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Articles 211 - 240 of 302
Full-Text Articles in Law
The Hedge Fund Transparency Act Of 2009, Anita Krug
The Hedge Fund Transparency Act Of 2009, Anita Krug
All Faculty Scholarship
This white paper provides a review and critique of a bill introduced by Senators Charles Grassley (R-Iowa) and Carl Levin (D-Mich.) in the Senate in early 2009 that, if enacted, would have imposed certain registration and disclosure requirements on hedge funds and certain other private funds.
Bonds, Stocks Or Dollars? Do Voters Care About Capital Markets In Brazil And Mexico, Anthony Petros Spanakos, Lucio Remuzat Renno Junior
Bonds, Stocks Or Dollars? Do Voters Care About Capital Markets In Brazil And Mexico, Anthony Petros Spanakos, Lucio Remuzat Renno Junior
Department of Political Science and Law Faculty Scholarship and Creative Works
How does vote intention in presidential elections vary according to the economic conditions of a country, especially indicators of the financial market? Does the state of the economy, both its fundamentals as well as capital market, affect variation in candidates’ percentage of vote intention in national polls? This paper tests how economic indicators influence vote intention in presidential elections in two emerging markets: Brazil and Mexico. The presidential elections of 1994, 1998, 2002, and 2006 in Brazil and 2000 and 2006 in Mexico are analyzed using all poll returns for each electoral period and corresponding economic data. The paper finds …
Lanse Minkler On Human Rights And Structural Adjustment By Rodwan Abouharb & David Cingranelli. Cambridge: Cambridge University Press, 2007. 276pp., Lanse Minkler
Human Rights & Human Welfare
A review of:
Human Rights and Structural Adjustment by Rodwan Abouharb & David Cingranelli. Cambridge: Cambridge University Press, 2007. 276pp.
Financial Crisis Containment, Anna Gelpern
Financial Crisis Containment, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.
First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …
Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari, Anthony Petros Spanakos
Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari, Anthony Petros Spanakos
Department of Political Science and Law Faculty Scholarship and Creative Works
This paper does not aim to dispute that Brazil would benefit from reforms in any or all of these areas. Rather, the paper offers a skeptical perspective on reform menus and proposes an alternative explanation for the faster growth of Brazil’s peers India and China2. The paper begins by introducing (section 1) the idea of the BRICs countries, to establish the basis for comparisons of most similar cases. It then surveys the results of a generation of Washington Consensus era growth (section 2). Although there is a considerable amount of divergence over what causes growth, it seems that something approaching …
The Interaction Of Customary Law And Microfinance: Women's Entry Into The World Economy, Shana Hofstetter
The Interaction Of Customary Law And Microfinance: Women's Entry Into The World Economy, Shana Hofstetter
William & Mary Journal of Race, Gender, and Social Justice
This note examines the complicated relationship between microfinance and customary law. Microfinance, the practice of giving small, collateral-free loans to the poorest members of society, has gained great popularity in the last thirty years. These loan programs specifically target women and use women's traditional emphasis on groups to ensure success. Customary law can hinder microfinance ventures because of the restrictions these laws place on women's roles and responsibilities. Case studies on the Dominican Republic, Morocco, and Bangladesh explore how individual customary laws can hinder microfinance programs and women's micro-businesses. This note also discusses how microfinance programs act as catalysts of …
Baghdad Booksellers, Basra Carpet Merchants, And The Law Of God And Man: Legal Pluralism And The Contemporary Muslim Experience, Haider Ala Hamoudi
Baghdad Booksellers, Basra Carpet Merchants, And The Law Of God And Man: Legal Pluralism And The Contemporary Muslim Experience, Haider Ala Hamoudi
Articles
There is a crisis in our law schools in the study of Islamic law and the law of the Muslim polities. The current approaches either focus exclusively on national codes to the derogation of other vitally important influences on the legal order, most importantly the body of norms and rules derived from Islamic foundational texts known as the shari'a, or they regard as secondary, and at times irrelevant, the actual legal order of the societies in favor of an academic construction of the theories of medieval Muslim jurists. Neither of these approaches reflects with a necessary degree of accuracy the …
Who Owns 'Hillary.Com'? Political Speech And The First Amendment In Cyberspace, Jacqueline D. Lipton
Who Owns 'Hillary.Com'? Political Speech And The First Amendment In Cyberspace, Jacqueline D. Lipton
Articles
In the lead-up to the next presidential election, it will be important for candidates both to maintain an online presence and to exercise control over bad faith uses of domain names and web content related to their campaigns. What are the legal implications for the domain name system? Although, for example, Senator Hillary Clinton now owns "hillaryclinton.com", the more generic "hillary.com" is registered to a software firm, Hillary Software, Inc. What about "hillary2008.com"? It is registered to someone outside the Clinton campaign and is not currently in active use. This article examines the large gaps and inconsistencies in current domain …
Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern
Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew from $1 trillion to $4 trillion. In Mexico, domestic debt went from just over 20% of the total government debt stock in 1995 to nearly 80% in 2007. Foreign and local investors are buying. Over the same period, derivative contracts to transfer emerging market credit risk surpassed the market capitalization of the benchmark …
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Doctoral Dissertations
Stochastic models were developed that provide important measures related to retail mortgages and credit cards for the management of a bank. Based on Markov theory, two models were developed that predict mortgage portfolio size and expected duration of stay in each of the states, which are defined according to the criteria of Basel Accord II and the Federal Reserve Bank. Also, to facilitate comparisons among different types of credit products and different time periods, a model was developed to generate a health index for a retail mortgage. This model could be easily extended, using multivariate regression or multivariate time series …
Naked And Covered In Monte Carlo: A Reappraisal Of Option Taxation, Eric D. Chason
Naked And Covered In Monte Carlo: A Reappraisal Of Option Taxation, Eric D. Chason
Faculty Publications
The market for equity options and related derivatives is staggering, covering trillions of dollars worth of assets. As a result, the taxation of these instruments is inherently important. Moreover, the importance is made even more acute by the use of options in creating more complex transactions and in avoiding taxes. Consider an equity call option, which entitles, but does not obligate, its holder to buy stock at a set price at a set time in the future. Option theory gives us a way to break the option down into more fundamental units. For example, an equity call option over 10,000 …
Hedge Funds And Governance Targets, William W. Bratton
Hedge Funds And Governance Targets, William W. Bratton
All Faculty Scholarship
Corporate governance interventions by hedge fund shareholders are triggering debates between advocates of management empowerment and advocates of aggressive monitoring by actors in the capital markets. This Article intervenes with an empirical question: What, based on the record so far, have the hedge funds actually done to their targets? Information has been collected on 130 domestic firms identified in the business press since 2002 as targets of activist hedge funds, including the funds’ demands, their tactics, and the results of their interventions for the targets’ governance and finance. The survey results show that the hedge funds have an enviable record …
Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton
Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton
All Faculty Scholarship
The Financial Accounting Standards Board (the “FASB”) presents a puzzle: How has this private standard setter managed simultaneously (1) to remain independent, (2) to achieve institutional stability and legitimacy, and (3) to operate in a politicized context in the teeth of op-position from its own constituents? This Article looks to governance design to account for this institutional success. The FASB’s founders made a strategic choice to create a regulatory agency that sought independence rather than political responsiveness. The FASB also set out a coherent theory of accounting, the “Conceptual Framework,” to contain and direct its decisions. The Conceptual Framework contributed …
On The Moral Structure Of White-Collar Crime, Mitchell N. Berman
On The Moral Structure Of White-Collar Crime, Mitchell N. Berman
All Faculty Scholarship
No abstract provided.
Odious, Not Debt, Anna Gelpern
Odious, Not Debt, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
This article argues that the doctrine of Odious Debt, which has enjoyed a revival since the U.S. invasion of Iraq in 2003, frames the problem of odious debt in a way that excludes most of the problematic obligations incurred by twentieth-century despots. Advocacy and academic literature traditionally describe the odious debt problem as one of government contracts with private creditors. Most theories of sovereign debt key off the same relationship. But in the latest crop of cases, including Iraq, Liberia, and Nigeria, private creditors represent a small fraction of the old regime's debts. Most of the creditors are other governments …
World Bank, Adrienne Stohr
World Bank, Adrienne Stohr
Human Rights & Human Welfare
The mission of the World Bank is to aid developing countries stabilize their economies through financial and technical assistance. The five dominant themes that emerge in a review of the World Bank literature are: health, gender, environment, globalization, and global governance. Each of these themes is broadly related to issues that consistently influence the larger issue of how the World Bank incorporates, rejects, or impacts human rights.
The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky
The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky
All Faculty Scholarship
This Article posits that the essential role of securities regulation is to create a competitive market for sophisticated professional investors and analysts (information traders). The Article advances two related theses-one descriptive and the other normative. Descriptively, the Article demonstrates that securities regulation is specifically designed to facilitate and protect the work of information traders. Securities regulation may be divided into three broad categories: (i) disclosure duties; (ii) restrictions on fraud and manipulation; and (iii) restrictions on insider trading-each of which contributes to the creation of a vibrant market for information traders. Disclosure duties reduce information traders' costs of searching and …
Interview With Timothy J. Carson, David Spiegel, Timothy J. Carson, Legal Oral History Project, University Of Pennsylvania Carey Law School
Interview With Timothy J. Carson, David Spiegel, Timothy J. Carson, Legal Oral History Project, University Of Pennsylvania Carey Law School
Legal Oral History Project
For transcript, click the Download button above. For video index, click the link below.
TImothy J. Carson (W '70) has practiced in Philadelphia for forty years in the field of public sector law, especially public finance. He is currently a partner at Dilworth Paxson LLP. He is an elected Fellow of the American College of Bond Counsel.
Grinding Decline In Springfield: Is The Finance Control Board The Answer?, Robert Forrant
Grinding Decline In Springfield: Is The Finance Control Board The Answer?, Robert Forrant
New England Journal of Public Policy
Springfield, Massachusetts, the Bay State’s third largest city, suffered staggering manufacturing job loss over the last thirty years of the twentieth century. In 2004, the financial impact of job loss, coupled with dubious fiscal management, plunged the city into near bankruptcy. In response, state government passed legislation appointing a Finance Control Board to manage city business. Wage freezes for City workers were continued and cuts in numerous essential services occurred to deal with the debt. But the question remains, can a Control Board approach grow a large stock of well-paying jobs — large enough to grow the city’s and the …
The New Dividend Puzzle, William W. Bratton
The New Dividend Puzzle, William W. Bratton
All Faculty Scholarship
No abstract provided.
What Iraq And Argentina Might Learn From Each Other, Anna Gelpern
What Iraq And Argentina Might Learn From Each Other, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
Iraq and Argentina each launched a $100 billion debt restructuring last year. The two cases are rarely mentioned together. Most think of Argentina as the quintessential case of financial globalization gone awry - a lapsed market reformer that sank under the weight of (depending on your perspective) misguided liberalization or its own financial chutzpah, and took with it Argentine depositors, Italian retirees, Japanese banks, and offshore investment funds. Iraq's debt has a distinctly preglobalization flavor. Most of its obligations precede the recent wave of financial liberalization. In the words of Iraq's own advisers, its debt restructuring is a quintessential geopolitical …
Land For Maine's Future Program: Increasing The Return On A Sound Public Investment, Richard Barringer, Hugh Coxe, Jack Kartez, Catherine Reilly, Jonathan Rubin
Land For Maine's Future Program: Increasing The Return On A Sound Public Investment, Richard Barringer, Hugh Coxe, Jack Kartez, Catherine Reilly, Jonathan Rubin
Economics and Finance
Maine is nowhere a more special place than in the quality of its landscape and the traditions of its land use. Among the mo st privately-owned of all the states, Maine’s natural diversity and beauty combine with its traditions of resource stewardship, open access, and appreciation of nature to distinguish it in the public mind and national imagination. In recent decades, however, these traditions have come under assault from the forces of economic and social change; and the people of Maine have responded. In 1986, Governor Joseph Brennan’s Special Commission on Outdoor Recreation recognized the growing threats to Maine’s natur …
Re-Examining Venture Capitalist Certification And Insider Selling Decisions During The 1990s., Nicholas S. Koshiw
Re-Examining Venture Capitalist Certification And Insider Selling Decisions During The 1990s., Nicholas S. Koshiw
University Avenue Undergraduate Journal of Economics
This paper addresses the validity of certification and insider selling hypotheses within the context of new issues. Comparisons of venture capital backed and non venture-backed issues with similar offering characteristics show that issuers with venture capital affiliation are more underpriced than non venture-backed IPOs and insider selling results in decreased underpricing. These results contradict the findings of previous venture capital certification studies {Barry (1990), Megginson and Weiss (1991), and Lin and Smith (1997)}, but are consistent with recent work that examines grandstanding {Lee and Wahal (2002)} and insider selling decisions during hot market periods {Ljungqvist and Wilhelm (2003)}.
Of Predatory Lending And The Democratization Of Credit: Preserving The Social Safety Net Of Informality In Small-Loan Transactions, Regina Austin
Of Predatory Lending And The Democratization Of Credit: Preserving The Social Safety Net Of Informality In Small-Loan Transactions, Regina Austin
All Faculty Scholarship
No abstract provided.
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel Jr.
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
The Past, Present And Future Of Debtor-In-Possession Financing, David A. Skeel Jr.
The Past, Present And Future Of Debtor-In-Possession Financing, David A. Skeel Jr.
All Faculty Scholarship
Chapter 11's distinctive post-petition financing rules trace their ancestry back to the origins of large scale corporate reorganization in America in the nineteenth century. In this sense, post-petition financing has always been with us. But in the past decade, the role of the financers has changed. After a century in the shadows, post-petition lenders have stepped onto center stage. The DIP loan agreement has become the single most important governance lever in many large Chapter 11 cases. Why have these formerly bashful financers suddenly started hogging the spotlight? I argue in this article that the generous terms offered to DIP …
Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado
Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado
José-Manuel Martin Coronado
This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial resources, …
Takeover Defense When Financial Markets Are (Only) Relatively Efficient, Michael L. Wachter
Takeover Defense When Financial Markets Are (Only) Relatively Efficient, Michael L. Wachter
All Faculty Scholarship
This paper evaluates the impact of developments in the understanding of asset value pricing for alternative legal standards for takeover defenses: the management discretion and the shareholder rights positions. Both sides place considerable, albeit implicit, reliance on alternative views of the efficiency of financial markets. Developments in finance theory show that when financial markets are only "relatively efficient," stock prices can incorrectly value the corporation at any point in time, at the same time as investors cannot outperform the market on an ongoing basis. I focus on financial market anomalies arising from the failure of the capital asset pricing model …
Applied Monetary Policy And Bank Supervision By The Ecb, Mads Andenas, Lazaros E. Panourgias
Applied Monetary Policy And Bank Supervision By The Ecb, Mads Andenas, Lazaros E. Panourgias
Mads Andenas
Monetary policy and banking supervision are closely related and interdependent concepts. Monetary policy and central banking are not defined in such a manner in the Maastricht Treaty that it precludes the European Central Bank from taking on a wider responsibility for financial stability and the handling of banking crises. The article introduced the term 'macro-prudential supervision', explained as 'supervision with a view to safeguarding systemic stability', in a section with the heading 'Default Supervision of Central Banks'.
Misfeasance In Public Office, Governmental Liability And European Influences, Mads Andenas
Misfeasance In Public Office, Governmental Liability And European Influences, Mads Andenas
Mads Andenas
The article deals with the liability of banking regulators in the UK after the BCCI debacle, and provides a wider comparative perspective. It analyses the lack of enforcement culture in the Bank of England, at the systemic failures on the regulatory side that this leads to. The article argues in favour of an extended liability for lack of effective banking supervision, and that banking regulators should be liable where there is a sufficiently breach of the duty to supervise and enforce.