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Can Bank Boards Prevent Misconduct?

Duc Duy Nguyen, Jens Hagendorff and Arman Eshraghi.

in Review of Finance

March 2016; p ublished online April 2015 .

Journal Article. Subjects: Financial Institutions and Services; Corporate Governance; Law and Economics. 15917 words.

We study regulatory enforcement actions issued against US banks to show that both board monitoring and advising are effective in preventing misconduct by banks. While better monitoring by...

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Hans B. Christensen, Luzi Hail and Christian Leuz.

in The Review of Financial Studies

November 2016; p ublished online July 2016 .

Journal Article. Subjects: International Finance; International Financial Markets; Financial Regulation; Corporate Governance; Law and Economics; Accounting. 20691 words.

We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for...

The Democratization of Credit and the Rise in Consumer Bankruptcies

Igor Livshits, James C. Mac Gee and Michèle Tertilt.

in The Review of Economic Studies

October 2016; p ublished online March 2016 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Financial Regulation; Law and Economics. 18133 words.

Financial innovations are a common explanation for the rise in credit card debt and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions:...

The economic geography of European carbon market trading

Eric R. W. Knight.

in Journal of Economic Geography

September 2011; p ublished online October 2010 .

Journal Article. Subjects: Law and Economics; Financial Regulation; International Financial Markets; Economics. 11862 words.

The European Union Emissions Trading Scheme (EU ETS) is the world’s first regional carbon trading market. This article is a quantitative attempt to examine the temporal and spatial...

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Ending “Too Big To Fail”: Government Promises Versus Investor Perceptions

Todd A. Gormley, Simon Johnson and Changyong Rhee.

in Review of Finance

March 2015; p ublished online April 2014 .

Journal Article. Subjects: Money and Interest Rates; Financial Regulation; Law and Economics; History of Financial Markets and Institutions; Capitalist Systems. 11359 words.

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea’s 1997–98 crisis suggests an answer: No. Despite...

How Law Affects Lending

Rainer Haselmann, Katharina Pistor and Vikrant Vig.

in The Review of Financial Studies

February 2010; p ublished online September 2009 .

Journal Article. Subjects: International Finance; Banking; Financial Regulation; Bankruptcy; Law and Economics. 13695 words.

The paper investigates the effect of legal change on the lending behavior of banks in twelve transition economies. First, we find that banks increase the supply of credit subsequent to...

The influence of the economic approaches to regulation on banking regulations: a short history of banking regulations

Sophie Harnay and Laurence Scialom.

in Cambridge Journal of Economics

March 2016; p ublished online April 2015 .

Journal Article. Subjects: History of Economic Thought (1925 onwards); Financial Regulation; Law and Economics. 14007 words.

This article highlights the theoretical foundations of the regulations at work in the banking sector and examines their responsibility in the onset of the 2007–2008 financial crisis....

Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Rule

K. J. Martijn Cremers and Roberta Romano.

in American Law and Economics Review

January 2011; p ublished online January 2011 .

Journal Article. Subjects: Mergers and Acquisitions; Financial Regulation; Law and Economics; Corporate Regulation. 17800 words.

This article examines the impact on shareholder voting of the Securities and Exchange Commission (SEC)'s mutual fund voting disclosure rule, using a paired sample of management proposals on...

Investor Protection and Interest Group Politics

Lucian A. Bebchuk and Zvika Neeman.

in The Review of Financial Studies

March 2010; p ublished online June 2009 .

Journal Article. Subjects: Analysis of Collective Decision-making; Financial Institutions and Services; Corporate Governance; Law and Economics; Economic Development. 15207 words.

We model how three groups—insiders in existing public companies, institutional investors, and entrepreneurs planning to take firms public—compete for influence over politicians setting the...

Mutual funds that invest in private equity? An analysis of labour-sponsored investment funds

Douglas J. Cumming and Jeffrey G. MacIntosh.

in Cambridge Journal of Economics

May 2007; p ublished online January 2007 .

Journal Article. Subjects: Financial Institutions and Services; Corporate Regulation; Law and Economics; Financial Regulation; Investment Banking; Corporate Governance. 18420 words.

This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only from individuals, and reinvests this contributed capital in priva...

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The political economy of financial development

Sourafel Girma and Anja Shortland.

in Oxford Economic Papers

October 2008; p ublished online September 2007 .

Journal Article. Subjects: Law and Economics; Financial Regulation; Capitalist Systems; Economic Development. 11217 words.

Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to...

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Regulatory Oversight and Return Misreporting by Hedge Funds

Stephen G. Dimmock and William C. Gerken.

in Review of Finance

March 2016; p ublished online June 2015 .

Journal Article. Subjects: Financial Institutions and Services; Financial Regulation; Law and Economics. 12259 words.

We use Securities and Exchange Commission (SEC) rule changes to show that regulatory oversight reduces return misreporting by hedge funds. Specifically, we use a 2004 rule change that...

Should Insider Trading be Prohibited when Share Repurchases are Allowed?

Andrea M. Buffa and Giovanna Nicodano.

in Review of Finance

December 2008; p ublished online May 2008 .

Journal Article. Subjects: Financial Regulation; Economics; Information, Knowledge, and Uncertainy; Law and Economics. 10557 words.

This paper considers share repurchases as the way long-term shareholders preserve their ability to use corporate information for speculative purposes when insider trading regulation is...

A Theory of “Crying Wolf” : The Economics of Money Laundering Enforcement

Előd Takáts.

in The Journal of Law, Economics, and Organization

April 2011; p ublished online August 2009 .

Journal Article. Subjects: Regulation and Industrial Policy; Financial Regulation; Law and Economics; Economics. 15202 words.

The article shows how excessive reporting, called “crying wolf”, can dilute the information value of reports and how more reports can mean less information. Excessive reporting is...

Weather Index Insurance for Agriculture and Rural Areas in Lower-Income Countries

Barry J. Barnett and Olivier Mahul.

in American Journal of Agricultural Economics

December 2007; p ublished online December 2007 .

Journal Article. Subjects: Economic Development; Environmental Economics; Law and Economics; Agricultural Economics; Regulation and Industrial Policy; Insurance. 3795 words.

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