This paper proposes a new governance structure for publicly registered corporate bonds that combines the benefits of those bonds -- including liquidity and ease of diversification -- with the benefits of private debt contracts, e.g., tight covenants and ease of recontracting. We propose that a...

This paper proposes that the issuer of a security should have the exclusive right to determine in which markets its securities will be traded. This is in contrast to the current regime, where markets can decide to trade securities unilaterally, without the issuer's consent. The trading regime of...

As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions...

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...