TY  - UNPD
A1  - Spamann, Holger
T1  - Indirect investor protection: the investment ecosystem and its legal underpinnings
T2  - European Corporate Governance Institute: ECGI Working Paper Series in Law ; No. 594/2021, LawFin working paper ; No. 18, Harvard Law School John M. Olin Center Discussion Paper ; No. 1046
N2  - This paper argues that the key mechanisms protecting retail investors’ financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors’ interests. Rather, they are provided by the ecosystem that investors (are legally forced to) inhabit, as a byproduct of the mostly self-interested, mutually and legally constrained behavior of third parties without a mandate to help the investors (e.g., speculators, activists). This elucidates key rules, resolves the mandatory vs. enabling tension in corporate/securities law, and exposes passive investing’s fragile reliance on others’ trading.
T3  - LawFin Working Paper - 18 
KW  - Investor Protection
KW  - Index Funds
KW  - Market Efficiency
KW  - Activism
KW  - Activist Hedge Fund
KW  - Private Equity
KW  - Plaintiff Lawyers
KW  - Contractarian Model of Corporate Law
KW  - Mandatory Law
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/61658
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-616582
EP  - 40
PB  - Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University
CY  - Frankfurt am Main
ER  -