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system. Whereas the traditional view on regulation focuses on capital as a buffer against exogenous risks, our approach … boundary problem in entity-based financial regulation and provides a motivation for substantially lower levels of leverage …
Persistent link: https://www.econbiz.de/10013004721
In this study, using the World Bank’s Bank Regulation and Supervision Survey (BRSS) data, we draw insights about the … bank regulatory/supervisory styles, illustrate the differences in regulation/supervision among crisis, non-crisis and BRICS … countries, and highlight the ways in which bank regulation and supervision has changed during the crisis period. The study …
Persistent link: https://www.econbiz.de/10011113271
Persistent link: https://www.econbiz.de/10010424064
We show that following a tick size reduction in a decimal public limit order book (PLB) market quality and welfare fall for illiquid but increase for liquid stocks. If a Sub-Penny Venue (SPV) starts competing with a penny-quoting PLB, market quality deteriorates for illiquid, low priced stocks,...
Persistent link: https://www.econbiz.de/10010227726
submitted its report in 2013 and four of its members recorded dissenting notes. This paper examines the changes in regulation in … respect to e.g. capital adequacy, shadow banking and accounting. The paper also reviews the current levels of development of … the Indian banking, capital markets, pensions and insurance sub-sectors and past episodes of egregious wrongdoing. The …
Persistent link: https://www.econbiz.de/10011483647
At a time of such great turbulence, looking to the future directions of capital markets and their regulation in … current, and readily observable, phenomena which are likely to shape capital markets regulation in the near future. First of … for what may be the somewhat indiscriminate widening of the “perimeter” of regulation; costs of compliance mount …
Persistent link: https://www.econbiz.de/10013113237
This paper derives -- considering a Gaussian setting -- closed form solutions of the statistics that Adrian and Brunnermeier (2010) and Acharya et al. (2009) have suggested as measures of systemic risk to be attached to individual banks. The statistics equal the product of statistic specific...
Persistent link: https://www.econbiz.de/10013115707
Reforming regulation of the financial sector is currently among the most immediate concerns of domestic and … reform. It argues that the process of reforming financial regulation should begin with a comprehensive, granular study of …-containment with regulatory reform and may end up designing a retrospective framework for financial regulation. A comprehensive post …
Persistent link: https://www.econbiz.de/10013158883
A speed bump in financial markets is an intentional delay imposed on trade execution. Its primary purpose is to mitigate asymmetric information by slowing down high-frequency traders (HFTs). In contrast to its intended purpose, this paper shows that a speed bump has the crowding-in effect on...
Persistent link: https://www.econbiz.de/10012851749
Investors rely on analyst recommendations when making investment decisions. Over the last few years, however, sell-side analysts have caught the attention of the supervisory authorities given their vulnerability to numerous conflicts of interest. In this paper, we empirically examine relevant...
Persistent link: https://www.econbiz.de/10013056175