It was my great pleasure to speak at the FT Innovative Lawyers Summit here in London !
ICO vs IPO … ICO’s are So Hot – “ICOs may seem to fall into a legal gray area, but she says the vast majority of tokens count as securities, and if they are sold to investors in the U.S., they fall under the jurisdiction of the Securities and Exchange Commission … The SEC has yet to wade in, but the hotter the ICO market, the greater the potential for abuse or investor losses that could spur the agency to act. Channing suspects the regulators are waiting for the right case.”
See the agenda here
Here is Version 2.01 of the Law on the Market Paper —
From the Abstract: What happens when the Supreme Court of the United States decides a case impacting one or more publicly-traded firms? While many have observed anecdotal evidence linking decisions or oral arguments to abnormal stock returns, few have rigorously or systematically investigated the behavior of equities around Supreme Court actions. In this research, we present the first comprehensive, longitudinal study on the topic, spanning over 15 years and hundreds of cases and firms. Using both intra- and interday data around decisions and oral arguments, we evaluate the frequency and magnitude of statistically-significant abnormal return events after Supreme Court action. On a per-term basis, we find 5.3 cases and 7.8 stocks that exhibit abnormal returns after decision. In total, across the cases we examined, we find 79 out of the 211 cases (37%) exhibit an average abnormal return of 4.4% over a two-session window with an average |t|-statistic of 2.9. Finally, we observe that abnormal returns following Supreme Court decisions materialize over the span of hours and days, not minutes, yielding strong implications for market efficiency in this context. While we cannot causally separate substantive legal impact from mere revision of beliefs, we do find strong evidence that there is indeed a “law on the market” effect as measured by the frequency of abnormal return events, and that these abnormal returns are not immediately incorporated into prices.
“It’s the alignment of tech and economics that is allowing all this stuff to start moving … The real roll-up of all this isn’t robot lawyers, its financialization, with law becoming an applied branch of finance and insurance” says Daniel Martin Katz, professor at Illinois Tech’s Chicago Kent College of Law.
STEM > Cult of the Expert in finance and otherwise … #FinLegalTech
For more information about Fin (Legal) Tech — see here!
For more information on Fin (Legal) Tech — see here!