The Fall of the Honest Broker

2020 ◽  
pp. 189-214
Author(s):  
Sarah Paterson
Keyword(s):  
Insider Trading ◽  
Crucial Role ◽  
Abuse Liability ◽  
Corporate Law ◽  
Corporate Reorganization ◽  
Relevant Concept ◽  
Market Abuse ◽  
Honest Broker ◽  
The Us ◽  
Transparency And Disclosure

Thus far, this book has focused on concepts which have played a crucial role in formulating the debate between economically minded and progressively minded scholars about the policy and content of corporate reorganization law. In contrast with these earlier chapters, Chapter 8 is concerned with a concept which has not divided corporate reorganization law scholars to date, but which now interacts with another corporate law field in a new way. The relevant concept is the concept of transparency and disclosure, and the proximate field in question is the law of insider trading. Chapter 8 explores why shifts in identities in the finance field raise entirely new questions about the implications of transparency and disclosure for insider trading and market abuse liability in both the US and England.

Part A Annotated Guide, 2 The Concept of Insider Dealing

2017 ◽  
Author(s):  
Ventoruzzo Marco
Keyword(s):  
Insider Trading ◽  
Market Abuse ◽  
Open Questions ◽  
The Us ◽  
Annotated Guide ◽  
Good Template ◽  
Insider Dealing ◽  
Ethical Basis ◽  
Regulatory Models ◽  
Regulatory Challenges

This chapter turns to the controversial issue of insider dealing. It offers a general background for the analytical discussion of the single provisions of the Market Abuse Regulation, before taking a broad view at the evolution of the phenomenon and the legal discourse surrounding it. To that end, this chapter adopts an historical perspective, and compares and contrasts different regulatory approaches (in the US and Europe, which offer a good template for most existing regulatory models). The economic and ethical basis invoked to support—or criticize—the prohibition of insider trading is then discussed. Finally, this chapter also discusses a few open questions or regulatory challenges that might be relevant in the next few years.

scholarly journals Economic problems and the threat of the Old World: the USA media assessment

2019 ◽  
Vol 8 (4) ◽  
pp. 214-217
Author(s):  
Sergey Olegovich Buranok ◽  
Katerina Vyacheslavovna Belyaeva ◽  
Margarita Igorevna Tulusakova
Keyword(s):  
Mass Media ◽  
Formation Process ◽  
Crucial Role ◽  
Red Scare ◽  
Economic Problems ◽  
Soviet People ◽  
The Us ◽  
The Usa ◽  
The Media ◽  
Soviet Russia

The paper is dedicated to the evolutionary formation process of the American mass media perception towards the Soviet Russia during the severe Russian famine of 1921-1922, also known as the Povolzhye famine. The research novelty lies in the deep analysis of the US press assessments concerning the famine. The authors provide the results of their American newspapers examination regarding the image formation of the Soviet authorities, the Soviet people and the so-called Red Scare. The authors research included a review of the main anti-Soviet arguments made by the media; the review revealed that the Povolzhye famine image had a crucial role in the labeling Russia as a retrogressive country. Studying this informational phenomenon allows researchers to understand what impact it had on Soviet-American relations, since it directly affected the perception of Russia and the Russian/Soviet people through the media. This, in turn, might help with comprehension of some stereotypes about Russia that can still be encountered in the American public opinion to date.

scholarly journals Value Investment Based on Data Analysis with Comparison of Three Insurance Corporations in the US

2020 ◽  
Vol 214 ◽  
pp. 01001
Author(s):  
Jinnan Sun
Keyword(s):  
Data Analysis ◽  
Crucial Role ◽  
Insurance Industry ◽  
Investment Analysis ◽  
Insurance Companies ◽  
Specific Data ◽  
The Us ◽  
Investment Advice

Value investment analysis plays a crucial role in people’s judgment of whether an enterprise is worthy of continuing investment. Because it helps people reduce the likelihood of making a bad investment, whether it’s worth it, and how do you combine the various factors. The purpose of this paper is to analyze the value of the company’s investment in the insurance industry. AIG, ALL and MET were selected from a large number of insurance companies. Using P/E and P/S ratio to compare the prospects of several companies of the same type through specific data, investment analysis. Finally, the best companies to invest in among the three companies are obtained by combining the display situation, and give final investment advice.

Empirical Studies of Corporate Law and Governance

2017 ◽  
Author(s):  
Michael Klausner
Keyword(s):  
Corporate Governance ◽  
Empirical Studies ◽  
The United States ◽  
Corporate Law ◽  
Empirical Literature ◽  
Related Literature ◽  
Takeover Defenses ◽  
The Us ◽  
Governance Quality ◽  
The Impact

This chapter examines the empirical literature on corporate law and governance in the United States. Four areas of the US corporate governance literature are discussed: (i) state competition to produce corporate law, (ii) independent boards, (iii) takeover defenses, and (iv) the use of corporate governance indices. The chapter concludes that these areas of research reflect varying degrees of success. The literature on state competition has been a major success. We know much more in this area as a result of empirical analysis in this area than we did on the basis of theory alone. At the other extreme is the literature on takeover defenses and the related literature that uses governance indices as measures of governance quality. Those empirical literatures are plagued by misunderstandings of how takeovers and takeover defenses work, and many results are therefore not as informative as they appear to be. In between is the literature on the impact of an independent board. Here, empiricists faced perhaps insurmountable challenges in proving causation, but nonetheless exposed informative associations.

An Examination of the Relevance of the Codification and Application of the American Business Judgment Rule to Nigerian Corporate Law

2020 ◽  
Vol 64 (3) ◽  
pp. 373-397
Author(s):  
Wiseman Ubochioma
Keyword(s):  
Comparative Analysis ◽  
Corporate Law ◽  
Duty Of Care ◽  
American Business ◽  
Legal Regime ◽  
Business Decisions ◽  
Business Judgment Rule ◽  
Statutory Duty ◽  
The Us

AbstractThe business judgment rule is an ancient doctrine that was developed in the US. It seeks to prevent courts from reviewing directors’ decisions, on the basis that directors have the capacity and expertise to make business decisions. This article examines the desirability of applying the US business judgment rule in Nigeria. Through a comparative analysis, it argues that the peculiarities of Nigeria's corporate law and environment do not justify the application of the rule. More specifically, it contends that differences in the legal regime for derivative suits, standards of duty of care and skill, corporate law culture, and the distinct epoch in which the business judgment rule and the duty of care and skill were recognized in the US, make its application unnecessary in Nigeria. It concludes that the current statutory duty of care and skill should be retained to hold directors accountable for reckless business decisions.

A historical overview of the general implementation of the European Union Market Abuse Directive in the United Kingdom before Brexit and its future implications

2017 ◽  
Vol 24 (2) ◽  
pp. 217-244
Author(s):  
Howard Chitimira
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Insider Trading ◽  
The European Union ◽  
Member States ◽  
Market Abuse ◽  
The United Kingdom ◽  
Insider Dealing ◽  
The Eu ◽  
Market Abuse Directive

The European Union (EU) was arguably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its Member States. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonized the insider trading ban among the EU Member States. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the UK’s vote to leave the European Union (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

scholarly journals A Historical Overview of the Regulation of Market Abuse in South Africa

2017 ◽  
Vol 17 (3) ◽  
pp. 971
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Markets ◽  
South African ◽  
Insider Trading ◽  
Stock Exchanges ◽  
Market Manipulation ◽  
Historical Overview ◽  
The South ◽  
Market Abuse ◽  
Overview Analysis

In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets. Consequently, the Insider Trading Act was enacted and came into effect on 17 January 1999. While the introduction of the Insider Trading Act brought some confidence in the financial markets, market abuse activities were still not extinguished. The provisions of the Insider Trading Act were to some extent inadequate and ineffectively implemented. Eventually, the Securities Services Act was enacted to repeal all the flawed provisions of the Insider Trading Act. Notwithstanding these efforts on the part of the legislature, more may still need to be done to increase the number of convictions and settlements in cases involving market abuse in South Africa. It is against this background that a historical overview analysis of the regulation of market abuse is carried out in this article to expose the flaws that were previously embedded in the South African market abuse laws prior to 2004. This is done to raise awareness of the situation on the part of the relevant stakeholders, as they consider whether such flaws were adequately resolved or subsequently re-introduced under the Securities Services Act and the Financial Markets Act. To this end, the article firstly discusses the historical development and regulation of market manipulation prior to 2004. Secondly, the regulation and enforcement of insider trading legislation prior to 2004 are examined. Moreover, where possible, certain flaws of the previous market abuse laws that were re-incorporated into the current South African market abuse legislation are isolated and recommendations are made in that regard.

scholarly journals A Comparative Synopsis of the Enforcement of Market Abuse Prohibition in Australia and South Africa

2016 ◽  
Vol 9 (1) ◽  
pp. 46-77
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
South African ◽  
Insider Trading ◽  
Regulatory Framework ◽  
Securities Markets ◽  
Market Manipulation ◽  
Market Abuse ◽  
The Government ◽  
Australian Experience

In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies and securities markets. It is against this background that this article seeks to explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from the Australian experience will be isolated where necessary for consideration in the South African market abuse regulatory framework.

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