Law Commons^™

Bank Stock Returns Under Money Supply Endogeneity: Empirical Evidence Using Panel Data, Zatul Badarudin, Mohamed Ariff, Ahmed Khalid

Ahmed Khalid

There is as yet a study of money supply effect on the aggregate bank stock prices using modern money supply theories. Endogenous money theory suggests loans made by banks cause deposits, and, consequently, bank creates money supply. Resulting changes in bank’s loans and deposits affects bank stock returns: Also, consequent credit creations/reductions affect a bank’s profitability, thus stock prices. Whether money endogeneity is in fact the way the money supply behaves has also not yet been widely tested. Applying panel regression and generalized method of moments, this paper provides new evidence on this little explored relationship between endogenous money supply …

The Enigma Of Clearing Buy Side Otc Derivatives, Christian Johnson

Christian A. Johnson

Como Interpretar As Normas Emitidas Pelo Bacen E Cmn? Uma Resposta A Partir Da Evolução Do Modelo De Estado Brasileiro, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Re-Examining Investor Protection In The Eu And Us, John Ja Burke

John JA Burke

The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to reform its system of investor protection. The Markets in Financial Instruments Directive [MiFID] is the regulatory equivalent of the deregulatory 1987 “Big Bang” that shaped the current European financial markets. It also applies to one of the world’s largest trading regions. This article examines select investor protection provisions of MiFID and their analogues …

The Effects Of Devaluation Of The Tenge Upon The Kazakhstan Economy, John Ja Burke

John JA Burke

This article examines the probable effect of the February 2009 devaluation of the Tenge on the Kazakhstan economy. Conventional wisdom holds that currency devaluation increases exports, protects domestic production, and preserves foreign exchange currency reserves. While the latter states the obvious, the causal relation between currency devaluation and increased export revenue and increased domestic production, though logically valid, requires the passage of time to measure. In the context of Kazakhstan, the question of devaluation and its effects also must be examined within the “Dutch Disease” model, as Kazakhstan is an oil dependent country. History teaches that devaluing the Tenge is …

The Legal And Practical Aspects Of Atm's In Tanzania, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The concern of our study was to examine the legal and practical aspects of ATMs in Tanzania. The major problems that were being examined are; the 24 hours operation on ATMs vis-à-vis system failure or error and the system of one bank allowing cardholders of another bank to use its ATMs. With the first problem, all banks in Tanzania with ATMs have attractive advertisements to customers that affirm sufficient services in any time of the day but in reality, the machines usually fail to respond the instructions of the cardholder regardless the fact that the cardholder inserts the card and …

Las Obligaciones Negociables Convertibles En Acciones, Gaston Mirkin

Gaston Mirkin

No abstract provided.

Free Falling With A Parachute That May Not Open: Debtor-In-Possession Financing In The Wake Of The Great Recession, Jarrod B. Martin, Kristofor Nelson, Eric Rudenberg, Jonathan Squires

Jarrod B Martin

Debtor-in-possession (DIP) financing is one of the most important building blocks of a Chapter 11 bankruptcy case. The recent economic downturn, however, has frozen the DIP financing market. Absent the financing necessary to reorganize, many companies will be forced to liquidate. Who will fill the void in DIP financing as banks exit the market? This note seeks to explore alternative options—local banks, the government, and private equity or hedge funds—that may fill the vacuum left by the banks, and the risks and rewards associated with DIP financing. As these alternate institutions go forward, the landscape of DIP financing may forever …

Digital Divide Older People And Online Legal Advice, Subhajit Basu, Joe Duffy, Helen Davey

Subhajit Basu

Many older people are not aware where and when advice is available. Furthermore they may be unaware that advice is needed

Cuarto Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García

Bruno L. Costantini García

Memorias del Cuarto Congreso Nacional de Organismos Públicos Autónomos

"El papel de los Organismos Públicos Autónomos en la Consolidación de la Democracia"

Public Funds Private Investors: Analysis Of Ppip, Steven Zakharyayev Esq.

Steven Zakharyayev Esq.

In October of 2008, the U.S. Congress enacted The Emergency Economic Stabilization Act of 2008 (“EESA”) in response to the deterioration in the U.S. housing market and the subsequent illiquidity amongst U.S. financial institutions. The severity and scope of the financial crisis required unprecedented actions by the U.S. treasury to prevent further deterioration of the global economy. This included a $700 billion dollar investment of taxpayer funds to purchase troubled assets from financial institutions and subsequently improve the flow of credit throughout the U.S. economy.

Securitization And Systemic Risk Amid Deregulation And Regulatory Failure

Patricia A. McCoy

During the recent housing boom, private-label securitization without regulation was unsustainable. Without regulation, securitization allowed mortgage industry actors to gain fees and to put off risks. The ability to pass off risk allowed lenders and securitizers to compete for market share by lowering their lending standards, which activated more borrowing. Lenders who did not join in the easing of lending standards were crowded out of the market. Meanwhile, the mortgages underlying securities became more exposed to growing default risk, but investors did not receive higher rates of return. Artificially low risk premia caused the asset price of houses to go …

Preparing For The New European Driven Wealth Management Model, William Byrnes

William H. Byrnes

No abstract provided.

Digital Ethics In Bridging Digital Divide, Subhajit Basu

Subhajit Basu

Our information society is creating parallel systems: one for those with income, education and literacy connections, giving plentiful information at low cost and high speed: the other are those without connections, blocked by high barriers of time, cost and uncertainty and dependent upon outdated information. Hence it can be expressed the DD is nothing but a reflection of social divide. The question is what is the best strategy to construct an information society that is ethically sound? Most people have the views that ICT and underlying ideologies are neutral. This Technology has become so much naturalized that it can no …

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Paolo Santella

No abstract provided.

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Carlo Drago

No abstract provided.

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Paolo Santella

No abstract provided.

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Carlo Drago

No abstract provided.

Opening A Portal Into The World Of Central Banking: A Review Of Legal Foundations Of International Monetary Stability Rosa M. Lastra, Christian Johnson

Christian A. Johnson

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom, Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Paolo Santella

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through …

A Comparison Among The Director Networks In The Main Listed Companies In France, Germany, Italy, And The United Kingdom, Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Carlo Drago

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through …

“Reforma Do Direito Das Sociedades Comerciais Em Espanha” [Company Law Reform In Spain], Bruno Ferreira

Bruno Ferreira

No abstract provided.

“Tendências Recentes Em Torno Do Direito De Preferência Em Aumentos De Capital” [Recent Tendencies Regarding Rights Of First Refusal In Rights Issues], Bruno Ferreira

Bruno Ferreira

No abstract provided.

Breve Recensão: "Il Nuovo Diritto Societario" [Book Review: "New Italian Company Law"], Bruno Ferreira

Bruno Ferreira

No abstract provided.

“Os Deveres De Cuidado Dos Administradores E Gerentes (Análise Dos Deveres De Cuidado Em Portugal E Nos Estados Unidos Da América Fora Das Situações De Disputa Sobre Ocontrolo Societário)” [The Duties Of Care Of Board Members And Managers (An Analysis Of The Duties Of Care In Portugal And In The United States Of America Outside Of Control Dispute Situations)], Bruno Ferreira

Bruno Ferreira

No abstract provided.

Efficiency Of Takeover Defence Regulations, Joy Dey

Joy Dey

Among the prevalent modes of corporate acquisitions, hostile takeovers is quite common. Although earlier such takeover attempts were seen mainly for small firms, it is now employed for large corporations as well, involving multi-billion dollar deals. Due to the fact that hostile bidders making tender offers seek to by-pass the friendly route of negotiations with the target company’s managers in order to seek control, it has the potential of upsetting the normal functioning of the target corporation at any time. This poses a threat not only to the shareholders of the target, but also the management, and thus the need …

'Collective Action Clauses: Sovereign Bondholders Cornered?', Joy Dey

Joy Dey

A default in its debt obligations compels a sovereign borrower to adopt drastic measures in order to contain a spiralling financial crisis. One of such steps is to restructure a debt which is in default. Every sovereign debt restructuring results in considerable loss to the claims of the bondholders, therefore, equitable measures must be adopted during debt restructuring to ensure that sovereigns do not misuse the restructuring process to their advantage, otherwise termed ‘debtor moral hazard’. However, recent spate of restructurings, especially by Latin American countries, like Argentina, Brazil, Mexico and Uruguay, have seen ingenious use of collective action clauses …

Banking Reform In The Chinese Mirror, Katharina Pistor

Katharina Pistor

This paper analyzes the transactions that led to the partial privatization of China’s three largest banks in 2005–06. It suggests that these transactions were structured to allow for inter-organizational learning under conditions of uncertainty. For the involved foreign investors, participation in large financial intermediaries of central importance to the Chinese economy gave them the opportunity to learn about financial governance in China. For the Chinese banks partnering with more than one foreign investor, their participation allowed them to benefit from the input by different players in the global financial market place and to learn from the range of technical and …

Il Contagio Dei Subprime

Patricia A. McCoy

No abstract provided.

The Financial Sector Upheaval Of 2008: Sociological Antecedents And Their Implications For Investment Company Regulation, Larry Barnett

Larry D Barnett

In 2008, the United States experienced a severe contraction in the availability of credit, a marked reduction in the price of common stocks, and an appreciable increase in interest rates on debt instruments issued by business entities and by state and local governments. The premise of the instant article is that, although this upheaval was economic in form and sudden in occurrence, it stemmed from change that was sociological in character and that started in prior decades. Specifically, the 2008 upheaval in finance is traced to a shift in social values among Americans - namely, an increased prevalence of hedonism …