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The Banking Act 2009 has introduced a special regime to deal with failing banks in the UK. A feature of the legislation is the regulator's power to trigger the regime by determining whether or not a bank is likely to fail. The use of the Act with Dunfermline Building Society has highlighted the...
Persistent link: https://www.econbiz.de/10013136172
Atlantic. We show that the regulation of bankers' pay is presently more detailed and less flexible in Europe than in the US …
Persistent link: https://www.econbiz.de/10013091649
I develop a structural model of mortgage demand and lender competition to study how leverage regulation affects the … leverage regulation increases the concentration of mortgage originations, as large lenders exploit a regulatory cost advantage …
Persistent link: https://www.econbiz.de/10012911375
markets will be conditioned on meeting the condition of “equivalence of regulation and supervision” as laid down in many EU …
Persistent link: https://www.econbiz.de/10012943395
about the current status of banking regulation and supervision. Our unique starting point for answering that question comes … from the fact that 20 years ago we developed the first detailed, multi-country database on banking regulation and … from the most recent (2011-2012) World Bank survey on banking supervision and regulation. Key observations emerging from …
Persistent link: https://www.econbiz.de/10013052430
General partners (GPs) in private equity (PE) report the performance of an existing fund while raising capital for a follow-on fund. Interim performance has large effects on fundraising outcomes; the impact is greatest when backed by exits and for low reputation GPs. Faced with these incentives,...
Persistent link: https://www.econbiz.de/10012938210
Potential conflicts of interest arise when IPO underwriters allocate IPO shares to their affiliated funds. We hypothesize that such nepotism incentives affect IPO pricing. Using a novel hand-collected dataset, we find support for this hypothesis in a regression discontinuity design (RDD): a one...
Persistent link: https://www.econbiz.de/10012271189
Persistent link: https://www.econbiz.de/10011440831
When are banks fiduciaries of their customers and clients? This question is of more than theoretical interest given the organizational structure of modern financial institutions and the broad-ranging functions they perform. In this chapter of the Oxford Handbook of Fiduciary Law, I canvass...
Persistent link: https://www.econbiz.de/10012851902
I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g., valuation multiples), influencing...
Persistent link: https://www.econbiz.de/10013492053