COVID-19

Regulatory Suspensions in Times of Crisis: The Challenges of Covid-19 and Thoughts for the Future

The Covid-19 crisis in 2020 severely impacted the corporate and in turn, the financial sectors of the UK, entailing responses from financial regulators...

Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic

Using a proprietary dataset, we study whether CEO political ideology affected how S&P 500 firms reacted  to  the  Covid-19  pandemic. ...

Stress Testing During Times of War

The Covid crisis raises important questions about the role of stress testing during periods of systemic distress. Should stress testing of banks be...

Bankruptcy & Bailouts; Subsidies & Stimulus: The Government Toolset for Responding to Market Distress

In this article, I attempt to clarify the appropriate government tools for responding to different forms of market distress in times of crisis. I provide...

Economic shocks create insolvency law-making space, generating opportunities for legal reform that may be absent in good times. Policymakers may...

Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress

COVID-19 has severely disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors...

Stakeholder Capitalism in the Time of COVID

This Article tests the claims of supporters of stakeholder capitalism (“stakeholderism”) in the context of the COVID pandemic. Supporters of...

Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19

During the COVID-19 crash, U.S. stocks with higher institutional ownership performed worse. This under-performance was unrelated to revisions in...

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain...

The Culture of the Finance Profession: Evidence from the 2020/2021 American Finance Association Survey

In 2017, the board of AFFECT (the Academic Female Finance Committee) proposed that the AFA carry out a professional culture survey. Some key...

Pandemic-Resistant Corporate Law: How to Help Companies Cope with Existential Threats and Extreme Uncertainty During the Covid-19 Crisis

This essay argues that, to address the Covid-19 crisis, in addition to creating a special temporary insolvency regime, relaxing provisions for...

Is Economic Nationalism in Corporate Governance Always a Threat?

During the past decades, corporate law and corporate governance debates have generally been skeptical of elements of economic ‘Nationalism’ or...