Purpose – The purpose of this paper is to stress the role that several defective theories or views of the world played in generating the subprime financial crisis. Design/methodology/approach – This is done by describing these views, showing that they were widely held by relevant decision...

Purpose – The purpose of this paper is to explore the impact of creditors' undervaluing the total expected cost of a borrower's bankruptcy filing because a portion of the cost will be borne by other lenders. Creditors who bear a smaller portion of the total cost of a personal bankruptcy would...

Purpose – The paper aims to study the importance of financial market development and financial structure in explaining the financial policies of firms in emerging market countries. Design/methodology/approach – The paper uses a panel data of 32 countries and the system generalized method of...

Purpose – World Trade Organization (WTO) accession marked a new beginning for China's economic, legal and institutional reforms and rapid integration with the rest of the world. The purpose of this paper is to review China's post‐WTO transition experience, synthesize and update studies on...

Purpose – The purpose of this paper is to review the importance of mass shared beliefs in shaping economies, markets, nations, and business strategies. Design/methodology/approach – The paper takes the form of an opinion column. Findings – The paper reveals that it is important to factor...

Purpose – The purpose of this paper is to measure the contribution of capital formation, labor, and technological progress to the growth of the Vietnamese economy, the impact of economic reforms ( doi moi ) since the end of 1986, and the rates of returns to capital and labor....

Purpose – The purpose of this paper is to analyse regulatory reform in the wake of the financial crisis of 2007‐2008. Design/methodology/approach – The paper proposes a framework for regulatory reform that begins with the observation that financial manias and panics cannot be legislated...

Purpose – The purpose of this paper is to provide an overview of the major provisions of the Dodd‐Frank Wall Street Reform and Consumer Protection Act passed by the US Congress and signed into law by President Obama on July 21, 2010. Design/methodology/approach – This does not offer any...

Purpose – The purpose of this paper is to evaluate recent financial system reforms in the USA by placing them in the context of major structural trends currently underway in the markets, due to technology and globalization of trading. Design/methodology/approach – The paper describes trends...