Modern perceptions of good corporate governance assume that the general meeting has a meaningful role in the governance of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial crisis, however, indicate that institutional investors by...

This Article considers the scope of the Federal Reserve's emergency loan-making powers and analyzes their use during the recent financial crisis. It argues that many of the Fed's responses to the crisis exceeded the bounds of its statutory authority.In unusual and exigent circumstances, § 13(3)...

This paper analyzes recent developments with respect to institutional investors and cross-border voting. Based on a cross-country comparison of more than 20 countries we show that the recently enhanced regulation imposes an implicit duty to vote on institutional investors. This implicit duty...

In this paper we note that unrelated research in the management and finance fields, if combined, makes predictions concerning board reforms in emerging countries. Specifically, outside directors' demographic characteristics that are salient to foreign investors should reduce stock price...

Islamic Finance has been growing at annual double-digit rates for about 40 years although even in conservative Islamic countries the Sharia with its prohibition of interest (ribâ) is not directly applicable law. Islamic Finance is voluntary and encompasses all kinds of financial services that...

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...

We consider how the state should regulate the consumption of pecuniary private benefits of control by controlling shareholders. These benefits have efficient aspects: they compensate the controlling shareholder for monitoring managers and for investing effort to create and implement projects....

Pichhadze (2010) introduced the Market Oriented Blockholder Model (MOBM) as properly describing the ownership pattern in the American equity markets. Under the model, the emerging blockholder in the American equity markets is the institutional investor (II). This poses a challenge to the...

This paper uses a discrete choice framework to analyze state design and firm choice of the implications of incorporation: corporate governance laws, corporate taxes and court features. Firms --- differentiated by ownership, management, industry concentration, financial profile and unobservable...