Regulation

Corporate Governance Externalities

When firms compete in the managerial labor market, the choice of corporate governance by a firm affects, and is affected by, the choice of governance by...

Comparative Analysis on Legal Regulation of the Liability of Members of the Management organs of Companies

This Report was prepared, with support by the World Bank, for the Russian Center for Capital Market Development and the Russian Federal Service on the...

Quack Corporate Governance, Round III? Bank Board Regulation Under the New European Capital Requirement Directive

After a crisis, broad-sweeping reforms are enacted to restore trust. With the 2013 Fourth Capital Requirements Directive (CRD IV), the European Union...

Network-Sensitive Financial Regulation

Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate through a complex network of interconnections...

Centros and Defensive Regulatory Competition: Some Thoughts and a Glimpse at the Data

This paper looks at the phenomenon of “defensive regulatory competition” in European corporate law following Centros, Überseering and Inspire...

Why Financial Regulation Keeps Falling Short

This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation. Today’s...

The Power of the Narrative in Corporate Lawmaking

The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly...

Banks' Lobbying Determinants: Insights from the GFC and the Trump Presidency

This study examines the relationship between banks' main financial and business characteristics and their lobbying intensity during the last two...

Enforcement Waves and Spillovers

We document that regulatory enforcement actions for financial misrepresentation cluster in industry-specific waves and that wave-related...

The choice between rights-preserving issue methods. Regulatory and financial aspects of issuing seasoned equity in the UK

Empowering the ECB to Supervise Banks: A Choice-Based Approach

Regulation and self-regulation of related party transactions in Italy: An empirical analysis

This paper assesses how Italian companies have implemented the regulation on related party transactions enacted by Consob in 2010. Companies have been...