Financial innovation has been described as the "life blood of efficient and responsive capital markets." Yet, few quantitative investigations have studied financial innovations and the diffusion of these new technologies. In this paper, we examine the diffusion of one such technology: credit...

Credit rating agencies (CRAs) play a central role in the debt (bond) markets of many countries. CRAs have also attracted a considerable amount of public and policy attention during the past decade, especially with respect to their role in the financial crisis of 2008–2009 and their role in the...

he Antitrust Revolution: Economics, Competition, and Policy, Fifth Edition, examines the critical role of economic analysis in recent antitrust case decisions and policy. The book consists of economic studies of twenty-one of the most significant antitrust cases of recent years, twelve of them...

This paper will explore how the financial regulatory structure propelled three credit rating agencies -- Moody's, Standard & Poor's (S&P), and Fitch -- to the center of the U.S. bond markets -- and thereby virtually guaranteed that when these rating agencies did make mistakes, these mistakes...

The Internet Corporation for Assigned Names and Numbers (ICANN) has control over extremely important aspects of the Internet. Yet, its non-profit corporation status, combined with the way that it is funded and governed, make accountability a serious problem. This paper draws on the...

The contributors – top international scholars from finance, law and business – explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features...