James J. Park is Professor of Law at UCLA School of Law. He writes and teaches in the areas of securities regulation and corporate law. He was an editor of Can Delaware Be Dethroned? Evaluating Delaware's Dominance of Corporate Law (with Iman Anabtawi, Stephen Bainbridge, & Sung Hui Kim, 2018).

'The Valuation Treadmill traces the history of securities fraud regulation in a novel way, with valuation as a conceptual through-thread. Professor Park builds from six examples of major securities frauds to buttress his proposals to modernize securities fraud regulation, focusing on financial market projections and earnings management. He presents a forceful, and often persuasively skeptical, argument that modern valuation methodologies are being abused, so much so that securities fraud threatens the integrity of public markets.' Frank Partnoy, Professor of Law, University of California Berkeley School of Law

• 1. Introduction; 2. Xerox and the Pressure to Meet Projections; 3. Penn Central and the Decline of Managerialism; 4. Apple and the Controversy of Projections Litigation; 5. Enron and Sarbanes-Oxley; 6. Citigroup and the Financial Crisis of 2008; 7. General Electric and the Problem of Earnings Management; 8. The Future of Securities Fraud Regulation; 9. Conclusion; Notes.

James J. Park is Professor of Law at UCLA School of Law. He writes and teaches in the areas of securities regulation and corporate law. He was an editor of Can Delaware Be Dethroned? Evaluating Delaware's Dominance of Corporate Law (with Iman Anabtawi, Stephen Bainbridge, & Sung Hui Kim, 2018).

'The Valuation Treadmill traces the history of securities fraud regulation in a novel way, with valuation as a conceptual through-thread. Professor Park builds from six examples of major securities frauds to buttress his proposals to modernize securities fraud regulation, focusing on financial market projections and earnings management. He presents a forceful, and often persuasively skeptical, argument that modern valuation methodologies are being abused, so much so that securities fraud threatens the integrity of public markets.' Frank Partnoy, Professor of Law, University of California Berkeley School of Law

• 1. Introduction; 2. Xerox and the Pressure to Meet Projections; 3. Penn Central and the Decline of Managerialism; 4. Apple and the Controversy of Projections Litigation; 5. Enron and Sarbanes-Oxley; 6. Citigroup and the Financial Crisis of 2008; 7. General Electric and the Problem of Earnings Management; 8. The Future of Securities Fraud Regulation; 9. Conclusion; Notes.

James J. Park is Professor of Law at UCLA School of Law. He writes and teaches in the areas of securities regulation and corporate law. He was an editor of Can Delaware Be Dethroned? Evaluating Delaware's Dominance of Corporate Law (with Iman Anabtawi, Stephen Bainbridge, & Sung Hui Kim, 2018).

'The Valuation Treadmill traces the history of securities fraud regulation in a novel way, with valuation as a conceptual through-thread. Professor Park builds from six examples of major securities frauds to buttress his proposals to modernize securities fraud regulation, focusing on financial market projections and earnings management. He presents a forceful, and often persuasively skeptical, argument that modern valuation methodologies are being abused, so much so that securities fraud threatens the integrity of public markets.' Frank Partnoy, Professor of Law, University of California Berkeley School of Law

• 1. Introduction; 2. Xerox and the Pressure to Meet Projections; 3. Penn Central and the Decline of Managerialism; 4. Apple and the Controversy of Projections Litigation; 5. Enron and Sarbanes-Oxley; 6. Citigroup and the Financial Crisis of 2008; 7. General Electric and the Problem of Earnings Management; 8. The Future of Securities Fraud Regulation; 9. Conclusion; Notes.