The financial crisis has generated a renewed interest in financial regulation as well as corporate governance more generally, among both academics and lawmakers. A large number of bills have been introduced in the Congress to address one or more aspects of corporate governance, including most...

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...

We investigate how investor protection, government quality, and contract enforcement affect risk-taking and performance of insurance companies from around the world. We find that better investor protection results in less risk-taking, as do higher quality government and greater contract...

During recent years heightened standards for board audit committee membership has been imposed by the SEC, NYSE and others. Sarbanes-Oxley requires that the Audit Committee will be comprised solely of independent directors, and that the company must disclose whether at least one of the members...

Credit derivatives played an important role in the Credit Crisis of 2008-09. The US Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 as a comprehensive response to the Credit Crisis. Collateralized Debt Obligations (CDO) and Credit Default Swaps (CDS), which...

This Article is the first to analyze an unexplored but critical change in how modern banks are governed: the rise of lawyers as bank directors. That rise has been precipitous, raising the question of why lawyer-directors now sit on most bank boards. Using novel empirical evidence, we show that...

The phrase, neither a borrower nor a lender be, seems to have fallen out of favour in modern Canadian society, if it was ever heeded in its native context. In the modern market economy, access to loans, debentures, and other forms of debt capital can be an integral ingredient in a successful...

Blockchain is one of the most disruptive innovations in the field of technology in 21st century. Blockchain, a distributed ledger technology (DLT) and smart contracts, has emerged as a ground-breaking application in the financial sector. The three key properties of Blockchain technology,...

How successful are the SEC’s attempts to regulate dynamic risk in financial markets? Using mutual fund disclosure data from two financial shocks—the Puerto Rican debt crisis and COVID-19—we find evidence that SEC open-ended regulations, like the obligation to disclose changing market...

The aim of the present study is to assess the regulatory framework and make some policy proposals to regulators for the improvement of qualifications for financial advisors in the European Union, serving as an input for the development of the main objectives of the Retail Investment Strategy: to...