Information Issues on Wall Street 2.0
Billions of dollars have flooded new online marketplaces for trading private company stock. These marketplaces stand poised to become important, lasting features of the private company world as they provide a central meeting place for buyers and sellers and potentially increase the liquidity of private company stock. Increased liquidity is particularly important to investors in start-up companies, as these companies have faced longer periods of time before going public or being acquired. The new marketplaces also raise significant information issues, however, that threaten their legitimacy and efficiency. This Article is the first to examine these information issues — lack of information, asymmetric information, conflicts of interest, and insider trading — as well as possible solutions that would allow the markets to continue to evolve while promoting their integrity and investor protection goals. Specifically, the Article proposes establishing a minimum information requirement for secondary trading in private company stock and reexamining the thresholds for accredited investor status in order to ensure that market participants can fend for themselves without additional protections. The Article also examines potential responses to insider trading in these markets, arguing that a case exists for the SEC to take action in the private market context, since harm may be cognizable and the arguments for regulating insider trading are as strong in the private market arena as in the public.
Insider Trading, Secret Agents, Evidentiary Privileges, and the Production of Information
Most things are owned by someone. The owner makes decisions on the assumption that, if he can improve the use or productivity of the property, he may claim a substantial part of the benefits. Information, in contrast, usually is unowned; at least, it is not subject to the same rules of property law that govern apples and steel mills. It is difficult too, for someone who possesses information to appropriate the benefits of knowledge. Much of the value of information depends on its employment in transactions with third parties (whether strangers or employees) who may elect to use the knowledge for their own benefit later on.1 It is hard to detect a
Complications of motility peg placement for porous hydroxyapatite orbital implants
Aim: To evaluate the complications associated with pegging of porous hydroxyapatite orbital implants. Methods: Complications associated with pegging were retrospectively reviewed from the charts of 100 of 133 patients with hydroxyapatite implantation from 1993 to 2000. Results: 48 (48%) of the 100 hydroxyapatite implanted patients who had undergone pegging were found to have problems with their pegs, including discharge (45.8%), peg falling out (20.8%), pyogenic granulomas (16.7%), popping peg (14.6%), hydroxyapatite visible around peg hole (8.3%), part of peg shaft visible (6.2%), peg drilled off centre (6.2%), peg drilled at an angle (4.2%), and excess movement of peg (4.2%). The standard peg fell out statistically more often than the peg and sleeve system (Yates's corrected χ2, p=0.038). There was a trend towards complications of the peg with use of a standard peg (versus sleeved peg) (p=0.226). Conclusions: There are several potential complications of pegging. Most complications are minor and can be managed successfully.