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International Financial Products And Services, Cillian Bredin, Hernan Camarero, Alan B. Rabkin, Lorcan Tienan, Walter Stuber 2021 Southern Methodist University

International Financial Products And Services, Cillian Bredin, Hernan Camarero, Alan B. Rabkin, Lorcan Tienan, Walter Stuber

The Year in Review

No abstract provided.


Insider Trading As A Precursor To Modern Business Ethics, Robyn Coleman 2021 University of Arkansas, Fayetteville

Insider Trading As A Precursor To Modern Business Ethics, Robyn Coleman

Finance Undergraduate Honors Theses

There has been a recent change in business that there is more focus on the “stakeholder approach” than shareholder primacy. This can be attributed to the early actions and illegality of insider trading that expected a step beyond a solely economic approach. This attitude was then replicated to become what we see as the modern business approach. Business now includes ethical investing, environmental focus, corporate citizenship, and emphasis on multiple stakeholders that was not always there. Companies have embraced this position while others have been criticized for not doing so. As this approach develops and changes, it will be enlightening ...


Do Esg Mutual Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson 2021 University of Virginia

Do Esg Mutual Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson

Faculty Scholarship at Penn Law

Corporations have received growing criticism for their role in climate change, perpetuating racial and gender inequality, and other pressing social issues. In response to these concerns, shareholders are increasingly focusing on environmental, social, and corporate governance (ESG) criteria in selecting investments, and asset managers are responding by offering a growing number of ESG mutual funds. The flow of assets into ESG is one of the most dramatic trends in asset management.

But are these funds giving investors what they promise? This question has attracted the attention of regulators, with the Department of Labor and the Securities and Exchange Commission (SEC ...


The Rise Of "Fringetech": Regulatory Risks In Earned-Wage Access, Nakita Q. Cuttino 2021 Northwestern Pritzker School of Law

The Rise Of "Fringetech": Regulatory Risks In Earned-Wage Access, Nakita Q. Cuttino

Northwestern University Law Review

By many accounts, the financial technology, or FinTech, sector appears to have developed an innovative solution to assist low-income workers with income shortfalls between standard paydays by displacing fringe financial service providers, namely payday lenders. Earned wage access programs facilitate early transfers of earned-but-unpaid wages to low- income workers through mobile platforms, algorithmic technology, and GPS tracking. To many, earned wage access programs represent a win-win for employees and employers. These programs are believed to be cheaper and safer alternatives to payday loans. Preliminary research also suggests these programs improve labor-retention rates for employers and help reduce financial distress for ...


The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam

Journal of Financial Crises

By late 2008, the secondary mortgage markets were suffering high default rates, causing mortgage lending to slow and the value of mortgage securities to plummet. The Federal Reserve lowered the federal funds rate, and the government placed Fannie Mae and Freddie Mac into conservatorship, yet credit in housing and other financial markets remained tight. On November 25, the Fed announced its intent to purchase up to $500 billion in agency mortgage-backed securities (MBS) and $100 billion in agency debt to reduce the cost and increase the availability of mortgage credit, which would support housing markets and improve conditions in financial ...


The Rescue Of Fannie Mae And Freddie Mac-Module B: Senior Preferred Stock Purchase Agreements, Daniel Thompson 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac-Module B: Senior Preferred Stock Purchase Agreements, Daniel Thompson

Journal of Financial Crises

On September 6, 2008, as part of a four-part government intervention, the Federal Housing Finance Agency (FHFA) took into conservatorship the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), two government-sponsored enterprises (GSEs) that dominated the US secondary mortgage market. Concurrently, the FHFA, as conservator, entered into Senior Preferred Stock Purchase Agreements (SPSPAs) with Treasury, under which Treasury committed to provide funding to ensure the GSEs’ positive net worth. In return, Treasury received senior preferred stock and a warrant to purchase 79.9% of the GSEs’ common stock. The SPSPAs have been amended ...


The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins

Journal of Financial Crises

Two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), dominated the secondary mortgage market during the US housing crisis, collectively holding or guaranteeing $5.3 trillion in mortgage assets by late 2007. As the crisis escalated, the two GSEs began to report substantial losses and their survival became uncertain. On September 6, 2008, the GSEs’ new regulator, the Federal Housing Finance Agency (FHFA), placed the firms into indefinite conservatorships, one step of a four-part government intervention to stabilize the enterprises. This case study evaluates the purpose and efficacy of ...


The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and ...


The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury ...


Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr. 2021 Gakushuin University

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms ...


The Federal Reserve As Collateral's Last Resort, Colleen M. Baker 2021 Assistant Professor of Legal Studies, Price College of Business and Affiliate Faculty, College of Law, University of Oklahoma

The Federal Reserve As Collateral's Last Resort, Colleen M. Baker

Notre Dame Law Review

This Essay is the first step in a broader normative project analyzing the proper balance between legislation and central bank policy—between architecture and implementation—in shaping the Federal Reserve’s collateral framework to best promote market discipline and to minimize credit allocation. Its modest aim is twofold. First, it provides the first analysis of central bank collateral frameworks in the legal scholarship. Second, it analyzes the equilibrium between legislation and central bank policy in the Federal Reserve’s collateral framework in the context of its section 13(3) emergency liquidity authority, lending authority for designated financial market utilities, and ...


Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett 2021 University of New South Wales

Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett

Michigan Journal of International Law

Investment treaties generate mutual benefits for host states and foreign investors to the extent that they discipline opportunistic conduct by host states. Investment treaties do not necessarily generate mutual benefits insofar as they constrain states’ ability to respond to new information or to change their policy priorities. In a companion paper, we use the tools of law and economics to formalize and clarify the relationship between problems of opportunism on the one hand, and new information and shifts in policy priorities on the other. On this basis, we develop a proposal to reform the legal principles that govern liability and ...


The Privacy Cost Of Currency, Karin Thrasher 2021 University of Michigan Law School

The Privacy Cost Of Currency, Karin Thrasher

Michigan Journal of International Law

Banknotes, or cash, can be used continuously by any person for nearly every transaction and provide anonymity for the parties. However, as digitization increases, the role and form of money is changing. In response to pressure produced by the increase in new forms of money and the potential for a cashless society, states are exploring potential substitutes to cash. Governments have begun to investigate the intersection of digitization and fiat currency: Central Bank Digital Currencies (“CBDC”).

States have begun researching and developing CBDCs to serve in lieu of cash. Central banks are analyzing the potential for a CBDC that could ...


Crisis, Continuity, And Change In International Investment Law And Arbitration, Valentina Vadi 2021 Lancaster University Law School, United Kingdom

Crisis, Continuity, And Change In International Investment Law And Arbitration, Valentina Vadi

Michigan Journal of International Law

The dialectic between continuity and change lies at the heart of international law, which seeks to foster peaceful, just, and prosperous relations among nations. International law endeavors to govern the future by applying, in the present, norms that are inherited from the past. Nonetheless, everything flows and in an ever-changing world, some change is needed within the international legal system to ensure its stability especially in time of crisis. Not only can crises constitute means for the development of international law, but they can test, undermine or ultimately buttress the structure of international law. This article explores the connection between ...


Tinjauan Yuridis Mengenai Anjak Piutang: Studi Kasus Tentang Perjanjian Anjak Piutang Antara Pt. A Dengan Pt. B, Lina Novita B. 2021 Universitas Indonesia

Tinjauan Yuridis Mengenai Anjak Piutang: Studi Kasus Tentang Perjanjian Anjak Piutang Antara Pt. A Dengan Pt. B, Lina Novita B.

Dharmasisya

Factoring in Indonesia is financing activity in the form of short-term trade receivables purchase a company including management of that receivables. This research is normative juridical research with descriptive conceptual approach. The result in this research is factoring agreement without cessie not void the agreement as long as all the parties include the investor known and agreed with that factory agreement however before the agreement have a notary deed, there is not a prestatie that appear from that agreement. Investo (debt recognition notes) issued by investor have not legitimate and it can not void the agreement because the recognition is ...


Konsep Penerapan Prinsip Business Judgement Rule Pada Keputusan Direksi Badan Usaha Milik Negara (Bumn), Gita Wanda Sesara 2021 Universitas Indonesia

Konsep Penerapan Prinsip Business Judgement Rule Pada Keputusan Direksi Badan Usaha Milik Negara (Bumn), Gita Wanda Sesara

Dharmasisya

Member of the Board of Directors (Director) of State Owned Enterprises (BUMN) are appointed and dismissed by the Shareholders which if the shares are one hundred percent owned by the government, then he appointment and dismissal of Director are carried out by the government. As an extension of the government, Director are required to be able to manage the company with integrity, prudence, as well as profit-oriented. Director in carrying out the company activities must be able to prove that the decisions are not based on personal decisions, but only for corporate purposes. Director manages the company by adhering to ...


Tinjauan Yuridis Penjaminan Simpanan Bank Dalam Likuidasi Terkait Simpanan Unrecorded Akibat Fraud Yang Dilakukan Oknum Bank, Dwinanto Prakoso 2021 Universitas Indonesia

Tinjauan Yuridis Penjaminan Simpanan Bank Dalam Likuidasi Terkait Simpanan Unrecorded Akibat Fraud Yang Dilakukan Oknum Bank, Dwinanto Prakoso

Dharmasisya

Bank as an agent of development aims to support the implementation of national development in order to improve the distribution of development and its results, economic growth, and national stability towards improving welfare of many people. In the impelemntation of the bank role as an agent of development, banks must carry out their business activities by taking into account public trust in the business of the bank. One of the efforts to maintain public trust in the activity of raising funds by banks, in year 2004 the government established the Deposit Insurance Corporation. One of the functions of the Indonesian ...


Foreign Direct Investment Negara Kamboja, Amanda Julia 2021 Universitas Indonesia

Foreign Direct Investment Negara Kamboja, Amanda Julia

Dharmasisya

Investment is divided into 2 (two), namely direct investment or commonly known as foreign direct investment and foreign indirect investment. Foreign direct investment provides benefits for a country that applies it, namely increasing socio-economic development, reducing poverty and transferring technology. Of the many benefits of foreign direct investment, it certainly provides a big benefit for developing countries such as Cambodia. The Cambodian Investment Law of 1994 establishes an open and liberal foreign investment regime. All sectors of the economy are open to foreign investment and the government allows 100 percent foreign ownership of companies in most sectors. In order to ...


Aspek Hukum Atas Penerbitan Waran Tanpa Hak Memesan Efek Terlebih Dahulu Sebagai Cara Pembayaran Utang Emiten Pasar Modal Indonesia, Arfan Noer Azwad 2021 Universitas Indonesia

Aspek Hukum Atas Penerbitan Waran Tanpa Hak Memesan Efek Terlebih Dahulu Sebagai Cara Pembayaran Utang Emiten Pasar Modal Indonesia, Arfan Noer Azwad

Dharmasisya

In order to debt restructuring activities, a public company may be able to utilize various capital market instruments deemed to be most appropriate to the circumstances of public companies or issuers. One of them is by selling the equity securities either selling stocks, converting bonds in the settlement of debt restructuring, and / or issuing warrants.Warrants issued as part of a restructuring scheme of the Capital Market Issuers in debt repayments certainly have legal risks which certainly have an impact on shareholders, or on creditors.


Index Funds And Millennial Assets, Christopher Bruner 2021 University of Georgia School of Law

Index Funds And Millennial Assets, Christopher Bruner

Popular Media

This piece is a review of a forthcoming article titled “Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance” (in the Southern California Law Review by M. Barzuza, Q. Curtis and D. Webber). Bruner is a contributing editor to JOTWELL’s Corporate Law section.


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