William K Sjostrom

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Courses

Scholarly Contributions

Books

• Sjostrom, W. K. (2023). Business Organizations 4th edition. Aspen.
• Sjostrom, W. K., Ertman, M., & Threedy, D. (2023). CONTRACT LAW: AN INTEGRATED APPROACH (2nd ed. 2023) . Foundation Press.
• Sjostrom, W. K. (2020). Securities regulation: cases and materials. New York: Wolters Kluwer.
• Sjostrom, W. K. (2020). Supplement for "Securities Regulation", 9th Ed..
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  Supplement for Cox, Hillman, Langevort, Lipton, Sjostrom, "Securities Regulation"(9th ed., in progress)
• Sjostrom, W. K. (2021). Mergers & Acquisitions, 2nd edition.
• Sjostrom, W. K. (2021). Mergers and Acquisitions Law, 2nd edition. Carolina Academic Press.
• Sjostrom, W. K., Cox, J., Hillman, B., Langevoort, D., & Lipton, A. (2019). Securities Regulation Cases and Materials. Aspen.
• Sjostrom, W. K., Ertman, M., & Threedy, D. (2019). Contracts An Integrated Approach. Foundation Press.
• Sjostrom, W. K., Ertman, M., & Threedy, D. (2020). Teacher's Manual for "Contract Law" casebook. West Academic.
• Sjostrom, W. K. (2019). Business Organizations: A Transactional Approach (3d ed).
• Sjostrom, W. K. (2015). BUSINESS ORGANIZATIONS: A TRANSACTIONAL APPROACH (2nd ed.). Wolters Kluwer.

Chapters

• Sjostrom, W. K. (2011).

  Private Investment in Public Equity

  . In CAPITAL STRUCTURE AND CORPORATE FINANCING DECISIONS. doi:10.1002/9781118266250.ch23

Journals/Publications

• Sjostrom, W. K., & Talbot, B. (2020). "Disingenuous and somewhat deplorable” A look at hospitals’ use of healthcare-provider liens to reap a windfall. Florida State Law Review.
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  Scheduled for publication 2020
• Sjostrom, W. K. (2015). Afterword to The AIG Bailout. Wash. & Lee L. Rev., 72(2).
• Sjostrom, W. K. (2015). The Intersection of Fee-Shifting Bylaws and Securities Fraud Litigation. WASH. U. L. REV, 93(2).
• Sjostrom, W. K. (2011). Private Investment in Public Equity. Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice, 401-417.
• Sjostrom Jr., W. K. (2008). The birth of rule 144A equity offerings. UCLA Law Review, 56(2), 409-448.
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  Abstract: In a groundbreaking deal closed in May 2007, Oaktree Capital Management LLC, a leading private U.S. hedge fund advisory firm, sold a 15 percent equity stake in itself for $880 million. The deal is groundbreaking because it was not structured as an initial public offering (IPO), traditionally the only option for an equity offering of this size by a private company. Instead, it was structured as a private placement under Rule 144A of the Securities Act of 1933, which enables a company to market and sell securities through an underwriter to institutional investors without registering the offering with the Securities and Exchange Commission. Oaktree's novel use of Rule 144A was driven by two factors. First, passage of the Sarbanes-Oxley Act of 2002 made it much more expensive to be a public company, thereby decreasing the attractiveness of an IPO. Second, the emergence of a centralized trading market for Rule 144A equity securities improved their liquidity, thus increasing the attractiveness of a Rule 144 A equity offering. Consequently, for some firms the value of pursuing a Rule 144 A equity offering exceeded the value of pursuing an IPO. The purpose of this Article is to explore this development. Specifically, this Article analyzes the legal framework of Rule 144A and details the burgeoning Rule 144A trading market. It then compares the costs and benefits of an IPO to those of a Rule 144A equity offering and theorizes about a firm's calculus for choosing one structure over the other. Finally, this Article argues that Rule 144A equity offerings are firmly grounded in public policy and thus recommends regulatory reforms to improve their viability.
• Sjostrom, W. K. (2008).

  The Truth About Reverse Mergers

  . 3 ENTREPRENEURIAL BUS. L.J. 743.
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  The Article examines the reverse merger method of going public. It describes the principal features of reverse mergers, including deal structure and legal compliance. Although reverse mergers are routinely pitched as cheaper and quicker than traditional IPOs, the Article argues that such pitches are misleading and, for many companies, irrelevant.
• Kim, Y. S., & Sjostrom, W. K. (2007).

  Majority Voting for the Election of Directors

  . SSRN Electronic Journal. doi:10.2139/ssrn.962784