Launching the Insider Trading Revolution: SEC v. Capital Gains Research Bureau
Adam C. Pritchard
University of Michigan Law School
May 1, 2012
Research Handbook on Insider Trading, Stephen Bainbridge, ed., 2013, Forthcoming
U of Michigan Law & Econ Research Paper No. 12-005
This paper examines the Supreme Court's decision in SEC v. Capital Gains Research Bureau and its effect on the development of the law of insider trading. Capital Gains broke ground both in its approach to interpreting the federal securities laws, as well as its willingness to incorporate fiduciary principles into the law of insider trading. The opinion's influence was short-lived, however, as the Supreme Court reverted to a more textualist approach in securities cases only a decade after Capital Gains was decided.
Number of Pages in PDF File: 35
Keywords: Insider trading, statutory interpretation, Supreme Court
JEL Classification: K22Accepted Paper Series
Date posted: May 1, 2012 ; Last revised: July 7, 2012
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