This paper is a first contribution to a relevant topic which is both theoretical and practical at the same time. Italian financial intermediaries are now obliged to find urgent solutions: in a very short time they have to invest huge sums to implement MIFID compliant procedures and behaviours....

In this Chapter, we examine the new rules concerning the internalisation of trading orders by investment intermediaries included in the Directive on Markets in Financial Instruments (MiFID). We analyse, first of all, the interplay amongst different interest groups in the legislative process that...

This paper uses a natural experiment to measure market response to the adoption of the Sarbanes-Oxley Act (SOX). Because SOX applies to all US public companies, US-based studies have difficulty separating the effects of contemporaneous events. However, controlled analysis is available: SOX...

Regulatory failure causing financial crises has occurred with great frequency in the last ten years in both advanced and emerging nations. Theories of regulation have failed to define and describe the meanings of deregulation, the range of regulatory models and their goals, the significance of...

Regulatory failure causing financial crises has occurred with great frequency in the last ten years in both advanced and emerging nations. Theories of regulation have failed to define and describe the meanings of deregulation, the range of regulatory models and their goals, the significance of...

Regulatory failure causing financial ccrises has occurred with great frequency in the last ten years in both advanced and emerging nations. Theoreis of regulation have failed to define and describe the meanings of deregulation, the range of regulatory models and their goals, the significance of...

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...

The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private...