TAILIEUCHUNG - WHAT IS A "SECURITY" FOR PURPOSES OF THE U.S. FEDERAL SECURITIES LAWS? AN ANALYSIS OF FOREIGN EQUITY INTERESTS

By means of econometric methods, the information contained in options prices can be extracted. In the literature, two methods are most frequently chosen, namely the implied volatility and the risk-neutral density. The latter approach extends the frequently used concept of the volatility implicit in option prices to modelling the probabilities that market participants assign to all possible price levels of the underlying instrument. The entire RND offers a wider information set as it includes the third (skewness) and the fourth (kurtosis) moment of a distribution. The implied skewness measures the asymmetry in the expectations of the operators in the option markets around the mean. The kurtosis. | What Is a Security for Purposes of THE . Federal Securities Laws An Analysis of Foreign Equity Interests J. Christian Nahr INTRODUCTION .724 I. . CASE LAW DEFINING A SECURITY . .727 A. Definition of Security .727 B. c. Investment 1. The Howey 2. 3. Limited Partnerships .742 4. Limited Liability II. CRITERIA TO DETERMINE WHETHER A FOREIGN EQUITY INTEREST IS A SECURITY. 748 A. Stock. . 748 B. Investment III. . SECURITIES LAW PRINCIPLES APPLIED TO GERMAN AND FRENCH EQUITY INTERESTS .752 A. Corporations in France SOC1ÉTÉ Anonyme and Germany Aktiengesellschaft .752 B. Partnerships in France Société en nom Collectif AND Germany offene Handelsgellschaft .753 c. Limited Partnerships in France Société en Commandite Simple and Germany Kommanditgesellschaft .755 Associate Fried Frank Harris Shriver Jacobson London England. Member of the New York bar and the Frankfurt bar. I would like to thank Eric Cafritz Erwan Heurtel Shana Cochrane and Delphine Caramalli for their comments to a prior version of this article. Any errors are mine alone. 723 724 Am. u. Int l L. Rev. 17 723 D. Stock Limited Partnerships in France Sociétẻ EN Commandite par Actions and Germany Kommanditgesellschaft auf Aktien .757 E. Close Equivalents TO LLCs IN France Société PAR Actions Simplifies and Germany Gesellschaft mit BESCHRÃNKTER Haftung .758 F. An Entity Sui Generis The Société à Responsabilité Limitée in INTRODUCTION Cross-border transactions are often fraught with unrealistic hopes misunderstandings and incompatible expectations. Lawyers arc confronted not only with the barriers of language but with radically different cultural and legal traditions and practices. Even the meaning of basic terms can be contentious. An even greater danger is represented by words that seem to mean the same thing but do not. These false friends can lull participants into a comforting sense of security when in

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