In Free Enterprise Fund v. Public Company Accounting Oversight Board the Supreme Court invalidated Congress's decision to protect members of the Board from at will removal by the Securities and Exchange Commission, whose members in turn are protected from at will removal at the hands of the...

This text contains the general report for the XVIIIth Congress on Comparative Law to be held in Washington DC. It gives a comparative overview of the three types of funds to be discussed, and some of the problems that have been raised about them. On hedge funds, the analysis indicates that most...

Contemporary financial markets have recently witnessed a sea change with the ‘algorithmic revolution', as trading automats are used to smoothen the execution sequences and reduce market impact. Constantly monitored, they take an active part in the shaping of markets, and sometimes generate...

In this paper, we disprove claims by proponents of increased Internet regulation that Broadband Service Providers (“BSPs”) - such as AT&T, Verizon, Sprint-Nextel, Qwest, Comcast, and Time Warner Cable - make “record profits,” “substantial profits,” and “soaring profits.” By...

Long term contracts increase the hazard of ex post maladaptation, creating demand for processes that enable adaptation over the course of long-term exchange. Enabling adaptation, however, may diminish the effectiveness of the long-term contracts, designed as prima facie hold-up remedies....

This paper explores the effects of competition on risk-taking behavior and firm performance within the financial services industry. It does so by exploiting a regulatory change that allowed new players to enter the British mutual fund industry. Exploiting this regulatory shock, we trace...

Bank debit cards may look like credit cards, but they certainly do not act like them when it comes to account overdrafts. This does not suggest that credit cards are better than debit cards, as complaints abound concerning the transparency of fees charged to consumers for credit card...

We estimate the effect of broadband infrastructure, which enables high-speed internet, on economic growth in the panel of OECD countries in 1996-2007. Our instrumental-variable model derives its non-linear first stage from a logistic diffusion model where pre-existing voice-telephony and...