Seeking an Objective for Regulating Insider Trading Through Texas Gulf Sulphur PDF Download
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Author: James D. Cox
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Data summarized in the opening of this article document that inside trading is a growth industry. And, as deals get ever bigger, the growth curve becomes steeper as more the data confirms intuition that the more who know about a good thing the more who will seek to harvest its benefits. Even though insider trading appears to have thrived during the fifty years after Texas Gulf Sulphur, we gather in this symposium to celebrate the decision. But why? As developed below, the Second Circuit's landmark decision gave way to the Supreme Court's erection of a fiduciary framework that this article reasons is unhelpful. Little remains of Texas Gulf Sulphur. This article seeks to explain why the decision remains important. It counsels that insight to why and how to regulate insider trading lies in closely considering Texas Gulf Sulphur, whose rich facts but opaque reasoning in combination enable it to endure as a guidepost by which to locate at least two mutually supportive rationales, developed here, for regulating insider trading.
Author: James D. Cox
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Data summarized in the opening of this article document that inside trading is a growth industry. And, as deals get ever bigger, the growth curve becomes steeper as more the data confirms intuition that the more who know about a good thing the more who will seek to harvest its benefits. Even though insider trading appears to have thrived during the fifty years after Texas Gulf Sulphur, we gather in this symposium to celebrate the decision. But why? As developed below, the Second Circuit's landmark decision gave way to the Supreme Court's erection of a fiduciary framework that this article reasons is unhelpful. Little remains of Texas Gulf Sulphur. This article seeks to explain why the decision remains important. It counsels that insight to why and how to regulate insider trading lies in closely considering Texas Gulf Sulphur, whose rich facts but opaque reasoning in combination enable it to endure as a guidepost by which to locate at least two mutually supportive rationales, developed here, for regulating insider trading.
Author: William H. Painter
Publisher: MICHIE
ISBN:
Category : Law
Languages : en
Pages : 654
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Book Description
Author: Jill E. Fisch
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
The Texas Gulf Sulphur decision began what has become a fifty-year project of developing U.S. insider trading regulation through judicial lawmaking. During the course of that project, the courts developed a complex, fraud-based approach to determining the scope of liability. The approach has led, in many cases, to doctrinal uncertainty, a result that is reflected in the recent decisions in Newman, Salman, and Martoma. In the face of this uncertainty, many commentators have called for a legislative solution. This article argues, however, that the true challenge of insider trading regulation is a lack of consensus about the appropriate scope of the prohibition. On the one hand, insider trading regulation seeks to address the potential unfairness resulting from wealth and privileged access. On the other hand, it seeks to preserve sufficient incentives for research to promote market efficiency.In the face of these competing policy concerns, a legislative definition is likely to be both under- and over-inclusive. Judicial lawmaking may offer a superior alternative because it, unlike legislation, can employ constructive ambiguity--deliberately vague standards that require contextual analysis. By enabling policymakers to maintain ambiguity about the permissible limits on the acquisition and use of market-sensitive information, judicial lawmaking helps to balance the competing concerns that animate the debate over insider trading.
Author: Wunmi Bewaji
Publisher: Routledge
ISBN: 0415521351
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
The book examines the regulation of insider dealing in the US, the UK and Japan in order to consider whether these regimes can be successfully transplanted to developing countries. The book uses Nigerian experiences to consider its implications for other developing nations, arguing that regulatory regimes need to take into account the specific social, political, historical and economic factors of a particular locale rather than importing regulations wholesale from developed jurisdictions.
Author: Kenneth E. Scott
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 44
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Book Description
Author: Institute for Business Planning, inc
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 44
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Book Description
Author: Stephen M. Bainbridge
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
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Book Description
The Texas Gulf Sulphur decision was the seminal moment in the creation of the modern federal insider trading prohibition. In the half century since it was decided, however, courts and commentators have overlooked the glaring flaw in the court's analysis.In the key part of the opinion, in which the court laid out the equal access standard, the court grossly misrepresented the precedents on which it relied. The court cited two state law opinions that were wholly irrelevant to the problem at hand. It cited two law review articles, but those articles simply do not say what the court claimed they said. Finally, the court made a bald, unsupported statement of Congressional intent that is demonstrably false.The insider trading prohibition thus rests on a foundation of sand.
Author: C. Edward Fletcher
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 658
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Book Description
Author: James Helms Winfrey
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 140
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Book Description
Author: Donald C. Langevoort
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 670
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Book Description
