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Investors rely on analyst recommendations when making investment decisions. Over the last few years, however, sell-side analysts have caught the attention of the supervisory authorities given their vulnerability to numerous conflicts of interest. In this paper, we empirically examine relevant...
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Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the staggered passage of state securities fraud statutes (“blue sky laws”) in the United States to estimate the causal effects of investor protection law on firm financing decisions...
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Atlantic. We show that the regulation of bankers' pay is presently more detailed and less flexible in Europe than in the US …
Persistent link: https://www.econbiz.de/10013091649
This paper explores an extensive novel panel-data set covering more than 4,000 listed firms in 16 European countries to study the effects of shareholder protection on ownership structure and firm performance. Recent research criticizes the existing law and finance literature using (i)...
Persistent link: https://www.econbiz.de/10012975606
The global financial crisis has further highlighted the importance of bank capital regulation for the stability of the … banking system. This article aims to reconcile the views of the academics and regulators about bank capital regulation …. Lightweight and procyclical bank capital regulation with ample possibilities for regulatory arbitrage has contributed to the pre …
Persistent link: https://www.econbiz.de/10013050794
higher adjustment costs, due to the weaker governance and stricter regulation, the adjustment is significantly slower. Banks … ratios contributes to our understanding of which settings influence (i) the pro-cyclicality of capital regulation and (ii …
Persistent link: https://www.econbiz.de/10013038131
Clearinghouses are systemic nodes in financial markets that handle trillions of dollars’ worth of transactions. Yet, these critical market infrastructures stand on fragile foundations. The Dodd-Frank Wall Street Reform Act of 2010, the sweeping financial reform that followed the 2008 financial...
Persistent link: https://www.econbiz.de/10014361940