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Launching the Insider Trading Revolution: SEC v. Capital Gains Research Bureau

Research Handbook on Insider Trading, Stephen Bainbridge, ed., 2013

U of Michigan Law & Econ Research Paper No. 12-005

35 Pages Posted: 1 May 2012 Last revised: 23 Jul 2013

Adam C. Pritchard

University of Michigan Law School

Date Written: May 1, 2012

Abstract

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.

Keywords: Insider trading, statutory interpretation, Supreme Court

JEL Classification: K22

Suggested Citation

Pritchard, Adam C., Launching the Insider Trading Revolution: SEC v. Capital Gains Research Bureau (May 1, 2012). Research Handbook on Insider Trading, Stephen Bainbridge, ed., 2013; U of Michigan Law & Econ Research Paper No. 12-005. Available at SSRN: https://ssrn.com/abstract=2049486

Adam C. Pritchard (Contact Author)

University of Michigan Law School ( email )

625 South State Street
Ann Arbor, MI 48109-1215
United States
734-647-4048 (Phone)
734-647-7349 (Fax)

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