The Advantage of Competitive Federalism for Securities Regulation

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  • Format: Paperback
  • Copyright: 2003-01-01
  • Publisher: Aei Pr
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The current approach toward U.S. securities regulation by the Securities and Exchange Commission should be revamped by implementing a regime of competitive federalism.

Author Biography

Roberta Romano is the Allen Duffy/Class of 1960 Professor of Law at Yale Law School

Table of Contents

Prefacep. vii
Introductionp. 1
Rationales for Securities Regulation, the Effectiveness of the SEC, and Competitive Federalismp. 12
Underproduction of Informationp. 13
Underproduction of Information Concerning Interfirm Externalitiesp. 29
Protection against Fraud and Manipulationp. 42
The Essence of Competitive Federalismp. 45
Benefits of a Competitive Securities Regimep. 48
Should Initial Offerings and Secondary Trading Markets Be Distinguished?p. 50
What Are the Implications of the Collapse of Enron?p. 53
State Competition for Corporate Chartersp. 63
The Evidence That State Competition for Charters Benefits Shareholdersp. 64
Do U.S. States Compete for Charters?p. 75
Is State Competition Inefficient Because of Network Externalities?p. 83
Is State Takeover Regulation Evidence That a National Regime Would Be Superior to State Competition?p. 92
Implementing Competitive Federalism for Securities Regulationp. 112
What Must Be Done to Achieve Competition?p. 112
Additional Requirements for Competitive Federalism to Be Effectivep. 124
How Would State Competition for Securities Regulation Work?p. 131
Uniformity and Variety in Securities Regulation under Competitive Federalismp. 137
Is Securities Regulation Sufficiently Different from Corporate Law to Render Competition Ineffectual?p. 142
Regulation by Exchangesp. 144
Competitive Federalism and International Securities Regulationp. 147
Implementing Competitive Federalism in the International Settingp. 147
Feasibility of International Competitionp. 149
Implications for Foreign Issuers in U.S. Marketsp. 152
Investor Protection Concerns under International Regulatory Competitionp. 156
Comparison with Other Reform Proposalsp. 168
Conclusionp. 172
Notesp. 177
Indexp. 293
About the Authorp. 301
List of Tables
Delaware's Revenue from Corporate Chartersp. 133
The SEC's Financingp. 134
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