In this paper, we show that too strong investor protection may harm small firms and, thus, entrepreneurial initiatives. This situation is particularly relevant in crowdinvesting, which refers to a recent financial innovation originating on the Internet. In general, securities regulation offers...

Die Zentrale Gegenpartei unterscheidet sich von anderen Infrastrukturbetrieben des Finanzmarktes durch die vollständige Übernahme von Gegenparteien aus Effektenhandelsgeschäften. Die vorliegende Arbeit setzt sich mit der Fragestellung auseinander, ob die Regulierung der Zentralen...

We consider whether traders are more likely to commit securities violations when trading at home, a new form of working induced by the Covid pandemic. We examine data pre- and post-Covid, during which some traders were unexpectedly forced to work at home. The data indicate the presence of both a...