This article discusses the 2008 "clarification" of the Sukuk Standard of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The clarification was issued by the Shariah Committee of AAOIFI in response to a review of all outstanding sukuk at the time. The...

The JOBS Act amended Regulation A to increase the maximum offering size of exempt securities from $5 to $50 million per year, eventually rising to $75 million. This study analyzes SEC Regulation A filings from July 2015 to December 2022 and finds a significant increase in qualified filings from...

The Jumpstart Our Business Startups (JOBS) Act of 2012 directed the U.S. Securities and Exchange Commission to amend Regulation A and increase the offering limit for issuances up to $50 million. The SEC implemented changes to Regulation A in 2015, establishing two tiers: Tier 1 for offerings up...

The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...

This paper examines banks' disclosures and loss recognition in the financial crisis and identifies several core issues for the link between accounting and financial stability. Our analysis suggests that, going into the financial crisis, banks' disclosures about relevant risk exposures were...

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general...

The financial crisis of 2008 focused increasing attention on corporate America and, in particular, the risk-taking behavior of large financial institutions. A growing appreciation of the “public” nature of the corporation resulted in a substantial number of high profile enforcement actions....

European corporate law and corporate governance are moving ahead beyond expectation. Some British voices called this “a renaissance in the past decade”. In December 2012, the European Commission came forward with an Action Plan that combines both corporate law and corporate governance rules...