencies has put forth fresh challenges for investors as well as regulators and there is a need for clear direction on how to interpret the transactions that include digital currencies. The advent of crypto exchanges has formed an entire ecosystem of services and participants, who are looking to provide liquidity, exploit price differences for profit, and support the investments. The focus of the study is to investigate the legal and regulatory steps taken to include cryptocurrencies within securities law. The paper will delve into the distinctive attributes of cryptocurrencies and analyse the different regulations in which they can be classified as securities. Moreover, it will inspect the fluctuating regulatory strategies adopted by various countries and entities, such as the United States Securities and Exchange Commission (SEC), United Kingdom’s Financial Conduct Authority (FCA), The Australian Securities and Investments Commission (SIC), Securities and Exchange Board of India (SEBI) and others.
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Kohn, Robert E. "Civil Liability for Primary Securities Distributions in the United States and the United Kingdom." Law and Contemporary Problems 55, no. 4 (1992): 399. http://dx.doi.org/10.2307/1192117.
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Cowen, David J. "The First Bank of the United States and the Securities Market Crash of 1792." Journal of Economic History 60, no. 4 (December 2000): 1041–60. http://dx.doi.org/10.1017/s002205070002636x.
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In 1791 the $10 million capitalization of the First Bank of the United States was vastly greater than the combined capital of all other banks. The Bank had an enormous impact on the economy within two months of opening its doors for business by flooding the market with its discounts and banknotes and then sharply reversing course and curtailing liquidity. Although the added liquidity initially helped push a rising securities market higher, the subsequent drain caused the first U.S. securities market crash by forcing speculators to sell their stocks. Several reasons are analyzed for the Bank's credit restriction.
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Goyal, Amit, and Sunil Wahal. "Is Momentum an Echo?" Journal of Financial and Quantitative Analysis 50, no. 6 (December 2015): 1237–67. http://dx.doi.org/10.1017/s0022109015000575.
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AbstractIn the United States, momentum portfolios formed from 12 to 7 months prior to the current month deliver higher future returns than momentum portfolios formed from 6 to 2 months prior, suggesting an “echo” in returns. In 37 countries excluding the United States, there is no robust evidence of such an echo. In portfolios that combine securities in developed and emerging markets, or across three major geographic regions (Americas excluding United States, Asia, and Europe), there is also no evidence of an echo. Any echo in the United States appears to be driven largely by a carryover of short-term reversals from month − 2.
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Baltov, Rosen Petkov. "Transferring Dematerialized Shares in Germany, Austria and in the United States of America." Advances in Politics and Economics 4, no. 3 (June 18, 2021): p1. http://dx.doi.org/10.22158/ape.v4n3p1.
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The present article is aimed at briefly reviewing the historical development of dematerialized shares in Germany, Austria, and in the United States of America (the USA). A brief comparison is made between the dematerialized shares in the United Kingdom and those in Germany and Austria. Discussed is the reason why the securities certificates in Germany and Austria were removed from the transferring process by taking them out of circulation (immobilization), and not through abolishing them (dematerialization). Presented is the development of the most active and liquid capital market in the world—that of the United States Department of the Treasury. There is a brief description made of the System of the conventional paper certificates and the system of the dematerialized securities known as direct holding system, as well as of the System for immobilization and possessing through intermediaries, known as indirect holding system.In conclusion, there is a short presentation of the currently valid legal status unrelated to transferring dematerialized shares in the three countries.
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Heecheol Kim. "ARBITRATION IN THE UNITED STATES SECURITIES INDUSTRY : PROCEDURES AND SUBSTANTIVE FAIRNESS." JOURNAL OF ARBITRATION STUDIES 18, no. 3 (December 2008): 51–69. http://dx.doi.org/10.16998/jas.2008.18.3.51.
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Harper, Ashley B., Linda Leatherbury, Ana Machuca, and JoDee Phillips. "The Convergence Of Multinational Standards And Practices In International Financial Reporting." Journal of International Education Research (JIER) 8, no. 4 (October 11, 2012): 461–66. http://dx.doi.org/10.19030/jier.v8i4.7327.
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The International Financial Reporting Standards (IFRS) is pending a move to incorporate a single set of accounting standards across International borders. The definitive decision for uniting the standards appears to be stalemated. The pending move by the United States to adopt financial reporting practices set forth by the IFRS to encompass a single set of reporting standards bears both advantages and disadvantages for multinational corporations. This paper examines some of the difficulties that can arise by using a single set of standards and addresses two significant studies regarding converging reporting standards. The paper concludes by discussing issues that could potentially arise if the standards are adopted in their entirety by the United States and the political issues that could emerge resultant of their adoption. The significance of international investment opportunities in foreign equity securities by investors in the United States and the significant number of foreign corporations registered on various securities exchanges around the world make the adoption and establishment of international reporting standards a challenge to many accounting professionals.
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Dodge, William S. "The Presumption Against Extraterritoriality in Two Steps." AJIL Unbound 110 (2016): 45–50. http://dx.doi.org/10.1017/s2398772300002385.
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For the past twenty-five years, the presumption against extraterritoriality has been the Supreme Court’s principal tool for determining the geographic scope of federal statutes. In 2010, Morrison v. National Australia Bank used the presumption to decide the scope of Section 10(b) of the Securities Exchange Act, which prohibits securities fraud. Morrison approached the question in two steps. First, it looked for a “clear indication of extraterritoriality” to rebut the presumption and found none. Second, it looked to see if application of the statute would be domestic or extraterritorial by examining the “focus” of the provision. Plaintiffs argued that applying Section 10(b) would be domestic because the alleged fraud occurred in the United States, although they had bought their shares in Australia. The Court disagreed, holding that application of Section 10(b) would be extraterritorial because “the focus of the Exchange Act is not upon the place where the deception originated, but upon purchases and sales of securities in the United States,” and in this case the transaction occurred abroad.
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Mulaahmetović, Inda. "Quantitative Easing and Macroeconomic Performance in the United States." Journal of Central Banking Theory and Practice 11, no. 3 (September 1, 2022): 79–98. http://dx.doi.org/10.2478/jcbtp-2022-0024.
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Abstract This scientific paper examines the relationship between macroeconomic variables whose performance is measured under the implementation of Quantitative Easing in the US, by estimating vector autoregression (VAR) and Impulse Response Function with monthly data from US Federal Reserve, observed during the period January 1994-January 2022. Variables include: Consumer Price Index (CPIAUCSL); Industrial Production (INDPRO); Unemployment Rate (UNRATE); Interest Rates, Government Securities, Government Bonds (INTGSBUSM193N); Volatility Index (VIXCLS), Real Broad Effective Exchange Rate (RBUSBIS), Federal Surplus or Deficit (MTSDS133FMS), Money Supply M1 (WM1NS), M2 (WMNS), M3 (MABMM301USM189S). An evidence on macroeconomic variables of Consumer Price Index and Industrial Production when evaluating the effectiveness of QE is provided.
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Guse, Matthew, Matthew Hoops, and Maria Perozek. "Central Clearing Counterparties in the Financial Accounts of the United States." FEDS Notes, no. 2024-07-12 (July 2024): None. http://dx.doi.org/10.17016/2380-7172.3540.
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The March 7, 2024, release of the Z.1 Financial Accounts of the United States (the Accounts) introduced a new supplementary table, Central Clearing Counterparties (table L.132.c), which separately reports financial assets and liabilities of central clearing counterparties (CCPs). CCPs in the Accounts are financial intermediaries that support the functioning of financial markets by taking on counterparty credit risk and providing clearing and settlement of securities and derivatives.
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Aliber, Robert. "Why did the United States Evolve from the Largest International Creditor in 1980 to the Largest International Debtor in 1990?" Atlantic Economic Journal 48, no. 4 (December 2020): 405–11. http://dx.doi.org/10.1007/s11293-020-09695-x.
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AbstractRemarkable transformation of the U.S. international investment position occurred over the last 40 years. U.S. net foreign assets were larger than combined net foreign assets of all other creditors. By 1990, foreign-owned U.S. securities and real assets were larger than U.S. owned foreign securities and assets. This change occurred without the U.S. Treasury borrowing in foreign currency and few U.S. firms borrowing, reflecting a surge in foreign purchases of U.S. securities. Inferences from the currency composition of portfolio changes of those who acquired U.S. dollar securities suggest that foreign savers took the initiative on cross-border investment inflows. The U.S. could not have developed a larger capital account surplus after 1980 unless a similar increase in the U.S. current account deficit occurred. The primary factor that led to the U.S. current account deficit increase was the surge in U.S. stocks and other asset prices, resulting in a U.S. household wealth surge and consumption boom. The foreign saving inflow displaced domestic saving. In addition, an increase in the price of the U.S. dollar led to expenditure-switching from U.S. goods to increasingly less expensive foreign goods. When investor demand for U.S. dollar securities declined, the U.S. dollar price fell in 1992, 2002, and 2020 and the price of U.S. dollar securities declined. The paper discusses the source of the change in the U.S. international investment position, the flow of foreign saving to the U.S., cyclical variability in the foreign saving flow to the U.S., and the potential impact of an adjustable parity arrangement.
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Manning, Paul. "Embedding anti-corruption in the MBA curriculum." Journal of Global Responsibility 9, no. 1 (February 5, 2018): 111–29. http://dx.doi.org/10.1108/jgr-06-2017-0035.
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Purpose This paper aims to report a case history delivered to MBA students that developed their understanding of corruption and also enhanced their ability to be able to contribute to the anti-curriculum agenda. This case history method selected was innovative, as it was constructed from multi-disciplinary archival sources. The case focus was the egregious affinity fraud of Bernard L. Madoff Investment Securities (BLMIS), with court documents taken from “United States V. Bernard L. Madoff And Related Cases USAO-SDNY”, including court sentencing records, victim impact statements and the defendant’s “Plea Allocution”. The case study aimed to enhance students’ ability and inclination to recognise and oppose corrupt practices. The longer-term ambition of the case was to contribute to developing the students’ moral awareness, character and facility for self-reflection, in terms of responding to corruption. The case study exercise also addressed rising societal expectations for more robust responses to corruption, in terms of illustrating how business school pedagogy can be expanded to emphasise the centrality of ethics and corporate social responsibility (CSR) to economic life. The case history was analysed within Carroll’s CSR pyramid and also with themes derived from the developing area of behavioural ethics, including a deontological, justice for its own sake and focus. Design/methodology/approach This research used the qualitative case method (Stake, 2000; Yin, 2004, 2010, 2011) to investigate lived experience from the viewpoint of those being studied and to provide the case history “experience”, using an analytical lens developed from Carroll’s CSR pyramid (1991) and from behavioural ethics research. Furthermore, following Chell’s recommendation, the case history of the BLMIS fraud was chosen – “[…] for analytical purposes to produce insight into the phenomena in question” (2008). The case was constructed from archival sources, including court records of the sentencing of Bernie Madoff. Findings The findings of the research are that students gained knowledge and understanding of the nature and practice of corruption, as well as developing their understanding of the anti-corruption agenda. The case also facilitated students to develop their moral awareness, character and facility for self-reflection with reference to corruption. In sum, the findings are that case histories, using archival sources, in this instance taken from the court records, have the potential to enhance teaching and learning in business ethics and responsible management education. Research limitations/implications A limitation of this research is that it is reporting on one instance of a classroom delivery of the case study. In consequence, a recommendation for future research is for CSR and ethics focussed educationalist to conduct similar case study teaching to add to and complement the conclusions reached in this paper. Originality/value This paper is original in detailing and reflecting on a case history teaching example of global corruption. This case history teaching method was innovative, as it was constructed from archival sources taken from court records to include victim impact statements and the defendant’s “Plea Allocution”.
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Chao, Yong, Chen Yao, and Mao Ye. "Discrete Pricing and Market Fragmentation: A Tale of Two-Sided Markets." American Economic Review 107, no. 5 (May 1, 2017): 196–99. http://dx.doi.org/10.1257/aer.p20171046.
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Security trading now fragments into more than ten almost identical stock exchanges in the United States. We show that discrete pricing is one economic force that prevents the consolidation of trading volume. The uniform one-cent tick size (minimum price variation), imposed by the SEC's Rule 612, leads to more dispersed trading for lower priced securities. When a security reverse splits, its price increases and relative tick size (one cent divided by the price) decreases. We find that reverse splits consolidate trading of securities, using securities with identical underlying fundamentals that do not reverse split as the control group.
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Moran, Michael. "Theories of Regulation and Changes in Regulation: The Case of Financial Markets." Political Studies 34, no. 2 (June 1986): 185–201. http://dx.doi.org/10.1111/j.1467-9248.1986.tb01590.x.
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A definition of regulation is offered and the relevance of regulatory theory to understanding change in financial markets is explained. The nature of financial change is sketched. Four major sets of regulatory theories are outlined—teleological, cultural, instrumental and administrative. The adequacy of each in explaining recent changes in securities markets in Britain and the United States is assessed. The article concludes that some cultural and administrative theories perform best, and argues that in the United Kingdom and the United States there is a convergence of regulatory styles.