The Tax Burden on Small and Emerging Businesses: More than Dollars
Nobody likes paying taxes. It is a financial burden on individuals as well as companies. Our policymakers often don’t realize (or choose to ignore), however, that among the biggest burdens associated with taxes isn’t even the tax bill (the dollars to be paid) – it is the heavy administrative toll relating to tax analysis, planning [...]
2013 Spike in M&A Activity: A Harbinger of Good Things to Come or the Return of Irrational Exuberance?
Following a prolonged several year dearth in M&A activity, especially those involving the so-called “mega-mergers,” there has been an apparent explosion of mergers and acquisitions so far in 2013. In fact, some of America’s most well known companies currently are involved in multi-billion dollar deals. Just last week, merger “love” was in the air. On [...]
Immigration Increases Entrepreneurial Activity and Innovation in the U.S., But the Immigrants Are Leaving
Many in the U.S. recognize that we truly are a nation of immigrants, but few understand the extent to which the U.S. economy has long been fueled by talent that comes here from abroad. Immigrants are increasingly the driving force behind innovation, research and development and are far more likely to start companies. Unfortunately, however, [...]
Early Stage Company Seed Venture Funding Skyrockets, But Dark Clouds May Loom Large
New York’s economy is rapidly transitioning from one based largely on the financial services sector to one that is becoming far more heavily reliant on technology, new media, and other entrepreneurial startups. New York-area entrepreneurs have been replacing yuppie investment bankers as the heroes of the economy. In the past two years alone, venture funding [...]
The Collateral Damage From the Facebook IPO Fiasco
The Facebook IPO fiasco already is the subject of innumerable articles, blogs, tweets, and analyses. Virtually all of the discussion centers, however, on the obvious: Facebook (the issuer), Morgan Stanley (the lead underwriter), Nasdaq (the security exchange) and the investors who saw immediate decline in value. Take a step back and we see that the [...]
Metro NY/NJ Tops the US for New Tech Jobs Created
In yet another example of the growing importance of the technology sector to the metropolitan area, March 2012 marks thirteen consecutive months in which New York City and the surrounding area posted the largest volume of new technology jobs created throughout the United States. The increased focus on technology throughout media and communications companies, combined [...]
FACEBOOK IPO – Astounding Anticipated Valuation Based Largely on Size of User Base
The much anticipated Facebook IPO is nearly upon us. After months of speculation, Facebook finally filed a registration statement on February 1st that will, if and when declared effective by the SEC, allow Facebook to undertake its initial public offering of its common stock. The company, eight years old and the world’s largest social network, [...]
Federal Tax Exclusion for Gains on Sales of Stock of Qualified Small Businesses Is Popular Element of the Economic Stimulus Plan
In a rare example of bipartisan cooperation, Congress created a 100% exclusion from federal tax liability for gains on sales of qualified small business stock (“QSBS”), provided that the stock was acquired between September 23, 2010 and December 31, 2010. This long overdue display of positive government action, rather than gridlock, was partly motivated by [...]
New York – The Next Silicon Valley?
In my previous post, I wrote that statistics show that New York currently is the second largest market in the US for venture-capital financing transactions. Proverbial front-runner, California, continues to lead the nation, but New York has now surpassed Massachusetts, long the number two state, as the destination-of-choice for venture capital investment dollars. This is [...]
POSTED IN Capital Markets, Emerging Growth Companies
Groupon’s IPO: Much Anticipated Success or Future Failure?
Groupon, which sells discount coupons for local businesses and then takes a cut of the proceeds for brokering deals, is going public. To be sure, the market is huge and booming – rapidly growing into a multibillion-dollar industry. But, is Groupon the likely winner in an industry characterized by intense competition from the likes of [...]
Featured Video
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Eugene P. and Delia S. Murphy Conference on Corporate Law
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Representation Without Accountability?
- Business Law Practitioners Series – Fall 2011
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The Philosophy and Practice of Disclosure
- BLPS – Rory Cutaia ’85
- The Looming Problems of The Bureau of Consumer Financial Protection
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Financial Reform Legislation: There Ought To Be A Law, But Is This It?
Highlights From Volume 18 Book I
THE BEHAVIORAL PARADOX: WHY INVESTOR IRRATIONALITY CALLS FOR LIGHTER AND SIMPLER FINANCIAL REGULATION
It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty [...]
DEMANDING SUBSTANCE OR FORM? THE SEC’S PLAIN ENGLISH HANDBOOK AS A BASIS FOR SECURITIES VIOLATIONS
In 1998, the United States Securities and Exchange Commission (“SEC” or “Commission”) released a style manual titled “The Plain English Handbook.” The culmination of a drive by its Chairman, Arthur Levitt, the Handbook drew upon the rules of grammar, best industry practice, and even the support of billionaire Warren Buffett in calling for a layman’s [...]
FULL OF HOT AIR? EVALUATING THE AIRGAS COURT’S RESERVATIONS ABOUT SHAREHOLDERS’ SHORT-TERM AND LONGTERM INTERESTS IN TAKEOVERS
This Note explores the incentives and preferences of shareholders in takeovers. This analysis is conducted in the context of the Delaware Chancery Court’s February 2011 decision in Air Products & Chemicals v. Airgas. In that case, the court’s decision largely turned on whether certain short-term and long-term shareholders have different preferences and incentives in takeovers. [...]
News & Events
- Can Woman Have It All? A Live Webcast with Anne-Marie Slaughter (4/24/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- International In-House Counsel Breakfast Forum Series for Students (4/18/2013)
- Business Law Practitioners Series for students (4/16/2013)
- Fordham Corporate Center