Cleary Gottlieb Discusses the State of the Convertible Bond Market

By Adam Fleisher, Clay Simmons, Humayun Khalid, Josh Brody and David Parish January 30, 2026 by renholding

Convertible notes issuances have been surging in the last few years to a market size of approximately $300 billion. The increased activity has been bolstered by the high-interest rate environment, favorable equity market dynamics and macro uncertainty. Secular growth trends …

Does Advertising Improve Access to Capital for Small Businesses?

By Anup Agrawal and Yuree Lim August 28, 2020 by renholding

Private markets have contributed significantly to capital formation in the U.S. economy, particularly for small companies that are often considered the engine for creating new jobs and for accelerating economic growth (see, e.g., Zhao, Harris, and Lam, 2019). The amount …

Do Advisers Mitigate IPO Underpricing and Withdrawals in Europe?

By Emmanuel Pezier July 19, 2019 by renholding

Many issuers have doubts about the efficiency of the IPO market, despite post-2008 regulations designed to reduce conflicts of interests and the costs of going public. As a result, fewer companies are choosing to be listed, and many of those …

SEC Commissioner Discusses Improving Information for Investors in the Digital Age

By Kara M. Stein October 26, 2018 by renholding

I last spoke to you in May 2014 about “Building Momentum.”[1] At the time, I was a rookie Commissioner. Now, I stand before you after five years as a Commissioner and over 5,700 votes under my belt. It has

…

Shearman & Sterling on FINRA’s FAQs Regarding Research Conflicts of Interest in the Offering Process

By Charles S. Gittleman, Russell D. Sacks, Jenny Ding, Jennifer D. Morton and Steven Blau October 20, 2015 by jbarrowscls

In late May, FINRA published a set of Frequently Asked Questions regarding FINRA’s equity research rule,¹ which addresses interactions between issuers, research analysts and investment bankers in various stages of the offering process (the “Research FAQs” or the “FAQs”).…

Should Municipal Bond Issuers be Required to Disclose Bank Loans?

By Cate Long June 7, 2013 by Jason Parsont

You may be surprised to learn that municipal bond issuers are not required to disclose bank borrowings. I’ve heard numerous estimates that such issuers have outstanding bank borrowings in the $200 to $300 billion range, which would amount to approximately

…

The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

issuers