This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to combat irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis.

This book explains both financial markets and securities regulation in simple yet sophisticated terms.

With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds. This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds. Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche

Radin, Max. Law as Logic and Experience. New Haven: Yale University Press, 1940. ix, [1], 171 pp. Reprinted 2000 by The Lawbook Exchange, Ltd. LCCN 99-30670. ISBN 1-58477-008-2. Cloth. $55. * "Although this volume does not purport to be a serious contribution to legal science or to legal philosophy, it is full of the mellow wisdom, the gracious erudition, the provoking phrase, and the human sympathy that make almost anything that Max Radin says or writes worth pondering. It presents a series of lectures on two texts: the dictum of Coke, J. 'Reason is the life of the law,' and the dissenting opinion of Holmes, J., 'The life of the law has not been logic, it has been experience.'" Felix S. Cohen, Harvard Law Review 54:711. Marke, A Catalogue of the Law Collection of New York University (1953) 924.