Banking and Finance Law Commons^™

Credit Rating Agencies Deserve Credit For The 2007–2008 Financial Crisis: An Analysis Of Cra Liability Following The Enactment Of The Dodd-Frank Act, Steven Harper

Washington and Lee Law Review

No abstract provided.

Keynote Address, Andrew Morriss

Andrew P. Morriss

No abstract provided.

Recuperação De Empresas Viáveis Em Dificuldades: Prevenção E Preservação De Valor [Restructuring Distressed Viable Business Entities: Prevention And Value Preservation], Bruno Ferreira

Bruno Ferreira

No abstract provided.

Technology Solves Mtic - Vln, Rtvat, D-Vat Certification, Richard Thompson Ainsworth

Faculty Scholarship

Technology solves missing trader intra-community (MTIC) fraud. This should come as no surprise. MTIC is technology-intensive fraud – its solution should also be technology-intensive.

MTIC is getting to be an out-dated term. Now that missing trader fraud has move into services it is no longer confined to intra-community trade, and the older acronym should be adjusted to MTIC/MTEC fraud (with MTEC standing for missing trader extra-community).

MTIC/MTEC fraud is fully digitized (the supply, the movement of the supply, and the funding). The consequences should be clear. MTIC/MTEC must be prevented (before the fact), not pursued (after the fact). In the …

La Jurisprudencia En México, Bruno L. Costantini García

Bruno L. Costantini García

Breve presentación de la jurisprudencia en México, su aplicación, objetivos y fines para el Derecho Mexicano. ¿Por qué es util para el derecho? ¿Quién la emite?

Notariado Y Correduria Y Su Registro En México, Bruno L. Costantini García

Bruno L. Costantini García

Introducción al Derecho Notarial y Registral en México, cuyo objeto es conocer los elementos de las figuras del notario y del corredor público, la formalización de sus actos y su registro.

Analysis Of Digital Financial Data, Robert L. Kardell

Robert L Kardell

No abstract provided.

The Trouble With Investment Banking: Cluelessness, Not Greed, Will Bunting

San Diego Law Review

We assume that the set of marketable financial instruments can be divided into two distinct categories: (1) easy to price and (2) difficult to price, and then isolate two behavioral effects as most important with respect to securities trading in difficult-to-price securities; specifically, the "house money effect" and the "earned money effect." It is shown that these behavioral effects discourage profitable investment in research effort.

We then argue that the Private Securities Litigation Reform Act (PSLRA) safe harbor should not apply to investment banks that issue/underwrite difficult-to-price securities. We also advocate for the return of the private investment banking partnership …

Transfer Pricing & Business Restructurings: Intangibles, Synergies, And Shelters, Richard Thompson Ainsworth, Andrew Shact

Faculty Scholarship

Transfer pricing in business restructuring is attracting global attention. In the past two years two key policy-making groups have released three substantive documents on this topic. The Organization of Economic Cooperation and Development (OECD) issued two position statements while the Joint Committee on Taxation (JCT) issued one. While restructurings are a very common commercial practice, until recently it has been uncommon to apply transfer pricing criteria when examining them in detail.

Essentially, the OECD has overlooked that a unique and valuable intangible is created during the restructuring process. By not acknowledging that this intangible in the mix, the OECD fails …

The Shadow Banking System And Its Legal Origins, Erik F. Gerding

Erik F. Gerding

The global financial crisis cannot be understood without closely analyzing the development and the failure of the shadow banking system. Shadow banking, in turn, cannot be understood without examining how law shaped it. This article provides a definition of the shadow banking system and describes the critical role law and legal change played in shaping it.

The shadow banking system describes a web of financial instruments (asset-backed securities, credit derivatives, money market mutual funds, repurchase agreements) that connected commercial and household borrowers to investors in capital markets. This system differs, however, from traditional bond markets and is marked by six …

New York Adopts A Vat, Richard Thompson Ainsworth

Faculty Scholarship

On August 13, 2010 the New York State Department of Taxation and Finance, Office of Tax Policy Analysis, Taxpayer Guidance Division released Amendments Affecting the Application of Sales Tax to Rent Received for Hotel Occupancy by Room Remarketers. The legislative revision it considers (Chapter 57 of the Laws of 2010) was effective September 1, 2010. The changes brought in by this Chapter effectively converted New York’s Hotel Room Occupancy Tax from a single-stage retail sales tax to multi-stage European-style VAT. This paper considers the New York VAT in hotel accommodations in three sections. The first defines a European-style credit-invoice VAT …

Spatial Competition, Network Externalities, And Market Structure: An Application To Commercial Banking, Prasad Krishnamurthy

Prasad Krishnamurthy

I develop a model of spatial competition between multi-branch firms in which consumers value the price of services, spatial proximity to their home branch, and the number of other branches in the firm's network. The model delivers within and across market predictions on the pattern and density of branching, the relationship of concentration to market size, the price-concentration relationship, and price dispersion. I consider the applicability of this model to the commercial banking market for retail deposits. I test the model's predictions by utilizing variation in the timing and extent of within-state branching restrictions on banks and bank holding companies …

The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp

All Faculty Scholarship

During the late nineteenth and early twentieth centuries fundamental changes in economic thought revolutionized the theory of corporate finance, leading to changes in its legal regulation. The changes were massive, and this branch of financial analysis and law became virtually unrecognizable to those who had practiced it earlier. The source of this revision was the marginalist, or neoclassical, revolution in economic thought. The classical theory had seen corporate finance as an historical, relatively self-executing inquiry based on the classical theory of value and administered by common law courts. By contrast, neoclassical value theory was forward looking and as a result …

The Case For "Cramdown": Eliminating The Practical And Ideological Barriers To Pure Mortgage Modification, Peter J. Leo

University of Miami Business Law Review

No abstract provided.

Dodd-Frank Sampler: How Congress Codified An Article 1 Financial Takeover, Anthony Hearn

University of Miami Business Law Review

No abstract provided.

Money Can't Buy You Law: The Effects Of Foreign Aid On The Rule Of Law In Developing Countries, Katherine Erbeznik

Indiana Journal of Global Legal Studies

The rule of law is often touted as a panacea for the problems faced by the developing world. As a result, billions of dollars in foreign aid have been spent trying to promote the rule of law in developing countries. However, in many cases, little observable progress has been made. This Note explores some of the reasons rule of law reform efforts have stalled. One reason is that reform has focused solely on formal rule of law institutions, rather than on the informal political or cultural norms that are needed to support such institutions. Little is known, however, about how …

Culture Clash? The Miller & Modigliani Propositions Meet The United States Court Of Federal Claims, Rodger D. Citron

Rodger Citron

No abstract provided.

Social Contract Theory Of John Locke (1932-1704) In The Contemporary World, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The 17th century period was marked by an attempt to erect effective safeguard against violations of natural law by governments. Law in this period was conceptualized as an instrument for the prevention of autocracy and despotism. Absolutism in Europe that was associated with governmental encroachments necessitated a strong shield of individual liberty. In this period legal theory placed the main emphasis on liberty, thus the law was to render governments capable of functioning as a guarantor of individual rights. This paper aims at examining the social contract theory of the 17th-century English philosopher, John Locke, its parameters, limitations and its …

U.S. Appellate Court Ruling Deals Fatal Blow To Argentina Brady Bond Debt Swap, Mark J. Calaguas

Mark J Calaguas

No abstract provided.

From Gramm-Leach-Bliley To Dodd-Frank: The Unfulfilled Promise Of Section 23a Of The Federal Reserve Act, Saule T. Omarova

Cornell Law Faculty Publications

This Article examines the recent history and implementation of one of the central provisions in U.S. banking law, section 23A of the Federal Reserve Act. Enacted in 1933 in response to one of the perceived causes of the Great Depression, section 23A imposes quantitative limitations on certain extensions of credit and other transactions between a bank and its affiliates that expose a bank to an affiliate's credit or investment risk, prohibits banks from purchasing low-quality assets from their nonbank affiliates, and imposes strict collateral requirements with respect to extensions of credit to affiliates. The key purpose of these restrictions is …