There is extensive research addressing questions of optimal capital structure. Studies typically focus on estimating the appropriate level of debt and the factors associated with financial leverage. This paper addresses a slightly different question: how does a company's choice of leverage...

This article outlines the development of English company law in the four centuries before 1900. The main focus is on the evolution of the corporate form and the five key legal characteristics of the corporation - separate legal personality, limited liability, transferable joint stock, delegated...

We will assess how governance and incentive problems contributed to Enron's rise and fall. A well-functioning capital market creates appropriate linkages of information, incentives, and governance between managers and investors. This process is supposed to be carried out through a network of...

For the poor, finance is always about much more than economics. In practical as well as philosophical terms it is a matter of basic human rights. As the dust begins to settle on the global financial crisis it is certain that all economies will suffer, but it is in the poorest, least developed...

In Basic, Inc. v. Levinson the United States Supreme Court effectively affirmed the efficient market hypothesis by ruling that a plaintiff who purchased securities on an open and developed market can be presumed to have relied on the integrity of the market price. Although the Court confined its...

While scholars debate the fairness and efficiency of full priority secured lending and asset securitization, lawmakers pass statutes that only expand these types of financing. Lawmakers seem compelled to err in favor of sophisticated secured creditors and against creditors in weak bargaining...

In contrast to financial arbitrage, which causes prices of economically equivalent transactions to converge in the direction of one price, regulatory arbitrage does not lead to such price convergence. In contrast, regulatory arbitrage tends to produce two different prices for economically...

The United States equity market is made up of both private and public trading venues, creating a framework dark and light trading liquidity. Private or non-publicly visible liquidity is housed in dark venues while liquidity visible to the public sits in light locations. Light markets follow...

The potential of active portfolio management with fixed-mix strategies is analysed under the systemic risk settings of the derivative market and the financial assets market. The fast exponential growth of fixed-mix portfolios under the non-degeneracy condition, which is the non-constancy of the...

Uniswap is a decentralized exchange (DEX) and was first launched on November 2, 2018 on the Ethereum mainnet [1] and is part of an Ecosystem of products in Decentralized Finance (DeFi). It replaces a traditional order book type of trading common on centralized exchanges (CEX) with a...