Regulation

Firms' Decisions Where to Incorporate

This paper empirically investigates the decisions of publicly traded firms where to incorporate. We study the features of states that make them...

The Origins of the German Corporation - Finance, Ownership and Control

Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

Regulatory Sanctions and Reputational Damage in Financial Markets

We study the impact of the enforcement of financial regulation by the UK’s regulatory authorities on the market price of penalized firms. Existing...

The Empty Call for Benefit-Cost Analysis in Financial Regulation

?Benefit-cost analysis? as applied to financial regulation is a serious category mistake that has the potential to stymie regulation aimed at the...

The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing...

Contracting for a European Insolvency Regime

The European Commission has proposed a directive on ‘preventive restructuring frameworks’ for financially distressed firms. I demonstrate that...

Skin-in-the-Game in ABS Transactions: A Critical Review of Policy Options

Relying on a hand-collected data set of European asset securitizations, we analyze risk retention, a key regulatory reform requirement after the...

Why Do Auditors Fail? What Might Work? What Won't?

Auditing failures and scandals have become commonplace. In response, reformers (including the Kingman Review in the U.K and a recent report of the...

Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis

During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented...

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes...

The Purposive Transformation of Corporate Law

What is the purpose of a corporation? This fundamental question is as old as corporate law itself and traditionally it is asked with reference to the...