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    Fraud on the Market: An Action Without a Cause

    Rose, Amanda M.
    : https://ssrn.com/abstract=1962065
    : http://hdl.handle.net/1803/8889
    : 2011

    Abstract

    This is a response to William W. Bratton & Michael L. Wachter, The Political Economy of Fraud on the Market, 160 U. PA. L. REV. 69 (2011). Bratton and Wachter argue that fraud-on-the-market class actions (FOTM) should be eliminated and replaced with stepped-up public enforcement efforts targeted at individual wrongdoers (rather than the corporate enterprise, the FOTM target of choice). In this Response, I do not disagree: My own scholarship has similarly emphasized the benefits of shifting away from FOTM to greater reliance on public enforcement mechanisms. Instead, I take the opportunity to elaborate on the deterrence and corporate governance shortcomings of FOTM, strengthening further the case Bratton and Wachter make for an enhanced public enforcement role.
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