The California securities law has been around since 1913 and has evolved over the years. The researchers are questioning whether it's time to change how securities offerings are regulated in California. They looked at the history of the law and changes made from 1917 to now, focusing on different types of transactions like private stock offerings and real estate syndications. They also analyzed data on the number and types of securities offerings in California. The goal is to determine if the current system of merit review is still effective.