Wildy logo
(020) 7242 5778
enquiries@wildy.com

Wildy’s Book News

Book News cover photo

Vol 21 No 11 Nov/Dec 2016

Book of the Month

Cover of Criminal Injuries Compensation Claims

Criminal Injuries Compensation Claims

Price: £99.95

Pupillage & Student Offers

Special Discounts for Pupils, Newly Called & Students

Read More ...


Secondhand & Out of Print

Browse Secondhand Online

Read More...


Wasting a Crisis: Why Securities Regulation Fails


ISBN13: 9780226236513
Published: April 2015
Publisher: The University of Chicago Press
Country of Publication: USA
Format: Hardback
Price: £31.50



Despatched in 7 to 9 days.

The recent financial crisis led to sweeping reforms that inspired countless references to the financial reforms of the New Deal. Comparable to the reforms of the New Deal in both scope and scale, the 2,300 - page Dodd-Frank Act of 2010 - the main regulatory reform package introduced in the United States - also shared with New Deal reforms the assumption that the underlying cause of the crisis was misbehavior by securities market participants, exacerbated by lax regulatory oversight. With Wasting a Crisis, Paul G. Mahoney offers persuasive research to show that this now almost universally accepted narrative of market failure - broadly similar across financial crises - is formulated by political actors hoping to deflect blame from prior policy errors.

Drawing on a cache of data, from congressional investigations, litigation, regulatory reports, and filings to stock quotes from the 1920s and '30s, Mahoney moves beyond the received wisdom about the financial reforms of the New Deal, showing that lax regulation was not a substantial cause of the financial problems of the Great Depression. As new regulations were formed around this narrative of market failure, not only were the majority largely ineffective, they were also often counter-productive, consolidating market share in the hands of leading financial firms. An overview of twenty-first-century securities reforms from the same analytic perspective, including Dodd-Frank and the Sarbanes-Oxley Act of 2002, shows a similar pattern and suggests that they too may offer little benefit to investors and some measurable harm.

Subjects:
Other Jurisdictions , USA
Contents:
Acknowledgments
Introduction
Chapter 1. Long before the New Deal
Chapter 2. The Blue Sky Laws: A Tale of Progressives and Interest Groups
Chapter 3. What the Securities Act Got Right
Chapter 4. What the Securities Act Got Wrong
Chapter 5. Did the SEC Improve Disclosure Practices?
Chapter 6. Was Market Manipulation Common in the Pre-SEC Era?
Chapter 7. Regulation of Specific Industries
Chapter 8. The Old Is New Again: Securities Reform in the Twenty-First Century
Appendix A
Appendix B
Notes
Bibliography
Index