Regulation

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...

Corporate Democracy and the Intermediary Voting Dilemma

Corporate governance is changing. For the past two decades, the focus of shareholder voting and engagement was deconstructing impediments to...

Corporate monitoring by shareholder coalitions in the UK

Corporate Governance of Banks after the Financial Crisis - Theory, Evidence, Reforms

A Strict Liability Regime for Rating Agencies

This paper argues that a mitigated strict liability regime can incentivize Credit Rating Agencies (CRAs) to produce ratings as accurate as the...

The Existential Search of the European Banking Authority

The European Banking Authority (EBA), an EU agency that works to ensure effective and consistent prudential regulation and supervision across the...

Risk-shifting through Issuer Liability and Corporate Monitoring

This article explores how issuer liability reallocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent...

Public Oversight and Reporting Credibility: Evidence from the PCAOB Audit Inspection Regime

This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in market responses to earnings news...

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...