Mark Fenwick*, Wulf A. Kaal* & Erik P.M. Vermeulen** Abstract The legal profession is one of the most disrupted sectors of the consulting industry today. The rise of Legal Tech, artificial intelligence, big data, machine learning, and, most importantly, blockchain technology is changing the practice of law. The sharing economy and platform companies challenge many […]
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Forthcoming– Cayman Financial Review (April 2017) Blockchain technology offers unprecedented innovation opportunities for the private investment fund industry. Several private investment funds have spearheaded the implementation of blockchain technology and smart contracting in their business model. While some funds simply focus on trading bitcoin and other cryptocurrencies to avoid market fluctuations, others invest in and/or […]
Read more "Blockchain Innovation for Private Investment Funds"Abstract Blockchain technology allows for decentralized networked governance that allows for the removal of internal and external monitoring mechanisms previously necessitated by agency problems in corporate governance. Blockchain technology creates formal immutable guarantees in agency relationships that build the trust needed to overcome the agency problems in corporate governance. It facilitates a substantial increase in […]
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A wave of innovation and decentralization is sweeping across the world, challenging the traditional role of law, lawyers and law schools. Central themes from an Incredibly energizing and enabling course co-taught with @erikpmvermeulen at @USTLawMN “Disruptive Innovation – Why Lawyers Matter” include in order of priority: #innovation, #innovators, #platform, #entrepreneur, #bigdata, #blockchain, #smartcontracts, #machinelearning, #ArtificialIntelligence, […]
Read more "Future of Innovation and Law"First published at: https://www.law.ox.ac.uk/business-law-blog/blog/2016/09/dynamic-regulation-investment-data-remedy-law’s-diminishing-capacity Key words: Disruptive Innovation, Venture Capital, Venture Investments, Dynamic Regulation, Feedback Effects, Optimized Information for Regulation, Anticipatory Regulation, Big Data In a series of recent papers – ‘Dynamic Regulation for Innovation’, ‘Regulation Tomorrow: What Happens When Technology Is Faster Than the Law?’, and ‘How to Regulate Disruptive Innovation – From Facts to […]
Read more "Dynamic Regulation Via Investment Data as a Remedy for Law’s Diminishing Capacity to React to Innovation"The NYT today summarized the political background on the proposed Investment Advisers Modernization Act here: My Colleague, Jennifer Taub (Vermont) testified in the House Subcommittee on Financial Services in this context and was kind enough to cite some of my work: Investment Advisers Modernization Act of 2016 Here the two perhaps most relevant empirical findings on […]
Read more "Empirical Evidence on proposed Investment Advisers Modernization Act"Private Fund Investor Due Diligence – Evidence from 1995 to 2015 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811718 Wulf A. Kaal University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) July 19, 2016 Review of Banking and Financial Law, 2016 U of St. Thomas (Minnesota) Legal Studies Research Paper No. 16-15 Abstract: The importance of private […]
Read more "Private Fund Investor Due Diligence – Evidence from 1995 to 2015"Regulation Tomorrow: What Happens When Technology is Faster than the Law? http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2834531 Mark Fenwick – Faculty of Law, Kyushu University Wulf A. Kaal – University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) Erik P. M. Vermeulen – Tilburg University – Department of Business Law; Philips Lighting – Legal Department; Tilburg Law and […]
Read more "Regulation Tomorrow: What Happens When Technology is Faster than the Law?"Dynamic Regulation for Innovation http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2831040 Wulf A. Kaal University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) August 27, 2016 Perspectives in Law, Business & Innovation (Mark Fenwick, Wulf A. Kaal, Toshiyuki Kono & Erik P.M. Vermeulen eds.), New York Springer (2016) Abstract: A large consensus in the literature suggests […]
Read more "Dynamic Regulation for Innovation"http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811729 BY WULF A. KAAL* & BENTLEY J. ANDERSON* ABSTRACT The proliferation of unconstrained mutual funds calls into question the effectiveness of retail investor protections under the Investment Company Act of 1940. Analyzing trading data and prospectuses of a hand-selected sample of all unconstrained mutual funds launched from 2010 through 2015 (N=449), the authors provide […]
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Wulf Kaal 