|Present||Associate Professor of Law, Fellow, Center for the Study of Law and Markets, William & Mary Law School|
|J.D., Columbia University ‐ Columbia Law School|
|B.A., Georgetown University|
Information Asymmetry and the Protection of Investors 53 U.C. Davis Law Review 145-195 (2019) (2019)
To some, the reductions in information asymmetry provided by the main securities-specific disclosure, fraud, and insider-trading laws help ordinary investors in meaningful ways. To others, whatever their larger social value, such reductions do little, if ...
A New Market-Based Approach to Securities Law 85 University of Chicago Law Review 1313-1393 (2018) (2018)
Modern securities regulation has three main areas, each of which is plagued by a core problem. Mandatory disclosure law leaves society with suboptimal disclosure, as the government calls for too little of some information (for ...
Making a Market for Corporate Disclosure 35 Yale Journal on Regulation 383-436 (2018) (2018)
It has long been said that market forces alone will result in a problematic under-sharing of information by public companies. Since the 1930s, the main regulatory response to this market failure has come in the ...
Evaluating Stock-Trading Practices and Their Regulation 42 The Journal of Corporation Law 887-915 (2017) (2017)
High-frequency trading, dark pools, and the practices associated with them have come under tremendous scrutiny lately, giving rise to much hot rhetoric. Missing from the discussion, however, is a principled, comprehensive standard for evaluating such ...
Stock-Market Law and the Accuracy of Public Companies’ Stock Prices 2015 Columbia Business Law Review 121-185 (2015)
The social benefits of more accurate stock prices—that is, stock-market prices that more accurately reflect the future cash flows that companies are likely to produce—are well established. But it is also thought that market forces ...