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The Social Constitution of Regulation : The Endogenization of Insider Trading Laws

Bozanic, Zahn - 2012

Accounting research, whether founded in an economics or sociological paradigm, has generally treated regulation as an exogenous part of the environment that shapes the behavior of those who operate within it. Recently, joining those who have advanced the regulator capture hypothesis, the...

Persistent link: https://www.econbiz.de/10013096597

Epidemics of 'Control Fraud' Lead to Recurrent, Intensifying Bubbles and Crises

Black, William K. - 2010

“Control frauds” are seemingly legitimate entities controlled by persons that use them as a fraud “weapon.” A single … control fraud can cause greater losses than all other forms of property crime combined. This article addresses the role of … control fraud in financial crises. Financial control frauds' primary weapon is accounting. Fraudulent lenders produce …

Persistent link: https://www.econbiz.de/10013144767

Debt overhang and capital regulation

Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2012

We analyze shareholders' incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer. This resistance is present even without any government...

Persistent link: https://www.econbiz.de/10009528814

Credit Default Swap Spreads as Viable Substitutes for Credit Ratings

Flannery, Mark J. - 2010

We evaluate the viability of credit default swaps (CDS) spreads as substitutes for credit ratings. We focus on CDS spreads based on the obligations of financial institutions, particularly fifteen large financial institutions that were prominently involved in the recent financial crisis. Our...

Persistent link: https://www.econbiz.de/10013138823

Hybrid Capital Structures and the Governance of State-Owned Companies : The Case of SABESP

Mirandola, Carlos Mauricio - 2010

Persistent link: https://www.econbiz.de/10013141012

The Demand for Financial Planning Services

Hanna, Sherman D. - 2011

Based on 1998 to 2007 Survey of Consumer Finances datasets the proportion of households reporting use of a financial planner increased from 21% in 1998 to 25% in 2007, with an estimated increase of almost five million households between 2004 and 2007. Multivariate analysis shows that the...

Persistent link: https://www.econbiz.de/10013118896

Will the Wheatley Recommendations Fix LIBOR?

Abrantes-Metz, Rosa M. - 2012

In this article we summarize the main problems with the current LIBOR setting, describe our proposal on how to reform LIBOR through a committed quote system (“CLIBOR”), and explain why the final Wheatley Review proposal on how to reform LIBOR, and its reasons for stopping short of our...

Persistent link: https://www.econbiz.de/10013097291

Efficient Markets and the Law : A Predictable Past and an Uncertain Future

Hu, Henry T. C. - 2012

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced — or has failed to influence — federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH...

Persistent link: https://www.econbiz.de/10013100915

On the Theoretical Foundations for Regulating Financial Markets

Pistor, Katharina - 2012

How we think about financial markets determines how we regulate them. Since the 1970s modern finance theory has shaped how we think about and regulate financial markets. It is based on the notion that markets are or can be made (more) efficient. Financial markets have been deregulated when they...

Persistent link: https://www.econbiz.de/10013103586

Collateral-Enhanced Default Risk

Kenyon, Chris - 2013

Changes in collateralization have been implicated in significant default (or near-default) events during the financial crisis, most notably with AIG. We have developed a framework for quantifying this effect based on moving between Merton-type and Black-Cox-type structural default models. Our...

Persistent link: https://www.econbiz.de/10013087656

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