SECURITIES REGULATION

1
SECURITIES REGULATION

• Professor Buell
• Introduction (Part I)

2
An Auction

• Lot 1
• Investor Relations Mgr
• Lot 2
• Analyst
• Underwriter
• CEO
• Lot 3
• Investor Relations Mgr
• CEO

3
What Makes Securities Special?

• Moms Cookies
• Scenario 1 next door
• Scenario 2 goes national
• Scenario 3 raises equity
• Special characteristics
• Importance of investment and cap mkts
• Intangible product
• Irrationality
• Collective action problems