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Articles 1 - 27 of 27
Full-Text Articles in Finance and Financial Management
European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick
European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.
Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick
Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick
Journal of Financial Crises
At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …
Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick
Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick
Journal of Financial Crises
Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …
Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher
Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher
St. Mary's Law Journal
Abstract forthcoming
Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters …
Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is …
Jpmorgan Chase London Whale F: Required Securities Disclosures, Arwin G. Zeissler, Giulio Girardi, Andrew Metrick
Jpmorgan Chase London Whale F: Required Securities Disclosures, Arwin G. Zeissler, Giulio Girardi, Andrew Metrick
Journal of Financial Crises
On April 13, 2012, JPMorgan Chase (JPM) Chief Financial Officer Douglas Braunstein took part in a conference call to discuss the bank’s first quarter 2012 earnings. Coming just a week after media reports first questioned the risks taken by JPM derivatives trader Bruno Iksil, Braunstein made a series of assertions about the trades. On May 10, JPM finalized its first quarter financial results, which included some disclosures regarding Iksil’s trading that were substantially different from Braunstein’s statements of April 13. At issue is whether the regulatory filings on April 13 and May 10, as well as verbal comments by Braunstein …
Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
As a diversified financial service provider and the largest United States bank holding company, JPMorgan Chase (JPM) is supervised by multiple regulatory agencies. JPM’s commercial bank subsidiaries hold a national charter and therefore are regulated by the Office of the Comptroller of the Currency (OCC). Since the bank’s Chief Investment Office (CIO) invested the surplus deposits of JPM’s commercial bank units, the OCC was also CIO’s primary regulator. During the critical period from late January through March 2012, when CIO traders undertook the failed derivatives strategy that ultimately cost the bank $6 billion, JPM did not provide the OCC with …
Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using the …
Jpmorgan Chase London Whale A: Risky Business, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick
Jpmorgan Chase London Whale A: Risky Business, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick
Journal of Financial Crises
In December 2011, the Chief Executive Officer and Chief Financial Officer of JPMorgan Chase (JPM) instructed the bank’s Chief Investment Office to reduce the size of its Synthetic Credit Portfolio (SCP) during 2012, so that JPM could decrease its RiskWeighted Assets as the bank prepared to adopt the impending Basel III bank capital regulations. However, the SCP traders were also told to minimize the trading costs incurred to reduce Risk-Weighted Assets, while still maintaining the opportunity to profit from unexpected corporate bankruptcies. In an attempt to balance these competing objectives, head SCP derivatives trader Bruno Iksil suggested in January 2012 …
Are Literary Agents (Really) Fiduciaries?, Jacqueline Lipton
Are Literary Agents (Really) Fiduciaries?, Jacqueline Lipton
Articles
2018 was a big year for “bad agents” in the publishing world. In July, children’s literature agent Danielle Smith was exposed for lying to her clients about submissions and publication offers. In December, major literary agency Donadio & Olson, which represented a number of bestselling authors, including Chuck Palahnuik (Fight Club), filed for bankruptcy in the wake of an accounting scandal involving their bookkeeper, Darin Webb. Webb had embezzled over $3 million of client funds. Around the same time, Australian literary agent Selwa Anthony lost a battle in the New South Wales Supreme Court involving royalties she owed to her …
When Soft Law Meets Hard Politics: Taming The Wild West Of Nonprofit Political Involvement, Lloyd Hitoshi Mayer
When Soft Law Meets Hard Politics: Taming The Wild West Of Nonprofit Political Involvement, Lloyd Hitoshi Mayer
Journal of Legislation
Beginning in the 1990s and continuing today, many of the legal and psychological barriers to nonprofits becoming involved in electoral politics have fallen. At the same time, political divisions have sharpened, causing candidates, political parties, and their supporters to scramble more aggressively for any possible edge in winner-take-all political contests. In the face of these developments, many nonprofits have violated the remaining legal rules applicable to their political activity with little fear of negative consequences, especially given vague rules and a paucity of enforcement resources. Such violations include under reporting of political activity in government filings, fly-by-night organizations that exist …
Analyzing The Efficiency Of Response To News Regarding Legalization Of Sports Wagering, Kevin Krieger, Justin L. Davis
Analyzing The Efficiency Of Response To News Regarding Legalization Of Sports Wagering, Kevin Krieger, Justin L. Davis
International Conference on Gambling & Risk Taking
A landmark decision (Murphy v. NCAA) by the Supreme Court of the United States (SCOTUS) in 2018 ruled the federal government could not prohibit states from allowing sports wagering. While the implications of this decision are far reaching at both an industry and societal level, our study assesses the market response to information available throughout the various phases leading up to this decision by SCOTUS. The timeline of events preceding the SCOTUS decision is tracked, and stock performances of relevant, publicly traded firms are analyzed across three inflection points. Findings suggest the market failed to adequately acknowledge key …
Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.
Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.
All Faculty Scholarship
This chapter explains several benefits of adopting transparent information technology systems for intermediated securities holding infrastructures. Such transparent systems could ameliorate various prevailing problems that confront existing tiered, intermediated holding systems, including those related to corporate actions (dividends, voting), claims against issuers and upper-tier intermediaries, loss sharing and set-off in insolvency proceedings, money laundering and terrorist financing, and privacy, data protection, and confidentiality. Moreover, transparent systems could improve the functions of intermediated holding systems even without changes in laws or regulations. They also could provide a catalyst for law reform and a roadmap for substantive content of reforms. Among potential …
The Lehman Brothers Bankruptcy B: Risk Limits And Stress Tests, Rosalind Z. Wiggins, Andrew Metrick
The Lehman Brothers Bankruptcy B: Risk Limits And Stress Tests, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Investment banks are in the business of taking calculated risks. Risk management infrastructure facilitates the safe pursuit of profits and the balancing of associated risks. By 2006, Lehman Brothers was thought to have a very respectable risk management system, and even its regulator, the Securities and Exchange Commission, viewed its risk framework as being fully compliant with regulatory requirements. In its public disclosures, Lehman characterized its risk controls as “meaningful constraints on its risk taking” and evidence of its continued financial stability. Beginning in late 2006, however, Lehman began dismantling its carefully crafted risk management framework as it pursued a …
The Evolution Of Entrepreneurial Finance: A New Typology, J. Brad Bernthal
The Evolution Of Entrepreneurial Finance: A New Typology, J. Brad Bernthal
BYU Law Review
There has been an explosion in new types of startup finance instruments. Whereas twenty years ago preferred stock dominated the field, startup companies and investors now use at least eight different instruments—six of which have only become widely used in the last decade. Legal scholars have yet to reflect upon the proliferation of instrument types in the aggregate. Notably missing is a way to organize instruments into a common framework that highlights their similarities and differences. This Article makes four contributions. First, it catalogues the variety of startup investment forms. I describe novel instruments, such as revenue-based financing, which remain …
Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure
Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure
Loyola of Los Angeles International and Comparative Law Review
No abstract provided.
Capacitación Para La Elaboración De Informes Administrativos Y Contables De La Fundación Jesús El Buen Pastor, Según Requerimiento De La Alcaldía Mayor De Bogotá D.C, David Ernesto Ramos Cobos, Ana Carolina Hernández
Capacitación Para La Elaboración De Informes Administrativos Y Contables De La Fundación Jesús El Buen Pastor, Según Requerimiento De La Alcaldía Mayor De Bogotá D.C, David Ernesto Ramos Cobos, Ana Carolina Hernández
Administración de Empresas
El siguiente proyecto, consistió en orientar y capacitar en temas administrativos y contables a los miembros de la entidad sin ánimo de lucro Fundación Jesús el Buen Pastor, dedicada a prestar servicio social a las familias de bajos recursos en la localidad de Bosa de Bogotá. Dentro del texto se encontrará los enfoques más importantes en los cuales se tuvo que trabajar rápidamente, esto debido a que la Fundación Jesús el Buen Pastor por temas de desconocimiento no cumplía con los requisitos mínimos de las entidades reguladoras, los cual podía llevarlos a un cierre definitivo de sus instalaciones. A través …
Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook
Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook
Journal Articles
Snap, Inc., the company that owns the platform Snapchat, controversially offered nonvoting common shares to the public in 2017. This Article asks what it means to invest in Snap or other (mostly technology-based) companies in which common shareholders collectibely have little or no power to influence corporate policy. In particular, why do such investors expect to be compensated? This Article explores the familiar rationales for equity investing, including stock appreciation and dividends, and the logical shortcomings of those rationales in these circumstances. Adopting Henry Manne's "two systems" approach to corporate affairs through both law and economics, we show that corporation …
Procure-To-Pay Software In The Digital Age: An Exploration And Analysis Of Efficiency Gains And Cybersecurity Risks In Modern Procurement Systems, Drew Lane
MPA/MPP/MPFM Capstone Projects
Procure-to-Pay (P2P) softwares are an integral part of the payment and procurement processing functions at large-scale governmental institutions. These softwares house all of the financial functions related to procurement, accounts payable, and often human resources, helping to facilitate and automate the process from initiation of a payment or purchase, to the actual disbursal of funds. Often, these softwares contain budgeting and financial reporting tools as part of the offering. As such an integral part of the financial process, these softwares obviously come at an immense cost from a set of reputable vendors. In the case of government, these vendors mainly …
Capacitación Empresarial Administrativa Y Contable Destinada Al Programa Despertar Emprendedor Barrio Pinar – Suba Fundación María Luis De Moreno, Nidia Consuelo Tellez Buitrago, Wilson David Maldonado
Capacitación Empresarial Administrativa Y Contable Destinada Al Programa Despertar Emprendedor Barrio Pinar – Suba Fundación María Luis De Moreno, Nidia Consuelo Tellez Buitrago, Wilson David Maldonado
Administración de Empresas
La Universidad de la Salle en convenio con la Fundación Internacional María Luisa de Moreno permiten que los estudiantes de últimos semestres a través de la modalidad de grado proyección social, construir el proyecto “Despertar Emprendedor” de la Fundación María Luisa de Moreno; programa que se ha desarrollado durante varios años y consiste principalmente en capacitar a personas interesadas en poner en marcha una idea de negocio y que a través del afianzamiento de conocimientos administrativos y contables participar en la feria empresarial, que es tradición en la Universidad de la Salle. Dado lo anterior, los estudiantes que escriben este …
Trabajo De Campo En El Área Administrativa Y Contable Fundación Jesús El Buen Pastor, Katherine Lastra Vargas, Luis Eduardo Aroca Cobos
Trabajo De Campo En El Área Administrativa Y Contable Fundación Jesús El Buen Pastor, Katherine Lastra Vargas, Luis Eduardo Aroca Cobos
Administración de Empresas
En este trabajo podemos encontrar la aplicación de los conocimientos adquiridos en las carreras de Administración de Empresas y Contaduría Pública para el mejoramiento de los procesos y procedimientos de la Fundación Jesús El Buen Pastor, el cual contribuyó a crear un marco estratégico que permitió identificar la misión para la cual la organización fue creada y a su vez establecer lineamientos y herramientas que pudieran ayudar al crecimiento de la fundación tanto administrativo como contable. Al desarrollar este trabajo de grado se pudo obtener la situación actual de la fundación, realizar un diagnóstico de la misma y a su …
It’S Garfield’S World, We Just Live In It: An Exploration Of Garfield The Cat As Icon, Money Maker, And Beast, Iris B. Engel
It’S Garfield’S World, We Just Live In It: An Exploration Of Garfield The Cat As Icon, Money Maker, And Beast, Iris B. Engel
Senior Projects Fall 2019
No newspaper comic character enjoys a larger international audience than Garfield. While newspaper comics have been infiltrating the homes of readers in the United States since the 1880s, Garfield has made more of an impact than any other. Brought into existence by Jim Davis in Muncie, Indiana in 1978, Garfield has now gone world-wide. Breaking Guinness world records for most syndicated newspaper comic strip, Garfield has made over 800 million dollars in comic sales alone, making it the largest grossing newspaper comic strip to date. Recognized globally, Garfield is an international icon. Despite these laudations, there has never been an …
The Effect Of State-Level Constitutional Debt Limitations On The Costs Of Capital, Micah Johnson
The Effect Of State-Level Constitutional Debt Limitations On The Costs Of Capital, Micah Johnson
MPA/MPP/MPFM Capstone Projects
Forty-five states have adopted some form of constitutional limitation on their own legislature’s ability to issue debt and raise capital. Eleven states have more than one such limitation. It seems intuitive to assume that constitutional strictures on a state’s ability to manage its fiscal policy would affect that state’s standing in the market, and it seems equally safe to assume that different combinations of the various forms of debt limitation would lead to varying effects in the market from state to state. However, the specific effects arising from the various constitutional provisions have proven to be difficult to measure. This …
Análisis Narrativo Del Plan Nacional De Desarrollo 2002-2018 Y Su Influencia En La Consolidación Del Modelo Extractivista En Colombia, Sergio Benavides Reyes, Andrés Julián Gutiérrez Gómez
Análisis Narrativo Del Plan Nacional De Desarrollo 2002-2018 Y Su Influencia En La Consolidación Del Modelo Extractivista En Colombia, Sergio Benavides Reyes, Andrés Julián Gutiérrez Gómez
Economía
Con la política de desarrollo de los últimos 16 años se ha promovido el extractivismo en Colombia con efectos económicos, sociales y ambientales perversos. Por lo tanto, mediante un análisis narrativo de política pública se pretende realizar tres pasos, el primero consiste en develar la línea discursiva de la versión oficial del “desarrollo” como narrativa dominante, como segundo paso se investigaron las narrativas que da voz a las propuestas y alternativas que surgen desde los movimientos subalternos de resistencia, y como tercer y último paso se generó una metarrativa en la cual se contrastan la narrativa dominante y la no …
El Impuesto A La Renta Y Complementarios En Colombia Desde El Punto De Vista Del Contribuyente Persona Natural, Ley 1819 De 2016, Juan David Rojas, Natalia Ramírez Barbosa
El Impuesto A La Renta Y Complementarios En Colombia Desde El Punto De Vista Del Contribuyente Persona Natural, Ley 1819 De 2016, Juan David Rojas, Natalia Ramírez Barbosa
Contaduría Pública
El presente artículo, tiene como objetivo presentar el impuesto a la renta y complementarios en Colombia desde el punto de vista del contribuyente persona natural, ley 1819 de 2016, en el que permiten evitar la evasión y elusión fiscal en Colombia. La evasión y elusión de impuestos son fenómenos que se encuentran inmersos en los diferentes grupos sociales, afectando a la comunidad en aspectos económicos, sociales, culturales y fiscales. La evasión responde a conductas o prácticas que adoptan las personas en el intento de evitar o eludir una responsabilidad u obligación que se tiene consigo mismo, con la comunidad o …
Efectos Frente A La Aplicación Niif En Cooperativas De Transporte De Carga Y Pasajeros En Colombia Al Año 2017, David Guillermo Flórez Ávila, Luis Antonio Suarez Sanabria
Efectos Frente A La Aplicación Niif En Cooperativas De Transporte De Carga Y Pasajeros En Colombia Al Año 2017, David Guillermo Flórez Ávila, Luis Antonio Suarez Sanabria
Contaduría Pública
El presente artículo tiene como objeto analizar los efectos de la aplicación de las NIIF en las cooperativas de transporte de carga y pasajeros en Colombia, con el fin de comprender estos cambios es necesario contextualizar ¿Qué son las cooperativas de transporte de carga y pasajeros en Colombia?, puesto que desde el año 2015 en Colombia se implementaron las normas internacionales de información financiera, las cuales se fueron aplicando a las empresas según la normatividad y la clasificación de las mismas; de igual forma es importante caracterizar y examinar las normas contables aplicables al patrimonio de las cooperativas de transporte …