This paper, a chapter in the forthcoming Research Handbook on the Economics of Corporate law, describes the leading research related to credit ratings, and assesses regulatory proposals related to ratings, including those in the Dodd-Frank Act of 2010. It explains how rating agencies have...

It was everyone's worst nightmare; the spectre of systemic collapse. And this time, everyone was in it together. The complexity of modern financial instruments was one obvious culprit. Centuries old legal principles, such as the notion of "insurable interest", were also cast aside; old fashioned...

This contribution deals with the conflict-of-laws principles governing Financial Instruments, Bonds & Loans, Cheques, Bills of Exchange and Guarantees. It starts with comparative and historic aspects and then goes on to deal with issues regarding the determination of the applicable law. The...

This paper builds a new dataset on bank ownership and bank performance covering approximately 50,000 observations for 119 countries over the 1995-2002 period. The paper then uses the dataset to reassess the relationship between bank ownership and bank performance, providing separated estimations...

We examine the impact of lead arrangers' reputation on the design of loan contracts such as spread and fees charged. Controlling for the non-randomness of the lender-borrower match (self-selection bias), we find that the reputation of top tier arrangers leads to higher spreads, and that top tier...

The recent financial crisis has shown that financial innovation can have devastating systemic impacts. International standard setters'' and national regulators'' response has been a global concerted effort to overhaul and tighten financial regulations. However, at a time of designing stricter...

This paper attempts to compare policies and practices on the disclosure of external auditing results of deposit taking institutions in Hong Kong, Indonesia, China, Japan, Thailand, Singapore, Korea and Malaysia

Reputation is growing as a very important asset in everyday corporate life and it is even crucial for financial corporations. The main financial institutions consider reputation as one of the six risk factors to be managed by any corporation in financial sector: credit, market, operational,...

Big is bad. At least that has become the view of many individuals about big banks ever since the financial crisis of 2007-2009. The fear is that if a big bank gets into trouble, its problems will infect other financial institutions and threaten the entire economy. Historically, however, big...