Working Paper
Why Don?t All Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
We investigate why only some banks use regulatory arbitrage. We predict that banks wanting to be riskier than allowed by capital regulations...
Read more
Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage
We analyze strategic speculators' incentives to trade on information in a model where firm value is endogenous to trading, due to feedback from the...
Read more
The Transactional Scope of Takeover Law in Comparative Perspective
The core activity regulated by takeover codes is the voluntary offer by a bidder addressed to all the shareholders of a target company (other than the...
Read more
