Regulation

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...

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

This paper examines the economic effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened...

Centros and the Internal Market

How special is Centros? This contribution places Centros in internal market law. It starts by turning the judgment on its head and imagines an...

The Uncertain Stewardship Potential of Index Funds

Regulators and commentators around the world are increasingly demanding that institutional investors engage in stewardship with respect to their...

How Important is Moral Hazard for Distressed Banks?

The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these...

Institutional Investors and Corporate Governance

We provide a comprehensive overview of the role of institutional investors in corporate governance with three main components. First, we establish...

The Role of Disclosure in Green Finance

We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask...

GameStop and the Reemergence of the Retail Investor

The GameStop trading frenzy in January 2021 was perhaps the highest profile example of the reemergence of capital market participation by retail...

Structuring Securities Regulation in the European Union: Lessons from the US experience

Lockup Clauses in Italian IPOs

Further Assessment of the Iron Law of Financial Regulation: A Postscript to Regulating in the Dark

In an earlier companion essay, Regulating in the Dark, I contended that there is a systemic pattern in major U.S. financial regulation: (i) enactment is...

Executive Remuneration. A Comparative Overview

In this chapter, we analyse current trends in the regulation and practice of executive remuneration. No doubt, the role of regulation in this area is on...