To date, descriptive accounts and reform proposals have framed the problems arising from “shadow banking” as about the risks of lending and maturity transformation by nonbanks outside the guardrails of banking law. This Article shows that most shadow banks are engaged in the business of...

There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...

National and international lawmakers are increasingly focusing on sustainability reporting as a way to foster socially and environmentally responsible corporate conduct. Within the European Union, Directive 2014/95/EU has introduced reporting obligations for certain large enterprises on a...

Over the 1993-2000 period, a majority of U.S. venture-backed IPOs have venture backing by financial institutions. Each class of financial institutions has its own asset expertise, investment criteria and access to proprietary information on private firms, which we exploit evaluating whether...

The U.S. Securities and Exchange Commission adopted Regulation NMS, which will modernize the U.S. equity markets through the Trade-Through Rule, rules regarding market data, a rule on access to quotations, and the Sub-Penny Rule. The SEC settled the first enforcement action under Regulation FD...

We investigate the Dead Hand Proxy Put, a contractual innovation in corporate debt agreements that may impact hedge fund activism. We find the provision principally in loans, not bonds, and provide evidence linking adoption of the provision to hedge fund activism. Further, controlling for...