Shifting Contours of Directors’ Fiduciary Duties and Norms in Comparative Corporate Governance

By Jennifer G. Hill February 5, 2020 by renholding

The problems in global financial markets are often similar, even though the capital market structure across jurisdictions differs significantly. The beginning of the 21^st century was marked by a spate of international corporate scandals, and the 2007-2009 global financial …

SEC Chair Seeks Public Input on Disclosure for Residential Mortgage-Backed Securities

By Jay Clayton October 31, 2019 by renholding

Securitization plays a critical role in the U.S. capital markets and can enhance liquidity in important sectors of the economy. In particular, residential mortgage-backed securities (“RMBS”) play a significant role in enhancing liquidity in the residential mortgage market and thereby

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SEC Chairman Clayton Talks Market Growth and Development

By Jay Clayton April 4, 2019 by renholding

Welcome to the SEC’s 29^th Annual International Institute for Securities Market Growth and Development.[1]

Thank you for being our guests over the next two weeks.

It is our honor to host 186 delegates from 69 countries this year.

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The Protection of Investors and the Compensation for their Losses: Australia

By Olivia Dixon and Jennifer G. Hill December 14, 2018 by renholding

Investor protection has been an ideal in corporate and securities law ever since the early 20^th century, when Berle and Means famously highlighted shareholder vulnerability in modern public corporations. In more recent times, investor protection has been treated as …

SEC Chair Talks Rulemaking Over the Past Year and the Road Ahead

By Jay Clayton December 7, 2018 by renholding

For many, December is a time to reflect on the past year and to look forward to what the New Year may bring. I believe organizations also should mark milestones, take stock of what has been done and what needs

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How Patents’ Disclosure Role Can Ease Market Uncertainty

By Ali Mohammadi, Mehdi Beyhaghi and Pooyan Khashabi August 31, 2018 by renholding

In addition to providing legal protection, patents serve a disclosure function aimed chiefly at inventors and technology customers. However, the effect of this disclosure on capital markets has been left largely unexamined in the literature, creating a gap in understanding …

Buy-Side Analysts and Earnings Conference Calls

By Michael J. Jung, M.H. Franco Wong and X. Frank Zhang August 29, 2018 by renholding

The role of sell-side equity analysts in the capital markets has been researched extensively by academics over the past several decades. In contrast, due to data limitations, there has been little research on buy-side analysts. Buy-side analysts work for institutional …

Thinking Holistically Before Dropping Quarterly Reporting

By James D. Cox August 27, 2018 by renholding

Robust capital markets are widely believed to signal economic vitality, and a reliable barometer of such vitality was historically a rising number of IPOs and listings. Yet, as we are experiencing record setting economic expansion, that barometer has failed us. …

Cutting Disclosure Frequency Is the Wrong Solution to the Wrong Problem

By Charles K. Whitehead August 27, 2018 by renholding

President Trump has directed the Securities and Exchange Commission to study whether a public company’s reporting requirements should shift from a quarterly to semi-annual schedule. Doing so, according to the president, “would make business (jobs) even better in the U.S.” …

The Power of Words: How SEC Comment Letters to Foreign Issuers Affect the Capital Markets

By Daniel Giamouridis, Kleopatra Koulikidou and Stergios Leventis August 6, 2018 by renholding

In our recent paper, we find that the tone of language in Securities and Exchange Commission (SEC) comment letters after enforcement reviews has capital market implications, which are amplified or abbreviated based on the strength of a given country’s enforcement.…

Columbia’s Program in the Law and Economics of Capital Markets Is Hiring Post-Doc Research Fellow

By Merritt B. Fox February 15, 2018 by renholding

Columbia Law School and Columbia Business School’s Program in the Law and Economics of Capital Markets is now accepting applications for their Post-Doctoral Research Fellow. This position is intended for a person who expects to begin a law school teaching …

The Economics of Disclosure and Financial Reporting Regulation

By Christian Leuz and Peter D. Wysocki January 9, 2018 by renholding

Disclosure and reporting regulation is a central and recurring policy issue that has received significant attention in academic research on accounting, finance, and economics. Further fueling demand for this research are increasingly frequent requests that policy makers and regulators conduct …

Ropes & Gray Discusses U.S. Treasury’s Report on Capital Markets

By Keith F. Higgins October 20, 2017 by renholding

On Friday, October 6, the Treasury Department issued a report to the President on streamlining and reforming U.S. capital market regulation. The report covers recommendations on nine topics across the U.S. financial regulatory system. One of the topics – Access …

The Monitoring Role of the Media: Evidence from Earnings Management

By Yangyang Chen, C.S. Agnes Cheng, Shuo Li and Jingran Zhao May 26, 2017 by renholding

The news media are an important source of information for the U.S. capital markets, especially when drawing attention to questionable behavior of corporate executives. Coverage can, however, pressure companies into making dubious financial decisions like emphasizing short-term earnings over long-term …

The Agency Costs of Teamwork

By Jeremy McClane May 9, 2017 by renholding

It is common wisdom among transactional lawyers that good teamwork results in smoother deals and better service for their clients. Perhaps for this reason, capital-markets practices frequently tout their teamwork skills as a source of value for clients, especially in …

Columbia Launches New Special Study of Securities Markets

By Merritt B. Fox, Lawrence R. Glosten and Edward F. Greene April 14, 2017 by renholding

Over the last three decades, U.S. and global securities markets have undergone tremendous change, driven by globalization, advances in information technology, and regulatory choices at the federal and international levels. The days of adventuresome floor trading and concerns of safeguarding …

Unicorns, Guardians, and the Concentration of U.S. Equity Markets

By Amy Deen Westbrook and David A. Westbrook March 21, 2017 by renholding

Developments in private and public markets are changing the role equity plays in the United States, i.e., what “stock” means as a matter not only of investment and corporate governance, but also of political economy. For several generations, a broad …

Skadden Discusses the Current State of the U.S. Capital Markets

By Michelle Gasaway and Benjamin K. Marsh February 23, 2017 by Jeff Himelson

The U.S. capital markets experienced continued volatility throughout much of 2016, as the bond and equity markets were affected by a series of significant events: the November U.S. presidential election; the June Brexit vote; fluctuating oil prices over the course …

Are Activist Investors Good for Targeted Companies?

By Edward Swanson and Glenn Young September 22, 2016 by renholding

In recent years, activist investors and the companies they target have attracted considerable attention—in the press, in the business and legal communities, in the political arena, and in academia. The fundamental question under debate is whether activist interventions create or …

Is High Frequency Trading Good For Capital Markets?

By Graham Partington, Richard Philip and Amy Kwan December 15, 2015 by ilyabeylin

High frequency trading is all of a go,
With joy to the traders and profits that grow,
It brings to investors an unhappy blow.

Investors and traders in capital markets have always sought to be better informed and to trade …

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