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Agreement Reached on International Carbon Credit Trading Rules at COP26

By Rebecca J. Simmons, David J. Gilberg, Aaron M. Levine and Elianne Neuman Schiff December 20, 2021 by benzonenshayn

The 2021 United Nations Climate Change Conference, commonly referred to as “COP26”, was held in Glasgow, Scotland last month. Among other agreements coming out of COP26, government ministers representing nearly 200 countries reached a consensus regarding rules implementing Article 6 …

The Impact of Retail Investors on Stock Liquidity and Crash Risk

By Felix Hüfner and Jan-Oliver Strych December 10, 2021 by renholding

The influence of retail investors on the stock market is controversial among experts. Some studies conclude that retail investors are uninformed, overconfident investors who assess risk poorly and thus destabilize the financial markets (e.g., Grinblatt and Keloharju, 2009; Barber and …

Debevoise & Plimpton Discusses Proposed Cybersecurity Legislation

By Luke Dembosky, Avi Gesser, HJ Brehmer and Stephanie Thomas November 29, 2021 by renholding

On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law, authorizing $1.2 trillion for infrastructure spending, including approximately $2 billion for various federal cybersecurity projects. This adds to a large number of cybersecurity bills that …

Sullivan & Cromwell Discusses FinCEN Update of Ransomware Advisory

By Sullivan & Cromwell November 16, 2021 by renholding

On November 8, 2021, the United States Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) issued an updated version of its Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments, originally issued in the …

How Investment Banks’ Disagreement over Valuation Contributes to the Winner’s Curse

By Tingting Liu, Tao Shu and Jasmine Wang November 12, 2021 by renholding

The well-developed theory of the winner’s curse can potentially explain the poor performance of mergers and acquisitions (Roll, 1986). A key reason for the curse is the uncertainty concerning a deal’s value (e.g., Capen, Clapp, and Campbell, 1971; Bazerman and …

SEC Chair Gensler Speaks on Market Structure

By Gary Gensler November 4, 2021 by renholding

Thank you. It’s good to be here at the annual meeting of the Securities Industry and Financial Markets Association — what we all know as SIFMA. John [Rogers], I look forward to your questions.

As is customary, I will note

…

Deputy U.S. Attorney General Speaks on Corporate Crime

By Lisa Monaco October 29, 2021 by renholding

Thank you, Ray, for that introduction, and thank you all for having me today. I’m sorry that I am not able to be there in person but appreciate the ability to join you virtually.

I have three priorities for my …

Debevoise Discusses the Labor Department’s Proposal on ESG and ERISA

By Lawrence K. Cagney, Jonathan F. Lewis, Douglas M. Hirn and Alison E. Buckley-Serfass October 21, 2021 by renholding

On October 14, 2021, the U.S. Department of Labor (the “DOL”) issued proposed regulations that represent the first step in meeting President Biden’s directive to revise or rescind the recent Trump-era rules addressing a fiduciary’s duties under Section 404 of …

Sullivan & Cromwell Discusses OFAC Ransomware Advisory Update

By Nicole W. Friedlander, Eric J. Kadel, Jr., Anthony J. Lewis, Adam J. Szubin and Matthew J. Browne October 4, 2021 by renholding

On September 21, 2021, the United States Department of the Treasury’s Office of Foreign Assets Control issued an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments, which provides additional guidance for companies facing ransomware attacks, or processing ransomware …

The Jobs Act Did Not Raise IPO Underpricing

By Omri Even-Tov, Panos N. Patatoukas and Young S. Yoon September 17, 2021 by renholding

The JOBS Act was signed into law on April 5, 2012, with the objective of improving access to the public capital market for growth companies. Title I of the JOBS Act amended the Securities Act and the Exchange Act and …

Who’s Looking Out for the Banks?

By Jeremy C. Kress August 23, 2021 by renholding

Two decades ago, Congress repealed the Glass-Steagall Act’s Depression-era separation between commercial banking and other financial activities, paving the way for bank holding companies (BHCs) to expand into investment banking and insurance. At the time, some critics – most notably, …

Debevoise & Plimpton Discusses New Privacy Legislation in the U.S.: The Patchwork Problem Grows

By Jeremy Feigelson, Johanna Skrzypczyk, Kim Le, Alexandra Swain and H. J. Brehmer July 26, 2021 by renholding

Colorado has just adopted a brand-new data privacy law and Nevada has just significantly amended its law. These changes add rights for consumers, and compliance obligations for businesses, that take the U.S. further in the direction of European-style privacy law. …

Capital Discrimination

By Ann M. Lipton July 21, 2021 by renholding

In 2014, Diane Straka, along with three male associates, formed a corporation for the purpose of providing accounting services. Each of the founders was an officer, director, and 25 percent shareholder of the new entity. A problem soon emerged: One …

How Quarterly Financial Reports Affect Employee Job Search

By Ed deHaan, Nan Li and Frank Zhou July 19, 2021 by renholding

Quarterly financial reports are an important way for companies to communicate with the capital market, and they clearly affect firms’ access to debt and equity capital. However, the most scarce and sought after resource for many modern, cash-rich companies is …

Liberating the Market for Corporate Control

By Bernard S. Sharfman and Marc T. Moore July 16, 2021 by renholding

In a new article, Liberating the Market for Corporate Control, we recommend that state corporate law statutes be amended to include a safe harbor for hostile bidders who make all-cash, all-shares tender offers that include a guarantee of the …

Does the Strength of Investor Protection Laws Predict Capital Market Development?

By Nitzan Shilon July 15, 2021 by renholding

Which countries provide the strongest investor protection laws? How are such laws related to the level of capital market development and ownership concentration in public companies? In a series of influential works, La Porta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, …

Are Earnings Announcements More Useful than Other News for IPO Pricing?

By Ivy Zhang, Yong Zhang and Xiaoxu Ling June 17, 2021 by renholding

We study the relative usefulness of earnings announcements for valuation from the perspective of information externalities: the use of industry peer information for valuation, particularly for IPO pricing. Externalities of accounting information are one of the primary justifications for disclosure …

Keeping Up with the Joneses and the Real Effects of S&P 500 Inclusion

By Benjamin Bennett, René M. Stulz and Zexi Wang May 27, 2021 by renholding

The S&P 500 index is the most visible and prestigious broad-based stock index in the U.S. Being included in it means joining an exclusive club that confers prestige on its members, as, for instance, many articles noted when Tesla was …

The Efficacy of PCAOB Operational Decision Making

By James J. Blann, Tyler J. Kleppe and Jonathan E. Shipman May 11, 2021 by renholding

The operating budget of the Public Company Accounting Oversight Board (PCAOB) has grown significantly since the regulator’s inception, with the total annual resources consumed by the PCAOB almost doubling—from $127 million to $252 million—between 2006 and 2018 (PCAOB 2007, 2019). …

How Open Banking May Affect the Legality of Screen Scraping

By Han-Wei Liu May 7, 2021 by renholding

Screen scraping – the technique of automatically collecting, parsing, and organizing data from the web – has over the past two decades been used for everything from targeted advertising to price aggregation to academic research. It can, however, be detrimental …

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