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Articles 1 - 29 of 29
Full-Text Articles in Banking and Finance Law
The Application Of The Foreign Sovereign Immunities Act To An Action Against The French Railroad For Transporting Thousands Of Jews And Others To Their Deaths: Abrams V. Sncf, Malvina Halberstam
The Application Of The Foreign Sovereign Immunities Act To An Action Against The French Railroad For Transporting Thousands Of Jews And Others To Their Deaths: Abrams V. Sncf, Malvina Halberstam
Articles
No abstract provided.
22nd Annual Conference On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law
22nd Annual Conference On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law
Continuing Legal Education Materials
Materials from the 22nd Annual Conference on Legal Issues for Financial Institutions held by UK/CLE in April of 2002.
Reorganizations And Stochastic Collateral Value, Royce De R. Barondes
Reorganizations And Stochastic Collateral Value, Royce De R. Barondes
Faculty Publications
Bebchuk and Fried propose using a series of auctions to implement a market-based methodology for valuing secured claims in a reorganization. This Article demonstrates their procedure can result in a secured creditor receiving more than its ex ante bargain, and that the probability distribution of possible collateral values can be relevant to fulfilling the ex ante bargain. This Article further develops and examines a refinement of the Bebchuk and Fried procedure that provides an approximate solution to the overcompensation of secured creditors. This refinement reconceptualizes collateral as comprising two components: (i) a call option on that property, exercisable at the …
The Law And Economics Of Consumer Finance, Richard M. Hynes, Eric A. Posner
The Law And Economics Of Consumer Finance, Richard M. Hynes, Eric A. Posner
Faculty Publications
No abstract provided.
Disney In Asia, Again, Raymond H. Lopez
Disney In Asia, Again, Raymond H. Lopez
Case Studies
This case covers business strategies and financial concepts related to an international investment decision by one of the most well-known global public companies. The Walt Disney Company management team has decided on expansion of its theme park operations onto the Asian mainland. After years of exhaustive study, they have narrowed the decision down to two potential sites, Shanghai and Hong Kong. Analysis of data in the case should enable students to forecast revenues, expenses, and pro forma financial statements for operations at each location. Using discounted cash flow techniques, they should be able to calculate net present values (NPV'S) for …
Financial Holding Company Liability After Gramm-Leach-Bliley, Eric J. Gouvin
Financial Holding Company Liability After Gramm-Leach-Bliley, Eric J. Gouvin
Faculty Scholarship
This Article examines the extent to which financial holding companies formed under the Gramm-Leach-Bliley Act (GLB Act) will bear the costs of the failure of their bank subsidiaries. Pre-GLB Act banking law provided numerous ways to impose liability on bank holding companies for bank failure. The GLB Act itself added some provisions dealing with holding company liability, providing protections for receivers of failed institutions and adding ammunition to the regulators' "source of strength" theory for imposing liability on bank holding companies, and, by extension, on financial holding companies. But despite tinkering at the edges, the GLB Act did not provide …
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Faculty Publications
This article describes the development of the competing regulatory bodies for banking, insurance, securities and derivatives. It then focuses on the regulatory roles of the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC"). The competition between those two agencies and its effects are described. After that review, the article examines the roles of the FSA-GB and FSA-Japan. Finally, the article discusses the arguments favoring and disfavoring competitive regulation and tries to discern whether a unified regulatory structure such as that in Japan and England is preferable to the competitive approach of the SEC and CFTC. The …
Interpreting Indentures: How Disequilibrium Economics And Financial Asset Specificity Support Narrow Interpretation, Houman B. Shadab
Interpreting Indentures: How Disequilibrium Economics And Financial Asset Specificity Support Narrow Interpretation, Houman B. Shadab
Articles & Chapters
No abstract provided.
Why Warn? – The Worker Adjustment And Retraining Notification Act In Bankruptcy, Laura B. Bartell
Why Warn? – The Worker Adjustment And Retraining Notification Act In Bankruptcy, Laura B. Bartell
Law Faculty Research Publications
The Worker Adjustment and Retraining Notification ("WARN") Ace was enacted by Congress in 1988 to provide limited protections to workers whose jobs are suddenly and permanently terminated. The WARN Act generally precludes an "employer" from ordering a "plant closing or mass layoff" until the expiration of a sixty-day period after giving written notice of such proposed action. Pursuant to legislative directive, the Department of Labor ("Department") promulgated a final rule in 1989 interpreting the provisions of the statutory language. Although neither the WARN Act itself nor the final rule makes any reference to bankrupt employers, in the preamble to the …
Reciprocal Fairness, Strategic Behavior & Venture Survival: A Theory Of Venture Capital-Financed Firms, Manuel A. Utset
Reciprocal Fairness, Strategic Behavior & Venture Survival: A Theory Of Venture Capital-Financed Firms, Manuel A. Utset
Scholarly Publications
No abstract provided.
Globalization In Financial Services - What Role For Gats?, Chantal Thomas
Globalization In Financial Services - What Role For Gats?, Chantal Thomas
Cornell Law Faculty Publications
No abstract provided.
Microcredit: Fulfilling Or Belying The Universalist Morality Of Globalizing Markets, Kenneth Anderson
Microcredit: Fulfilling Or Belying The Universalist Morality Of Globalizing Markets, Kenneth Anderson
Articles in Law Reviews & Other Academic Journals
No abstract provided.
Law Enforcement Under Incomplete Law: Theory And Evidence From Financial Market Regulation, Chenggang Xu, Katharina Pistor
Law Enforcement Under Incomplete Law: Theory And Evidence From Financial Market Regulation, Chenggang Xu, Katharina Pistor
Faculty Scholarship
This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the social-welfare loss that results from the regime's inability to deter harmful actions. As a potential remedy a regulatory regime is introduced. The major functional difference between courts and regulators is that courts enforce law reactively, that is only once others have initiated law enforcement procedures, while regulators enforce law proactively, i.e. on their own initiative. Proactive law enforcement may be superior in preventing harm. However, …
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Faculty Publications
Consumer bankruptcy insures individuals against misfortune. Like other forms of insurance, bankruptcy reduces an individual's incentive to guard against misfortune and provides her with an incentive to overstate her need for relief. The "first-best," or optimal, bankruptcy system, like the first-best tax or public assistance system, solves these moral hazards without any loss of efficiency. In bankruptcy, this first-best approach would deny relief to debtors responsible for their own distress and reduce the deserving debtors' obligations to an amount commensurate with their ability to pay. While the Bankruptcy Code tries (in part) to follow this first-best approach, such a utopian …
Banking For The Unbanked, Michael S. Barr
Banking For The Unbanked, Michael S. Barr
Articles
The consequences of not having access to mainstream financial services can be severe. Fim, the "unbanked" face high costs for basic financial servies. For example, a 2000 Treasury [U.S. Treasury Department] study found that a worker eaming $12,000 a year would pay approximately $250 annually just to cash payroll checks at a check cashing outlet, in addition to fees for money orders, wire transfers, bill payments, and other common transactions. Regular payments with low credit risk that could be directly deposited into bank accounts, with significantly lower payment systems costs, form the bulk of checks cashed at these check cashing …
Financial Services In The 21st Century: The Perspective Of Insurance, Jeffrey E. Thomas
Financial Services In The 21st Century: The Perspective Of Insurance, Jeffrey E. Thomas
Faculty Works
No abstract provided.
Sovereign Bonds And The Collective Will, Lee C. Buchheit, G. Mitu Gulati
Sovereign Bonds And The Collective Will, Lee C. Buchheit, G. Mitu Gulati
Faculty Scholarship
No abstract provided.
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
All Faculty Scholarship
No abstract provided.
Credit Cards And Debit Cards In The United States And Japan, Ronald J. Mann
Credit Cards And Debit Cards In The United States And Japan, Ronald J. Mann
Faculty Scholarship
The widespread use of cards is one of the most salient features of consumer retail payment systems in the United States. American consumers use those cards to pay for about one-fourth of their retail purchases each year. And this is not a static phenomenon; among other things, the use of debit cards, though still relatively small, is rising rapidly. That pattern of use is not, however, typical of other countries. Even in some highly industrialized nations, consumers use cards to pay for purchases much less frequently. Statistics from the Bank for International Settlements, for example, suggest about sixty card-based payment …
Even Before Enron: Banking Regulators, The Income Tax, The S&L Crisis, And Deceptive Accounting At The Supreme Court, Stephen B. Cohen
Even Before Enron: Banking Regulators, The Income Tax, The S&L Crisis, And Deceptive Accounting At The Supreme Court, Stephen B. Cohen
Georgetown Law Faculty Publications and Other Works
Years before the ENRON debacle, the Supreme Court heard a pair of cases involving dishonest financial accounting, Frank Lyon Co. v. U.S. and Cottage Savings Ass'n. v. Commissioner. In both cases, federal bank regulators had encouraged deceptive financial accounting, and the deceptive accounting became the basis for taxpayer claims. The Supreme Court, however, did not comment in either opinion on the deceptive character of the financial accounting that gave rise to tax litigation.
Access To Financial Services In The 21st Century: Five Opportunities For The Bush Administration And The 107th Congress (Symposium On Poverty And The Law)., Michael S. Barr
Articles
Noticeably absent from debate over President Bush's agenda is any discussion of a central question for equality of opportunity in the 21st century. Access to financial services is the "passport" to our modem economy, as former Treasury Secretary Lawrence H. Summers oft said, but despite the enormous progress that has been made over the last decade, too many families in the United States still are left out of the financial services mainstream. There are five key opportunities that the Bush Administration, working with Congress and the private sector, can seize in order to continue to democratize access to financial services: …
Deliberative Democracy And Campaign Finance Reform, Neil J. Kinkopf
Deliberative Democracy And Campaign Finance Reform, Neil J. Kinkopf
Faculty Publications By Year
No abstract provided.
Looking The Other Way: A Critique Of The Fair-Lending Enforcement System And A Plan To Fix It, Stephen L. Ross, John Yinger
Looking The Other Way: A Critique Of The Fair-Lending Enforcement System And A Plan To Fix It, Stephen L. Ross, John Yinger
Center for Policy Research
In 2001, the homeownership rate in the United States reached 67.8 percent--an all-time high. The benefits of homeownership were not evenly spread across ethnic groups, however. In fact, the homeownership rate was 74.3 percent for non-Hispanic whites, 48.4 percent for non-Hispanic blacks, and 47.3 percent for Hispanics (U.S. Department of Housing and Urban Development 2002, Table 29). These homeownership gaps undoubtedly have many causes, but one of the key suspects is discrimination in mortgage lending. The vast majority of households cannot buy a house without a mortgage loan, and discriminatory barriers to obtaining a mortgage could have a dramatic impact …
Book Review: Bankruptcy, Insolvency And Family Law, Stephanie Ben-Ishai
Book Review: Bankruptcy, Insolvency And Family Law, Stephanie Ben-Ishai
Articles & Book Chapters
This is a review of Bankruptcy, Insolvency and Family Law, 2d ed by Robert A. Klotz.
Regulation And Investors' Trust In The Securities Market, Tamar Frankel
Regulation And Investors' Trust In The Securities Market, Tamar Frankel
Faculty Scholarship
The subject of investor confidence in the securities markets has received wide attention recently as details of fraud and avarice continue to emerge. Investors' trust in the securities markets is important for the reasons discussed in Professor Stout's marvelous paper.1 This Comment focuses on the relationship between investors' trust and government regulation of the markets. By regulation I mean congressional legislation and actions by federal agencies. I exclude the courts mainly because their lawmaking is not primarily policy-based, and my aim is to sound the alarm for legislative and regulatory policy-directed actions. Many an economist and academic have argued …
Understanding Enron: "It's About Gatekeepers, Stupid", John C. Coffee Jr.
Understanding Enron: "It's About Gatekeepers, Stupid", John C. Coffee Jr.
Faculty Scholarship
What do we know after Enron's implosion that we did not know before it? The conventional wisdom is that the Enron debacle reveals basic weaknesses in our contemporary system of corporate governance. Perhaps, this is so, but where is the weakness located? Under what circumstances will critical systems fail? Major debacles of historical dimensions – and Enron is surely that – tend to produce an excess of explanations. In Enron's case, the firm's strange failure is becoming a virtual Rorschach test in which each commentator can see evidence confirming what he or she already believed.
The Heartland Funds’ Receivership And Its Implications For Independent Mutual Fund Directors, Jeffrey J. Haas, Steven R. Howard
The Heartland Funds’ Receivership And Its Implications For Independent Mutual Fund Directors, Jeffrey J. Haas, Steven R. Howard
Articles & Chapters
No abstract provided.
The New Basel Capital Accord: Making It Effective With Stronger Market Discipline, Harald Benink, Clas Wihlborg
The New Basel Capital Accord: Making It Effective With Stronger Market Discipline, Harald Benink, Clas Wihlborg
Business Faculty Articles and Research
In January 2001 the Basel Committee on Banking Supervision proposed a new capital adequacy framework to respond to deficiencies in the 1988 Capital Accord on credit risk. The main elements or ‘pillars’ of the proposal are capital requirements based on the internal risk-ratings of individual banks, expanded and active supervision, and information disclosure requirements to enhance market discipline. We discuss the incentive effects of the proposed regulation. In particular, we argue that it provides incentives for banks to develop new ways to evade the intended consequences of the proposed regulation. Supervision alone cannot prevent banks from ‘gaming and manipulation’ of …
What Enron Means For The Management And Control Of The Modern Business Corporation: Some Initial Reflections, Jeffrey N. Gordon
What Enron Means For The Management And Control Of The Modern Business Corporation: Some Initial Reflections, Jeffrey N. Gordon
Faculty Scholarship
The Enron case plays on many different dimensions, but its prominence is not merely part of popular culture's obsession with scandal du jour. Rather, the Enron situation challenges some of the core beliefs and practices that have underpinned the academic analysis of corporate law and governance, including mergers and acquisitions, since the 1980s. These amount to an interlocking set of institutions that constitute "shareholder capitalism," American-style, 2001, that we have been aggressively promoting throughout the world. We have come to rely on a particular set of assumptions about the connection between stock market prices and underlying economic realities; the reliability …