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Full-Text Articles in Law
What Makes Asset Securitization "Inefficient"?, Kenji Yamazaki
What Makes Asset Securitization "Inefficient"?, Kenji Yamazaki
ExpressO
Despite the damage caused by the recent Enron scandal , the asset securitization market has been vibrant and has become a popular financing alternative . A number of academics emphasize its merits and suggest that it is a more favorable way of financing, and Congress’s proposal to make sales of asset in securitization immune from characterization as secured transactions under the Bankruptcy Reform Act of 2001 (the “Reform Act”) almost materialized when the Enron scandal hit the scene. Conversely, there have been accusations that securitization is not a legitimate way of financing because, for example, it fosters fraudulent transactions.
Why …
When Bankruptcy Meets Antitrust: The Case For Non-Cash Auctions In Concentrated Banking Markets, David Hahn
When Bankruptcy Meets Antitrust: The Case For Non-Cash Auctions In Concentrated Banking Markets, David Hahn
ExpressO
One of the most heated debates in bankruptcy law scholarship has been the optimal design of corporate bankruptcy law. While traditionalist scholars defended the actual practice of Chapter 11 of the Bakruptcy Code, the law-and-economics movement has by and large heavily crticized Chapter 11 and called for its replacement. Several models of corporate bankruptcy have been offered in the literature as imporved alternatives thereto. In this article, I examine the various models offered in the literature, as well as the basic model of Chapter 11, against a certain realistic background: that of an economy characterized by the concentrated dominance of …
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel
Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel
Faculty Scholarship
The reforms of 2005 yield important but subtle changes in the Bankruptcy Code's treatment of financial contracts. They might appear only to eliminate longstanding uncertainty surrounding the protections available to financial contract counterparties, especially counterparties to repurchase transactions and other derivative contracts. But the ambit of the reforms is much broader. The expanded definitions – especially the definition of "swap agreement" – are now so broad that nearly every derivative contract is subject to the Code's protection. Instead of protecting particular counterparties to particular transactions, the Code now protects any counterparty to any derivative contract. Entire markets have been insulated …
How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig
How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig
Faculty Scholarship
The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders. Using a differences-in-differences methodology to analyze the within country variation of changes in creditor rights protection, we find that the credit supplied by banks increases subsequent to legal change. Further, we show that collateral law matters more for credit market development than bankruptcy law. We also …