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Professor Fischel has been a pioneer in the application of finance theory to resolve legal disputes. When the United States Supreme Court embraced the fraud on the market theory in Basic Inc. v. Levinson, it adopted the suggestions made by Professor Fischel on the subject in his important article, Use of Modern Finance Theory in Security Fraud Cases Involving Actively Traded Securities. The article Professor Fischel presents today reflects important extensions and applications of his earlier work.

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