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Articles 1 - 30 of 407
Full-Text Articles in Law
The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum
The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
Part of a ship's cargo is jettisoned in order to save the vessel and the remaining cargo from imminent peril. How should the loss be shared among the cargo owners? The law of general average, an ancient principle of maritime law, prescribes that the owners share the loss proportionally according to the respective values of their cargo. We analyze whether the law of general average is a truthful and efficient mechanism. That is, we investigate whether it induces truthful reporting of cargo values and yields a Pareto efficient allocation in equilibrium. We show that the law of general average is …
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks
Journal of Global Catholicism
In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …
Mda Services: Yes, You Can Recoup Your Dues With Mda-Endorsed Programs, Reva Darling
Mda Services: Yes, You Can Recoup Your Dues With Mda-Endorsed Programs, Reva Darling
The Journal of the Michigan Dental Association
MDA Services Report highlights how being an organized dentistry member can yield significant financial returns through MDA-endorsed products and services. By leveraging just eight of the 32 endorsed offerings, potential savings of $25,659 are achievable. Key endorsed services include Best Card for credit card processing, iCoreConnect for software needs, Quality Dental Plan for in-office dental plans, The Dentists Supply Company (TDSC.com) for supplies, ProSites for website and e-marketing, D-MMEX Easyrefine for precious metal refining, Eagle Associates for regulatory compliance, and Dental Business Specialists for accounting. Members are urged to explore the range of endorsed programs for comprehensive benefits.
Divorced From Knowledge: Perceptions Of Alimony Fairness In Relation To Educational Discrepancies, Michael Kothakota, Jessica Wery
Divorced From Knowledge: Perceptions Of Alimony Fairness In Relation To Educational Discrepancies, Michael Kothakota, Jessica Wery
Journal of Financial Therapy
Spousal support or alimony is a cash transfer from one spouse to another after divorce. The amount awarded might seem arbitrary and unfair to either one or both individuals. The public often does not see the fact patterns associated with alimony awards or agreements, and their input may provide information to policymakers and decision-makers about what a fair amount of alimony might be. This study examines data collected from 1,285 U.S. participants randomly assigned to a vignette condition that details a hypothetical alimony scenario where one spouse supported the other spouse to gain education, resulting in significantly increased income prior …
Reducing Food Scarcity: The Benefits Of Urban Farming, S.A. Claudell, Emilio Mejia
Reducing Food Scarcity: The Benefits Of Urban Farming, S.A. Claudell, Emilio Mejia
Journal of Nonprofit Innovation
Urban farming can enhance the lives of communities and help reduce food scarcity. This paper presents a conceptual prototype of an efficient urban farming community that can be scaled for a single apartment building or an entire community across all global geoeconomics regions, including densely populated cities and rural, developing towns and communities. When deployed in coordination with smart crop choices, local farm support, and efficient transportation then the result isn’t just sustainability, but also increasing fresh produce accessibility, optimizing nutritional value, eliminating the use of ‘forever chemicals’, reducing transportation costs, and fostering global environmental benefits.
Imagine Doris, who is …
An Idealist’S Approach For Smart Contract Correctness, Duy Tai Nguyen, Hong Long Pham, Jun Sun, Quang Loc Le
An Idealist’S Approach For Smart Contract Correctness, Duy Tai Nguyen, Hong Long Pham, Jun Sun, Quang Loc Le
Research Collection School Of Computing and Information Systems
In this work, we experiment an idealistic approach for smart contract correctness verification and enforcement, based on the assumption that developers are either desired or required to provide a correctness specification due to the importance of smart contracts and the fact that they are immutable after deployment. We design a static verification system with a specification language which supports fully compositional verification (with the help of function specifications, contract invariants, loop invariants and call invariants). Our approach has been implemented in a tool named iContract which automatically proves the correctness of a smart contract statically or checks the unverified part …
Toolkit For The Evaluation Of Crypto Tax Risks (Outline), Vincent Ooi
Toolkit For The Evaluation Of Crypto Tax Risks (Outline), Vincent Ooi
Research Collection Yong Pung How School Of Law
This Toolkit seeks to provide a practical, structured framework for the identification and assessment of crypto tax risks that can be used by tax administrations. It has three main parts. Firstly, an introduction to the Toolkit and how it should be used. Secondly, a series of questionnaires to complete. Thirdly, a commentary to provide additional context and details on each part of the Toolkit and its application. As tax administrations go through the questionnaires, they can rely on the Commentary to complement their existing knowledge and expertise to accurately identify the crypto tax risks facing their domestic tax systems.
But Is It Material? A Case Study Evaluating Climate Risk’S Place In Financial Disclosures, Matilda Lindberg
But Is It Material? A Case Study Evaluating Climate Risk’S Place In Financial Disclosures, Matilda Lindberg
Student Theses and Dissertations
The year of 2022 highlighted the importance of understanding how Environment, Social, and Governance (hereafter, ESG) factors impact investors. By the end of 2021, 37.8 trillion USD had been invested in ESG funds, a number expected to grow to $53 trillion by the end of 2025. Despite this bullish projection, controversy has grown about the “materiality” of ESG factors, especially climate risks, as defined by the Securities and Exchange Commission (hereafter, SEC). On March 21, 2022, the SEC proposed rules to enhance the standardization of climate- related disclosures (hereafter The Proposal) to promote consistent, comparable, and reliable information for investors …
Money Laundering In The Global Art Market, Arran Walton
Money Laundering In The Global Art Market, Arran Walton
Undergraduate Theses and Capstone Projects
It is no secret that money laundering has seeped into the art market for years, but veils of anonymity and lack of regulation have kept many of those who foster the illegal operations immune from justice. As criminal operations permeate the art market on a regular basis, what can be done? This thesis will approach this question through an examination of qualitative data and studies, including investigating applicable recent cases, to understand four unique vulnerabilities of the art market and how these weaknesses are exploited. Additionally, the major groups who use the art market as a means of money laundering …
Money Laundering In The Global Art Market, Arran Walton
Money Laundering In The Global Art Market, Arran Walton
Graduate Dissertations and Theses
It is no secret that money laundering has seeped into the art market for years, but veils of anonymity and lack of regulation have kept many of those who foster the illegal operations immune from justice. As criminal operations permeate the art market on a regular basis, what can be done? This thesis will approach this question through an examination of qualitative data and studies, including investigating applicable recent cases, to understand four unique vulnerabilities of the art market and how these weaknesses are exploited. Additionally, the major groups who use the art market as a means of money laundering …
Cost Of Capitol: Analyzing Congressional Insider Trading Regulation, Hannah Levy
Cost Of Capitol: Analyzing Congressional Insider Trading Regulation, Hannah Levy
Finance Undergraduate Honors Theses
The United States Congress has involved itself with the financial regulation of big business for decades. The legislative body has passed a multitude of laws over time which foster greater transparency and trust between individual investors and big business. Until recently, legislators have avoided passing laws which regulate their own financial activity. Recent investigations revealing that dozens of federal lawmakers have violated financial disclosure laws and made stock trades on insider information has successfully angered the public and forced Congress to consider tighter restrictions. But can Americans trust their legislators to effectively regulate themselves? If no legislative action is taken, …
Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg
Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg
Dissertations, Theses, and Capstone Projects
Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …
Without Reservation: Ensuring Uniform Treatment In Bankruptcy While Keeping In Mind The Interests Of Native American Individuals And Tribes, Connor D. Hicks
Without Reservation: Ensuring Uniform Treatment In Bankruptcy While Keeping In Mind The Interests Of Native American Individuals And Tribes, Connor D. Hicks
Fordham Journal of Corporate & Financial Law
The Bankruptcy Code (“Code”) exists as a mechanism for good faith debtors to discharge debts and seek a “fresh start” in life and finance. 11 U.S.C. § 106(a) ensures that not only are all debtors treated uniformly, but that all creditors, including governmental creditors which may otherwise enjoy immunity from suit, are equally subject to the jurisdiction of Bankruptcy courts and bound to the provisions of the Code.
However, a recent circuit split has demonstrated one niche yet significant instance in which a debtor may not receive the same treatment as their counterparts. While § 106 contains an express waiver …
From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke
From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke
Fordham Journal of Corporate & Financial Law
The Tether controversy and Terra crash have placed stablecoins in the regulatory spotlight. Stablecoins are often portrayed as posing systemic risks to financial markets, with some pundits labelling them “the villain of the finance world.” Global regulatory bodies, namely the International Monetary Fund (IMF) and the Bank of International Settlement (BIS), and political leaders, including the Biden Administration, have all called for stablecoin regulation. These officials allege that stablecoins’ structure, combined with their exponential growth, pose a unique risk to global markets. Before the May 2022 Terra crash, government reports superficially treated stablecoins by exclusively focusing on asset-backed coins. Post …
Money Creation And Bank Clearing, Nadav Orian Peer
Money Creation And Bank Clearing, Nadav Orian Peer
Fordham Journal of Corporate & Financial Law
Like many other countries, the U.S. money supply consists primarily of deposits created by private commercial banks. How we understand bank money creation matters enormously. We are currently witnessing a debate between two competing understandings. On the one hand, a long-standing conventional view argues that bank money creation originates in individual market transactions. Based on this understanding, the conventional view narrowly limits the scope of banking regulation to market failure correction. On the other hand, authors in a new legal literature emphasize the public aspects of bank money creation, characterizing it as a “public franchise,” a “public-private partnership,” and part …
Exploring Financial Data Protection And Civil Liberties In An Evolved Digital Age, Amanda Lindner
Exploring Financial Data Protection And Civil Liberties In An Evolved Digital Age, Amanda Lindner
Fordham Journal of Corporate & Financial Law
There is no comprehensive financial privacy law that can protect consumers from a company’s collection sharing and selling of consumer data. The most recent federal financial privacy law, the Gramm-Leach-Bliley Act (“GLBA”), was enacted by Congress over 20 years ago. Vast technological and financial changes have occurred since 1999, and financial privacy law is due for an upgrade.
As a result, loopholes exist where companies can share financial data without being subject to laws or regulations. Additionally, federal financial privacy related laws provide little to no recourse for consumers to self-remediate with litigation, also known as a private right of …
Dollars That Devalue Are Unconstitutional, Christopher Guzelian
Dollars That Devalue Are Unconstitutional, Christopher Guzelian
St. Mary's Law Journal
This Article demonstrates the United States dollar has been unconstitutional since at least the Civil War. Congresses and central bankers often weaken its value. In a previous article, the Author demonstrated that the largely valueless dollar causes human poverty and environmental damage. If Congress restores the dollar’s constitutionality by returning to a silver dollar coin standard of adequate value (at least 371.25 grains of fine silver per dollar), human economies and the environment will become more sustainable.
Are All Risks Created Equal? Rethinking The Distinction Between Legal And Business Risk In Corporate Law, Adi Libson, Gideon Parchomovsky
Are All Risks Created Equal? Rethinking The Distinction Between Legal And Business Risk In Corporate Law, Adi Libson, Gideon Parchomovsky
All Faculty Scholarship
Should corporate legal risk be treated similarly to corporate business risks? Currently, the law draws a clear-cut distinction between the two sources of risk, permitting the latter type of risk and banning the former. As a result, fiduciaries are shielded from personal liability in the case of business risk and are entirely exposed to civil and criminal liability that arises from legal risk-taking. As corporate law theorists have underscored, the differential treatment of business and legal risk is highly problematic from the perspective of firms and shareholders. To begin with, legal risk cannot be completely averted or eliminated. More importantly, …
Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen
Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen
Research Collection Yong Pung How School Of Law
This article explores the emerging phenomenon of use cases for Non-fungible Tokens (NFTs) in novel forms of crypto-finance, a stage we call “NFT financialisation”, that can be developed from stages of consumption and commoditisation of NFTs, which are increasingly observed. Despite the emerging contests regarding property rights conferred by NFTs, the needs for commoditisation and financialisation in NFT markets would likely shape the delineation and framing of such rights in order for users to exploit the asset potential of NFTs. We argue that an institutional response is timely and beneficial for NFT financialisation. Financial regulatory governance can provide the institutions …
How Much Of ‘Home Field Advantage’ Comes From The Fans? A Natural Experiment From The Covid-19 Pandemic, Kevin Krieger, Justin L. Davis
How Much Of ‘Home Field Advantage’ Comes From The Fans? A Natural Experiment From The Covid-19 Pandemic, Kevin Krieger, Justin L. Davis
UNLV Gaming Research & Review Journal
Home field advantage has been a commonly discussed and researched topic in sports. How much of this advantage is due to the home team’s supporters’ physical attendance at the game where they might encourage their team, intimidate the opponent, and influence game officials? We utilize the unique natural experiment of the COVID-19 pandemic and consider the case of American professional (NFL) and collegiate (NCAA) football to examine this question. We measure how typical spreads, relative to home teams, changed in the 2020 season compared to their historical levels, and we determine that roughly half of what football fans and analysts …
Red Flags And Risks: Unpleasant Surprises When An Office Manager Suddenly Leaves, David Harris Cpa
Red Flags And Risks: Unpleasant Surprises When An Office Manager Suddenly Leaves, David Harris Cpa
The Journal of the Michigan Dental Association
Losing an office manager can pose significant challenges for dental practices. This article delves into the red flags and potential risks that may accompany an office manager's sudden departure, shedding light on the importance of understanding the circumstances surrounding their exit. The article highlights how embezzlement can be a reason behind unexplained departures and emphasizes the need to assess the situation more deeply. It explores account ownership issues that can hinder practice owners from accessing crucial business information, particularly in embezzlement investigations. The article recommends proactive measures for practice owners to secure access to vital accounts to prevent potential issues …
Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon
Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
Decentralized Finance, known as DeFi, refers to the use of blockchain and digital assets or crypto-assets for the provision of financial services. Under this concept, services such as loans, insurance, crypto-asset exchanges, among others, are offered, are structured based on crypto-assets and through technologically decentralized applications. This chapter discusses the concept of DeFi and how it challenges the traditional market infrastructures of the financial sector, demystifying the idea of absolute decentralization, generally mentioned in the crypto-asset arena, from the perspective of decision-makers and governors of these decentralized applications. Subsequently, the chapter analyses the opportunities and challenges of DeFi for consumers, …
Support New Business To Solve Old Problems With Kentucky’S Keystone Waste From Bourbon & Brewing, Samuel C. Kessler
Support New Business To Solve Old Problems With Kentucky’S Keystone Waste From Bourbon & Brewing, Samuel C. Kessler
Commonwealth Policy Papers
Provided here is a policy solution from the backside of Kentucky bourbon and brewing to upcycle Kentucky’s “keystone” wastes and grow businesses in the process. Potential effects range from removing the bottleneck on bourbon production and producing GHG-friendly biogas to lowering the price of milk.This full whitepaper brief provides an incentive model for keystone wastes which have a provider and a use. It is equally applicable for policymakers or advocates wishing to place a policy incentive behind waste-to-product upcycling, businesses involved with methane sequestration & renewable biogas energy, and shifting regulatory and penalizing models of pollution into incentive model for …
The Determinants Of Banking Regulation In The Mena Region, Hanene Ksiaa Dr, Mohamed Imen Gallali Professor
The Determinants Of Banking Regulation In The Mena Region, Hanene Ksiaa Dr, Mohamed Imen Gallali Professor
The Journal of Entrepreneurial Finance
Theoretical foundations in banks' response to capital settlement suggest that the systems proposed by Basel are not sound. It is conceivable that regulators will consider alternative approaches to enhance the safety and soundness of the banking system. The regulation includes several decrees and ratios; the areas of interest encompassing the areas are subject to principal component analysis (PCA).The paper aims to present a regulatory framework based on balance sheet ratios, such as Capital requirements (equity ratio; Tier 1 ratio; Total Equity/Net Loans; Total Equity/Deposits); for liquidity needs (liquidity/deposits; liquidity/total assets; liquidity/deposits and loans, and net loans/total assets); for leverage requirements …
Theranos: Case Study And Examination Of The Fraud Triangle, Abbey Jennings
Theranos: Case Study And Examination Of The Fraud Triangle, Abbey Jennings
Finance Undergraduate Honors Theses
Fraud is a serious issue which carries significant implications. Fraud committed by top level managers is particularly grievous, as it ripples through a firm, harming the company’s shareholders, employees, and credibility, while posing a threat to individuals and society (Zahra, et al.). A common framework in auditing, the fraud triangle, outlines three factors that if present, increase the risk or enable fraud to occur. The three factors are incentive, opportunity, and rationalization to commit fraud (Barlow).
In 2018, the Securities and Exchange Commission (SEC) charged Elizabeth Holmes, founder and CEO of a supposedly groundbreaking health tech company, Theranos, with what …
Fintech And Anti-Money Laundering Regulation: Implementing An International Regulatory Hierarchy Premised On Financial Innovation, Nicholas A Roide
Fintech And Anti-Money Laundering Regulation: Implementing An International Regulatory Hierarchy Premised On Financial Innovation, Nicholas A Roide
Texas A&M Law Review
Innovations in financial technology (“fintech”) have rippling effects across global markets. Fintech firms utilizing virtual assets and disintermediating blockchain technology continue to rapidly grow in strength and number. As systemic risk mounts due to the inter-jurisdictional nature of fintech, antimony laundering (“AML”) regulators must search for an international answer to maintain global financial stability and protect consumers against illicit activities. A variety of solutions have appeared within local AML regulatory frameworks. These frameworks tend to function as a hierarchy with three ordered objectives: market integrity, rule clarity, and innovation. However, frameworks often place too much emphasis on market integrity and …
Waqf Fund Management Through Micro Waqf Bank Program In Indonesia, Fachry Ganiardi Danuwijaya, Nurwahidin M.Ag
Waqf Fund Management Through Micro Waqf Bank Program In Indonesia, Fachry Ganiardi Danuwijaya, Nurwahidin M.Ag
Journal of Strategic and Global Studies
Waqf is a muamalah activity that has a very important economic and social role in Islamic history. Waqf is one of solutions to the problem of poverty and social inequality in society. The establishment of the Micro Waqf Bank initiated by the government together with the Financial Services Authority (OJK) has played an important role as one of the new Islamic microfinance institutions in financial inclusion in Indonesia. This paper will discuss how the management of waqf funds through the Islamic Waqf Bank program based on pesantren in efforts to alleviate poverty and social inequality which has become a chronic …
Third Party Moral Hazard And The Problem Of Insurance Externalities, Gideon Parchomovsky, Peter Siegelman
Third Party Moral Hazard And The Problem Of Insurance Externalities, Gideon Parchomovsky, Peter Siegelman
All Faculty Scholarship
Insurance can lead to loss or claim-creation not just by insureds themselves, but also by uninsured third parties. These externalities—which we term “third party moral hazard”—arise because insurance creates opportunities both to extract rents and to recover for otherwise unrecoverable losses. Using examples from health, automobile, kidnap, and liability insurance, we demonstrate that the phenomenon is widespread and important, and that the downsides of insurance are greater than previously believed. We explain the economic, social and psychological reasons for this phenomenon, and propose policy responses. Contract-based methods that are traditionally used to control first-party moral hazard can be welfare-reducing in …
Fenceposts Without A Fence, Katherine Di Lucido, Nicholas Kean Tabor, Jeffery Zhang
Fenceposts Without A Fence, Katherine Di Lucido, Nicholas Kean Tabor, Jeffery Zhang
Law & Economics Working Papers
Banking organizations in the United States have long been subject to two broad categories of regulatory requirements. The first is permissive: a “positive” grant of rights and privileges, typically via a charter for a corporate entity, to engage in the business of banking. The second is restrictive: a “negative” set of conditions on those rights and privileges, limiting conduct and imposing a program of oversight and enforcement, by which the holder of that charter must abide. Together, these requirements form a legal cordon, or “regulatory perimeter,” around the U.S. banking sector.
The regulatory perimeter figures prominently in several ongoing policy …
Learning To Manipulate A Financial Benchmark, Megan Shearer, Gabriel V. Rauterberg, Michael P. Wellman
Learning To Manipulate A Financial Benchmark, Megan Shearer, Gabriel V. Rauterberg, Michael P. Wellman
Law & Economics Working Papers
Financial benchmarks estimate market values or reference rates used in a wide variety of contexts, but are often calculated from data generated by parties who have incentives to manipulate these benchmarks. Since the London Interbank Offered Rate (LIBOR) scandal in 2011, market participants, scholars, and regulators have scrutinized financial benchmarks and the ability of traders to manipulate them.
We study the impact on market welfare of manipulating transaction-based benchmarks in a simulated market environment. Our market consists of a single benchmark manipulator with external holdings dependent on the benchmark, and numerous background traders unaffected by the benchmark. We explore two …