In the wake of the financial crisis of 2008, the legal system struggles to effectively regulate forwarding market professionals — broker-dealers and investment advisers who invest client funds with third parties. Defining the fiduciary duties these forwarding market professionals owe their...

The Lehman bankruptcy highlights the potential for interconnectedness among financial firms to cause a financial crisis. Previous research shows that Chapter 11 filings cause significant negative externalities, consistent with a strong role for counterparty contagion. However, the effects may...

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization...

This paper deals with the Russian financial markets and financial institutions. The author focuses on post crisis recovery, Russian equity market. The issue of capital outflow and operating risks of the stock market were analyzed by the author

This paper investigates the ABS CDOs (Asset-Backed Security Collateralized Debt Obligations) market between 2005 and 2007 and answers the question of why ABS CDOs exist. The dataset used in this paper contains 516 ABS CDOs, 4,023 CDO tranches, and 79,724 securities used as the collateral of ABS...

Corporate off-balance sheet transactions that used special-purpose entities (“SPEs”) facilitated the expansion of structured finance during the years leading up to the Great Recession. Specifically, SPEs conferred bankruptcy remote, liquidity, leverage and interest rate risk benefits on...

This paper deals with the Russian financial markets and financial institutions. The author focuses on post crisis recovery, Russian equity market. The issue of capital outflow and operating risks of the stock market were analyzed by the author

This paper deals with Russian financial markets and financial institutions in 2010. The author focuses on the Russian stock market, bond market. The author analyzes key risks in financial markets, ruble devaluation risks and repo transactions risks

The 2012 JOBS Act increases the deregistration threshold for banks from 300 to 1200 shareholders of record. Our purpose is to understand whether the banks' deregistration decision reflects an effort by slow growing banks to reduce excess compliance costs and/or whether the decision is associated...