Putting Integrity into Finance: A Purely Positive Approach
The seemingly never ending scandals in the world of finance with their damaging effects on value and human welfare argue strongly for an addition to the...
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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...
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Marketplace Lending, Information Aggregation and Liquidity
We address a puzzle whereby lending marketplaces, aimed at directly connecting retail lenders and borrowers, retreat from auctions and take on the role...
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When trust is not enough : Bank resolution, SPE, Ring-fencing and group support
This discussion paper investigates the differences existing between the Single Point of Entry and the Multiple Point of Entry resolution models and...
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Common Banking Supervision in the Eurozone: Strengths and Weaknesses
In this paper we analyse various instances of supervisory centralization either implemented or proposed in Europe in the aftermath of the financial...
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Principles of Financial Regulation
Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a...
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The Law and Economics of Shadow Banking
This essay discusses the economic case for regulating shadow banking. Focusing on systemic risk, shadow banking is defined as leveraging on collateral...
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Network-Sensitive Financial Regulation
Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate through a complex network of interconnections...
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Nepotism in IPOs: consequences for issuers and investors
IPO underwriters have an incentive to underprice IPOs when they allocate IPO shares to their affiliated funds. Using a novel hand-collected dataset, we...
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Higher Purpose, the Greater Good and Finance
Organizational higher purpose is gaining increasing traction in both research and policy discussions about the (desired) role of corporations in...
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