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Banking and Finance Law Commons

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Banking and Finance Law

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1999

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Articles 31 - 36 of 36

Full-Text Articles in Banking and Finance Law

The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski Jan 1999

The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski

Faculty Scholarship

This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary and Poland, argues that the imposition of financial discipline is not sufficient to remedy ownership and governance-related deficiencies of corporate performance. The study offers three main conclusions. First, we find that state enterprises represent a higher credit risk both because of their inferior economic performance and because of their lesser willingness or propensity to meet their payment obligations. Second, the brunt of the state firms' lower creditworthiness is borne by their state creditors, as state enterprises deflect the higher risk away from private creditors. …


Shedding Some Light On Lending: The Effect Of Expanded Disclosure Laws On Home Mortgage Marketing, Lending And Discrimination In The New York Metropolitan Area, Richard D. Marsico Jan 1999

Shedding Some Light On Lending: The Effect Of Expanded Disclosure Laws On Home Mortgage Marketing, Lending And Discrimination In The New York Metropolitan Area, Richard D. Marsico

Articles & Chapters

No abstract provided.


Derivatives And Risk Framework, Ravichandra Vasant Kini Jan 1999

Derivatives And Risk Framework, Ravichandra Vasant Kini

LLM Theses and Essays

The purpose of this thesis is to explore the dynamics of the fast-growing international financial markets and to study in particular the risks associated with the different kinds of financial instruments. The Barrings Bank Crisis, Proctor and Gamble, Gibson Greetings cases against Bankers Trust, and the Orange County Bankruptcy has prompted regulatory authorities to focus on the risks involved in the derivatives markets. In this paper, the first chapter explains the basic working of the different kinds of derivative instruments especially concentrating on Swaps, Futures, and Options. The second chapter goes on to explain, the risks involved in the uses …


Poison And Dead Hand Pills, Markets For Corporate Control, And Implications For An Emerging Market Like China, Shueiqing Zhou Jan 1999

Poison And Dead Hand Pills, Markets For Corporate Control, And Implications For An Emerging Market Like China, Shueiqing Zhou

LLM Theses and Essays

In the past twenty years, the Chinese government has been adopting open door and economic reform policies. Because of historical, economic, legal, and cultural traditions, a modern corporation system is far from being established in China. There are lots of things that need to do to establish a perfect corporate system. This thesis reviews diverse interpretations of the function of poison pills in light of recent judicial decisions and underlying empirical evidence. It also reviews recent judicial decisions regarding the new version of poison and dead hand pill. The author discusses the recent trend of by-law restrictions in an attempt …


Verification Institutions In Financing Transactions, Ronald J. Mann Jan 1999

Verification Institutions In Financing Transactions, Ronald J. Mann

Faculty Scholarship

One of the most common problems in commercial transactions is the resolution of information asymmetries, situations in which one party to the transaction knows more about a relevant fact than the other party. The natural response of the disadvantaged party is to attempt to investigate the transaction for itself – to investigate the matter with "due diligence" – but often such an investigation will be expensive and, however diligently undertaken, leave the truth of the matter uncertain. A law-centered approach to the problem would call for the development of warranties and covenants that the party with superior information would give …


Does Venture Capital Require An Active Stock Market?, Ronald J. Gilson, Bernard S. Black Jan 1999

Does Venture Capital Require An Active Stock Market?, Ronald J. Gilson, Bernard S. Black

Faculty Scholarship

The United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. We argue here that this is no accident – that venture capital can flourish especially – and perhaps only – if the venture capitalist can exit from a successful portfolio company through an initial public offering (IPO), which requires an active stock market. Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers especially the importance of exit by venture capitalists and the opportunity, present only if IPO …