This introduction to a compendium published by Edward Elgar (forthcoming) identifies and critically discusses leading research on the economics of securities law. Topics include the origins of securities regulation, the case for mandatory disclosure, the efficient markets hypothesis, insider...

This chapter from our forthcoming book on financial institution regulation identifies the fundamental economic form of a commercial banking firm. We argue that a commercial bank is a financial intermediary that operates as a payments specialist. The intermediation and payment functions are not...

We study attorney fee awards in 458 class action settlements reported in the five years from 2009-2013. Despite the financial crisis and its many effects on our national life, little has changed in class action attorneys' fees. Average percentage fees are in line with prior studies. The key...

This paper presents a simple model of takeover regulation in a federal system. The theory has two parts. First, the model predicts that the rules applicable at more general political levels will be more favorable to takeover bids than will the rules applicable at local levels. The reason is that...