Capital markets and securities law and regulation Books

Book SynopsisThis is the nation’s first and oldest casebook on securities regulation. This edition has been streamlined for easier use, but it continues to provide instructors and students with the full range of tools for the in-depth study of securities regulation. It has been revised and updated to take into account the following: Initial coin offerings and sales of other crypto-assets Changes in the primary and secondary capital markets, including high frequency trading Certain amendments to the public disclosure requirements Amendments to the limited offering exemptions The ongoing debate around elements of Rule 10b–5 Regulation Best Interest Recent Supreme Court cases, including their implications for certain civil litigation and the SEC’s continued reliance on administrative proceedings

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Book SynopsisNew book purchase includes complimentary digital access to the eBook.Selections in the book include the text of basic federal securities laws, related Securities and Exchange Commission (SEC) rules and forms, and other selected related laws and regulations. It is designed as a supplement to securities regulation texts used in law school courses, but it can also serve as a reference for lawyers, securities professionals, and corporate officers. The booklet contains changes made through November 2021.

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Book SynopsisThis unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policy makers alike. Contributors include: J. Adams, P. Athanassiou, A. Brav, T. Bullman, L. Chincarini, D.K. Das, A. Erskine, F. Goltz, N. Greene, D. Harrison, A. Hankova, M. Jickling, W. Jiang, H. Kim, V. Krepely Pool, M. Lamandini, N. Lang, F.-S. Lhabitant, H. McVea, T. Oatley, L. Phalippou, D. Schroeder, M. Stromqvist, W.K. Winecoff, P. YeohTable of ContentsContents: Preface Introduction PART I: FOUNDATIONS 1. Hedge Funds – An Introduction Ludwig Chincarini 2. Europe’s Hedge Fund Industry – An Overview Andrea Hankova and François-Serge Lhabitant 3. Sovereign-wealth Funds – A Paradigm Shift in Capital Flows in the Global Economy Dilip K. Das 4. Private Equity Funds’ Performance, Risk and Selection Ludovic Phalippou PART II: REGULATORY ISSUES 5. Alternative Investments and Retail Investors – A Bold but Risky Experiment Harry McVea 6. Hedge Fund Reporting Felix Goltz and David Schröder 7. Hedge Fund Activism Alon Brav, Wei Jiang and Hyunseob Kim 8. Hedge Funds and the Detection of Managerial Fraud Veronika Krepely Pool 9. Self-regulation – What Future in the Context of Hedge Funds? Marco Lamandini 10. Hedge Fund Regulation through Competition Law Principles – Some Reflections David Harrison PART III: ALTERNATIVE INVESTMENT FUNDS – FAILURES AND FINANCIAL CRISES 11. Lessons of Long-Term Capital Management and Amaranth Advisors Mark Jickling 12. Hedge Funds and their Impact on Systemic Stability Maria Strömqvist 13. Sovereign Default Risks in the Economic and Monetary Union and the Role of Vulture Funds Peter Yeoh PART IV: COMPARATIVE PERSPECTIVES AND FUTURE PROSPECTS 14. US Regulation of Investment Advisers and Private Investment Funds – A Concise Overview Nathan Greene and John Adams 15. German Alternative Investment Fund Regulation – Wrong Answers to the Wrong Questions? Norbert Lang 16. Hedge Funds, Private Equity and Alternative Investment in Australia Alex Erskine 17. The EU’s AIFM Directive and its Impact – An Overview Phoebus Athanassiou and Thomas Bullman 18. The Domestic Rooting of Financial Regulation in an Era of Global Capital Markets Thomas Oatley and W. Kindred Winecoff Index

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Book SynopsisRegulatory competition within Europe and internationally, operates in several fields with different outcomes. This book offers a comparative legal and economic analysis of corporate, securities and competition law, exploring the reasons behind such differences.The book's conceptual framework covers the most relevant drivers of competition, including legal actors' incentives, channels of competition and governance design. It shows how the different drivers and institutional designs are shaping competitive interactions, drawing relevant conclusions for both general and field specific regulatory policy.Providing a comparative analysis of regulatory competition in three legal fields, this book will be a valuable resource for researchers and academics in law, economics and political science, as well as policymakers - legislator, regulator, judiciary - at both national and European levels.Contents: Foreword Preface 1. Regulatory Competition: What it is and What Remains to be Explored 2. Regulatory Competition in European Company Law 3. Regulatory Competition in European Securities Law 4. Regulatory Competition in EU Competition Law 5. Regulatory Competition in the Internal Market Bibliography IndexTrade Review'Dr Gabor's book is an important contribution to the academic study of regulatory competition and to the practice of regulation in the European Union. It therefore deserves a wide readership among both academics and practitioners. It will stimulate debate and help in the search for constructive solutions to the challenges facing modern Europe.' --Jonathan Faull, European Commission, Internal Market and Services, College of Europe, Brugge and Institute of European Studies, Vrije Universiteit Brussel, Belgium'Barbara Gabor's masterful overview of regulatory competition issues as they relate to the European Union is a must read; political scientists, economists, and lawyers will find value in this comprehensive and thoughtful work by an able young scholar.' --Daniel Rubinfeld, University of California, Berkeley, USTable of ContentsContents: Foreword Preface 1. Regulatory Competition: What it is and What Remains to be Explored 2. Regulatory Competition in European Company Law 3. Regulatory Competition in European Securities Law 4. Regulatory Competition in EU Competition Law 5. Regulatory Competition in the Internal Market Bibliography Index

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Book SynopsisThis fascinating Handbook provides a clear explanation of the securities market regulation regime in the United States. A diverse set of contributors offer a comprehensive overview of the regulatory process, Dodd-Frank, the principal securities statutes, and the regulators and market participants involved. In addition to a general summary of the topic, this volume provides detailed explanations of the process for registering securities, exemptions from registration, secondary distributions, and the underwriting process.Scholars and students of financial law, banking and regulatory law will find this book a useful resource, as will attorneys, compliance professionals, risk-mitigation professionals and corporate leaders.Contributors: B. Black, L.A. Blau, R.C. Campos, P. Evans, J. Fanto, J. Gabilondo, Z.J. Gubler, T.L. Hazen, W.A. Kaal, A.B. Laby, M. Liston, J. MacLeod Heminway, M.Q. PazTable of ContentsContents: Introduction 1. Overview Jerry W. Markham 2. The Definition of “Security” Under the Federal Securities Laws Arthur B. Laby 3. The Integrated Disclosure System Rigers Gjyshi 4. Exemptions from 1933 Act Registration Thomas L. Hazen 5. The Underwriting Process and Secondary Distribution Zachary J. Gubler 6. Secondary Markets Roel C. Campos and Marlon Q. Paz 7. The Rise of Risk-Based Regulatory Capital: Liquidity and Solvency Standards for Financial Intermediaries José Gabilondo 8. Investment Adviser Regulation Wulf A. Kaal 9. Corporate Governance and the Regulation of Mergers and Acquisitions Jerry W. Markham and Rigers Gjyshi 10. The Sarbanes-Oxley Act of 2002: A Regulatory Hodge-Podge Arising from Highly Visible Financial Fraud Joan Macleod Heminway 11. Regulation of Derivative Instruments Jerry W. Markham 12. An Overview of Compliance-Related Issues in Broker-Dealer Regulation James Fanto 13. Fraud, Manipulation and Other Prohibited Practices Jerry W. Markham 14. The Past, Present and Future of Securities Arbitration Between Customers and Brokerage Firms Barbara Black 15. Private Rights of Action Under U.S. Securities Laws: Key Differences between Litigation and Arbitration of Securities Disputes, Limited Right of Action Against Investment Advisers, and the Uncertain Future of Class Litigation Leslie A. Blau, Mark Liston and Peter Evans 16. Comparative Analysis of Global Securities Regulation Jerry W. Markham Index

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Book SynopsisBringing together the most important articles from leading authors in the field, Professor Geoffrey Miller's new collection, Economics of Securities Law, is an essential resource for students, policymakers and those interested in the history and current status of the subject. The papers included represent fundamental contributions that shaped later thinking, illustrate approaches that have proven durably influential or represent important challenges to conventional views. The collection also explores new approaches, such as behavioural economics, alongside 'Chicago School' papers, comparative analyses and influential works by people involved in the creation of laws governing modern securities markets.Table of ContentsContents: Introduction Geoffrey P. Miller PART I ORIGINS 1. Jonathan R. Macey and Geoffrey P. Miller (1991), ‘Origin of the Blue Sky Laws’, Texas Law Review, 70 (2), December, 347–97 2. William O. Douglas and George E. Bates (1933), ‘The Federal Securities Act of 1933’, Yale Law Journal, 43 (2), December, 171–217 PART II DISCLOSURE 3. George J. Stigler (1964), ‘Public Regulation of the Securities Markets’, Journal of Business, 37 (2), April, 117–42 4. 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, 132–55 5. 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, 613–75 6. Frank H. Easterbrook and Daniel R. Fischel (1984), ‘Mandatory Disclosure and the Protection of Investors’, Virginia Law Review, 70 (4), May, 669–715 7. John C. Coffee, Jr. (1984), ‘Market Failure and the Economic Case for a Mandatory Disclosure System’, Virginia Law Review, 70 (4), May, 717–53 8. Paul G. Mahoney (1995), ‘Mandatory Disclosure as a Solution to Agency Problems’, University of Chicago Law Review, 62 (3), Summer, 1047–112 9. Douglas W. Diamond (1985), ‘Optimal Release of Information by Firms’, Journal of Finance, 40 (4), September, 1071–94 PART III EFFICIENT 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, 383–417 11. Michael C. Jensen (1978), ‘Some Anomalous Evidence Regarding Market Efficiency’, Journal of Financial Economics, 6 (2–3), June–September, 95–101 12. 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, 75–109 13. Sanford J. Grossman and Joseph E. Stiglitz (1980), ‘On the Impossibility of Informationally Efficient Markets’, American Economic Review, 70 (3), June, 393–408 14. 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, 313–75 PART IV ASSET PRICING AND DIVERSIFICATION 15. Harry Markowitz (1952), ‘Portfolio Selection’, Journal of Finance, 7 (1), March, 77–91 16. William F. Sharpe (1964), ‘Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk’, Journal of Finance, 19 (3), September, 425–42 PART V SECURITIES 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, 1059–92 18. John C. Coffee, Jr. (2006), ‘Reforming the Securities Class Action: An Essay on Deterrence and Its Implementation’, Columbia Law Review, 106 (7), November, 1534–86 19. Donald C. Langevoort (2009), ‘Basic at Twenty: Rethinking Fraud on the Market’, Wisconsin Law Review, 2009 (2), April, 151–98 Index Volume II An introduction to both volumes by the editor appears in Volume I PART I TAKEOVERS 1. Henry G. Manne (1965), ‘Mergers and the Market for Corporate Control’, Journal of Political Economy, 73 (2), April, 110–20 2. 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, 1161–204 3. Lucian A. Bebchuk (1982), ‘The Case for Facilitating Competing Tender Offers’, Harvard Law Review, 95, 1028–56 4. 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 II INSIDER TRADING 5. Henry G. Manne (1966), ‘In Defense of Insider Trading’, Harvard Business Review, 44, November–December, 113–22 6. Dennis W. Carlton and Daniel R. Fischel (1982), ‘The Regulation of Insider Trading’, Stanford Law Review, 35, May, 857–95 7. David D. Haddock and Jonathan R. Macey (1986), ‘A Coasian Model of Insider Trading’, Northwestern University Law Review, 80 (6), 1449–72 8. James D. Cox (1986), ‘Insider Trading and Contracting: A Critical Response to the “Chicago School”’, Duke Law Journal, 35 (4), September, 628–59 9. 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, 71–100 PART III BEHAVIOURAL FINANCE 10. Malcolm Baker, Jeffrey Wurgler and Yu Yuan (2012), ‘Global, Local, and Contagious Investor Sentiment’, Journal of Financial Economics, 104 (2), May, 272–87 11. David Hirshleifer (2001), ‘Investor Psychology and Asset Pricing’, Journal of Finance, 56 (4), August, 1533–97 12. Robert J. Shiller (2003), ‘From Efficient Markets Theory to Behavioral Finance’, Journal of Economic Perspectives, 17 (1), Winter, 83–104 13. Stephen J. Choi and A.C. Pritchard (2003), ‘Behavioral Economics and the SEC’, Stanford Law Review, 56 (1), October, 1–73 PART IV REGULATORY DESIGN 14. Roberta Romano (1998), ‘Empowering Investors: A Market Approach to Securities Regulation’, Yale Law Journal, 107, 2359–430 15. Jennifer H. Arlen and William J. Carney (1992), ‘Vicarious Liability for Fraud on Securities Markets: Theory and Evidence’, University of Illinois Law Review, 1992, 691–740 PART V THE ROLE OF SHAREHOLDERS 16. John C. Coffee, Jr. (1991), ‘Liquidity Versus Control: The Institutional Investor as Corporate Monitor’, Columbia Law Review, 91 (6), October, 1277–368 17. Marcel Kahan and Edward Rock (2011), ‘The Insignificance of Proxy Access’, Virginia Law Review, 97, 1347–434 18. Henry T.C. Hu and Bernard Black (2006), ‘Empty Voting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms’, Business Lawyer, 61 (3), May, 1011–70 PART VI COMPARATIVE PERSPECTIVE 19. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2006), ‘What Works in Securities Laws?’, Journal of Finance, 61 (1), February, 1–32 Index

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Book SynopsisWhile the internal market has been at the heart of the European project from the very beginning, it has rarely been the subject of sustained and comprehensive scholarly examination in its entirety. In the face of profound legal, political and policy pressures, this timely Research Handbook reflects on the cutting-edge issues, horizontal themes and the big questions which illuminate the shape of the internal market. It places the law and policy of the internal market within the context of the financial crisis and the existential questions this has raised for future European integration. In a departure from existing literature in the field, expert contributors approach the four freedoms as a functional whole and identify horizontal and overarching themes that have emerged over the years. The Research Handbook on the Law of the EU's Internal Market addresses six overarching themes: the reach of the internal market, the relationship between economic and non-economic interests, the internal market as an economic union, uniformity versus diversity, the governance and politics of the internal market, and the internal market in the world. This perceptive Research Handbook will be fascinating reading for academics and students in EU law and European studies. It will also be an invaluable resource for practitioners, policy makers, and anyone interested in the future of the internal market in particular and European integration in general.Contributors include: C. Barnard, T. Beukers, A. Cédelle, P. Craig, M. Cremona, G. Davies, F. De Witte, M. Egan, S. Enchelmaier, V. Hatzopoulos, H. Hofmann, T. Horsley, E. Howell, P. Koutrakos, I. Maletic, M. Markakis, H. Micklitz, N. Nic Shuibhne, J. Payne, W.-H. Roth, A. Saydé, C. Sieburgh, J. Snell, J. Vella, H. Vedder, P. Wattel, S. WeatherillTrade Review'Even with the expanding reach of EU law, the law relating to the internal market continues to constitute a centre-piece of the EU legal order. There is an extensive literature on the economic freedoms in particular but surprisingly little exists in terms of an overall analysis. This book fills this gap in an eminent way and it will no doubt contribute to our understanding of not only the internal market but also the EU constitutional and legal order more generally.' --Allan Rosas, European Court of JusticeTable of ContentsContents: 1. Internal Market: An Introduction Panos Koutrakos and Jukka Snell PART I THE REACH OF THE INTERNAL MARKET 2. Between Market Access and Discrimination: Free Movement as a Right to Fair Conditions of Competition Gareth Davies 3. Freedom as a Source of Constraint: Expanding Market Discipline through Free Movement Alexandre Saydé 4. Horizontality: The Application of the Four Freedoms to Restrictions Imposed by Private Parties Stefan Enchelmaier 5. The Competence to Harmonise and Its Limits Stephen Weatherill 6. The Day the Clock Stopped: EU Citizenship and the Single Market Catherine Barnard PART II THE RELATIONSHIP BETWEEN ECONOMIC AND NON-ECONOMIC INTERESTS 7. The Architecture of the EU’s Social Market Economy Floris de Witte 8. Healthcare in the Internal Market Vassilis Hatzopoulos 9. Integrating Rather than Juxtaposing Environmental Policy and the Internal Market Hans Vedder 10. Primary EU law, European Regulatory Private Law and National Private Law Hans W. Micklitz and Carla Sieburgh 11. Fundamental Rights and the Framework of Internal Market Adjudication: Is the Charter Making a Difference? Niamh Nic Shuibhne PART III INTERNAL MARKET AS AN ECONOMIC UNION 12. The Creation of a European Capital Market Jennifer Payne and Elizabeth Howell 13. The Eurozone Crisis and the Autonomy of Member States in Economic Union: Changes and Challenges Thomas Beukers 14. The Euro Area, Its Regulation and Impact on Non-Euro Member States Paul Craig and Menelaos Markakis PART IV UNIFORMITY VERSUS DIVERSITY 15. Taxation in the Internal Market Peter J. Wattel 16. Differentiated Integration in the EU: Lessons from the Financial Transaction Tax Anzhela Cédelle and John Vella 17. Derogations from the Regulation of Free Movement: Article 114 TFEU Isidora Maletić PART V THE GOVERNANCE AND POLITICS OF THE INTERNAL MARKET 18. Institutional Dynamics Reloaded: The Court of Justice and the Development of the EU Internal Market Thomas Horsley 19. Mutual Recognition Wulf-Henning Roth 20. European Regulatory Union? The Role of Agencies and Standards Herwig C.H. Hofmann PART VI THE INTERNAL MARKET IN THE WORLD 21. The Internal Market and External Economic Relations Marise Cremona 22. The Evolution of Single Markets in Europe and the United States Michelle Egan Index

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Book SynopsisCapital markets are a continuous stream of activity and innovation. Constantly evolving and inherently dynamic, they give rise to complex regulatory and policy issues and offer rich material for analysis. Additionally, globalization has incentivized cross-border listings and international flows of capital. Global Capital Markets takes stock of recent trends and events by exploring their legal and regulatory implications across several jurisdictions from around the world. This book provides a critical analysis of current issues including investor activism, the challenges of cross-border regulatory enforcement and recent initiatives to empower shareholders to improve corporate governance. It also surveys longer-term trends such as the development of the nascent capital markets law in China over the last two decades and discusses the emerging issues from the increased use of dual class voting shares. Case studies draw on examples from nations such as the US, Canada, Europe, China, India and New Zealand. Timely and incisive, this book will appeal to students and academics in international corporate and securities law.Contributors incude: A. Anand, Q. Bu, H. Donegan, T. Keeper, Y.-H. Lin, A.B Majumdar, C. Malberti, T. Rodríguez de las Heras Ballell, U. VarottilTable of ContentsContents: Introduction P.M. Vasudev and Susan Watson Part I Investors and the Stock Market 1. Implications of Shareholder Activism Anita Anand 2. Suspension of Chinese Units of ‘Big 4’ Audit Firms: The Question of Moral Turpitude Qingxiu Bu 3. The Proposed Directive on the Encouragement of Long-Term Shareholder Engagement in European Listed Companies: A Critical Appraisal Corrado Malberti Part II Capital Markets Development and the Law 4. Revisiting Corporate Control-Enhancing Mechanisms Yu-Hsin Lin 5. Law and Finance: From ‘Transplantation’ to ‘Better’ Corporate Governance in China Heida Donegan Part II Crowdfunding 6. The Two-Sided Effect of Crowdfunding: The Visible Effect on Capital Markets Regulation and the Unperceived Effect on Company Law Teresa Rodríguez de las Heras Ballell 7. Regulating Equity Crowdfunding in India: Walking a Tightrope Arjya B. Majumdar and Umakanth Varottil 8. A Critical Examination of Crowdfunding within the ‘Long White Cloud’ (New Zealand) Trish Keeper Index

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Book SynopsisThis book explores how the globalization of securities markets has affected market manipulation and insider trading. It delves into the responses of securities regulators, discussing new regulations designed to deter such misconduct, as well as they ways in which detection, investigation and prosecution techniques are adapting to tackle insider trading and market manipulation that crosses international boundaries.Janet Austin concisely and clearly explains changes to securities markets that have taken place over the last few decades and their impacts, as well as the main detection and investigative techniques of securities regulators. She also provides an analysis of how the work of the International Organization of Securities Commissions (IOSCO) is assisting securities regulators as they gather information and evidence they need in order to prosecute these market offences. The book concludes with suggestions for the IOSCO and securities regulators to improve their efforts in addressing cross-border market manipulation and insider trading, with a view to enhancing the overall integrity of the securities markets.The approachable analysis and hard-to-find information in this book make it a valuable resource for securities regulators, legal practitioners, and academics.Trade Review‘Reading this book will certainly enrich knowledge and sharpen our understanding of the concept of insider trading and market manipulation.’ -- Rustam Mirrakhimov, Journal of International Banking Law and Regulation‘Janet Austin has made an important contribution to improving crossborder enforcement of market abuse by taking a close look at what has been done so far, what is working, and what needs to happen next.’ -- Gail E Henderson, Banking & Finance Law Review‘Few books on capital market regulation are more welcome than a treatise on insider trading! Bravo to Professor Austin for writing such a clear yet detailed and insightful analysis regarding cross-border enforcement of insider trading violations. A wonderful piece of writing.’ -- Anita Anand, University of Toronto, Canada‘Janet Austin has produced an engaging text, which individuals, from both a legal and non-legal background, can appreciate.’ -- Nicole Johnstone, International Trade & Business Law ReviewTable of ContentsContents: Preface 1. Introduction 2. The importance of taking enforcement action against cross border insider trading and market manipulation 3. The transformation of markets driving cross border insider trading and market manipulation 4. Investigating and enforcing insider trading and market manipulation laws across borders 5. Case studies of cross border insider trading and market manipulation 6. IOSCO and the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation 7. The role of IOSCO going forward 8. Conclusion and recommendations Bibliography Index

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Book SynopsisIn the minds of some, complying with the U.S. Foreign Corrupt Practices Act and related laws is easy: 'you just don't bribe.' The reality, as sophisticated professionals should know, is not so simple. This book is for professionals across various disciplines who can assist in risk management and want to learn strategies for minimizing risk under aggressively enforced bribery laws. Written by a leading expert with real-world practice experience, this book elevates knowledge and skills through a comprehensive analysis of all legal authority and other relevant sources of information. It also guides readers through various components of compliance best practices from the fundamentals of conducting a risk assessment, to effectively communicating compliance expectations, to implementing and overseeing compliance strategies. With a focus on active learning, this book allows readers to assess their acquired knowledge through various issue-spotting scenarios and skills exercises and thereby gain confidence in their specific job functions. Anyone seeking an informed and comprehensive understanding of the modern era of enforcement of bribery laws and related risk management strategies will find this book to be a valuable resource including in-house compliance personnel, FCPA and related practitioners, board of director members and executive officers.Trade Review'Professor Mike Koehler is a leading authority on anti-corruption. He uses that knowledge to anticipate trends in the law and to distill the principles and actions that matter in practice. For companies that want to get the most value out of their anti-corruption efforts, Professor Koehler's advice is invaluable.' --Jay Jorgensen, Executive Vice President and Global Chief Ethics and Compliance Officer, Walmart, US'For years, Mike Koehler - also known as the ''FCPA Professor'' - has been a leading voice in an important conversation about one of the key enforcement priorities of the United States government. This book is a prime example of why corporate compliance professionals and practitioners alike continue listen to Professor Koehler. His rigorous discussion and analysis of the legal framework underlying the FCPA is a must read.' --Jay Darden, Paul Hastings LLP and former Assistant Chief, Department of Justice Fraud Section'Professor Mike Koehler is an authoritative and practical voice in understanding the Foreign Corrupt Practices Act and the many related US and foreign laws and regulations impacting how companies conduct business in the global economy. He has an encyclopedic knowledge of the FCPA and distills it into understandable and user-friendly teachings that both lawyers and non-lawyers can understand and use.' --Claudius Sokenu, Andeavor, USTable of ContentsContents: Introduction and Overview 1. A Diverse Group of Professionals Need Skills to Spot Risk under the FCPA and Related Laws 2. The FCPA’s Core Anti-Bribery Provisions and Related Risk Management Strategies 3. A Focus on Third Parties and Related Risk Management Strategies 4. The FCPA’s Exception, Affirmative Defenses and Related Risk Management Strategies 5. The FCPA’s Books and Records and Internal Controls Provisions 6. Compliance Best Practices and the Fundamentals of Conducting a Risk Assessment 7. Implementing a Compliance Program and Effectively Communicating Compliance Expectations 8. Overseeing A Compliance Program Conclusion Index

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Book SynopsisIn the minds of some, complying with the U.S. Foreign Corrupt Practices Act and related laws is easy: 'you just don't bribe.' The reality, as sophisticated professionals should know, is not so simple. This book is for professionals across various disciplines who can assist in risk management and want to learn strategies for minimizing risk under aggressively enforced bribery laws. Written by a leading expert with real-world practice experience, this book elevates knowledge and skills through a comprehensive analysis of all legal authority and other relevant sources of information. It also guides readers through various components of compliance best practices from the fundamentals of conducting a risk assessment, to effectively communicating compliance expectations, to implementing and overseeing compliance strategies. With a focus on active learning, this book allows readers to assess their acquired knowledge through various issue-spotting scenarios and skills exercises and thereby gain confidence in their specific job functions. Anyone seeking an informed and comprehensive understanding of the modern era of enforcement of bribery laws and related risk management strategies will find this book to be a valuable resource including in-house compliance personnel, FCPA and related practitioners, board of director members and executive officers.Trade Review'Professor Mike Koehler is a leading authority on anti-corruption. He uses that knowledge to anticipate trends in the law and to distill the principles and actions that matter in practice. For companies that want to get the most value out of their anti-corruption efforts, Professor Koehler's advice is invaluable.' --Jay Jorgensen, Executive Vice President and Global Chief Ethics and Compliance Officer, Walmart, US'For years, Mike Koehler - also known as the ''FCPA Professor'' - has been a leading voice in an important conversation about one of the key enforcement priorities of the United States government. This book is a prime example of why corporate compliance professionals and practitioners alike continue listen to Professor Koehler. His rigorous discussion and analysis of the legal framework underlying the FCPA is a must read.' --Jay Darden, Paul Hastings LLP and former Assistant Chief, Department of Justice Fraud Section'Professor Mike Koehler is an authoritative and practical voice in understanding the Foreign Corrupt Practices Act and the many related US and foreign laws and regulations impacting how companies conduct business in the global economy. He has an encyclopedic knowledge of the FCPA and distills it into understandable and user-friendly teachings that both lawyers and non-lawyers can understand and use.' --Claudius Sokenu, Andeavor, USTable of ContentsContents: Introduction and Overview 1. A Diverse Group of Professionals Need Skills to Spot Risk under the FCPA and Related Laws 2. The FCPA’s Core Anti-Bribery Provisions and Related Risk Management Strategies 3. A Focus on Third Parties and Related Risk Management Strategies 4. The FCPA’s Exception, Affirmative Defenses and Related Risk Management Strategies 5. The FCPA’s Books and Records and Internal Controls Provisions 6. Compliance Best Practices and the Fundamentals of Conducting a Risk Assessment 7. Implementing a Compliance Program and Effectively Communicating Compliance Expectations 8. Overseeing A Compliance Program Conclusion Index

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Book SynopsisThis Research Handbook is a one-stop resource on global capital markets and the laws that regulate them. Focussing primarily on ‘mainstream’ capital markets, and framing them as an ecosystem in which the market players and regulators must co-exist, the chapters paint a canvas on which key cross-cutting themes are depicted, dissected and discussed.Featuring contributions from leading global experts, the Research Handbook delves into a range of issues including investment products such as equity finance; sustainable finance; fintech; impact investing; and private equity. It also provides analysis on institutional and procedural issues such as large and small companies' capital formation, the roles of institutional shareholders and information providers, and the practices and regulation of financial trading markets.International in scope, this Research Handbook will be of great value to scholars and practitioners in the field of financial law. It will also be a go-to source of information for policy makers in the financial markets sphere.Table of ContentsContents: Introduction PART I LAW AND REGULATION OF GLOBAL MARKETS 1 A law-and-finance perspective on capital markets 12 Mathias Siems 2 Technology, fintech and capital markets: the EU experience with digital transformation 26 Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Rolf H. Weber and Mia Trzecinski 3 SME financing and European capital markets: understanding the rationale for reform 42 Jonathan McCarthy and Mary Donnelly PART II BUSINESS FINANCING AND ISSUERS 4 Private equity and venture capital: a critical assessment of their growth and self-regulation 58 Lin Lin 5 The future of the UK IPO 77 Jennifer Payne and Clara Martins Pereira 6 Finding an alternative to IPOs: direct listing and SPACs 94 Maria Lucia Passador 7 Equity finance for social enterprises 107 Dana Brakman Reiser and Anne Tucker 8 Capital market development in emerging economies 124 Judith E. Tyson PART III MARKET STRUCTURE, INTEGRITY AND GOVERNANCE 9 The quest to improve stability and efficiency in securities post-trading through technology: recent trends 142 Thomas Droll and Andrea Minto 10 Global central counterparties 157 Pierre Schammo 11 Regulating issuers’ disclosure of inside information: the diverging approaches in the European Union and the United States 172 Chiara Mosca and Chiara Picciau 12 Regulating market integrity: an offshore perspective 190 Andrew James Perkins 13 Regulating automated trading 204 Carsten Gerner-Beuerle PART IV EVOLUTION AND TRANSFORMATION IN SECURITIES PRODUCTS 14 The global derivatives market 220 Steven L. Schwarcz 15 Sustainable finance in global capital markets 236 Stephen Kim Park 16 Impact investing 251 Charlotte Villiers and Ida Levine 17 Islamic capital markets and products 269 Hossein Askari PART V INVESTORS, INTERMEDIARIES AND GATEKEEPERS 18 Institutional investors: at the crossroads of intermediation and corporate governance 286 Ramon Callis and Cally Jordan 19 Charting the indefatigable rise of public regulation of the investment management industry 301 Iris H.-Y. Chiu 20 Exchange-traded funds, capital market efficiency and systemic risk 318 Jay Cullen 21 Bond markets and credit rating agencies 334 Andrea Miglionico 22 Regulation of ESG accounting 349 Julia Morley PART VI COMPARATIVE AND CROSS-CUTTING PERSPECTIVES 23 Capital markets and corporate governance standards 371 Iain G. MacNeil and Irene-marié Esser 24 A critical review of the development of capital markets in India 386 Akshaya Kamalnath 25 The little market that could: facilitating cross-listing through unilateral regulatory recognition 400 Amir N. Licht Index 416

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Book SynopsisThis thought-provoking book challenges the way we think about the regulation of cryptoassets based on cryptographic consensus technology. Bringing a timely new perspective, Syren Johnstone critiques the application of a financial regulation narrative to cryptoassets, questions the assumptions on which it is based, and considers its impact on industry development.Providing new insights into the dynamics of oversight regulation, Johnstone argues that the financial narrative stifles the 'New Prospect' for the formation of novel commercial relationships and institutional arrangements. The book asks whether regulations developed in the 20th century remain appropriate to apply to a technology emerging in the 21st, suggesting it is time to think about how to regulate for ecosystem development. Johnstone concludes with proposals for reform, positing a new framework that facilitates industry aspirations while remaining sustainable and compatible with regulatory objectives.Rethinking the Regulation of Cryptoassets will be an invaluable read for policy makers, regulators and technologists looking for a deeper understanding of the issues surrounding cryptoasset regulation and possible alternative approaches. It will also be of interest to scholars and students researching the intersection of law, technology, regulation and finance.Trade Review‘Prof. Johnstone’s book on the regulation of cryptoassets forces us to think twice about the way we try to regulate the digital economy. He challenges the habit of the regulators to push new disruptive ideas and instruments into old frames and concepts, and invites them to move out of their comfort zone. Rethinking the Regulation of Cryptoassets is a complete account of the challenges we face in developing a crypto-economy and proposes a coherent and sustainable regulatory framework that ensures both market efficiency and technological relevance.’ -- Eva Kaili, Chair of the STOA Committee, Rapporteur of the Blockchain Resolution of the European Parliament, Brussels‘Cryptographic consensus technology presents extraordinary market opportunities but also raises a host of vexing regulatory challenges. Rethinking the Regulation of Cryptoassets maps this complex terrain and charts a way forward, offering a novel approach to the regulatory enterprise to protect against abuses while fostering innovation. Johnstone brings considerable legal, financial, and technological sophistication to the task, and his analysis is at once rigorous and accessible. This book will become essential reading on the future of cryptoassets.’ -- Christopher Bruner, University of Georgia School of Law, US‘The crypto industry moves fast and requires regulatory frameworks that can cater to that pace. Prof. Johnstone brings forward a number of ideas that are worth reflecting on as crypto assets are definitely here to stay.’ -- Henri Arslanian, Global Crypto Leader and Partner, PwC‘Johnstone provides a refreshing way to think about the regulatory limits of applying the standard financial narrative to a technology that is globally programmable but locally valuable. His DBA (Determined-By-Architecture) framework may help align regulation with the borderless possibilities of mathematics.’ -- Pindar Wong, Chairman, VeriFi (Hong Kong) LtdTable of ContentsContents: About the author Foreword Preface Why cryptoasset regulation needs rethinking: an introduction PART I THE INITIAL JOURNEY Acquiring the tradition 2 Cypher fundamentals 3 Responses from the centre PART II THE PRIMARY ISSUES 4 Applying securities laws to cryptoassets 5 Regulatory building blocks and other concerns 6 Complexities in a developing technology PART III THE SECONDARY MARKET 7 An emerging market 8 Cryptoexchange models 9 The concept of an exchange 10 Regulatory concerns PART IV INFLUENCES AND CONSIDERATIONS 11 The ordering of progress 12 Ecosystem development 13 Incrementalism and paradigms PART V FUTURE DIRECTIONS 14 Responding to change 15 Proposals for policy development 16 The origin of cryptocommunity Suggested readings Postscript Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisThis volume presents the first thorough sociologically-informed legal analysis of the financial crisis which unfolded in 2008. It combines a multitude of theoretically informed analyses of the causes, dynamics and reactions to the crisis and contextualises these within the general structural transformations characterising contemporary society. It furthermore explores the constitutional implications of the crisis and suggests concrete changes to the constitutional set-up of contemporary society. Although the question of individual responsibility is of crucial importance, the central idea animating the volume is that the crisis cannot be reduced to a mere failure of risk perception and management for which individual and collective actors within and outside of financial organisations are responsible. The 2008 crisis should rather be understood as a symptom of far deeper structural transformations. For example contemporary society is characterised by massive accelerations in the speed with which societal processes are reproduced as well as radical expansions in the level of globalisation. These transformations have, however, been asymmetrical in nature insofar as the economic system has outpaced its legal and political counterparts. The future capability of legal and political systems to influence economic reproduction processes is therefore conditioned by equally radical transformations of their respective operational forms and self-understanding. Potentially the 2008 crisis, therefore, has far-reaching constitutional implications.Trade Review...a welcome addition to this scholarship. It presents the first systems-theoretical analysis of this topic. One of the chief virtues of this book is that it avoids becoming entangled in the details of the regulatory responses in the aftermath of the global financial crisis. Instead, the authors step back and attempt to shed light on the deeper problems that led to the latest financial turmoil and the challenges ahead. Another particularly admirable quality of this edited volume is that it challenges the common orthodoxy that sees the latest crisis as a failure of risk perception and management. The book convincingly demonstrates that the financial crisis of 2008 is a symptom of deeper structural transformations. An interesting feature of this book is that it integrates a range of insights from the discipline of economics ...the volume is an exemplary case of scholarly work that demonstrates the explanatory power of systems theory. In short, this edited volume contains a host of sophisticated and insightful essays which are worth reading. -- Andromachi Georgosuli * International Journal of Constitutional Law, Volume 10, No. 4 *...an excellent and varied analysis of the financial crisis from an original and much inexplored standpoint, tackling a widely covered (and unfortunately still extremely topical) issue from a totally new perspective. The book does so in a thorough and engaging way and one that benefits from significant sociological knowledge, becoming of interest to anyone wishing to understand more about theoretical and practical aspects of the constitutional dimension of the crisis which unfolded in 2008. It will be a valuable addition to the libraries of scholars, policy-makers, students and anyone interested in better understanding the financial crisis and the constitutional processes alike. -- Giorgio Tosetti Dardanelli * European Journal of Risk Regulation, Volume 2 *If crisis is the key concern and pivot of the collection, the question of what constitutes a crisis, on what register, is the specific theme of a number of contributions of the book. The essays by Jean Clam and Dirk Baecker are demanding pieces of conceptual analysis,…Chris Thornhill's important contribution here … tracks the shifting articulation of political power in society from 'the State' to 'rights'…in relation to the meaning of crisis, for me the outstanding contribution is Hauke Brunkhorst's fine piece, in which he masterfully combines Luhmann, Habermas and Marx to develop an erudite analysis of the 'return of crisis'. -- Emilios Christodoulidis * Jurisprudence, Volume 4, Number 2 *...sophisticated and insightful contributions... -- Cesare Pinelli * European Constitutional Law Review *Table of ContentsIntroduction Poul F Kjaer SECTION I: The Financial Crisis in a Systemic Perspective 1. A Constitutional Moment? The Logics of 'Hitting the Bottom' Gunther Teubner 2. Towards a General Theory of Function System Crises Rudolf Stichweh SECTION II: Dynamics Section II.1: The Breakdown of Expectations 3. The Financial Market Crisis—a Case of Network Failure? Karl-Heinz Ladeur 4. Death by Complexity—the Financial Crisis and the Crisis of Law in World Society Moritz Renner 5. Political Epidemiology and the Financial Crisis Urs Stäheli Section II.2: Fundamental Crises of society 6. The Return of Crisis Hauke Brunkhorst 7. The Culture Form of Crisis Dirk Baecker 8. What is a Crisis? Jean Clam SECTION III: Reactions Section III.1: Regulatory Reactions 9. Eroding Boundaries: On Financial Crisis and an Evolutionary Concept of Regulatory Reform Marc Amstutz 10. The Failure of Regulatory Institutions—a Conceptual Framework Alberto Febbrajo Section III.2: Individual and Collective Reactions 11. Struggles for Law: Global Social Rights as an Alternative to Financial Market Capitalism Kolja Möller 12. The Ethics of the Financial Crisis Aldo Mascareño Section III.3: Constitutional Transformation 13. The Future of the State Chris Thornhill 14. Law and Order within and Beyond National Configurations Poul F Kjaer

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Book SynopsisThese authoritative volumes present the most important published work on the theory and incidence of financial fragility in the financial markets, and policy for dealing with fragility. The volumes cover the recent central bank discussions about financial fragility and models simulating financial fragility. Contents include the key historical contributions that have formed our current understanding of how it arises in the financial markets and the consequences for the economy at large, and for the way in which credit operates in society. These volumes are a key resource for policymakers, central bankers and senior executives in banking and finance who need to extend their understanding of financial fragility and develop instruments for managing such difficulties. Academics specialising in banking and financial economics will find conveniently in two volumes the essential research materials dealing with the pathology of credit markets.Table of ContentsContents: Volume I Acknowledgements Introduction Jan Toporowski PART I CENTRAL BANKS AND INSTABILITY IN BANKING AND ASSET MARKETS 1. William A. Allen and Geoffrey Wood (2006), ‘Defining and Achieving Financial Stability’ 2. Robert M. Solow (1982), ‘On the Lender of Last Resort’ 3. Henry C. Simons (1936), ‘Rules versus Authorities in Monetary Policy’ PART II RECENT MODELS 4. Douglas W. Diamond and Philip H. Dybvig (1983), ‘Bank Runs, Deposit Insurance, and Liquidity’ 5. Albert M. Wojnilower (1980), ‘The Central Role of Credit Crunches in Recent Financial History’ 6. Charles A.E. Goodhart, Pojanart Sunirand and Dimitrios P. Tsocomos (2004), ‘A Model to Analyse Financial Fragility: Applications’ 7. Franklin Allen and Douglas Gale (2004), ‘Financial Fragility, Liquidity and Asset Prices’ 8. Sushil Bikhchandani, David Hirshliefer and Ivo Welch (1992), ‘A Theory of Fads, Fashion, Custom and Cultural Change as Informational Cascades’ 9. Josef Steindl (1990), ‘The Dispersion of Expectations in a Speculative Market’ PART III THE HISTORICAL DISCUSSION 10. Walter Bagehot ([1873] 1931), ‘ Why Lombard Street is Often Very Dull, and Sometimes Extremely Excited’ and ‘A More Exact Account of the Mode in which the Bank of England has Discharged its Duty of Retaining a Good Bank Reserve, and of Administering it Effectually’ 11. Thorstein Veblen (1904), ‘The Theory of Modern Welfare’ 12. Rosa Luxemburg ([1913] 1951), ‘International Loans’ 13. John Maynard Keynes ([1913] 1973), ‘Prologue. How Far are Bankers Responsible for the Alternations of Crisis and Depression?’ 14. John Maynard Keynes ([1936] 2007), ‘The State of Long-term Expectation’ 15. Irving Fisher (1933), ‘The Debt-Deflation Theory of Great Depressions’ 16. R.G. Hawtrey (1962), ‘Foreword to New Edition’ Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I THE CURRENT FRAMEWORK 1. Frederic S. Mishkin (1991), ‘Asymmetric Information and Financial Crises: A Historical Perspective’ 2. Carlos Diaz-Alejandro (1985), ‘Good-Bye Financial Repression, Hello Financial Crash’ 3. Asli Demirgüç-Kunt and Enrica Detragiache (1999), ‘Financial Liberalization and Financial Fragility’ 4. Barry Eichengreen, Ricardo Hausmann and Ugo Panizza (2007), ‘Currency Mismatches, Debt Intolerance, and Original Sin: Why They are Not the Same and Why it Matters’ 5. Charles P. Kindleberger (1996), ‘Conclusion: The Lessons of History’, ‘Appendix A’ and ‘Appendix B’ 6. Robert J. Shiller (2001), ‘Speculative Volatility in a Free Society’ 7. Jan Kregel (2007),‘The Natural Instability of Financial Markets’, Levy Economics Institute Working Paper, No. 523, December, 1-28 [28] PART II FINANCIAL FRAGILITY AND THE MACROECONOMY 8. John Kenneth Galbraith ([1954] 1992), ‘Cause and Consequence’ 9. Martin H. Wolfson (1994), ‘A Business-Cycle Model of Financial Crises’ 10. E.P. Davis (1992), ‘The Economic Theory of Systemic Risk’ PART III MACROECONOMIC THEORIES OF FINANCIAL FRAGILITY 11. Hyman P. Minsky (1982), ‘The Financial-Instability Hypothesis: Capitalist Processes and the Behavior of the Economy’ 12. Philip Arestis and Murray Glickman (2002), ‘Financial Crisis in Southeast Asia: Dispelling Illusion the Minskyan Way’ 13. Josef Steindl (1989), ‘Saving and Debt’ 14. Ben Bernanke and Mark Gertler (1989), ‘Agency Costs, Net Worth, and Business Fluctuations’ PART IV SOCIAL RISKS AND FINANCIAL FRAGILITY 15. Robert J. Shiller (1993), ‘Mechanisms for Hedging Long Streams of Income’, ‘National Income and Labor Income Markets’ and ‘Making It Happen’ 16. Jan Toporowski (2009), ‘The Economics and Culture of Financial Dependence’ Name Index

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Book SynopsisThis unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policy makers alike. Contributors include: J. Adams, P. Athanassiou, A. Brav, T. Bullman, L. Chincarini, D.K. Das, A. Erskine, F. Goltz, N. Greene, D. Harrison, A. Hankova, M. Jickling, W. Jiang, H. Kim, V. Krepely Pool, M. Lamandini, N. Lang, F.-S. Lhabitant, H. McVea, T. Oatley, L. Phalippou, D. Schroeder, M. Stromqvist, W.K. Winecoff, P. YeohTable of ContentsContents: Preface Introduction PART I: FOUNDATIONS 1. Hedge Funds – An Introduction Ludwig Chincarini 2. Europe’s Hedge Fund Industry – An Overview Andrea Hankova and François-Serge Lhabitant 3. Sovereign-wealth Funds – A Paradigm Shift in Capital Flows in the Global Economy Dilip K. Das 4. Private Equity Funds’ Performance, Risk and Selection Ludovic Phalippou PART II: REGULATORY ISSUES 5. Alternative Investments and Retail Investors – A Bold but Risky Experiment Harry McVea 6. Hedge Fund Reporting Felix Goltz and David Schröder 7. Hedge Fund Activism Alon Brav, Wei Jiang and Hyunseob Kim 8. Hedge Funds and the Detection of Managerial Fraud Veronika Krepely Pool 9. Self-regulation – What Future in the Context of Hedge Funds? Marco Lamandini 10. Hedge Fund Regulation through Competition Law Principles – Some Reflections David Harrison PART III: ALTERNATIVE INVESTMENT FUNDS – FAILURES AND FINANCIAL CRISES 11. Lessons of Long-Term Capital Management and Amaranth Advisors Mark Jickling 12. Hedge Funds and their Impact on Systemic Stability Maria Strömqvist 13. Sovereign Default Risks in the Economic and Monetary Union and the Role of Vulture Funds Peter Yeoh PART IV: COMPARATIVE PERSPECTIVES AND FUTURE PROSPECTS 14. US Regulation of Investment Advisers and Private Investment Funds – A Concise Overview Nathan Greene and John Adams 15. German Alternative Investment Fund Regulation – Wrong Answers to the Wrong Questions? Norbert Lang 16. Hedge Funds, Private Equity and Alternative Investment in Australia Alex Erskine 17. The EU’s AIFM Directive and its Impact – An Overview Phoebus Athanassiou and Thomas Bullman 18. The Domestic Rooting of Financial Regulation in an Era of Global Capital Markets Thomas Oatley and W. Kindred Winecoff Index

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Book SynopsisThis book explores the pressing topic of dark trading. Following new EU legislation regulating financial markets (MiFID II and MiFIR), it traces the development of off-market securities trading (“dark trading”), analyzes economic studies of this development, and positions the resulting regulatory framework of the EU over against that of the US. The study closes with proposals for reform that provide new impetus for further academic discussion.

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Book SynopsisKapitalmarktwerte wie Aktien und Schuldverschreibungen werden heutzutage in aller Regel nicht von den Anlegern selbst, sondern in einem mehrstufigen System von Finanzintermediären verwahrt, das die "stückelose", sich ausschließlich durch Buchungen auf Depotkonten vollziehende Übertragung der Titel im sog. Effektengiroverkehr ermöglicht.In Deutschland beruht der inländische Effektengiroverkehr auf einer sachenrechtlichen Konstruktion, die bereits in den 1920er Jahren von den Kreditinstituten entwickelt und dann im Depotgesetz von 1937 verankert wurde. Diese Konstruktion ist in den letzten Jahren mehr und mehr in die Kritik geraten. Es wird behauptet, dass sie den beiden Hauptanforderungen an ein modernes Depotrecht (interne Verlässlichkeit und internationale Kompatibilität) nicht mehr genügt und dass eine Abkehr vom sachenrechtlichen Ansatz auch wegen der verschiedenen internationalen und europäischen Initiativen zur Harmonisierung des Depotrechts (Haager Wertpapierübereinkommen, Genfer Wertpapierübereinkommen, Projekt Rechtssicherheit der EU) geboten ist.Ulrich Segna untersucht, ob diese Kritik berechtigt ist und welche Folgerungen aus der Reformbedürftigkeit des deutschen Depotrechts gezogen werden sollten. Er zeigt die Charakteristika, Risiken und Regelungsprobleme der mediatisierten Wertpapierverwahrung auf, nimmt eine umfassende Bestandsaufnahme des geltenden Depotrechts vor, wirft einen Blick auf das neue schweizerische Bucheffektengesetz und analysiert die jüngsten Ansätze zur Harmonisierung des Depotrechts, um auf dieser Grundlage verschiedene Reformoptionen zur Diskussion zu stellen. Empfohlen wird die Einführung eines wertpapierfreien Bucheffektenmodells, das Anlehnungen an das schweizerische Bucheffektengesetz, aber auch eine Reihe von Eigenheiten aufweist.

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