Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Keyword
-
- Corporate debt (2)
- Securities (2)
- Banking law (1)
- Bonds (1)
- Capital costs (1)
-
- Corporate governance (1)
- Disclosure of information--Law and legislation (1)
- Dodd-Frank (1)
- Finance (1)
- Financial crisis of 2008 (1)
- Financial leverage (1)
- Living wills (1)
- Loans (1)
- Risk-taking (Psychology) (1)
- Sarbanes-Oxley Act of 2002 (1)
- Securities industry--Law and legislation (1)
- Securities law--Interpretation and construction (1)
- Stress tests (1)
- Wall Street Reform and Consumer Protection Act of 2010 (1)
- Publication
Articles 1 - 4 of 4
Full-Text Articles in Securities Law
Regulation By Hypothetical, Mehrsa Baradaran
Regulation By Hypothetical, Mehrsa Baradaran
Scholarly Works
A new paradigm is afoot in banking regulation—and it involves a turn toward the more speculative. Previous regulatory instruments have included geographic restrictions, activity restrictions, disclosure mandates, capital requirements, and risk management oversight to ensure the safety of the banking system. This Article describes and contextualizes these regulatory tools and shows how and why they were formed to deal with industry change. The financial crisis of 2008 exposed the shortcomings in each of these regimes. In important ways, the Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) departs from these past regimes and proposes something new: Call it …
Does Board Independence Reduce The Cost Of Debt?, Michael Bradley, Dong Chen
Does Board Independence Reduce The Cost Of Debt?, Michael Bradley, Dong Chen
Faculty Scholarship
Using the passage of the Sarbanes-Oxley Act and the associated change in listing standards as a natural experiment, we find that while board independence decreases the cost of debt when credit conditions are strong or leverage low, it increases the cost of debt when credit conditions are poor or leverage high. We also document that independent directors set corporate policies that increase firm risk. These results suggest that, acting in the interest of shareholders, independent directors are increasingly costly to bondholders with the intensification of the agency conflict between these two stakeholders.
Do The Securities Laws Matter? The Rise Of The Leveraged Loan Market, Elisabeth De Fontenay
Do The Securities Laws Matter? The Rise Of The Leveraged Loan Market, Elisabeth De Fontenay
Faculty Scholarship
One of the enduring principles of federal securities regulation is the mantra that bonds are securities, while commercial loans are not. Yet the corporate bond and loan markets in the U.S. are rapidly converging, putting significant pressure on the disparity in their regulatory treatment. As securities, corporate bonds are subject to onerous public disclosure obligations and liability regimes, which corporate loans avoid entirely. This longstanding regulatory distinction between loans and bonds is based on the traditional conception of a commercial loan as a long-term relationship between the borrowing company and a single bank, in contrast to bonds, which may be …
Putting The Securities Laws To The Test: The Long-Standing Approach To Federal Securities Regulation Is Not Working, Elisabeth De Fontenay
Putting The Securities Laws To The Test: The Long-Standing Approach To Federal Securities Regulation Is Not Working, Elisabeth De Fontenay
Faculty Scholarship
No abstract provided.