This paper uses occupational employment and wage data for over 270 industries from 1990 to 2017 to estimate the percentage of an industry’s annual labor costs paid to perform regulation-related tasks. We hypothesize that this measure reflects the intensity of regulations that incentivize firm...

A stable financial system is a prerequisite for well-functioning market exchanges, which, in turn, allow reaping the benefits of economic specialisation and trade. In many countries around the world, the benefits of modern finance are taken for granted. Financial stability comes to the forefront...

The papers included in this issue are selected from the 7th International Conference of the Financial Engineering and Banking Society (FEBS) organized by Strathclyde Business School during 1-3 June 2017. With circa 200 academics, practitioners and regulators participating as delegates from...

This essay, based on the author's presentation last September to the annual meeting of the North American Securities Administration Association (NASAA), addresses several issues related to Rule 506, the most widely-used of the SEC's transactional exemptions from federal registration of...

This research focuses on the advancement of the Compliance function within financial intermediaries. Eighty four financial firms (banks, investment companies and insurance companies) took part in this research. Two criteria have been used to interpret the results: 1) the prevailing workability...

The crisis has prompted a shift toward a tighter and more macro-prudential approach to financial regulation. But the reform agenda still needs to address the role of supervisory (rather than regulatory) failures, while the institutional arrangements needed to implement the new framework remain...

Reforming regulation of the financial sector is currently among the most immediate concerns of domestic and international policymakers. Proposals for such reform are proliferating, and the official sector appears committed to adopting at least some meaningful reforms in the near-term. Broadly...

A repurchase agreement (repo) is the sale of financial assets coupled with a promise to repurchase the same assets at a later date. With similar economic characteristics to secured loans and bank deposits, the repo market is one of the main sources of liquidity for the financial system. Having...

The recent financial crisis has shown that financial innovation can have devastating systemic impacts. International standard setters'' and national regulators'' response has been a global concerted effort to overhaul and tighten financial regulations. However, at a time of designing stricter...

This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put...