Showing results for: “Section 5, Collateral Consequences, and Counting Unicorns”
The U.S., the WTO and the absence of international law
Joel Trachtman at International Economic Law & Policy blog and Julian Ku at Opinio Juris are commenting on the role of international law in shaping US behavior, in this case with respect to compliance with WTO rulings. As Joel points out, “[t]raditional realist political science considers traditional international law ‘epiphenomenal,’ meaning that the real action ... The U.S., the WTO and the absence of international law
Burger King IPO Announcement: Technical Violation of Securities Act?
Burger King announced today that it plans to file an IPO registration statement with the SEC in March (click here for a Reuters article). According to BK’s CEO: “Our goal has always been to take Burger King public . . . . We believe the transparency and stability in ownership offered by being a public ... Burger King IPO Announcement: Technical Violation of Securities Act?
The costs of options expensing rules
Larry points us to a new corporate finance blog, Richard Booth’s The Quant. It looks like a great blog. The most recent post is on executive compensation–particularly on the serious problems of expensing options (and the FASB rule requiring it). Here’s a lengthy and informative excerpt (with a couple words from me following): In the ... The costs of options expensing rules
Antitrust Law and Competition for Distribution
Thom recently posted about Judge Alito’s comments on the recent Lepage’s decision involving bundled discounts offered to retailers. There is presently much debate among antitrust scholars regarding the proper treatment of “above-cost” price cuts, such as the bundled discounts in Lepage’s. The anticompetitive theory in these cases is not that discounts mask what is effectively ... Antitrust Law and Competition for Distribution
On disclosure: The hydraulic theory
We know that people respond to incentives, and that behavior will adjust in response to relative changes in price. But I think it’s commonly assumed that the only relevant price change attributable to disclosure regulations is the nominal change in direct costs of compliance. Sure, we all understand that if shareholder or regulatory pressure is ... On disclosure: The hydraulic theory
Hedge Fund Registration Requirement
The hedge fund registration requirements debated extensively in the blawgosphere a few months back (see, e.g., here, here, and here) will take effect on Wednesday of next week. According to this article in the W$J, so far 530 hedge fund advisers have registered and a few hundred more are expected before Wednesday. Recent estimates put ... Hedge Fund Registration Requirement
Taking Maytag and Whirlpool to the cleaners
Christine blogs about the Whirlpool-Maytag merger and its antitrust problems. Law Blog has the story, as well. Both mention the American Antitrust Institute which opposes (vehemently) the merger. In fact, the AAI has never met a merger it didn’t find anticompetitive, so its opposition should be taken with a grain of salt. Then again, I’ve ... Taking Maytag and Whirlpool to the cleaners
The Ban on General Solicitation and Advertising
I blogged last week about the recommendations concerning Sarbanes-Oxley 404 adopted by the SEC Advisory Committee on Smaller Public Companies at a meeting on 12/14/05 (see here). The transcript of the meeting is now available on the SEC’s website (click here). Today I want to talk about a different recommendation adopted by the committee that ... The Ban on General Solicitation and Advertising
On disclosure, a continuing series
We all know that our securities regulatory regime is predominantly a disclosure regime, meaning the regulators, for the most part, don’t impose substantive regulations on securities issuers, but require only accurate, timely disclosure of certain information. And as against a more intrusive, substantive regime, I think this is preferable, even in its current, fairly intrusive ... On disclosure, a continuing series
Will SCOTUS Tame the Exotic Beast?
It is a pretty exciting time in the antitrust world. This, of course, is bad news for firms. SCOTUS will decide three antitrust cases this term, each offering a promising opportunity to clarify murky doctrine or undo an erroneous application of relatively clear antitrust principles. Texaco v Dagher falls into the latter category. The bulk ... Will SCOTUS Tame the Exotic Beast?
Can the SEC Exempt Small Companies From Sarbanes-Oxley 404?
Last month the SEC Advisory Committee on Smaller Public Companies adopted the following three recommendations concerning oft-maligned Sarbanes-Oxley Section 404: 1. Exempt Microcap companies from S404, subject to certain conditions 2. Exempt Smaller Public Companies from the external audit requirement of S404, subject to certain conditions. 3. The subcommittee strongly endorses recommendation #2. However, if ... Can the SEC Exempt Small Companies From Sarbanes-Oxley 404?
