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Regulatory Sanctions and Reputational Damage in Financial Markets

Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010

We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial Services Authority and London Stock Exchange on the market price of penalized firms. Since these agencies do not announce enforcement until a penalty is levied, their actions...

Persistent link: https://www.econbiz.de/10008682887

Institutional Investors as Minority Shareholders: Do They Matter When Ownership Is Concentrated?

Hamdani, Assaf; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010

We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...

Persistent link: https://www.econbiz.de/10008554240

The Market for Corporate Law

Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002

This Paper develops a model of the competition among states in providing corporate law rules. The analysis provides a … full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with … explain, existing empirical evidence; they also indicate that the performance of state competition cannot be evaluated on the …

Persistent link: https://www.econbiz.de/10005114390

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno; Pelizzon, Loriana; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2015

This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...

Persistent link: https://www.econbiz.de/10011165663

Towards a Legal Theory of Finance

Pistor, Katharina - C.E.P.R. Discussion Papers - 2012

This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put...

Persistent link: https://www.econbiz.de/10011084310

Financial Disclosure and Market Transparency with Costly Information Processing

Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012

We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...

Persistent link: https://www.econbiz.de/10011083365

An Economic Analysis of Australian Damage Remedies for Misleading Prospectuses: Trade Practices Act vs. Corporations Law

Pitchford, R. - Research School of Economics, College of Business and … - 1997

Laws that address damages caused by deceptive or misleading prospectuses impact on the incentive issuers face to create such prospectuses, and hence impact on the level of investment. In Australia, it has been proposed to shift from a strict liability regime under s52 of the Trade Practices Act,...

Persistent link: https://www.econbiz.de/10004971400

Shareholder Protection, Stock Market Development and Politics

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper presents a political economy model where there is mutual feedback between investor protection and stock market development. Better investor protection induces companies to issue more equity and thereby leads to a broader stock market. In turn, equity issuance expands the shareholder...

Persistent link: https://www.econbiz.de/10005789093

The Future of Securities Regulation

Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in...

Persistent link: https://www.econbiz.de/10005792085

Corporate Fraud, Governance and Auditing

Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008

We analyze corporate fraud in a model in which managers have superior information but are biased against liquidation, because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb...

Persistent link: https://www.econbiz.de/10005792136

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