Tanulmányukban a szerzők áttekintést nyújtanak a magyar bankrendszer elmúlt évtizedben lezajlott változásairól. A folyamatok történeti bemutatásával párhuzamosan amellett érvelnek, hogy mind a bankrendszer kialakítása, mind a későbbi állami beavatkozások alkalmával...

A tanulmány annak az úgynevezett bölcsek bizottságának a jelentésén alapul, amely a szerző vezetésével tekintette át az Európai Unió felkérésére az értékpapír-kereskedelem szabályozását s e szabályozás továbbfejlesztésének kívánatos irányait. A szerző először a...

The law relating to shareholders' meetings is almost invariably built on the assumptions of rational operators (shareholders, directors etc.), perfect information and no transaction costs. In such a model all operators select, within the alternatives available, the path of action that maximises...

We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms by trading venue and provide evidence on survival, success, frequency of venue changes, reporting status, and trading activity. A large...

In a context of fundamental human right to a healthy environment should be analyzed and other fundamental rights guaranteed by the constitution on which alone their interpretation in the context of environmental protection is in accordance with the principles of sustainable development of...

This paper examines whether the movement toward convergence of the International Financial Reporting Standards (IFRS) has ended. The methodology for this research is based on comparative institutional analysis and experimental game theory. In addition,we adopt a 3×3 coordination game because an...

In this paper, we study the impact of the entry costs imposed by the German Limited Liability Company Law on firm entry. The law implies an expensive and complex incorporation process. As entrepreneurs choose between legal forms when entering the market, either a legal form with limited...

Since the 2008 financial crisis, in which the Reserve Primary Fund "broke the buck," money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman...

Performance pay, at least as usually understand, is no good idea for non-executive directors. They have to supervise and control or in some situations even to fire and replace the executive managers. This means that their performance as supervisors is totally different from the performance of...

Should managers be liable for ill-conceived business decisions? One answer is given by U.S. courts, which almost never hold managers liable for their mistakes. In this paper, we address the question in a theoretical model of delegated decision making. We find that courts should indeed be lenient...