DOCSLIB.ORG

UNITED STATES SECURITIES and EXCHANGE COMMISSION 2Nd ANNUAL MUNICIPAL MARKET ROUNDTABLE

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
UNITED STATES SECURITIES and EXCHANGE COMMISSION 2Nd ANNUAL MUNICIPAL MARKET ROUNDTABLE UNITED STATES SECURITIES AND EXCHANGE COMMISSION 2nd ANNUAL MUNICIPAL MARKET ROUNDTABLE “Bonds in the New Millennium” Thursday, October 12, 2000 9:00 a.m. 450 Fifth Street, N.W. Washington, D. C. 20549 Welcome Martha Mahan Haines Attorney-Fellow SEC - Office of Municipal Securities Opening Remarks Paul S. Maco Director SEC - Office of Municipal Securities Keynote Address James A. Lebenthal Chairman, Lebenthal & Co. PANEL 1: Current Disclosure Issues in the Primary and Secondary Markets Moderators: Martha Mahan Haines Attorney-Fellow SEC - Office of Municipal Securities and Stephen J. Weinstein Attorney-Fellow SEC - Office of Municipal Securities Panelists: SEC Representative David Fredrickson Assistant General Counsel SEC - Office of Municipal Securities Bond Lawyer Andrew R. Kintzinger Preston Gates & Ellis LLP Issuer Robert Donovan Executive Director Rhode Island Health & Educational Bldg Authority Underwriter Robert E. Foran Senior Managing Director Bear, Stearns & Co. Trustee Mark Brown Vice President Bank of New York Conduit Borrower Denny Drake General Counsel Iowa Health System Institutional Investor Rafael Costas Senior Vice President Franklin Templeton Investments Individual Investor Helen Gee President, Metropolitan Washington Chapter American Association of Individual Investors Panel 2: Use of Electronic Media Moderator: Catherine McGuire Associate Director SEC - Division of Market Regulation Panelists: SEC Representative Amy Starr Special Counsel SEC - Division of Corporation Finance Issuer Jeffrey S. Green General Counsel The Port Authority of New York & New Jersey Underwriter Roger G. Hayes Managing Director Banc of America Securities Bond Lawyer Ursula H. Hyman Partner Latham & Watkins Internet Website Operator Bradley Wendt President BondDesk.com Institutional Investor Joseph P. Deane Managing Director Salomon Smith Barney Individual Investor Dr. Harold P. Wittman Board of Directors, Metropolitan Washington Chapter American Association of Individual Investors Panel 3: Selected MSRB Issues Moderator: Mary N. Simpkins Senior Special Counsel SEC - Office of Municipal Securities Panelists: SEC Representative Mark Zehner Regional Municipal Securities Counsel SEC - Philadelphia District Office Financial Advisors Phyllis Currie President Phyllis Currie Consulting Robert W. Doty President American Government Financial Services Bond Lawyer Neil P. Arkuss Palmer & Dodge LLP Institutional Investor Leslie Richards-Yellen Principal and Associate Counsel The Vanguard Group NASD Malcolm Northam Director National Association of Securities Dealers MSRB Diane Klinke General Counsel Municipal Securities Rulemaking Board Closing Remarks Stephen J. Weinstein Attorney-Fellow SEC - Office of Municipal Securities P R O C E E D I N G S Ms. Haines: I’d like to welcome you to the 2nd Annual Municipal Market Roundtable that we put on here at the Commission. But before beginning the first round, I’d like to take a few minutes to comment what would be very current events here at the SEC. The next speaker, Paul Maco, as you know has directed the Office of Municipal Securities since its establishment in 1995. And he recently announced that he is leaving the Commission to resume the private practice of law here in Washington. In fact, tomorrow is his last day. Before joining the Commission about a year ago, I spent more than 20 years as a bond attorney in Chicago. As a result, I feel qualified to speak both from an industry perspective and on behalf of the OMS staff as a whole. To acknowledge the debt of gratitude which the industry owes to Paul for all the positive changes which he has caused in the municipal securities market. During Paul’s watch, disclosure practices, market integrity and transparency have vastly improved. This was not accidental. For more than five years, Paul has worked ceaselessly to raise industry awareness of the requirements of the securities laws. He’s given more than 250 speeches and other presentations in venues all over the country. Furthermore, he has vigorously championed enforcement of the securities laws in appropriate municipal market cases. And he’s had the courage to take on some of the toughest issues that we face, like pay-to-play. If you know Paul, he has many other diversions too. Besides teaching law at Boston University and American University, he has served for many years on the board of directors of Traditions for Tomorrow, which is a non-profit corporation supporting indigenous cultural activities in Central and South America. And before the arrival of his star player, he frequently traveled to countries such as Nicaragua and Bolivia to participate actively in its good work. Since his marriage to Lisa and Clare’s birth, Paul has become a dedicated family man as well, which is certainly a good thing, as I understand that he and Lisa are expecting a son this spring. I would like to ask you then to join with the OMS staff and me in wishing fair weather and good sailing to Paul in his post-regulatory life. (Applause) Mr. Maco: Thank you, Martha, for those very kind words. Thank you all of you. It’s been an honor and a pleasure to have worked with all of you in the municipal market over the last six and a half years. Welcome to the 2nd Annual Municipal Market Roundtable. Once again we open this forum for all municipal market participants to share their perspectives on current market issues and controversies with each other and with the Commission staff. From the beginning of our nation, states have issued debt to meet their infrastructure needs. They are joined quickly by local governments. Today over 52,000 issuers access this market to finance the very basics of civilized society, school, roads, water and power, sustaining our quality of life and building for tomorrow. Over $1.5 trillion in municipal bonds are outstanding today. Investors in municipal bonds cover a cross section of the U.S. financial landscape. The largest category of investors in the municipal market is not the mutual funds, although they’re certainly an important category. Nor is it any other class of institutional investor. The investor category holding more municipal bonds than any other is that of the individual investors. And the trend this year has been for an increase in individual ownership. Given the combination of factors I just reviewed, the importance of this municipal market to over 52,000 issuers, the enormous amount of debt outstanding, and the predominance of individual investors, no one should be surprised that the Securities and Exchange Commission, charged with protecting our nation’s securities markets, and the investors in those markets, demonstrates a continuing interest in the health of the municipal securities market. It’s only appropriate given the magnitude and the importance of this market. Look at the results. Today many issuers routinely provide annual financial information in the market as well as notices of material events. Seven years ago such information was, at best, the exception rather than the rule. Seven years ago investors had great difficulty in determining the price at which bonds they held currently traded. Today that information is available on a next-day basis. Lawyers can access municipal enforcement materials on our Web site, including a compendium of enforcement actions in the municipal market over the past 30 years, prepared by the Office of Municipal Securities staff. Private initiative and advances in technology have combined to make all of this information even more accessible through such means as the Bond Market Associations in investing in bonds’ Web site. This morning the continuing Commission interest in the municipal market is manifested in this roundtable. Over the last years, topics dominating the press coverage of the municipal market include continuing disclosure, concerns about issuer’s ability to speak to investors without incurring selective disclosure problems, the changes in daily practice and overall structural changes propelled by new technologies and to the growing strength of the retail sector of the municipal market, yes, the individual investor. Today’s roundtable discussions will highlight all these issues and likely many more. As we did last year, Commission staff will listen and learn and, when appropriate, provide comment. You may recall that at last year’s roundtable several issues developed that were addressed by the Commission or the staff later in the year. Such as the specific Commission comments addressed to the municipal market contained in this spring’s interpreted release on use of electronic media; as well as the recent staff legal bulletin on independent financial advisors. You shouldn’t be surprised if today’s dialogue prompts similar results. One factor we consider particularly unique about this year’s roundtable is found in the composition of the panels. As I noted earlier, individual investors represent the largest segment of holders of municipal bonds. Rarely, if ever, has an individual investor participated in the document negotiation session or attended a pre-closing. I suspect that, other than perhaps the elected officials in their own communities, they rarely come face to face with issuer officials of the bonds that they own. Rarely, if ever, are they part of the dialogue at industry workshops and conferences. Yet this group represents the largest segment of those who routinely loan their money for long periods of time to municipalities through the purchase of municipal bonds. Today you will find individual investors on the panel. We welcome their voice. As I hope you know by now, I and those on my staff hold the health and vitality of the municipal market and the issuers, investors, dealers, lawyers, and advisors participating in it, very close to our hearts. Few people, however, exceed the enthusiasm, commitment and devotion to this market of our keynote speaker this morning, Mr. Jim Lebenthal. Please welcome him. (Applause) Mr. Lebenthal: I honestly thought that you were going to say the Chairman because I was going to give my remarks a title. Nobody loves munis more than I do unless it’s nobody, but I think it is a contest.
Load more

Recommended publications
  • Self-Funding for the Securities and Exchange Commission
    Nova Law Review Volume 28, Issue 2 2004 Article 3 Self-Funding for the Securities and Exchange Commission Joel Seligman∗ ∗ Copyright c 2004 by the authors. Nova Law Review is produced by The Berkeley Electronic Press (bepress). https://nsuworks.nova.edu/nlr Seligman: Self-Funding for the Securities and Exchange Commission SELF-FUNDING FOR THE SECURITIES AND EXCHANGE COMMISSION JOEL SELIGMAN* I. THE INDEPENDENT REGULATORY AGENCIES GENERALLY ........... 234 II. A CASE STUDY: THE SEC ............................................................. 236 III. REVISITING THE INDEPENDENT REGULATORY AGENCY ............... 250 IV . SELF-FUN DIN G ............................................................................... 253 V . C O NCLUSIO N ..................................................................................259 What is the most important issue in effective securities regulation that was not addressed by the Sarbanes-Oxley Act of 2002? In my opinion, it is the issue of self-funding for the Securities and Exchange Commission ("SEC" or "Commission"). The experience of the SEC in the years immedi- ately preceding the Sarbanes-Oxley Act was one of an agency substantially underfinanced by Congress with a staff inadequate to fully perform such core functions as review of required filings. This dysfunction was the result of the inability of the Commission to ef- fectively secure appropriations to match its staff needs for the regulatory problems it was established to address. From the perspective of the White House and Congress, the SEC was just another agency. Its staff and budget requirements were consolidated with those of other agencies, and its rate of budgetary and staff adjustments were similar in significant aspects to the Executive Branch as a whole. Congress did not have the ability to focus on the precise regulatory dynamics of an agency like the SEC, to distinguish its needs from those of other agencies, and to address them in a timely fashion.
    [Show full text]
  • Understanding Enron: "It's About Gatekeepers, Stupid"
    Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 2002 Understanding Enron: "It's about Gatekeepers, Stupid" John C. Coffee Jr. Columbia Law School, [email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Banking and Finance Law Commons, Business Organizations Law Commons, and the Law and Economics Commons Recommended Citation John C. Coffee Jr., Understanding Enron: "It's about Gatekeepers, Stupid", 57 BUS. LAW. 1403 (2002). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/2117 This Article is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact [email protected]. Understanding Enron: "It's About the Gatekeepers, Stupid" By John C. Coffee, Jr* What do we know after Enron's implosion that we did not know before it? The conventional wisdom is that the Enron debacle reveals basic weaknesses in our contemporary system of corporate governance.' Perhaps, this is so, but where is the weakness located? Under what circumstances will critical systems fail? Major debacles of historical dimensions-and Enron is surely that-tend to produce an excess of explanations. In Enron's case, the firm's strange failure is becoming a virtual Rorschach test in which each commentator can see evidence confirming 2 what he or she already believed. Nonetheless, the problem with viewing Enron as an indication of any systematic governance failure is that its core facts are maddeningly unique.
    [Show full text]
  • Bar-Tender's Guide Or How to Mix Drinks
    JERRY THOMAS' BAR-TENDERS GUIDE НOW TO MIX DRINKS NEW YORK. DIС AND FITZGERALD, PUBLISHERS. THE BAR-TENDERS GUIDE; OR, HOW TO MIX ALL KINDS OF PLAIN AND FANCY DRINKS, CONTAINING CLEAR AND RELIABLE DIRECTIONS FOB MIXING ALL THE BEVERAGES USED IN THE UNITED STATES, TOGETHER WITH THE MOST POPULAR BRITISH, FRENCH, GERMAN, ITALIAN, EUSSIAN, AND SPANISH RECIPES ; EMBRACING PUNCHES, JULEPS, COBBLERS, ETC., ETC., IN ENDLESS VARIETY. BY JERRY THOMAS, Formerly Principal Bar-Tender at the Metropolitan Hotel, New York, and the Planters' House, 81. Louis. NEW YORK: DICK & FITZGERALD, PUBLISHERS, No. 18 ANN STREET. Entered according to Act of Congress, in the year 1862, by DICK & FITZGERALD, In the Clerk's Office of the District Court of the United States, for the Southern District of New York. - Entered according to Act of Congress, in the year 1876, BY DICK & FITZGERALD, In the Office of the Librarian of Congress, at Washington, D. C. PREFACE. In all ages of the world, and in all countries, men have in­ dulged in "so­ cial drinks." They have al­ ways possess­ ed themselves of some popu­ lar beverage apart from water and those of the breakfast and tea table. Whether it is judicious that mankind should con­ tinue to indulge in such things, or whether it would be wiser to abstain from all enjoyments of that character, it is not our province to decide. We leave that question to the moral philosopher. We simply contend that a relish for "social drinks" is universal; that those drinks exist in greater variety in the United States than in any other country in the world; and that he, therefore, who proposes to impart to these drink not only the most palatable but the most wholesome characteristics of which they may be made susceptible, is a genuine public benefactor.
    [Show full text]
  • Where Are They Now? by Nicole Karp October 2012
    Accounting Legends & Luminaries…Where Are They Now? by Nicole Karp October 2012 Lynn Turner was the SEC Chief Accountant from 1998 to 2001. During his controversial tenure, Turner strongly advocated for enhanced oversight rules, auditor independence, and higher quality financial reporting on a global basis. One of today’s main revenue recognition rules – SAB 101, which later became SAB 104 – was issued during his term. After leaving the SEC, Turner worked as a Professor of Accounting at Colorado State University. He then reentered the private sector, first as Managing Director of Research at Glass Lewis & Co. Today, Turner holds a Managing Director position at LitiNomics, a firm that provides research, Lynn Turner analyses, valuations and testimony in complex commercial litigations. Arthur Levitt was SEC Chairman from 1993 to 2001. During his term, Levitt gained a reputation as a champion for individual investors. He gave numerous speeches about corporate earning management, and was credited with calling attention to the wide use of “cookie jar reserves”. Levitt’s term ended shortly before the Enron scandal. Levitt’s reputation as Chairman isn’t without its blemishes, however. Levitt himself indicated that his opposition to a rule requiring companies to record stock option expense on the income statement was his biggest mistake as Chairman. Moreover, the SEC under Levitt's leadership failed to uncover Bernie Madoff's Ponzi scheme and approved the exemption of some Enron partnerships from the Investment Company Act of 1940. Arthur Levitt After leaving the SEC, Levitt continued to champion individual investors, authoring “Take on the Street: What Wall Street and Corporate America Don't Want You to Know”.
    [Show full text]
  • Licensing the Word on the Street: the SEC's Role in Regulating Information
    Buffalo Law Review Volume 55 Number 1 Article 2 5-1-2007 Licensing the Word on the Street: The SEC's Role in Regulating Information Onnig H. Dombalagian Tulane Law School Follow this and additional works at: https://digitalcommons.law.buffalo.edu/buffalolawreview Part of the Business Organizations Law Commons Recommended Citation Onnig H. Dombalagian, Licensing the Word on the Street: The SEC's Role in Regulating Information, 55 Buff. L. Rev. 1 (2007). Available at: https://digitalcommons.law.buffalo.edu/buffalolawreview/vol55/iss1/2 This Article is brought to you for free and open access by the Law Journals at Digital Commons @ University at Buffalo School of Law. It has been accepted for inclusion in Buffalo Law Review by an authorized editor of Digital Commons @ University at Buffalo School of Law. For more information, please contact [email protected]. BUFFALO LAW REVIEW VOLUME 55 MAY 2007 NUMBER 1 Licensing the Word on the Street: The SEC's Role in Regulating Information ONNIG H. DOMBALAGIANt INTRODUCTION Information is said to be the lifeblood of financial markets.' Securities markets rely on corporate disclosures, quotes, prices, and indices, as well as the market structures, products, and standards that give them context and meaning, for the efficient allocation of capital in the global economy. The availability of and access to such information on reasonable terms has been identified as one t Associate Professor of Law, Tulane Law School. I would like to thank Roberta Karmel, Steve Williams, and Elizabeth King for their comments on prior drafts of this Article and Lloyd Bonfield, David Snyder, Jonathan Nash, and Christopher Cotropia for their helpful insights.
    [Show full text]
  • MARK S. THOMSON, on Behalf of Himself: No
    IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK ___________________________________ MARK S. THOMSON, on behalf of himself: No. ___________________ and all others similarly situated, : : CLASS ACTION COMPLAINT Plaintiff, : FOR VIOLATIONS OF THE : FEDERAL SECURITIES LAWS v. : : MORGAN STANLEY DEAN WITTER : & CO. and MARY MEEKER, : : Defendants. : JURY TRIAL DEMANDED ___________________________________ : Plaintiff, by his undersigned attorneys, individually and on behalf of the Class described below, upon actual knowledge with respect to the allegations related to plaintiff’s purchase of the common stock of Amazon.com, Inc. (“Amazon” or the “Company”), and upon information and belief with respect to the remaining allegations, based upon, inter alia, the investigation of plaintiff’s counsel, which included, among other things, a review of public statements made by defendants and their employees, Securities and Exchange Commission (“SEC”) filings, and press releases and media reports, brings this Complaint (the “Complaint”) against defendants named herein, and alleges as follows: SUMMARY OF THE ACTION 1. In October 1999, Fortune named defendant Mary Meeker (“Meeker) the third most powerful woman in business, commenting, “[h]er brave bets – AOL in ‘93, Netscape in ‘95, e-commerce in ‘97, business to business in ‘99 – have earned her eight “ten-baggers”, stocks that have risen tenfold. Morgan Stanley’s “We’ve got Mary” pitch to clients has been key to its prominence in Internet financing. Her power is awesome: If she ever says “Hold Amazon.com”, Internet investors will lose billions.” 2. Fortune almost got it right. Investors did lose billions, but not because Meeker said “Hold Amazon.com”. Rather, investors were damaged by Meeker’s false and misleading statements encouraging investors to continue buying shares of Amazon.
    [Show full text]
  • SEC News Digest, July 28, 2000
    SEC NEWS DIGEST Issue 2000-144 July 28 2000 COMMISSION ANNOUNCEMENTS MARY TOKAR SENIOR ASSOCIATE CHIEF ACCOUNTANT IN THE OFFICE OF THE CHIEF ACCOUNTANT TO LEAVE SEC Mary Tokar Senior Associate Chief Accountant International in the Securities and Exchange Commissions Office of the Chief Accountant announced today that she is leaving the Commission to become partner in the accounting firm of KPMG Ms Tokar will join KPMGs national office in New York before transferring to the firms international accounting and reporting practice in London next year successor has not been named SEC Chairman Arthur Levitt said Mary has played an important role in the Commissions efforts to foster international accounting standards and forge significant regulatory and accounting agreements with our international counterparts Marys wise counsel ambassadorial skills unflappable demeanor and wonderful spirit have served continued success me the Commission and investors well wish her great SEC Chief Accountant Lynn Turner said Mary has been one of the most significant players contributing to the improvement of financial reporting on worldwide basis during her tenure at the SEC will miss her wise and excellent counsel In she Ms Tokar joined the SEC in 1994 as Professional Accounting Fellow 1996 Senior Associate was appointed an Associate Chief Accountant she was promoted to Chief Accountant in September 1991 Since 1999 she has served as the chair of the International Organization of Securities Commissions IOSCO Working Party No on Multinational Disclosures and Accounting
    [Show full text]
  • \0-9\0 and X ... \0-9\0 Grad Nord ... \0-9\0013 ... \0-9\007 Car Chase ... \0-9\1 X 1 Kampf ... \0-9\1, 2, 3
    ... \0-9\0 and X ... \0-9\0 Grad Nord ... \0-9\0013 ... \0-9\007 Car Chase ... \0-9\1 x 1 Kampf ... \0-9\1, 2, 3 ... \0-9\1,000,000 ... \0-9\10 Pin ... \0-9\10... Knockout! ... \0-9\100 Meter Dash ... \0-9\100 Mile Race ... \0-9\100,000 Pyramid, The ... \0-9\1000 Miglia Volume I - 1927-1933 ... \0-9\1000 Miler ... \0-9\1000 Miler v2.0 ... \0-9\1000 Miles ... \0-9\10000 Meters ... \0-9\10-Pin Bowling ... \0-9\10th Frame_001 ... \0-9\10th Frame_002 ... \0-9\1-3-5-7 ... \0-9\14-15 Puzzle, The ... \0-9\15 Pietnastka ... \0-9\15 Solitaire ... \0-9\15-Puzzle, The ... \0-9\17 und 04 ... \0-9\17 und 4 ... \0-9\17+4_001 ... \0-9\17+4_002 ... \0-9\17+4_003 ... \0-9\17+4_004 ... \0-9\1789 ... \0-9\18 Uhren ... \0-9\180 ... \0-9\19 Part One - Boot Camp ... \0-9\1942_001 ... \0-9\1942_002 ... \0-9\1942_003 ... \0-9\1943 - One Year After ... \0-9\1943 - The Battle of Midway ... \0-9\1944 ... \0-9\1948 ... \0-9\1985 ... \0-9\1985 - The Day After ... \0-9\1991 World Cup Knockout, The ... \0-9\1994 - Ten Years After ... \0-9\1st Division Manager ... \0-9\2 Worms War ... \0-9\20 Tons ... \0-9\20.000 Meilen unter dem Meer ... \0-9\2001 ... \0-9\2010 ... \0-9\21 ... \0-9\2112 - The Battle for Planet Earth ... \0-9\221B Baker Street ... \0-9\23 Matches ..
    [Show full text]
  • William and Mary Has Largest Graduat¬ Ing Class in History Little Theatre League of the Peninsula Given Impetus 230Th COMMENC
    THE FLAT HAT Vol. XII COLLEGE OF WILLIAM AND MARY, WILLIAMSBURG, VIRGINIA, MAY 26, 1923. No. 29 William and Mary 230th COMMENCEMENT Class In Business Has Largest Graduat¬ Program of Exercises Statistics Compile ing Class In History Interesting Data Sunday, June 10- The College of William and Mary 11:00 A. M.¬ -Baccalaureate Sermon. J. J. Scherer, Jr., D. D. Students come to William and Mary will grant sixty degrees at the Two- LITERARY SOCIETY DAY chiefly on account of the specialized hundred-thirtieth Annual Commence¬ Monday, June 11- work offered and the low cost of get¬ ment, forty-three receiving the Bach¬ 6:00 P. M.- Athletic Dinner. ting a college education, according to elor of Arts degree, and twelve re¬ 8:00 P. M.- -Joint Meeting of the Literary Societies. statistics compiled by students in the course in Business Statistics. Tabula¬ ceiving the Bachelor of Science degree ALUMNI DAY and five receiving the Master of Arts tions of one hundred questionnaires Tuesday, June 12— showed that 31% of the students came degree, making the largest graduat¬ 11:00 A. M.—Senior Class Exercises. ing class in the history of the College. to William and Mary for specialized 2:00 P. M.—Alumni Dinner. work; 27% on account of inexpensive- Those receiving the Bachelor of 3:30 P. M.—Alumni Address—John W. H. Crim, Assistant Attorney- ness; 22% for proximity; 11%, tradi¬ Arts degree are: Paul Wilfred General of the United States. tions; 3%, athletic opportunities. Ackiss, Jr., Back Bay; Cornelia Storrs 8:00 P. M.—Production of "The Tempest." The average expense per student Adair, Richmond; Cecil Ravenscroft for the year 1922-23 was found to be Ball, Ditchley; James David Carter, GRADUATION DAY Wednesday, June $568, of which $370 went for neces¬ Duffield; William Jennings Cox, Odd; 13— 11:00 A.
    [Show full text]
  • 11 Caso De11e High Tech Start Up
    UNIVERSITÀ DEGLI STUDI DI TRIESTE SEDE AMMINIS1RATIVA DEL DOTIORATO Università degli Studi di Bologna, Università Commerciale Luigi Bocconi di Milano, Università degli Studi di Firenze, Università degli Studi di Roma - La Sapienza, Università degli Studi di Siena, Università degli Studi di Udine SEDI CONSORZIATE DOTTORATO DI RICERCA IN FINANZA AziENDALE XVIIOCLO INFORMAZIONE, MERCATI FINANZIARI E VALORE 11 caso de11e high tech start up Dottorando Re latore Alberto Dell'Acqua ( f( Clùar.mo Prof. Maurizio Dallocchio Università Commerciale "Luigi Bocconi" Milano Coordinatore del Dottorato Clùar.mo Prof. Maurizio Farmi ANNo ACCADEMICD 2003/04 A mia nonna Assunta RINGRAZIAMENTI Questo lavoro giunge al termine del percorso di Dottorato di Ricerca in Finanza Aziendale intrapreso ad inizio 2002. Sono grato a coloro che mi hanno consentito di avviare e portare a termine questo cammino. Ringrazio il Pro f. Maurizio Panni per l'opportunità datami e per gli insegnamenti ricevuti. Ringrazio il Prof. Maurizio Dallocchio per avermi offerto l'occasione di entrar a far parte dell'ambiente stimolante e innovativo della SDA Bocconi di Milano e per gli spunti di crescita che ne sono venuti. Sono grato al Prof. Francesco Perrini per i consigli ed il sostegno che mi ha più volte dato. Ringrazio i miei amici e colleghi dell'Area Finanza Aziendale e Immobiliare e del Dottorato di Trieste per le esperienze e i dibattiti di questi anni. Grazie a Sergio Venturini per l'importante aiuto datomi nella fase di elaborazione statistica dei dati. Per la conclusione di questo lavoro è stato fondamentale il periodo svolto come Visiting Fellow presso la School ofFinance and Economics della University ofTechnology di Sydney.
    [Show full text]
  • Virginia Law & Business Review: Fund Governance
    VIRGINIA LAW & BUSINESS REVIEW VOLUME 10 SPRING 2016 NUMBER 3 FUND GOVERNANCE: A SUCCESSFUL, EVOLVING MODEL Amy B. R. Lancellotta†, Paulita A. Pike††, & Paul Schott Stevens††† I. THE FIRST PHASE OF FUND GOVERNANCE: COMPREHENSIVE FUND REGULATION AND ITS AFTERMATH ........................................................... 458 A. The ICA’s Provisions for Fund Board Composition ........................... 460 B. Dealing with Conflicts of Interest ........................................................... 462 II. A SECOND PHASE OF FUND GOVERNANCE: EXPLOSIVE GROWTH, THE 1970 AMENDMENTS, AND THE ECONOMICS OF FUND INVESTING ..... 463 A. Director Independence ............................................................................. 464 B. Approval of the Advisory Agreement .................................................... 466 C. Regulation of Management Fees ............................................................. 466 D. Litigation Surrounding Management Fees ............................................ 468 E. The Economics of Fund Investing ......................................................... 470 III. A THIRD PHASE OF FUND GOVERNANCE: CONTROVERSY, SCANDAL, AND REFORM–AND THEIR LASTING EFFECTS ......................................... 472 A. The Yacktman Proxy Battle ..................................................................... 473 B. Governance Reforms from the SEC and Congress ............................. 475 C. Market-Timing and Late-Trading Scandals............................................ 479 D. The SEC’s Fund
    [Show full text]
  • XPP-PDF Support Utility
    Securities Regulation & Law Report™ Reproduced with permission from Securities Regulation & Law Report, 45 SRLR 2132, 11/18/13. Copyright ஽ 2013 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com SEC ENFORCEMENT The Securities and Exchange Commission recently announced the creation of a new Financial Reporting and Audit Task Force in the Division of Enforcement along with a Center for Risk and Quantitative Analysis. The new groups are being formed as the agency refocuses its enforcement program in the post-market crisis era. The new task forces are likely to draw on the Commission’s history of bringing significant financial fraud actions and couple that approach with one tied to risk and data analysis. The SEC’s New Financial Fraud Task Force BY THOMAS O. GORMAN proper financial reporting’’ and ‘‘enhance the [Enforcement] Division’s ongoing enforcement efforts n July 2, 2013, the Securities and Exchange Com- related to accounting and disclosure fraud.’’ A similar mission announced the formation of a Financial group is being formed to focus on microcap fraud, ac- O Reporting and Audit Task Force (‘‘Financial Task cording to the announcement. Force’’). Its purpose is to detect ‘‘fraudulent or im- The Center for Risk and Quantitative Analysis (‘‘Ana- lytics Group’’) is also being created as part of the new Thomas O. Gorman is a partner with Dorsey focus on financial reporting. The new Analytics Group & Whitney LLP, resident in Washington, D.C. will work in close coordination with the Division of Eco- Mr. Gorman is a
    [Show full text]