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International Commercial Banking, Benjamin Geva 2017 Osgoode Hall Law School of York University

International Commercial Banking, Benjamin Geva

Osgoode Course Casebooks

Course Number 6874


A Private Ordering Defense Of A Company's Right To Use Dual Class Share Structures In Ipos, Bernard S. Sharfman 2017 University of Maryland Francis King Carey School of Law

A Private Ordering Defense Of A Company's Right To Use Dual Class Share Structures In Ipos, Bernard S. Sharfman

Faculty Scholarship

No abstract provided.


Are Bank Fiduciaries Special?, Robert C. Hockett 2017 Cornell Law School

Are Bank Fiduciaries Special?, Robert C. Hockett

Cornell Law Faculty Publications

A growing body of post-crisis legal and economic literature suggests that future financial crises might be averted by tinkering with the internal governance structures of banks and other financial institutions. In particular, contributors to this literature propose tightening the fiduciary duties under which officers and directors of the relevant financial institutions labor. I argue in this symposium article that such proposals are doomed to failure under all circumstances save one - namely, that under which the relevant financial institutions are in whole or in part treated as publicly owned.

The argument proceeds in two parts. I first show that the financial ...


Bank Governance And Systemic Stability: The "Golden Share" Approach, Saule T. Omarova 2017 Cornell Law School

Bank Governance And Systemic Stability: The "Golden Share" Approach, Saule T. Omarova

Cornell Law Faculty Publications

The global financial crisis of 2008-2009 has sharply reframed the debate on the role of bank corporate governance as a mechanism of systemic crisis prevention. Among other things, it revealed how often the incentives of bank managers and shareholders to maximize short-term private gains are perfectly aligned as a matter of internal governance, but work directly against the broader public interest in preserving long-term financial stability. This Article accepts the existence of that built-in potential conflict as the critical starting point for answering the central question of post-crisis bank governance: How do we ensure that the board of directors of ...


The Finance Franchise, Robert C. Hockett, Saule T. Omarova 2017 Cornell Law School

The Finance Franchise, Robert C. Hockett, Saule T. Omarova

Cornell Law Faculty Publications

The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” than it is pre-accumulated or scarce.

This Article challenges the outdated narrative of finance as intermediated scarce private capital and maps the basic structure and dynamics of the financial ...


The Future Is Mobile: Financial Inclusion And Technological Innovation In The Developing World, Eleanor Lumsden 2017 Golden Gate University School of Law

The Future Is Mobile: Financial Inclusion And Technological Innovation In The Developing World, Eleanor Lumsden

Publications

The digital revolution is in full bloom and technology is being used to solve the world’s most challenging problems, yet traditional banking excludes many of the world’s poorest from taking advantage of the full fruits of the financial system. Especially in developing countries, implementing mobile financial systems can speed financial inclusion and spur economic growth. There is space for regulatory reform that addresses concerns with data security and consumer privacy yet does not stifle innovation. Throughout history, resistance to innovation has generally proved futile, and countries that refuse to change risk missing opportunities.


2015-2016 Summary Of Legislation, Assembly Committee on Banking and Finance 2017 Golden Gate University School of Law

2015-2016 Summary Of Legislation, Assembly Committee On Banking And Finance

California Agencies

No abstract provided.


Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle 2017 Ursinus College

Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle

Business and Economics Faculty Publications

I examine data from 1992 to 2015 to assess the Dodd-Frank Act’s impact on the performance of U.S. depository institutions, thrifts in particular. Ceteris paribus, the average FDIC-regulated institution experienced a decline in profitability as measured by pre-tax return on assets (ROA) following the Act’s passage, but the decline was concentrated among commercial banks. Small thrifts increased pre-tax profitability, after controlling for other factors including weak economic growth. Depository institution loan quality improved after Dodd-Frank, less so for small thrifts but more so for large thrifts. Efficiency ratios, which regulatory costs affect, increased, more for thrifts than ...


Can The United States Impose Trade Sanctions On China For Currency Manipulation?, Daniel C.K. Chow 2017 Ohio State University College of Law

Can The United States Impose Trade Sanctions On China For Currency Manipulation?, Daniel C.K. Chow

Washington University Global Studies Law Review

Anti-China critics argue that the People’s Republic of China (PRC or China) engages in a long-standing and intentional pattern of currency manipulation that artificially devalues the Chinese currency, the Renminbi (RMB or “people’s currency”) versus the USD. The devaluation of the RMB makes Chinese goods less expensive to the U.S. consumer as they need to exchange fewer dollars for the same amount of RMB used to purchase Chinese imported goods. At the same time, U.S. goods are more expensive to the Chinese consumer as they need to use more RMB to exchange for the same amount ...


The Importance Of Being Standard, Anna Gelpern 2017 Georgetown University Law Center

The Importance Of Being Standard, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Contract standardisation in the sovereign debt market saves time and money in preparing documents and endows widely-used terms with a shared public meaning, which in turn saves investors the costs of acquiring information, facilitates secondary market trading and reduces the scope for mistakes in the judicial interpretation of contract terms. Sovereign debt issuers and investors claim to value standardisation and list it as an important contractual objective. Issuers generally insist that their bond contracts are standard and reflect market practice. Variations from past practice and market norm must be explained in disclosure documents and through market outreach. Standardisation is not ...


Big Bank Boards: The Case For Heightened Administrative Enforcement, Heidi Mandanis Schooner 2017 The Catholic University of America, Columbus School of Law

Big Bank Boards: The Case For Heightened Administrative Enforcement, Heidi Mandanis Schooner

Scholarly Articles and Other Contributions

This article first considers the possible liability of the JP Morgan board in the London Whale matter. This discussion is not meant to assign liability in that case. Rather, the London Whale episode is considered as a springboard to a broader discussion of big bank officer and director liability. While it may be tempting to shrug off the regulatory implications of the London Whale episode because the losses did not threaten the solvency of JP Morgan, the significance of such management failures should not be ignored. Effective management of large banks is essential to financial stability. The type of poor ...


Who Needs Contracts? Generalized Exchange Within Investment Accelerators, Brad Bernthal 2017 University of Colorado Law School

Who Needs Contracts? Generalized Exchange Within Investment Accelerators, Brad Bernthal

Articles

This Article investigates why an expert volunteers on behalf of startups that participate in a novel type of small venture capital (“VC”) fund known as a mentor-driven investment accelerator (“MDIA”). A MDIA organizes a pool of seasoned individuals – called “mentors” – to help new companies. An obvi- ous organizational strategy would be to contract with mentors. Mentors in- stead voluntarily assist. Legal studies of norm-based exchanges do not explain what this Article calls the “mentorship conundrum”—i.e., the puzzling moti- vation of a mentor to volunteer within otherwise for-profit environments. This Article is the first to bridge the insights of ...


A Bridge Too Far: A Critical Analysis Of The Securities And Exchange Commission's Approach To Equity Market Regulation, John Polise 2017 Brooklyn Law School

A Bridge Too Far: A Critical Analysis Of The Securities And Exchange Commission's Approach To Equity Market Regulation, John Polise

Brooklyn Journal of Corporate, Financial & Commercial Law

Using the framework articulated by Thomas S. Kuhn in his book, The Structure of Scientific Revolutions, this Article traces the evolution of equity market regulation in terms of its epistemological foundations and operative paradigms. It examines the SEC’s growth from a more passive partner with the securities industry to being an aggressive and perhaps overly intrusive arbiter of equity market operations. This Article identifies two distinct paradigms of securities regulation—the “Self-Regulatory Paradigm” and the “Micro-Intervention Paradigm.” The Self-Regulatory Paradigm and the Micro-Intervention Paradigm are not compatible, and this Article explains how the intellectual dissonance between them ultimately allowed ...


Accountability In Corporate Governance In China And The Impact Of Guanxi As A Double-Edged Sword, Andrew Keay, Jingchen Zhao 2017 Brooklyn Law School

Accountability In Corporate Governance In China And The Impact Of Guanxi As A Double-Edged Sword, Andrew Keay, Jingchen Zhao

Brooklyn Journal of Corporate, Financial & Commercial Law

Accountability is an essential aspect of corporate governance and it has been argued that the “wenze” system of accountability in China comes very close to the accountability systems developed in Anglo-American corporate governance. This Article examines the role of cultural factors, namely guanxi and its derivatives, in corporate governance in China to determine what effect, if any, these cultural factors have on the operation and development of the “wenze” system in large listed companies. The Article specifically considers whether the cultural elements affect accountability, and if so, how and to what extent. It also explores whether these cultural factors are ...


From Systemic Risk To Financial Scandals: The Shortcomings Of U.S. Hedge Fund Regulation, Marco Bodellini 2017 Brooklyn Law School

From Systemic Risk To Financial Scandals: The Shortcomings Of U.S. Hedge Fund Regulation, Marco Bodellini

Brooklyn Journal of Corporate, Financial & Commercial Law

In the recent past, hedge funds have demonstrated that they can pose and spread systemic risk across the financial markets, and that their managers can use them to commit fraud and misappropriation of fund assets. Even if the first issue now seems to be considered a serious one by the U.S. legislature, which in 2010, as a legislative response to the global financial crisis of 2007-2008, enacted the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (Dodd-Frank), the current regulation still appears inconsistent and inappropriate to prevent and face it. By contrast, the second issue is not always ...


Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano 2017 Brooklyn Law School

Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano

Brooklyn Journal of Corporate, Financial & Commercial Law

The foreign tax credit, which saves U.S. taxpayers from paying both foreign and domestic income taxes on the same income, is critical to facilitating global commerce. However, as savvy taxpayers discover increasingly complicated ways to abuse the foreign tax credit regime through the structuring of business transactions, courts have become increasingly skeptical of the validity of those transactions. Using the economic substance doctrine, a common law doctrine codified in 2010 at I.R.C. § 7701(o), courts will disallow tax benefits stemming from a transaction that is not profitable absent its tax benefits, and which the taxpayer had no ...


Challenging Nonbank Sifi Designations: Ge, Metlife, And The Need For Reform, Drita Dokic 2017 Brooklyn Law School

Challenging Nonbank Sifi Designations: Ge, Metlife, And The Need For Reform, Drita Dokic

Brooklyn Journal of Corporate, Financial & Commercial Law

The Dodd-Frank Wall Street Reform and Consumer Protection Act created, among other things, the Financial Stability Oversight Council (FSOC), an entity within the U.S. Department of the Treasury tasked with assessing and mitigating financial risk. Financial institutions with over $50 billion in assets are automatically deemed “systemically important.” However, under the Dodd-Frank Act, FSOC has the authority to designate non-bank companies engaged in financial activity as systemically important as well. Once designated as a systemically important financial institution (SIFI), these companies are subject to enhanced regulation and supervision by the Federal Reserve. Because the costs associated with such enhanced ...


Full Disclosure: Moving Beyond Disclosure Regulations To Affirmative Regulation Of Executive Compensation, Christopher Saverino 2017 Brooklyn Law School

Full Disclosure: Moving Beyond Disclosure Regulations To Affirmative Regulation Of Executive Compensation, Christopher Saverino

Brooklyn Journal of Corporate, Financial & Commercial Law

In the period following the financial crisis of 2008, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which compelled the Securities and Exchange Commission (SEC) to engage in substantial rulemaking. The Dodd-Frank mandate in Section 953(b) required the SEC to promulgate a rule, which it eventually finalized and is currently known as Pay Ratio Disclosure. Historically, SEC rulemaking has received great deference when rules are judicially challenged. However, following the passage of Dodd-Frank, the D.C. Circuit Court of Appeals has begun to grant less deference to SEC rulemaking where it has found that the ...


Consumer Credit In America: Past, Present, And Future, Pamela Foohey, Jim Hawkins, Creola Johnson, Nathalie Martin 2017 Indiana University Maurer School of Law

Consumer Credit In America: Past, Present, And Future, Pamela Foohey, Jim Hawkins, Creola Johnson, Nathalie Martin

Articles by Maurer Faculty

In September 2016, in conjunction with Law & Contemporary Problems at Duke University School of Law, we organized a symposium on Consumer Credit in America. We sought to assess the state of consumer credit in America — to review and examine its recent history, to consider arguments for and against regulation, and to discuss the potential for future innovation. This is the introduction to the volume of articles coming out of that symposium.


Calling On The Cfpb For Help: Telling Stories And Consumer Protection, Pamela Foohey 2017 Indiana University Maurer School of Law

Calling On The Cfpb For Help: Telling Stories And Consumer Protection, Pamela Foohey

Articles by Maurer Faculty

Since it began operating in 2011, the Consumer Financial Protection Bureau (CFPB) has handled more than a million complaints regarding consumer financial product and services. Beginning in June 2015, the CFPB began publishing consumers’ narratives submitted with their complaints. This Article analyses a random sample of 5,000 of these narratives to assess how people engage with the complaint mechanism in light of the CFPB’s role in processing complaints. I find that people predominately use the complaint function for two distinct purposes: to express their anger and frustration about companies’ practices, or to express sadness and fear about how ...


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