Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Business (20)
- Economics (19)
- Social and Behavioral Sciences (19)
- Education (18)
- Political Science (18)
-
- Banking and Finance Law (3)
- Law and Economics (3)
- Securities Law (3)
- Business Law, Public Responsibility, and Ethics (1)
- Business Organizations Law (1)
- Comparative and Foreign Law (1)
- Corporate Finance (1)
- Economic Policy (1)
- Finance (1)
- Legal Ethics and Professional Responsibility (1)
- Legal Profession (1)
- Organizational Behavior and Theory (1)
- Organizations Law (1)
- Public Affairs, Public Policy and Public Administration (1)
- Public Law and Legal Theory (1)
- Strategic Management Policy (1)
- Keyword
-
- Anti-corruption - Articles (8)
- Anti-corruption (6)
- Investment (6)
- Others (4)
- Anti-Corruption - Powerpoints (3)
-
- Customs (3)
- Economics - Powerpoints (3)
- Anticorruption (2)
- Financial law (2)
- Hong Kong (2)
- Hong kong (2)
- Trade facilitation (2)
- WCO (2)
- Wealth management (2)
- Anticorruption industry (1)
- Antitrust (1)
- Arab (1)
- BEEPS (1)
- Banking regulation (1)
- Big bang reform (1)
- Broker-dealer (1)
- CAPM (1)
- China (1)
- Code of conduct (1)
- Competition (1)
- Compliance capacity (1)
- Compliance industry (1)
- Confiscation (1)
- Contingency theory (1)
- Corruption (1)
Articles 1 - 26 of 26
Full-Text Articles in Law
What Determines M&A Legal And Financial Advisors' Competitiveness In An International Financial Centre: Using China's Going Out Policy As A Natural Experiment, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How can legal and financial advisors compete in the global market for M&A mandates? In this presentation, we review the arguments made in our paper.
A Theory Of Financial Services Competition, Compliance And Regulation, Bryane Michael
A Theory Of Financial Services Competition, Compliance And Regulation, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Do financial regulation advisors (like Capco) help their clients become more profitable? In this paper, we present a model where financial service firms may add to their own compliance teams or hire outside compliance advisors. We derive the conditions under which a financial services firm will want to hire a compliance services company, and show how much money they should spend. Financial services firms in competitive locations like Hong Kong and Singapore will particularly benefit (at least in the short run) from their services. We also show that their advice may lead to an embarrass de riches – whereby the …
What Role Can An International Financial Centre’S Law Play In The Development Of A Sunrise Industry? The Case Of Hong Kong And Solar Powered Investments, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How can international financial centres like Hong Kong increase assets under management – and thus their size and ranking? Most policymakers and their advisors wrongly answer this question by focusing on financial institutions, and the law that governs them. Instead, policymakers need to start by looking at actual markets. What new tastes and technologies need funding? How can such funding fit into already existing geographies of production, distribution and finance? In this paper, we show how a focus on funding sunrise industries can help increase assets under management for the financial institutions operating in an international financial centre like Hong …
Should Hong Kong's Law Firms Be Allowed To List On The Stock Exchange?, Bryane Michael
Should Hong Kong's Law Firms Be Allowed To List On The Stock Exchange?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Policymakers in numerous jurisdictions are debating whether to allow their law firms to raise capital on the stock market. In this article, we look at the benefits for listing Hong Kong's law firms. We argue that such listing would help redress previous historical disadvantages local firms have faces vis-a-vis foreign rivals doing business in the city.
Assessing Hong Kong As An International Financial Centre, Bryane Michael
Assessing Hong Kong As An International Financial Centre, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How can Hong Kong hope to catch up to London and New York as an international financial centre? Close ties with the Mainland result in financial fragility which could decrease Hong Kong's prospects as a financial centre in the longer term. In this paper, we review Hong Kong's dependence on the Mainland's economy. We provide 21 recommendations for strengthening Hong Kong's banking and securities markets.
Objectives-Based Twin-Peaks Financial Regulation In Hong Kong, Bryane Michael, Say Goo, Dariusz Wojick
Objectives-Based Twin-Peaks Financial Regulation In Hong Kong, Bryane Michael, Say Goo, Dariusz Wojick
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Objectives-based legislation – or laws which focus on achieving particular and concrete outcomes – has become a new and important tool that financial sector regulators use to tackle large and varied financial system risks. Yet, objectives-based legislation – and the frequent principles-based regulation underpinned by such legislation – represents a stark departure from traditional ways of legislating. In this paper, we describe the problems and prospects of implementing objectives-based financial regulation in Hong Kong – in the form of a Twin Peaks regulatory structure. A focus on the objectives of achieving financial market stability and proper market conduct would require …
Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?, Bryane Michael, Christopher Hartwell, Gary Ho
Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?, Bryane Michael, Christopher Hartwell, Gary Ho
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How should wealth managers and private bankers find and serve the wealthy – particularly in developing countries? Several banks and consulting firms provide market sizing estimates for the number of high net worth and ultra-high net worth individuals. However, it is still an open question whether financial management services actually create wealth (or increase the number of wealthy persons). How can financial advisors know if, on a macro-level, their service offerings grow their collective assets under management and increase their prospect numbers? In this paper, we find evidence that advanced wealth management and private banking services might help grow a …
The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?, Bryane Michael
The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
This presentation provides an overview of the likely effects of Malaysia's 2010 Competition Act.
What Effect Does Financial Law Have On The Wealth Management Industry (And Wealth) In Emerging Markets?, Bryane Michael
What Effect Does Financial Law Have On The Wealth Management Industry (And Wealth) In Emerging Markets?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
What effect does financial law have on wirehouses' ability to gather customers and their assets in emerging markets? In this presentation, I look at the data showing the primal importance of law in explaining wealth managers' ability to gather assets. I present a synthesis of some of the research on legislative/regulatory change and the growth of the wealth management industry.
Interview With Thompson Reuters, Bryane Michael
Interview With Thompson Reuters, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Interview with Informer Magazine
Hong Kong Sponsors Should Have Little To Fear From Proposed Sfc Rules, Bryane Michael
Hong Kong Sponsors Should Have Little To Fear From Proposed Sfc Rules, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
New rules threaten to increase the legal liability of IPO sponsors in Hong Kong. What effect will the new rules have the IPO market in Hong Kong --- and the sponsors who prepare the new issue? We argue that the new rules -- rather than hindering the IPO market -- promise to deepen it. We review (for the lay-person) the relevant law, previoius econometric studies in the area, and provide conclusions.
The Middle Eastern Wealth Management Industry: Boon Or Bust?, Bryane Michael
The Middle Eastern Wealth Management Industry: Boon Or Bust?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
The wealth management industry in the Middle East and North Africa (MENA) represents a roughly $800 billion opportunity. Yet, tapping this opportunity will require new strategies by the wirehouses looking to penetrate into this market. In this paper, we argue that Middle-Eastern policymakers and bankers will need to develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose share are worth buying. We show why Turkey has succeeded in growing a nationally and internationally competitive …
The Prosecution And Confiscation Of The Proceeds Of Illicit Enrichment, Bryane Michael
The Prosecution And Confiscation Of The Proceeds Of Illicit Enrichment, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
These training slides show prosecutors and judges how to find and recover the proceeds of corruption (under Macedonian law as a practical example).
Customs Facilitation And Anti-Corruption (Wco Presentation), Bryane Michael
Customs Facilitation And Anti-Corruption (Wco Presentation), Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
This presentation reviews the findings of our paper "Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?" presented in Abu Dhabi at the WCO meeting.
What Does Kosovo Teach Us About Using Human Rights Law To Prosecute Corruption Offences?, Bryane Michael
What Does Kosovo Teach Us About Using Human Rights Law To Prosecute Corruption Offences?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
If a patient must pay a bribe to obtain life-saving surgery, does the doctor’s solicitation of a bribe represent a violation of the victim’s human rights? This paper explores the ways in which anti-corruption practitioners can look to various provisions in human rights law in order to prevent or prosecute corruption-related offences. We use Kosovo as a case study because its constitution gives direct effect to the major international human rights conventions. We find -- using Kosovo as a case study -- that some types of corruption lead to separately prosecutable human rights offences. We also find that pre-existing violations …
What Do We Know About Corruption (And Anti-Corruption) In Customs?, Bryane Michael, Nigel Moore
What Do We Know About Corruption (And Anti-Corruption) In Customs?, Bryane Michael, Nigel Moore
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
What are the lessons from anti-corruption programmes in Customs agencies over the last 20 years? The data suggest that many of the usual activities -- like codes of conduct and posters do not work. Internal inspectorates, and particularly internal audit, has a large effect on reducing corruption. A review of the literature and best practice presented.
Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?, Bryane Michael, Frank Ferguson, Alisher Karimov
Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?, Bryane Michael, Frank Ferguson, Alisher Karimov
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Customs-related corruption costs World Customs Organisation (WCO) members at least $2 billion in customs revenue each year. Using recent data only about bribe payers’ actual experiences in paying bribes, we show that trade facilitation would only help reduce corruption and improve efficiency – in a large number of customs agencies -- if the customs agency’s director undertakes a big-bang approach to reform. We also find support for the corruption clubs theory – that customs agencies in the process of reform are either moving toward OECD levels of integrity and efficiency; or they are sliding toward a “red zone” group of …
Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael
Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Over 70 academic papers attempt to explain why foreigners invest in US securities. All ignore the vital role of the US broker-dealer. Macroeconomic factors like a trade balance or corporate governance may guide foreign investors toward certain markets. But US broker-dealers provide information to foreign investors and execute the actual trades. We hypothesize that particular foreign investors under-invest in US securities because of a lack of relational capital with US broker-dealers. We find that broker-dealer marketing intensity in foreign markets partly explains foreigners’ decisions to invest in US securities. We also estimate “pent-up” demand for US securities in developing countries …
The Size And Structure Of Government, Bryane Michael, Maja Popov
The Size And Structure Of Government, Bryane Michael, Maja Popov
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Does government size and structure adapt to changes in government’s organisational environment (particularly to uncertainty and complexity) as predicted by organisational theory? We find – using a range of statistical analyses – support for each of the major theories of organisation adaptation (the contingency-based view, resource-based view, and rational choice view). We find that both government size and structure change – holding other factors constant – for changes in the uncertainty and complexity of governments’ organisational environments. We find seven clusters of governments which adapt their organisational sizes differently in response to changes in the uncertainty and complexity of their …
Raising Revenue Through Fighting Corruption In Customs, Bryane Michael
Raising Revenue Through Fighting Corruption In Customs, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
I gave this presentation at a WCO meeting in Brussels. Please contact for more accurate data on corruption estimates (I had to rescale some of the estimates for reasons of confidentiality).
Issues In Anti-Corruption Law: How Can Code Of Conduct Laws Be Drafted In Order To Reduce Corruption In A Public Sector Like Romania’S?, Bryane Michael
Issues In Anti-Corruption Law: How Can Code Of Conduct Laws Be Drafted In Order To Reduce Corruption In A Public Sector Like Romania’S?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
International organisations, like the UN and EU, have encouraged their member states for years to increase civil servants’ compliance with particular codes of conduct. Romania represents probably one of the most advanced countries in attempting to legislate on civil servant ethics through its Code of Conduct Law. Yet, the Romanian Code of Conduct Law possesses significant weaknesses, emanating both from the inherent difficulties of using hard law in a soft law area (like civil servants’ ethics) and the Law’s silence as to specific procedures which government agencies should use in implementing the Law. Given these weaknesses, Romanian government agencies should …
The Evolution Of The Anti-Corruption Industry In The Third Wave Of Anti-Corruption Work, Bryane Michael
The Evolution Of The Anti-Corruption Industry In The Third Wave Of Anti-Corruption Work, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Work on anti-corruption has changed significantly in the mid-1990s -- reflecting a "third wave" of anti-corruption work. If the first and second waves of anti-corruption work reflected the marketisation of anti-corruption projects, the third wave reflects the direct cross-border co-operation between law enforcement agencies (particularly in the European Union). The first part of this paper reviews the literature and the data we consulted in our (rather informal) study. The second part traces the evolution of the anti-corruption industry across time – showing the beginning of each new wave as a “structural break” in the organisational structure of project delivery. The …
Issues In Anti-Corruption Law: Can An Activist Regulatory Stance Overcome Legislative Problems In Preventive Anti-Corruption Agencies Like Montenegro’S?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Article 6 of the UN Convention Against Corruption requires that signatory states establish an anti-corruption agency (or agencies) responsible for preventing corruption. However, the Convention – and legal scholarship in general – provides little direction about how such agencies should be organised. Moreover, the piece-meal nature of anti-corruption legislation in most developing countries makes the efficient operation of such agencies difficult to impossible. This article argues that regulatory instruments can help overcome the inherent weaknesses of legislative governing many anti-corruption agencies. Using the Montenegro’s Directorate for Anti-Corruption Initiatives (DACI), I show how the design of a regulation – relying on …
Should The World Customs Organisation Develop A Hard Law Approach To Anti-Corruption In Customs?, Bryane Michael
Should The World Customs Organisation Develop A Hard Law Approach To Anti-Corruption In Customs?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
The WCO, among international organisations, remains conspicuously absent in its work on anti-corruption. This brief, a set of notes for a conference lecture, provide the steps the WCO should take in order to help customs agencies adopt anti-corruption legislation world-wide.
How To Draft Comments On Legislation, Bryane Michael
How To Draft Comments On Legislation, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
This hand out provides tips for my students in legal drafting and analysis. The Romanian Law on the Code of Conduct is used as an example.
When Eu Law Meets Arabic Law: Assessment Of Anti-Corruption Law In Morocco And Some Proposed Amendments, Bryane Michael, Abdelaziz Nouaydi
When Eu Law Meets Arabic Law: Assessment Of Anti-Corruption Law In Morocco And Some Proposed Amendments, Bryane Michael, Abdelaziz Nouaydi
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
This article reviews the present state of the adoption of anti-corruption legal provisions usually adopted in EU (or candidate) countries in Morocco. Morocco lags behind many countries in its adoption of anti-corruption legislation and the recently established Central Agency of the Prevention of Corruption is unlikely to succeed in speeding up the adoption of these measures. English language translations of a number of Moroccan anti-corruption legal instruments are presented and amendments to these legal instruments are recommended (based on international best practice) in order to increase the likely effectiveness of Moroccan law enforcement institutions in fighting corruption.