Korean Abstract: 본 연구는 2002년 이후 한국의 은행 자료를 이용하여 은행 자기자본비율과 자기자본비용 관계를 추정하였다. 먼저 자본자산가격결정모형(CAPM) 모형을 이용하여 한국의 은행 자기자본비용을 추정하였다. 다음...

Using a dataset on career paths of elite U.S. engineers, including superstar entrepreneurs, we examine the effect of early career choices on long-run entrepreneurial outcomes. Exploiting exogenous variation in entry labor market conditions, driven by local financial sector growth, and comparing...

American International Group, Inc. (AIG), a large insurance company, received a massive bailout during the financial crisis in response to difficulties centered on the company's multifaceted exposure to residential mortgage-backed securities. The company is back on its feet, albeit in more...

Part IV examines FATCA withholding liability for withholdable payments under Code Secs. 1471 and 1472, and provides a nine-point analysis—each of which must be answered affirmatively for the new 30-percent withholding tax to apply

We hypothesize that financial disintermediation during and after the Great Depression arose from the slow liquidation of failed-bank deposits in the years following financial crises. We construct a data series containing the stock of failed national bank deposits for the period 1921-1940. Our...

This article explains the roots of financial crises in one of the oldest and most fundamental problems of commercial law: hidden leverage. Common law courts wrestled with this problem for centuries and developed a time - tested solution: the doctrine of secret liens. If the debtor becomes...

Since its first widespread implementation in 2009, distributed ledgers in general, and blockchain technology in particular, have rapidly become a part of the FinTech vernacular. In this paper, we provide an overview of the history of trade settlement and discuss this nascent technology that may...

This Article attempts to define hedge funds and to distinguish them from a variety of similar investment funds. After reviewing the hedge fund definition in the U.S. and the EU, this Article argues that the current regulatory framework, which defines hedge funds by reference to what they are not...

Following the Treasury–Federal Reserve Accord of March 3, 1951, the Federal Open Market Committee (FOMC) focused on free reserves—the difference between excess reserves (reserve deposits in excess of reserve requirements) and borrowed reserves—as the touchstone of U.S. monetary policy....