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Articles 31 - 60 of 89
Full-Text Articles in Law
In Whose Best Interests? Regulating Financial Advisers, The Royal Commission, And The Dilemma Of Reform, Han-Wei Liu, Toan Le, Weiping He, Michael Duffy
In Whose Best Interests? Regulating Financial Advisers, The Royal Commission, And The Dilemma Of Reform, Han-Wei Liu, Toan Le, Weiping He, Michael Duffy
Research Collection Yong Pung How School Of Law
Following the Future of Financial Advice reforms, the ‘suitability’ and ‘appropriateness’ focus for financial advice has been relocated and supplemented by a ‘best interests’ focus in s 961B of the Corporations Act 2001 (Cth). Yet, as the Australian Government’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has pointed out, structural issues may often work against best interests being paramount. Further, moves to make the statutory obligation replicate a fiduciary obligation have been resisted in the consultative process that developed s 961B and related obligation sections and any replication is far from clear. Another key issue …
Does Capital Bear The U.S. Corporate Tax After All? New Evidence From Corporate Tax Returns, Edward Fox
Does Capital Bear The U.S. Corporate Tax After All? New Evidence From Corporate Tax Returns, Edward Fox
Articles
This article uses U.S. corporate tax return data to assess how government revenue would have changed if, over the period 1957–2013, corporations had been subject to a hypothetical corporate cash flow tax—that is, a tax allowing for the immediate deduction of investments in long-lived assets like equipment and structures—rather than the corporate tax regime actually in effect. Holding taxpayer behavior fixed, the data indicate actual corporate tax revenue over the most recent period (1995–2013) differed little from that under the hypothetical cash flow tax. This result has three important implications. First, capital owners appear to bear a large fraction of …
Payments Failure, Hilary Allen
Payments Failure, Hilary Allen
Articles in Law Reviews & Other Academic Journals
The processing of retail payments has traditionally been the domain of regulated banks, but technologically sophisticated players like Venmo, AliPay, Bitcoin and Ripple (and potentially Facebook’s Libra) are making incursions into the market. Even within regulated banks, payments processing is becoming increasingly reliant on new technologies – JPMorgan Chase’s “JPMCoin” is just one example. However, limited attention has been paid to the new kinds of operational risks associated with these complex new methods of processing retail payments. This Article argues that technological failures at a payments provider (bank or non-bank) could be amplified in unexpected ways as they interact with …
Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin
Private Equity Value Creation In Finance: Evidence From Life Insurance, Divya Kirti, Natasha Sarin
All Faculty Scholarship
This paper studies how private equity buyouts create value in the insurance industry, where decentralized regulation creates opportunities for aggressive tax and capital management. Using novel data on 57 large private equity deals in the insurance industry, we show that buyouts create value by decreasing insurers' tax liabilities; and by reaching-for-yield: PE firms tilt their subsidiaries' bond portfolios toward junk bonds while avoiding corresponding capital charges. Previous work on affiliated or "shadow" reinsurance and capital management misses the important role that private equity buyouts play as recent drivers of these phenomenon. The trend we document is of growing importance in …
Preparing Legal Frameworks For Environmental Disasters: Practical Considerations For Host States, Brooke Guven, Perrine Toledano, Lise Johnson
Preparing Legal Frameworks For Environmental Disasters: Practical Considerations For Host States, Brooke Guven, Perrine Toledano, Lise Johnson
Columbia Center on Sustainable Investment Staff Publications
Projects in the extractives sector carry risks of lasting, and sometimes irreversible, damage to the environment. Nonetheless, these projects are important for accelerating the economic development of host countries. Governments seeking to mitigate the adverse effects of foreign investment often face pushback from investors that are unwilling to change their practices in order to avert environmental disaster. This report sets forth certain steps that host-governments can take during the pre-investment, operation, and enforcement phases of extractives projects to provide financial and other protection in the context of environmental disasters associated with private sector investments.
Upon comparative review of five Case …
Ethical Considerations Of Blockchain: Do We Need A Blockchain Code Of Conduct?, Michele Benedetto Neitz
Ethical Considerations Of Blockchain: Do We Need A Blockchain Code Of Conduct?, Michele Benedetto Neitz
Publications
As states begin to adopt regulations governing cryptocurrencies and other uses of blockchain technology, it is becoming clear that the libertarian ideal of blockchain was just that – an ideal. There are already examples in which human decision-making has counteracted the immutability of some blockchains. In short, there appears to be a movement toward centralization within this decentralized technology.
The Regulation Of Equity Index Futures, Lin (Lynn) Bai
The Regulation Of Equity Index Futures, Lin (Lynn) Bai
Faculty Articles and Other Publications
Equity index futures are one of the most actively traded derivative instruments in financial markets around the world. Advancements in trading and clearing technologies transformed the marketplace over the past two decades. Regulation drastically changed to keep pace with the market’s development. New rules have been implemented covering trading activities, risk management, market surveillance, and customer protection. Legal literature on the regulation of this important financial instrument is surprisingly antiquated. Existing papers were written decades ago and do not reflect the true metes and bounds of today’s regulatory landscape. This paper fills the void. It provides a comprehensive discussion of …
Contract Consentability: Autonomy Threats, Benefits, And Framing, Eric A. Zacks
Contract Consentability: Autonomy Threats, Benefits, And Framing, Eric A. Zacks
Law Faculty Research Publications
No abstract provided.
The Occ Fintech Charter And The Bank Holding Company Act: Exposing A Loophole, Lauren Bomberger
The Occ Fintech Charter And The Bank Holding Company Act: Exposing A Loophole, Lauren Bomberger
Upper Level Writing Requirement Research Papers
No abstract provided.
The Debt Collection Pandemic, Pamela Foohey, Dalie Jimenez, Chris Odinet
The Debt Collection Pandemic, Pamela Foohey, Dalie Jimenez, Chris Odinet
Articles by Maurer Faculty
To curb the rapid spread of the coronavirus set to overwhelm the United States' healthcare system, in mid-March 2020, the federal government declared a national emergency. Many states followed suit by implementing shelter-at-home orders and people began social distancing across America. As of this writing, the United States' reaction to the unique and alarming threat of COVID 19 has partially succeeded in slowing the virus's spread. Saving people's lives, however, has come at a severe economic cost. Economic activity plummeted. Unemployment numbers soured to figures not seen since the Great Depression and countless other people saw their income disappear.
Americans' …
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
Scholarly Works
Debt presents a dilemma to societies: successful societies benefit from a substantial infrastructure of consumer, commercial, corporate, and sovereign debt but debt can cause substantial private and social harm. Pre- and post-crisis solutions have seesawed between subsidizing and restricting debt, between leveraging and deleveraging. A consensus exists among governments and international financial institutions that financial stability is the fundamental normative principle underlying financial regulation. Financial stability, however, is insensitive to equality concerns and can produce morally impermissible aggregations in which the least advantaged in a society are made worse off. Solutions based only on financial stability can restrict debt without …
Failure To Capture: Why Business Does Not Control The Rulemaking Process, Gabriel Scheffler
Failure To Capture: Why Business Does Not Control The Rulemaking Process, Gabriel Scheffler
Articles
Leading figures on both the political right and the political left have concluded that the agency rulemaking process is captured: that it serves to benefit businesses, at the expense of the general public. This perception appears to be supported by recent theoretical and empirical scholarship and has prompted lawmakers to introduce various proposals to reform the federal rulemaking process.
Yet as I will demonstrate in this Article, the view of the rulemaking process as captured is unwarranted. I will show that the academic literature actually provides little guidance as to the magnitude of business influence that is, the extent to …
Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker
Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker
Faculty Scholarship
No abstract provided.
Mphaea & Marble Cake: Parity & The Forgotten Frame Of Federalism, Taleed El-Sabawi
Mphaea & Marble Cake: Parity & The Forgotten Frame Of Federalism, Taleed El-Sabawi
Faculty Publications
Federal parity laws, and their state equivalents, have been shown to increase access to substance use disorder (SUD) treatment, by decreasing the cost of SUD treatment borne by the insured, and has resulted in little increase in health plan costs. Despite these improvements, the effects of parity on access to SUD treatment have been lower than expected. Recent reports suggest that states have varied in their enforcement parity, failures which may explain why persons surveyed still report having inadequate insurance coverage for SUD treatment despite the parity legislation. While other articles have offered suggestions for improving parity, most have lumped …
Breaking The Code: Cryptocurrency And Programming Proposal, Allan C. Hutchinson
Breaking The Code: Cryptocurrency And Programming Proposal, Allan C. Hutchinson
Articles & Book Chapters
The problem to be faced in regulating cryptocurrency is the general thrust of the ‘governance paradox’—how do you regulate an innovative scheme that demands some regulation in the public interest, when you know that any regulation will transform the very features of that scheme that not only makes it what it is, but also makes it especially useful and attractive to that same public? More specifically, how do you regulate an off-the-grid, decentralized and distributed scheme without making it into an on-the-grid, centralized and undistributed scheme? This is the challenge to be met in devising any kind of proposal to …
Religious Liberty In A Pandemic, Caroline Mala Corbin
Religious Liberty In A Pandemic, Caroline Mala Corbin
Articles
The coronavirus pandemic caused an unprecedented shutdown of the United States. The stay-at-home orders issued by most states typically banned large gatherings of any kind, including religious services. Churches sued, arguing that these bans violated their religious liberty rights by treating worship services more strictly than analogous activities that were not banned, such as shopping at a liquor store or superstore. This Essay examines these claims, concluding that the constitutionality of the bans turns on the science of how the pathogen spreads, and that the best available scientific evidence supports the mass gathering bans.
Lending Innovations, Xuan-Thao Nguyen
Lending Innovations, Xuan-Thao Nguyen
Articles
This article is the first to identify the disruption in tech lending by outlier commercial banks and to theorize the ways in which IP Venture Banking is fueling innovation both nationwide and globally. This disruptive model is a new beginning for both banks and startups on the path of borrowing and lending for innovation.
Part I identifies the four outlier banks-from among the six thousand total banks-that dare to venture into the innovation-intensive sectors for lending purposes and dominate the business model of lending for innovation. Based on extensive efforts to extract data from bank lending activities, Part I reveals …
Revising Boilerplate: A Comparison Of Private And Public Company Transactions, Robert E. Scott, Stephen J. Choi, Mitu Gulati
Revising Boilerplate: A Comparison Of Private And Public Company Transactions, Robert E. Scott, Stephen J. Choi, Mitu Gulati
Faculty Scholarship
The phenomenon of “sticky boilerplate” causing inefficient contract terms to persist exists across a variety of commercial contract types. One explanation for this failure to revise suboptimal terms is that the key agents on these transactions, including attorneys and investment bankers, are short sighted; their incentives are to get the deal done rather than ensure that they are using the best terms possible for their clients. Moreover, these agents face a first mover disadvantage that deters unilateral revisions to inefficient terms. If agency costs are indeed driving the stickiness phenomenon, we expect that the pace of revision will vary across …
Tepoel Lecture: Bond Trustees And The Rising Challenge Of Activist Investors, Steven L. Schwarcz
Tepoel Lecture: Bond Trustees And The Rising Challenge Of Activist Investors, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
Developments In The Laws Affecting Electronic Payments And Financial Services, Tom Kierner, Steve Middlebrook, Sarah Jane Hughes
Developments In The Laws Affecting Electronic Payments And Financial Services, Tom Kierner, Steve Middlebrook, Sarah Jane Hughes
Articles by Maurer Faculty
Federal and state developments affecting e-payments and financial services between June 1, 2018, and May 31, 2019, as in recent years, exceeded the space allowed for this survey. We have chosen to feature continuing regulatory efforts, including new guidance and innovations in cryptocurrencies as payments methods or as tradable "digital assets," and enforcement actions related to cryptocurrencies and to providers and users of cryptocurrencies. This survey also identifies guidance and enforcement actions that relate to providers of other types of financial products or services. Part II evaluates developments relating to cryptocurrencies, both as payment products and otherwise as "digital assets" …
Electronic Payments: Guide On Legal And Regulatory Reforms And Best Practices For Developing Countries, Benjamin Geva
Electronic Payments: Guide On Legal And Regulatory Reforms And Best Practices For Developing Countries, Benjamin Geva
Articles & Book Chapters
Electronic payments (e-payments) occur whenever payment instructions, initiated by a device such as a computer or mobile phone, enter a payments system via the Internet or any other telecommunications network. E-payments can be assisted by non-banking channels. They enhance the speed, efficiency and safety of payments. However, to reap all such benefits, e-payments require new legal and regulatory solutions to accommodate both the promise and risks inherent in the quickening pace of development. This Guide sets out a general framework addressing e-payment systems in a broad international/cross-border context, as well as addresses regulatory principles, risk of legal uncertainty and e-payments …
Crowdfunding Issuers In The United States, Andrew A. Schwartz
Crowdfunding Issuers In The United States, Andrew A. Schwartz
Publications
Startup companies can now legally sell shares of stock, bonds, or other securities to the broad public using equity crowdfunding, a new type of online capital market modeled on Kickstarter and other reward crowdfunding websites. Through equity crowdfunding, entrepreneurs can go directly to the broad public (the “crowd”) for investment, without having to go through the usual (and costly) process of an initial public offering (IPO). Equity crowdfunding thus offers a chance for all entrepreneurs, regardless of their physical location, gender, or anything else, to solicit investors and raise capital.
In 2012, new federal legislation—the Jumpstart Our Business Startups (JOBS) …
Bringing Rule Of Law And Fairness To The Dysfunctional World Of Sovereign Debt: A Role For Canada?, Maziar Peihani, Mark Jewett Qc
Bringing Rule Of Law And Fairness To The Dysfunctional World Of Sovereign Debt: A Role For Canada?, Maziar Peihani, Mark Jewett Qc
All Faculty Publications
Restructuring sovereign debt has long proved challenging: There is no formal regime for sovereign insolvencies similar to those that that govern domestic bankruptcy and insolvency and attempts to create one by international treaty have been met with political resistance. Currently, sovereign debt restructuring is governed by the debt contracts themselves along with the background law in the jurisdiction in which the debt is issued. Sovereign immunity also protects most state assets from seizure. These ad hoc restructuring processes are plagued by unpredictability, however, and there are incentives for individual creditors to “hold out,” demanding full repayment of their claims and …
Disabling Fascism: A Struggle For The Last Laugh In Trump’S America, Madeleine M. Plasencia
Disabling Fascism: A Struggle For The Last Laugh In Trump’S America, Madeleine M. Plasencia
Articles
Six years before the start of the Second World War and seven months after Hitler’s appointment as Chancellor of Germany, the German government instituted the “Law for the Prevention of Progeny with Hereditary Diseases.” The moral depravity that started as a sterilization program targeting “useless eaters” and lives “unworthy of life” degenerated into a “euthanasia” program that murdered at least 250,000 people with mental and physical dis/abilities as an “open secret” until 1941, when the Bishop of Munster, Clemens August Count von Galen, delivered a sermon protesting the killing of “unproductive people.”2 Although the Trump Administration has not yet driven …
A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William Wilson Bratton, Adam J. Levitin
A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William Wilson Bratton, Adam J. Levitin
Articles
This Article takes stock of post-financial crisis regulatory developments to tell a tale of two markets within a political economy of financial regulation. The financial crisis stemmed from excessive risk-taking and dodgy practices in the subprime home mortgage market, a market that owed its existence to private-label securitization. The pre-crisis boom in private label mortgage-backed securities could never have happened, however, without financing from an array of structured products and vehicles created in the capital markets-CDOs, CDO2 s, and SIVs. It was these capital markets products that magnified mortgage credit risk and transmitted it into the financial system's vulnerable nodes. …
Smart Contracts And The Limits Of Computerized Commerce, Eric D. Chason
Smart Contracts And The Limits Of Computerized Commerce, Eric D. Chason
Faculty Publications
Smart contracts and cryptocurrencies have sparked considerable interest among legal scholars in recent years, and a growing body of scholarship focuses on whether smart contracts and cryptocurrencies can sidestep law and regulation altogether. Bitcoin is famously decentralized, without any central actor controlling the system. Its users remain largely anonymous, using alphanumeric addresses instead of legal names. Ethereum shares these traits and also supports smart contracts that can automate the transfer of the Ethereum cryptocurrency (known as ether). Ethereum also supports specialized "tokens" that can be tied to the ownership of assets, goods, and services that exist completely outside of the …
Bankruptcy’S Role In The Covid-19 Crisis, Edward R. Morrison, Andrea C. Saavedra
Bankruptcy’S Role In The Covid-19 Crisis, Edward R. Morrison, Andrea C. Saavedra
Faculty Scholarship
Policymakers have minimized the role of bankruptcy law in mitigating the financial fallout from COVID-19. Scholars too are unsure about the merits of bankruptcy, especially Chapter 11, in resolving business distress. We argue that Chapter 11 complements current stimulus policies for large corporations, such as the airlines, and that Treasury should consider making it a precondition for receiving government-backed financing. Chapter 11 offers a flexible, speedy, and crisis-tested tool for preserving businesses, financing them with government funds (if necessary), and ensuring that the costs of distress are borne primarily by investors, not taxpayers. Chapter 11 saves businesses and employment, not …
Why The Fed Should Issue A Policy Framework For Credit Policy, Kathryn Judge
Why The Fed Should Issue A Policy Framework For Credit Policy, Kathryn Judge
Faculty Scholarship
The Federal Reserve has long used policy frameworks to both explain and inform its policymaking. These policy frameworks typically explain what the Fed is seeking to achieve in a given domain and how it plans to achieve its desired aims. Two prominent examples are the Fed’s use of Bagehot’s dictum when acting as a lender of last resort and its monetary policy framework issued in 2012 and revised in 2020. In both instances, the framework provides a foundation for informed debate among Fed policymakers, Congress, and the public, enhancing both efficacy and accountability. Since the onset of the Covid crisis, …
Introduction: The Rise Of Fintech, Andrew F. Tuch
Introduction: The Rise Of Fintech, Andrew F. Tuch
Scholarship@WashULaw
This foreword introduces "The Rise of Fintech," a series of essays published in a symposium issue of the Washington University Journal of Law & Policy. The contributions examine the structure of firms and markets, considering fintech activities occurring within existing firms and regulatory perimeters and activities that spill over the boundaries we currently take for granted. The contributors examine the emerging regulatory responses to fintech, taxonomizing them. They consider which regulatory approaches, or ecosystems, will best help fintech to develop. They examine how fintech applies to fundraising, examining initial coin offerings (ICOs) and equity crowdfunding, techniques that attract attention for …
Banking The Unbanked Innovators, Xuan-Thao Nguyen
Banking The Unbanked Innovators, Xuan-Thao Nguyen
Articles
Innovators are necessary for the engine of economic growth. Why do banks still find innovators, from startups to high growth companies, unattractive as potential customers for banking and lending products? Banks typically make business loans to established companies with positive cash flow and physical assets. Banks are eager to make loans in real estate transactions. Throughout modern time, banks persistently avoid banking innovators. Nationwide, only five outlier banks are defying conventional banking practices, and the leader among them is Silicon Valley Bank. Against all the odds, Silicon Valley Bank began as a local, community bank for innovators in 1982, and …