Federal and state laws allow U.S. financial conglomerates to own securities, insurance and depository institutions through a holding company structure. Before the recent crisis, the federal or state agency responsible for regulating a financial conglomerate as a whole was determined by what...

Starting from the “Law and Finance” theory, this paper reverts its argument. Rather than demonstrating the superior economic efficiency of UK-US financial law, this paper explores how, in the past two decades, the financial industry, and especially the securities and bonds markets, has...

This paper demonstrates that liquidity gaps disrupt the venture capital cycle. How should this problem be addressed? We offer a new perspective on the venture capital cycle and argue that the emergence of more liquidity options can bridge these gaps. Analyzing the development of secondary...

Deleveraging has two components -- shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness...

Despite the lack of a dominant explanation for the level of risk assumed by investors in asset-backed securities in the period preceding the financial crisis, the U.S. Congress proposed and passed new disclosure prescriptions addressing various aspects of the secondary mortgage market as part of...

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...

Kryzys finansowy i gospodarczy, który wybuchł w 2007-2008 r. skłonił rządy, UE i instytucje międzynarodowe do podjęcia prób wskazania jego źródeł, analiz przebiegu i ustanowienia mechanizmów mających zapobiec powtórzeniu takim sytuacjom. Okazało się bowiem, że w warunkach...

The incidence of fraud in stated income loans is 90 percent. It is overwhelmingly the lenders and their agents that prompted these frauds. Over two million fraudulent mortgage loans were made in 2006 alone. It was overwhelmingly fraudulent loans to borrowers who lacked any ability to repay their...