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Article
Publication date: 8 April 2021

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 4 December 2020

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 1 December 2004

George K. Stylios

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects…

Abstract

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

Details

International Journal of Clothing Science and Technology, vol. 16 no. 6
Type: Research Article
ISSN: 0955-6222

Keywords

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Book part
Publication date: 8 May 2019

Barrie Gunter

Abstract

Details

Children and Mobile Phones: Adoption, Use, Impact, and Control
Type: Book
ISBN: 978-1-78973-036-4

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Article
Publication date: 1 April 2001

Francisco JoséAcedo González, Carmen Barroso Castro, José Carlos Casillas Bueno and José Luis Galán González

This paper tries to find out the different research fronts that have recently defined the scientific area of organizational studies. These fronts represent the paradigms…

Abstract

This paper tries to find out the different research fronts that have recently defined the scientific area of organizational studies. These fronts represent the paradigms or theories that the current research in the most relevant journals is based on. A study of how trends develop in those journals is also done. Quite different from other typologies, this work has used an empirical method of analyzing the literature references found in the articles published in some of the most relevant journals in this field in recent years.

Details

The International Journal of Organizational Analysis, vol. 9 no. 4
Type: Research Article
ISSN: 1055-3185

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Book part
Publication date: 25 November 2019

Lynne G. Zucker and Oliver Schilke

In this chapter, the authors weave together a set of ideas that lead us closer to a more general institutional theory – one that embraces multiple levels of analysis…

Abstract

In this chapter, the authors weave together a set of ideas that lead us closer to a more general institutional theory – one that embraces multiple levels of analysis, including the micro-level. The authors build on the roots of micro-institutional thought – including phenomenological and ethnomethodological underpinnings – as well as very active, social-psychological research areas that address key mechanisms in institutionalization. Among these, the authors discuss the important roles of legitimacy, trust, social influence, and routines. There is great promise for micro-institutional inquiry to make an integral contribution to institutional theory by bringing processes and people back in.

Details

Microfoundations of Institutions
Type: Book
ISBN: 978-1-78769-127-8

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Article
Publication date: 1 March 1982

The factors which influence costs of production of food and the prices to the consumer have changed dramatically during this century, but especially since the…

Abstract

The factors which influence costs of production of food and the prices to the consumer have changed dramatically during this century, but especially since the establishment of trading systems all over the world. Gone are the days when the simple expedients of supply and demand alone governed the situation. The erosion of these principles began at the turn of the century, mainly as a result of the introduction by the rapidly developing industrial power of the USA to protect her own industries against the cheaper products of European countries. They introduced the system of tariffs on imported manufactured goods; it grew and eventually was made to apply to wide sectors of industry. European countries retaliated but the free trade policy of Britain's Liberal government was making the country a dumping ground for all other country's cheap products and surpluses.

Details

British Food Journal, vol. 84 no. 3
Type: Research Article
ISSN: 0007-070X

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Book part
Publication date: 5 June 2017

Jameson D. Lopez

The rate of Native Americans attending institutions of higher education is much lower (24 percent) in comparison to their White peers (48 percent) (Ross et al., 2012)…

Abstract

The rate of Native Americans attending institutions of higher education is much lower (24 percent) in comparison to their White peers (48 percent) (Ross et al., 2012). This chapter explores factors that contribute to the accessibility of higher education for Native American students (e.g., family, institutions, communities, and academic influences.) The extreme differences in the rate of Native Americans attending institutions of higher education are not attributed to one single problem. However, this chapter argues that it is imperative to see that an accumulation of experiences influence higher education accessibility and in order to increase the attendance of Native Americans in colleges and universities, a multifaceted approach informed by Tribal Critical Theory must be used.

Details

Culturally Sustaining and Revitalizing Pedagogies
Type: Book
ISBN: 978-1-78441-261-6

Keywords

Abstract

Details

Using Interactive Digital Narrative in Science and Health Education
Type: Book
ISBN: 978-1-83909-760-7

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Book part
Publication date: 17 September 2014

Gerald R. Ferris, Shanna R. Daniels and Jennifer C. Sexton

Although employee race has been an actively investigated area of scientific inquiry for decades, a thorough and informed understanding of the role of race in the…

Abstract

Although employee race has been an actively investigated area of scientific inquiry for decades, a thorough and informed understanding of the role of race in the organizational sciences has eluded us for a number of reasons. The relationship of race and stress in organizations is a prime example of this neglect and deficiency in our knowledge base, as little work has been done in this area. We attempt to address this limitation in the literature by proposing an inductively derived, review-centric framework that attempts to articulate the multiple intermediate linkages that explain the process dynamics taking place in the relationship between employee race and health and well-being in organizations. We argue that socialization processes, social networks, information and resource access, and mentoring contribute to distance and differences between racial minorities and nonminorities concerning control, reputation, performance, and political understanding and skill, which in turn, creates barriers to success, and increased stress and strain for racial minorities. The implications of this framework along with directions for future theory and research are discussed in this chapter.

Details

The Role of Demographics in Occupational Stress and Well Being
Type: Book
ISBN: 978-1-78350-646-0

Keywords

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