“In a shareholder direct listing, companies don’t raise funds; instead, the listing simply provides an outlet for existing shareholders to sell their shares,” explained Brent Horton, associate professor and area chair of Law and Ethics at the Gabelli School of Business. The problem, he said, is that “there is no underwriter for these transactions, an important oversight feature of IPOs.” That means companies opting for direct listings may not be vetted as carefully.

Shareholder protections are one of the main focuses of Horton’s research. He has published prolifically in law journals, and his recent paper on Spotify’s direct listing was cited in an amicus brief in Slack v. Pirani, a case involving Slack’s direct offering, which was heard by the Supreme Court in April. “My target audience is attorneys and judges,” Horton said. “When the disputes arise, they are going to have to interpret statutes and regulations that were not drafted with these new factual scenarios in mind.”

Horton, who joined the Gabelli School faculty in 2009, teaches undergraduate and graduate courses, including Commercial Law, Business Organizations, and Securities Regulation. He is quick to point out how vital research is to his work in the classroom and how much he values interactions with his students. “When we discuss Slack v. Pirani and what’s going on in the Supreme Court, we can have rich, deep discussions. My research keeps my teaching fresh and relevant.”

Horton earned his J.D. at the Syracuse University College of Law. He also holds an LL.M. in corporate law from the New York University Law School and a bachelor’s degree from the State University of New York College at Geneseo.

Originally from upstate New York, Horton said that his hometown of Chittenango is most notable as the birthplace of L. Frank Baum, the author of The Wizard of Oz. In high school, he met his wife, Kelley, a third-grade teacher, while the two performed in musicals, though they did not start dating until 15 years after they graduated. Today, the couple has two young children, James and Charles.

When not occupied with his academic duties, you can often find Horton in his art studio. He is an accomplished painter of landscapes and wildlife, and he also builds intricately detailed model aircraft.

In 2022, in recognition of his many contributions to the Gabelli School, Horton was honored with the Dean’s Award for Service. He is also a past recipient of the Cura Personalis Award and a board member of Colleagues in Jesuit Business Education, which aims to enhance business programs at Jesuit schools. About his career, Horton said, “People tend to go into professions that help them make sense of the world. Business law does that for me.”