Author Archives: Guest Blogger

Taxes in the Time of Coronavirus: Is it Time to Revive the Excess Profits Tax?

By | March 30, 2020

Courtesy of Reuven S. Avi-Yonah A recent New York Times headline summarizes one of the most significant economic impacts of the current pandemic: “Big Tech Could Emerge From Coronavirus Crisis Stronger Than Ever.” At a time when most American citizens and businesses are suffering catastrophic economic damage from the Coronavirus recession, some corporations—such as Amazon, 3M,… Read More »

Hot-Stove Effects: The Impact of CEO Past Professional Experiences on Dividend Policy

By | March 26, 2020

Courtesy of Matthew Faulkner and Luis García-Feijóo In 2019, companies such as IBM, Apple, and Disney paid shareholder dividends of approximately $6 billion, $14 billion, and $3 billion respectively. What explains the decision to pay out dividends and the amounts involved? In a recent study, we focus on the impact of CEO past professional experience… Read More »

COVID-19 Market Protection: Close Down Stock Exchanges

By | March 25, 2020

Courtesy of Alexandra Andhov As COVID-19 continues to spread across continents, all economies begin to tremble and prepare for the worst. Companies, investors, and trading clients are turning to stock exchanges amid one of the most tumultuous periods in market history to borrow money, buy or sell assets, and limit losses in their holdings. Yet… Read More »

Does FOIA Foil the SEC’s Intent to Keep Investigations Confidential?

By | March 24, 2020

Courtesy of Braiden Coleman, Ken Merkley, Brian P. Miller, and Joseph Pacelli The Securities and Exchange Commission (SEC) has a long-standing policy to keep formal investigations confidential. In our recent article, we examine the extent to which compliance with the Freedom of Information Act (FOIA) provides investors with information about ongoing SEC investigations. We exploit… Read More »

Coronavirus and Climate Change: Tragedies of the Horizon

By | March 18, 2020

Courtesy of Joseph Smith Can the current health crisis teach us about the looming environmental one?  I think so, particularly as a study of horizons in both time and space. While there is consensus among experts that climate change is real and its potential impact catastrophic or worse, there is also consensus that the worst-case… Read More »

Testimony of the Honorable Sarah Bloom Raskin Before the Senate Democrats’ Special Committee on the Climate Crisis

By | March 17, 2020

Courtesy of Sarah Bloom Raskin On Thursday, March 12, 2020, the Senate Democrats’ Special Committee on the Climate Crisis had a hearing on “The Economic Risks of Climate Change.” One of the witnesses, Sarah Bloom Raskin, provided the following testimony:   Chairman Schatz and members of the Committee, thank you for inviting me here to… Read More »

Auditing Crypto-Financing

By | March 10, 2020

Courtesy of Vanessa Villanueva Collao and Verity Winship Distrust in traditional intermediaries after the financial crisis incentivized the crypto community to develop private coinage and to allow different applications (software platforms) to function as a vehicle for funding startups through the Initial Coin Offering (ICO) process. The self-executing nature of smart-contracts enabled decentralization and promised… Read More »

Tax-Savvy Executives

By | March 9, 2020

Courtesy of Tom Kubick, Yijun Li, and John Robinson “Generally, the talent pool at lower levels—entry and staff levels—is still adequate, but the talent pool at the leadership level is extremely challenged. In some major markets, tax leadership jobs have stayed unfilled for up to a year because of an inability to find the skillset… Read More »

XY Planning Network, LLC v. SEC: Broker Conflicts of Interest, Regulation “Best Interest,” and Investors’ False Sense of Security

By | March 5, 2020

Courtesy of Micah Hauptman and Stephen Hall Introduction In June 2019, the Securities and Exchange Commission (“SEC”) finalized Regulation Best Interest (“Reg. BI”) on a 3-1 vote, with strong support from the broker-dealer industry and equally strong opposition from investor advocates. The SEC heralded the rule as a pragmatic and effective solution to the longstanding… Read More »