The Future of Securities Regulation
提出以公司治理为核心的证券法改革，将保护重点从新股购买转向共同基金、养老金等资产管理，以应对现代投资者对管理者问责缺失的信任危机。
ABSTRACT The U.S. system of securities law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.