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Articles 1 - 4 of 4
Full-Text Articles in Law
Between Economic Planning And Market Competition: Institutional Law And Economics In The Us, Laura Phillips Sawyer
Between Economic Planning And Market Competition: Institutional Law And Economics In The Us, Laura Phillips Sawyer
Scholarly Works
In 1926 John Maurice Clark published a seminal text in institutionalist economics, Social Control of Business, surveying the ways in which business was subject to control by a variety of formal and informal constraints. 1 The text rejected mainstream ideas in neoclassical political economy by explaining how individual self-interest and competition could be manipulated not only through legal rules but also by custom, habit, codes of ethics, and morals. Representative of the institutionalist movement, Clark discarded presumptions of an individualistic economy based on market competition. Instead, he posited that long-term public goals of prosperity and equity could be achieved through …
Postal Banking's Public Benefits, Mehrsa Baradaran
Postal Banking's Public Benefits, Mehrsa Baradaran
Scholarly Works
The basic idea of postal banking is to have a public bank that would offer a wide range of transaction services, including deposit-taking and small lending. Post offices could offer these services at a much lower cost than banks and the fringe banking industry because (1) they can use natural economies of scale and scope to lower the costs of the products; (2) their existing infrastructure significantly reduces overhead costs, and (3) they do not have profit-demanding shareholders and would be able to offer products at cost.
Corporate Governance Reform In Post-Crisis Financial Firms: Two Fundamental Tensions, Christopher Bruner
Corporate Governance Reform In Post-Crisis Financial Firms: Two Fundamental Tensions, Christopher Bruner
Scholarly Works
The manner in which financial firms are governed directly impacts the stability and sustainability of both the financial sector and the "real" economy, as the financial crisis and associated regulatory reform efforts have tragically demonstrated. However, two fundamental tensions continue to complicate efforts to reform corporate governance in post-crisis financial firms. The first relates to reliance on increased equity capital as a buffer against shocks and a means of limiting leverage. The tension here arises from the fact that no corporate constituency desires risk more than equity does, and that risk preference only tends to be stronger in banks, and …
The Rise Of Automated Investment Advice: Can Robo-Advisers Rescue The Retail Market?, Benjamin P. Edwards
The Rise Of Automated Investment Advice: Can Robo-Advisers Rescue The Retail Market?, Benjamin P. Edwards
Scholarly Works
Consumer interest in automated investment advice continues to grow. One informed observer recently predicted that automated investment advisers may manage $2 trillion in assets by 2020.Today, the two largest automated investment advice providers now manage approximately seventeen billion in assets while continuing to expand their capabilities. This rise of automated investment advice firms may disrupt and improve the market for investment advice and finally allow modem technology to make financial intermediation more efficient. For a variety of reasons, costs in the sector have remained abnormally high. One study found that "the unit cost of intermediation is about as high today …