Based on a review of international and regional responses to the global financial and economic crisis and its implications for finance in Asia, Douglas Arner and Lotte Schou-Zibell draw lessons for Asian financial systems with regard to the scope of regulation; financial standards; supervision,...

The global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets and towards more a more balanced economic structure supported...

Failures of banks' governance and risk management functions have been identified as key causes of the 2007-2008 financial crisis. This article reviews the empirical literature that investigates the relationship between governance structures and risk management functions as well as their impact...

This Article considers the scope of the Federal Reserve's emergency loan-making powers and analyzes their use during the recent financial crisis. It argues that many of the Fed's responses to the crisis exceeded the bounds of its statutory authority.In unusual and exigent circumstances, § 13(3)...

There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...

This paper explains the events that culminated with Lehman Brothers filing for bankruptcy on September 15, 2008. This traditional investment bank, distinguished among the industry for its strategic aggressiveness, and arrogant, self-centered corporate culture, enjoyed major prosperity during the...

Prominent policy makers assert that managerial short-termism was at the root of the subprime crisis of 2007-2009. Prior scholarly research, however, largely rejects this assertion. Using a more comprehensive measure of CEO incentives for short-termism, we uncover evidence that short-termism...

This descriptive paper analyzes the performance of the private equity secondaries market during the financial crisis 2008-2009, in order to understand the effective liquidity of private equity investments during this episode of market stress. We document that the secondaries market followed the...

Big investment managers, such as Vanguard and Fidelity, have accumulated an astonishing amount of common stock in America's public companies—so much that they now have enough corporate votes to control entire industries. What will these big managers do with their potential power?This Article...

We empirically investigate whether and how the ex-ante M&A activity of banks relate to their much debated bailouts and credit ratings during the 2008 financial crisis. Our M&A sample comprises of 1603 transactions performed by 41 large sized European banks over the period 1990-2006. We find that...