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...

How the Old World Encountered the New One: Regulatory Competition and Cooperation in European Corporate and Bankruptcy Law

Regulatory Pressure and Bank Directors' Incentives to Attend Board Meetings

The primary way in which directors obtain necessary information is by attending board meetings. Bank directors, in particular, are strongly urged to...

The Politics of Related Lending

Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications

Some members of Congress, the D.C. Circuit, and legal academia are promoting a particular, abstract form of cost-benefit analysis for financial...

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...

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...