Economics of Securities Law

Edited by Geoffrey P. Miller, Stuyvesant Comfort Professor of Law, New York University, School of Law, US

• Contents:IntroductionGeoffrey P. MillerPART IORIGINS 1. Jonathan R. Macey and Geoffrey P. Miller (1991), ‘Origin of the Blue Sky Laws’, Texas Law Review, 70 (2), December, 347–972. William O. Douglas and George E. Bates (1933), ‘The Federal Securities Act of 1933’, Yale Law Journal, 43 (2), December, 171–217PART IIDISCLOSURE 3. George J. Stigler (1964), ‘Public Regulation of the Securities Markets’, Journal of Business, 37 (2), April, 117–424. George J. Benston (1973), ‘Required Disclosure and the Stock Market: An Evaluation of the Securities Exchange Act of 1934’, American Economic Review, 63 (1), March, 132–555. Gregg A. Jarrell (1981), ‘The Economic Effects of Federal Regulation of the Market for New Security Issues’, Journal of Law and Economics, 24 (3), December, 613–756. Frank H. Easterbrook and Daniel R. Fischel (1984), ‘Mandatory Disclosure and the Protection of Investors’, Virginia Law Review, 70 (4), May, 669–7157. John C. Coffee, Jr. (1984), ‘Market Failure and the Economic Case for a Mandatory Disclosure System’, Virginia Law Review, 70 (4), May, 717–538. Paul G. Mahoney (1995), ‘Mandatory Disclosure as a Solution to Agency Problems’, University of Chicago Law Review, 62 (3), Summer, 1047–1129. Douglas W. Diamond (1985), ‘Optimal Release of Information by Firms’, Journal of Finance, 40 (4), September, 1071–94PART IIIEFFICIENT MARKETS 10. Eugene F. Fama (1970), ‘Efficient Capital Markets: A Review of Theory and Empirical Work’, Journal of Finance, Papers and Proceedings, 25 (2), May, 383–41711. Michael C. Jensen (1978), ‘Some Anomalous Evidence Regarding Market Efficiency’, Journal of Financial Economics, 6 (2–3), June–September, 95–10112. Charles M.C. Lee, Andrei Shleifer and Richard H. Thaler (1991), ‘Investor Sentiment and the Closed-End Fund Puzzle’, Journal of Finance, 46 (1), March, 75–10913. Sanford J. Grossman and Joseph E. Stiglitz (1980), ‘On the Impossibility of Informationally Efficient Markets’, American Economic Review, 70 (3), June, 393–40814. Ronald J. Gilson and Reinier Kraakman (2014), ‘Market Efficiency After the Financial Crisis: It's Still a Matter of Information Costs’, Virginia Law Review, 100 (2), April, 313–75PART IVASSET PRICING AND DIVERSIFICATION 15. Harry Markowitz (1952), ‘Portfolio Selection’, Journal of Finance, 7 (1), March, 77–9116. William F. Sharpe (1964), ‘Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk’, Journal of Finance, 19 (3), September, 425–42PART VSECURITIES CLASS ACTIONS 17. Jonathan R. Macey and Geoffrey P. Miller (1990), ‘Good Finance, Bad Economics: An Analysis of the Fraud-on-the-Market Theory’, Stanford Law Review, 42, April, 1059–9218. John C. Coffee, Jr. (2006), ‘Reforming the Securities Class Action: An Essay on Deterrence and Its Implementation’, Columbia Law Review, 106 (7), November, 1534–8619. Donald C. Langevoort (2009), ‘Basic at Twenty: Rethinking Fraud on the Market’, Wisconsin Law Review, 2009 (2), April, 151–98IndexVolume IIAn introduction to both volumes by the editor appears in Volume IPART ITAKEOVERS 1. Henry G. Manne (1965), ‘Mergers and the Market for Corporate Control’, Journal of Political Economy, 73 (2), April, 110–202. Frank H. Easterbrook and Daniel R. Fischel (1981), ‘The Proper Role of a Target’s Management in Responding to a Tender Offer’, Harvard Law Review, 94 (6), April, 1161–2043. Lucian A. Bebchuk (1982), ‘The Case for Facilitating Competing Tender Offers’, Harvard Law Review, 95, 1028–564. Michael C. Jensen and Richard S. Ruback (1983), ‘The Market for Corporate Control: The Scientific Evidence’, Journal of Financial Economics, 11 (1–4), April, 5–50 PART IIINSIDER TRADING 5. Henry G. Manne (1966), ‘In Defense of Insider Trading’, Harvard Business Review, 44, November–December, 113–226. Dennis W. Carlton and Daniel R. Fischel (1982), ‘The Regulation of Insider Trading’, Stanford Law Review, 35, May, 857–957. David D. Haddock and Jonathan R. Macey (1986), ‘A Coasian Model of Insider Trading’, Northwestern University Law Review, 80 (6), 1449–728. James D. Cox (1986), ‘Insider Trading and Contracting: A Critical Response to the “Chicago School”’, Duke Law Journal, 35 (4), September, 628–599. Lawrence R. Glosten and Paul R. Milgrom (1985), ‘Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders’, Journal of Financial Economics, 14 (1), March, 71–100PART IIIBEHAVIOURAL FINANCE 10. Malcolm Baker, Jeffrey Wurgler and Yu Yuan (2012), ‘Global, Local, and Contagious Investor Sentiment’, Journal of Financial Economics, 104 (2), May, 272–8711. David Hirshleifer (2001), ‘Investor Psychology and Asset Pricing’, Journal of Finance, 56 (4), August, 1533–9712. Robert J. Shiller (2003), ‘From Efficient Markets Theory to Behavioral Finance’, Journal of Economic Perspectives, 17 (1), Winter, 83–10413. Stephen J. Choi and A.C. Pritchard (2003), ‘Behavioral Economics and the SEC’, Stanford Law Review, 56 (1), October, 1–73PART IVREGULATORY DESIGN 14. Roberta Romano (1998), ‘Empowering Investors: A Market Approach to Securities Regulation’, Yale Law Journal, 107, 2359–43015. Jennifer H. Arlen and William J. Carney (1992), ‘Vicarious Liability for Fraud on Securities Markets: Theory and Evidence’, University of Illinois Law Review, 1992, 691–740PART VTHE ROLE OF SHAREHOLDERS 16. John C. Coffee, Jr. (1991), ‘Liquidity Versus Control: The Institutional Investor as Corporate Monitor’, Columbia Law Review, 91 (6), October, 1277–36817. Marcel Kahan and Edward Rock (2011), ‘The Insignificance of Proxy Access’, Virginia Law Review, 97, 1347–43418. Henry T.C. Hu and Bernard Black (2006), ‘Empty Voting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms’, Business Lawyer, 61 (3), May, 1011–70PART VICOMPARATIVE PERSPECTIVE 19. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2006), ‘What Works in Securities Laws?’, Journal of Finance, 61 (1), February, 1–32Index