Banking

Hedge Fund Activism in the Enforcement of Bondholder Rights

Understanding Bank Payouts During the Crisis of 2007-2009

We study U.S. banks’ payout policy in 2007-2008. We benchmark these payouts against payouts before the crisis, measure stock price reactions to...

Federal Corporate Law and the Business of Banking

The only profit-seeking business enterprises chartered by a federal government agency are banks. Yet, there is barely any scholarship justifying this...

Political Influence, Bank Capital, and Credit Allocation

Political influence on bank credit allocation is often viewed as being necessary to address social problems like income inequality. We hypothesize...

The Uncertain Role of Banks' Corporate Governance in Systemic Risk Regulation

Corporate Governance and Banks: How justified is the match?

Banks and bank governance are different. We critically assess the arguments used to pervade these divergences in operational activities. We also...

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...

Empty Voting and Hidden Ownership: Taxonomy, Implications, and Reforms

Most American publicly held corporations have a one-share, one-vote structure, in which voting power is proportional to economic ownership. This...

Bank Governance

According to a common narrative, in addition to inadequate capital and liquidity, the failure of banks in the financial crisis also reflected their poor...

The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity

An important question in banking is how strict supervision affects bank lending. Supervisors forcing banks to recognize losses could choke off lending...

Bank-Fintech Partnerships, Outsourcing Arrangements and the Case for a Mentorship Regime

Fintech firms, once seen as ‘disruptors’ of the traditional banking world, are now increasingly seen as attractive partners for established...

Discharging the Discharge for Value Defense

Despite its massive size, the corporate debt market is often considered a sleepy refuge for the risk-averse. Yet, corporate debt contracts are often...