security. We show that financial intermediaries design riskier securities after the exchange is introduced, even when the …

. In the United States, this rivalry embraces not only the Commodity Futures Trading Commission and the Securities and … establishes an evolutionary mechanism for adapting regulatory structures to technological and regulation-induced innovation. Using … benefits that may be associated with the regulatory tools used to control futures and securities markets(e.g., broker and …

As barriers to international investment fall and technology improves, the cost advantages for a firm's securities to … securities distinct from the capital markets of other countries will progressively disappear. However, securities laws remain an … important determinant of whether and where securities are issued, how they are valued, who owns them, and where they trade. The …

I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement … functionalities. The initial condition is characterized by a multitude of standards, conventions, regulation and laws, which are …

Asset-backed securities represent one of the largest and fastest growing financial markets. Under securitization … a whole loan. We examine how outsourcing impacts performance using data on 357 commercial mortgage-backed securities …, including conflicts between junior and senior securities holders (the asset substitution problem) and risk aversion among …

"Risk management" in securities markets refers to the oversight of portfolio managers and professional traders when …

We examine the capital-market effects of changes in securities regulation in the European Union (EU) aimed at reducing … traditionally more stringent securities regulation. The findings suggest that countries with initially weaker regulation do not … catch up with stronger countries, and that countries diverge more upon harmonizing regulation …

We study a production economy with multiple sectors financed by issuing securities to agents who face capital … tool, we study the introduction of the legacy Term Asset-Backed Securities Loan Facility (TALF). By considering …

The central tension in securities regulation is between protecting investors and enabling broad capital formation …