Showing 1 - 10 of 117
This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post … FMIs regulation. By reviewing the current move from ‘private’ markets to ‘public’ markets internationally, and with respect … supervision. - This paper is a draft chapter for a forthcoming volume, "The Oxford Handbook on Financial Regulation," edited by …
Persistent link: https://www.econbiz.de/10011125895
The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this … paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and … the proposed new Markets in Financial Instruments Directive and Regulation, will expand "public" securities and …
Persistent link: https://www.econbiz.de/10011126127
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...
Persistent link: https://www.econbiz.de/10010884735
We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...
Persistent link: https://www.econbiz.de/10010884755
This paper shows how separation of ownership and control may arise as a response to overload costs, despite agency costs, and how conglomerates arise as solution to information asymmetries in capital markets. In a context where entrepreneurs have the ability to run projects and improve their...
Persistent link: https://www.econbiz.de/10010745110
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional...
Persistent link: https://www.econbiz.de/10010745303
Complex regulatory decisions about risk rely on the brokering of evidence between providers and recipients, and involve personality and power relationships that influence the confidence that recipients may place in the sufficiency of evidence and, therefore, the decision outcome. We explore...
Persistent link: https://www.econbiz.de/10011126122
framework highlighted the extent to which “low risk” and “high risk” regulation are distinct. “Low risk” means “low priority …
Persistent link: https://www.econbiz.de/10011126389
Risk-based regulation is becoming a familiar regulatory strategy in a wide range of areas and countries. Regulatory …
Persistent link: https://www.econbiz.de/10011126704
This article examines the 2007 banking crisis from an interdisciplinary and, in particular, social constructivist perspective to identify its structural and systemic causes. After presenting and explaining a wide meta-theoretical framework that can accommodate different understandings of...
Persistent link: https://www.econbiz.de/10010884691