Minority shareholdings have been on the regulatory agenda of competition authorities for some time. Recent empirical studies, however, draw attention to a new, thought provoking theory of harm: common ownership by institutional investors holding small, parallel equity positions in several...

This paper puts together the pieces of the puzzle of the ongoing regulatory competition debate on corporate law in the US. At early stages of this process Delaware conquered the leader’s place replacing Jersey, and forever locked-in there through peculiar manners. The States take as granted...

Since the beginning of the financial crisis, multinational banks have been accused of being among the major causes of the financial system's destabilization. But the available empirical evidence on the relationship between international diversification, value creation and riskiness of financial...

Several countries have recently introduced national capital standards exceeding the internationally coordinated Basel III rules, thus suggesting a 'race to the top' in capital standards. We study regulatory competition when banks are heterogeneous and give loans to firms that produce output in...

Civil liability of rating agencies has to strike a balance between over-deterrence and overly lax behavior control. The resulting problems of a capital market freeze and difficulties of proof, as they become apparent in most legal systems and the European Commission's Draft Proposal to amend the...

We examine how banks' cross-border lending reacts to changes in liquidity regulation using a new dataset on Individual Liquidity Guidance (ILG), which was enacted in the UK from 2000 to 2015 and is similar to the Basel III Liquidity Coverage Ratio. A one percentage point increase in liquidity...

Several countries have recently introduced national capital standards exceeding the internationally coordinated Basel III rules, thus suggesting a ‘race to the top' in capital standards. We study regulatory competition when banks are heterogeneous and give loans to firms that produce output in...

Several countries have recently introduced national capital standards exceeding the internationally coordinated Basel III rules, which is inconsistent with the 'race to the bottom' in capital standards found in the literature. We study regulatory competition when banks are heterogeneous and give...

Several countries have recently introduced national capital standards exceeding the internationally coordinated Basel III rules, thus suggesting a "race to the top" in capital standards. We study regulatory competition when banks are heterogeneous and give loans to firms that produce output in...