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有关证券法的学术争论就像历史学上有关第一次世界大战起源的论战一样，都明显地有着类似的阶段性：先是传统主义学者把历史事件看成是一部正义与邪恶的道德戏剧，然后由修正主义者来揭穿一切，指出貌似的好人才是真正的坏蛋，最后由工匠式的学者纠正修正主义者言过其实的言论
The academic debate on securities law, like the controversy in history that argues about the origins of World War I, apparently has similar phases: first, traditionalist scholars regard historical events as a moral drama of justice and evil, The revisionists then expose everything, pointing out that seemingly good people are the real bad guys and, finally, the artisan scholars correct the revisionist rhetoric