This Article shows that innovation is a process that has specific characteristics, that these characteristics give rise to an important corporate governance tradeoff, and that complying with the Sarbanes-Oxley Act (SOX) likely impacts this tradeoff to the detriment of innovation. Innovation is a...

Bitcoins are scarce digital commodities that enable parties to transmit messages over a network that serves as a universal public ledger. Bitcoins fall within the definition of “commodity” under the Commodity Exchange Act (CEA) such that derivatives contracts that reference bitcoins are...

The next major wave of Bitcoin regulation will likely be aimed at financial instruments, including securities and derivatives, as well as prediction markets and even gambling. While there are many easily regulated intermediaries when it comes to traditional securities and derivatives, emerging...

Goldman Sachs and American International Group on the eve of the 2008 financial crisis were bound together through a web of credit risk transfer (CRT) contracts in the form of credit default swaps (CDSs) and synthetic collateralized debt obligations (CDOs). Synthetic CDOs enabled certain hedge...

The performance of hedge funds during the financial crisis suggests that wide-ranging financial regulation is not always necessary to advance investor protection and financial stability. While 2008 was a year of record hedge fund losses and investor withdrawals that came about in part because...

This Article provides the first comprehensive scholarly analysis of the internal governance of hedge funds. Hedge fund governance consists of the funds' underlying legal regime and the practices they adopt in response to lacking permanent capital and to reduce agency costs. Hedge fund governance...

Currently en vogue concerns about hedge funds are not nearly as substantial as is often claimed. Moreover, the funds themselves are reducing their risks to investors and the broader markets, in accordance with investor demands. As hedge funds benefit the broader market by mitigating price...

This Article provides the first systematic account of software applications as works of scholarship. Software is scholarship to the extent that software functionality is derived from scholarly research, software is used as a means to develop scholarship, or software is used as a medium to...

This document is a revised version of the written testimony submitted to the U.S. House Committee on Oversight and Government Reform in connection to the hearing held on November 13, 2008 on Hedge Funds and the Financial Crisis.Based upon my research on the activities of hedge funds, there are...