The University of Texas at Austin   School of Law

Publications

Articles

• Efficient Markets and the Law: A Predictable Past and an Uncertain Future, 4 Annual Review of Financial Economics 179 (2012).
• Too Complex to Depict? Innovation, “Pure Information,” and the SEC Disclosure Paradigm [Symposium: Reshaping Capital Markets and Institutions: Twenty Years On], 90 Texas Law Review 1601 (2012). Available at <http://ssrn.com/abstract=2083708 > [discussed in Gillian Tett, The banks that are too complex to exist, Financial Times, June 8, 2012, at 20, web version available at <http://www.ft.com/cms/s/0/65281562-b0c1-11e1-a2a6-00144feabdc0.html>].
• Foreword [Symposium: Reshaping Capital Markets and Institutions: Twenty Years On], 90 Texas Law Review 1597 (2012).
• Paying for Old Age, New York Times, February 26, 2011, at A19 (with Terrance Odean). View Article
• Keynote Address: The SEC, Dodd-Frank, and Modern Capital Markets [Symposium: Regulatory Reform and the Future of the U.S. Financial System: An Examination of the Dodd-Frank Regulation], 7 New York University Journal of Law & Business 427 (2011).
• Testimony Concerning the Over-the-Counter Derivatives Markets Act of 2009, U.S. House Committee on Financial Services (October 2009) (on behalf of the SEC). View Article
• 'Empty Creditors' and the Crisis: How Goldman's $7 Billion was 'Not Material,' Wall Street Journal, April 9, 2009. <http://online.wsj.com/article/SB123933166470307811.html>
• Debt, Equity, and Hybrid Decoupling: Governance and Systemic Risk Implications, 14 European Financial Management 663 (2008) (with Bernard S. Black). <http://www.efmaefm.org/eufm_450_corrected.pdf>
• Derivatives are (Not Just) a Tale of Two Cities, Financial Times, May 1, 2008, at 15 (with Darrell Duffie).
• Equity and Debt Decoupling and Empty Voting II: Importance and Extensions, 156 University of Pennsylvania Law Review 625 (2008) (with Bernard Black). <http://ssrn.com/abstract=1030721>
• Die Offenlegung anpassen, Finanz und Wirtschaft, Sept. 19, 2007, at 1.
• Statt verbieten Offenlegungsregeln anpassen, Finanz und Wirtschaft, Feb. 14, 2007, at 30.
• Empty Voting and Hidden (Morphable) Ownership, M&A Lawyer, February 2007, at 6 (with Bernard Black).
• Hedge Funds, Insiders, and the Decoupling of Economic and Voting Ownership: Empty Voting and Hidden (Morphable) Ownership, 13 Journal of Corporate Finance 343 (2007) (with Bernard Black).
• Abolition of the Corporate Duty to Creditors, 107 Columbia Law Review 1321 (2007) (with Jay Lawrence Westbrook). <http://ssrn.com/abstract=977582>
• Eigentum und Stimmrecht werden entkoppelt, Finanz und Wirtschaft, Dec. 20, 2006, at 28.
• Enron Happens, New York Times, Jan. 30, 2006, at A23.
• The New Vote Buying: Empty Voting and Hidden (Morphable) Ownership, 79 Southern California Law Review 811 (2006) (with Bernard Black). <http://ssrn.com/abstract=904004>
• Empty Voting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms, 61 Business Lawyer 1011 (2006) (with Bernard Black).
• The New Portfolio Society, SEC Mutual Fund Disclosure, and the Public Corporation Model, 60 Business Lawyer 1303 (2005).
• Glaube oder Zauber?, Finanz und Wirtschaft, Jan. 20, 2001, at 1.
• Die Börse der Börse überlassen?, Finanz und Wirtschaft, Dec. 2, 2000, at 1.
• Faith and Magic: Investor Beliefs and Government Neutrality, 78 Texas Law Review 777 (2000).
• Conversations From the Warren Buffet Symposium, 19 Cardozo Law Review 719 (1997) (with Robert W. Hamilton, Calvin H. Johnson et al.).
• Buffett, Corporate Objectives, and the Nature of Sheep, 19 Cardozo Law Review 379 (1997).
• Behind the Corporate Hedge: Information and the Limits of "Shareholder Wealth Maximization," Journal of Applied Corporate Finance, Fall 1996, at 39.
• Illiteracy and Intervention: Wholesale Derivatives, Retail Mutual Funds and the Matter of Asset Class, 84 Georgetown Law Journal 2319 (1996).
• Seller's Remorse and OTC Derivatives, International Financial Law Review, Apr. 1995, at 43.
• Hedging Expectations: "Derivative Reality" and the Law and Finance of the Corporate Objective, 73 Texas Law Review 985 (1995).
• Help Regulators Help Us, Risk, Apr. 1993, at 60.
• Misunderstood Derivatives: The Causes of Informational Failure and the Promise of Regulatory Incrementalism, 102 Yale Law Journal 1457 (1993).
• "Swaps" and the Next Great Banking Crisis, New York Times, Feb. 23, 1992, Sec. 3, at 9.
• New Financial Products, the Modern Process of Financial Innovation, and the Puzzle of Shareholder Welfare, 69 Texas Law Review 1273 (1991).
• Time, Risk, and Fiduciary Principles in Corporate Investment, 38 UCLA Law Review 277 (1990).
• Swaps, the Modern Process of Financial Innovation and the Vulnerability of a Regulatory Paradigm, 138 University of Pennsylvania Law Review 333 (1989).
• Compensation in Expropriations: A Preliminary Economic Analysis, 20 Virginia Journal of International Law 61 (1979).

Reviews

• The Valuation of Nationalized Property in International Law, Vol. 4, by Richard B. Lillich, 84 American Journal of International Law 350 (1990).

Contributions

• Systemic Risk and Financial Innovation: Towards a “Unified” Approach, in Quantifying Systemic Risk at 11 (Joseph G. Haubrich & Andrew W. Lo eds., 2013).
• Means and Ends: NYSE Regulation, NYSE Group, and the Matter of Togetherness, written testimony for "A Review of Self-Regulatory Organizations in the Securities Markets: Hearings Before the Senate Committee on Banking, Housing, and Urban Affairs," 109th Cong., 2nd Sess. (2006).
• First, Do No Harm: Investors, Government, and the Stock Market, in Europa und Die Globalisierung: Referate des Zweiten Wiener Globalisierungs-Symposiums 10. und 11. Mai 2001 (Carl Baudenbacher & Erhard Busek eds.; Vienna: Verlag Österreich, 2002).

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