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Articles 1 - 3 of 3
Full-Text Articles in Business
Facilitating Successful Failures, Michelle M. Harner, Jamie Marincic Griffin
Facilitating Successful Failures, Michelle M. Harner, Jamie Marincic Griffin
Faculty Scholarship
Approximately 80,000 businesses fail each year in the United States. This article presents an original empirical study of over 400 business restructuring professionals focused on a critical, arguably contributing factor to these failures—the conduct of boards of directors and management. Anecdotal evidence suggests that management of distressed companies often bury their heads in the sand until it is too late to remedy the companies’ problems, a phenomenon commonly called “ostrich syndrome.” The data confirm this behavior, show a prevalent use of loss framing, and suggest trends consistent with prospect theory. The article draws on these data and behavioral economics to …
Restoring Transparency To Automated Authority, Frank Pasquale
Restoring Transparency To Automated Authority, Frank Pasquale
Faculty Scholarship
Leading finance, health care, and internet firms shroud key operations in secrecy. Our markets, research, and life online are increasingly mediated by institutions that suffer serious transparency deficits. When a private entity grows important enough, it should be subject to transparency requirements that reflect its centrality. The increasing intertwining of governmental, business, and academic entities should provide some leverage for public-spirited appropriators and policymakers to insist on more general openness.
However well an "invisible hand" coordinates economic activity generally, markets depend on reliable information about the practices of core firms that finance, rank, and rate entities in the rest of …
Out Of The Black Hole: Regulatory Reform Of The Over-The-Counter Derivatives Market, Michael Greenberger
Out Of The Black Hole: Regulatory Reform Of The Over-The-Counter Derivatives Market, Michael Greenberger
Faculty Scholarship
Unregulated OTC derivatives have been at the heart of recent systemic or near systemic collapses. After each financial crisis, governments worldwide proclaim that the OTC market has to be regulated for transparency, capital adequacy, regulation of intermediaries, self regulation, and strong enforcement of fraud and manipulation. But, aided by the passage of time, Wall Street always deflates those aspirations with aggressive lobbying. The present financial reform regulatory effort may be the only chance to get this issue right before the country devolves into a further financial quagmire with more bankruptcies and more job losses. This paper is a chapter of …