Law Commons^™

A Bank By Any Other Name..., Christian Johnson, George Kaufman

Christian A. Johnson

Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko

Law & Economics Working Papers Archive: 2003-2009

We analyze the phenomenon that low- and moderate-income (LMI) tax filers exhibit a “preference for over-withholding” their taxes, a measure we derive from a unique set of questions administered in a dataset of 1,003 households, which we collected through the Survey Research Center at the University of Michigan. We argue that the relationship between their withholding preference and portfolio allocation across liquid and illiquid assets is consistent with models with present-biased preferences, and that individuals exhibit self-control problems when making their consumption and saving decisions. Our results support a model in which individuals use commitment devices to constrain their consumption. …

Going Public, Selling Stock, And Buying Liquidity, Richard A. Booth

Working Paper Series

It is a well known anomaly of corporation finance that initial public offerings (IPOs) tend to be underpriced. That is, it appears that shares tend to be offered at a price that is below what the market would bear. Scholars have offered several explanations, most of which focus on various sorts of underwriter opportunism (and insider acquiescence therein). But it is difficult to believe that competition among underwriters does not force offerings to be made at the highest possible price, particularly in view of the numerous alternatives to traditional underwriting methods that have arisen in recent years. The persistence of …

When Should Investor Reliance Be Presumed In Securities Class Actions, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter

All Faculty Scholarship

The “implicit minority discount,” or IMD, is a fairly new concept in Delaware appraisal law. A review of the case law discussing the concept, however, reveals that it has emerged haphazardly and has not been fully tested against principles that are generally accepted in the financial community. While control share blocks are valued at a premium because of the particular rights and opportunities associated with control, these are elements of value that cannot fairly be viewed as belonging either to the corporation or its shareholders. In corporations with widely dispersed share holdings, the firm is subject to agency costs that …

It-Apas: Harmonizing Inconsistent Transfer Pricing Rules In Income Tax - Customs - Vat, Richard Thompson Ainsworth

Faculty Scholarship

In most jurisdictions there are three separate spheres of transfer pricing analysis - income tax, customs and VAT. Although they share policy objectives, terminology and frequently borrowing methodologies from one another these domestic transfer pricing systems are not in harmony.

Businesses find this lack of harmony costly, problematical, but also a planning opportunity. The door is open for arbitrage.

What if the transfer pricing rules within a jurisdiction were harmonized? The World Customs Organization (WCO) and the Organization of Economic Cooperation and Development (OECD) are considering this question.

This paper synthesizes the range of transfer pricing regimes currently in use, …

Uk Car-Flipping: The Vat Fraud Market-Place And Certified Solutions, Richard Thompson Ainsworth

Faculty Scholarship

Missing Trader Intra-Community (MTIC) fraud and its offspring carousel fraud and contra trading fraud are siphoning huge amounts of VAT revenue from the UK Treasury. This fraud is not a function of the goods involved. It is a function of the market-place. Recently another type of market-place dependent VAT fraud has taken hold in the UK - car-flipping.

In some instances the market-place where these frauds festers is a pre-existing or natural market-place, one that grows out of legitimate commercial practices. Fraudsters enter this market-place (so the argument goes) and take advantage of legitimate businesses who unwittingly get caught up …

Expanding Homeownership Opportunity Ii: The Softsecond Loan Program, 1991-2006, Jim Campen

Gastón Institute Publications

This report provides data on lending by the SoftSecond Loan Program during the most recent three-year period (2004-2006) as well as over the sixteen-year life of the program. The Mortgage Lending Committee of the Massachusetts Community & Banking Council (MCBC) has had a special interest in the SoftSecond program since its inception and has carefully monitored the performance of its loans. The report updates an earlier report prepared for MCBC by the present author in 2004: Expanding Homeownership Opportunity: The SoftSecond Loan Program, 1991-2003. Detailed information about the origins and evolution of the program, and about the details of …

Collateralizing Over-The-Counter Derivative Obligations, Christian Johnson

Christian A. Johnson

Reforming Key International Financial Institutions For The 21st Century: Hearing Before The Subcomm. On Security And International Trade And Finance Of The S. Comm. On Banking, Housing, And Urban Affairs, 110th Cong., Aug. 2, 2007 (Statement Of Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo

Testimony Before Congress

No abstract provided.

La Cesión De Derechos En El Código Civil Peruano, Edward Ivan Cueva

Edward Ivan Cueva

La Cesión de Derechos en el Código Civil Peruano

Geo-Politics, The ‘War On Terror’ And The Competitiveness Of The City Of London, Richard Woodward

Books/Book Chapters

No abstract provided.

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 …

Electronic Government And Digital Inclusion: Examples From India, Subhajit Basu

Subhajit Basu

This presentation has two parts: In the first part I look into Development, effect of technology on development, obviously technology provides opportunity to have choices but Can Technology (here ICT) influence development? Digital inclusion is a concept about the disparities in terms of citizens’ participation in the Information Society. This participation may be conceptualised in the first instance as ICT access, levels of use and use patterns. On one hand we have technology which promises of New Dawn for the developing countries, on the other hand only access to technology will not provide development for poor millions of a developing …

The Missing Link Between Insider Trading And Securities Fraud, Richard A. Booth

Working Paper Series

In a recent article, I argued that diversified investors - the vast majority of investors - would prefer that securities fraud class actions under the 1934 Act and Rule 10b-5 be dismissed in the absence of insider trading or similar offenses during the fraud period. See Richard A. Booth, The End of the Securities Fraud Class Action as We Know It, 4 Berk. Bus. L. J. 1 (2007), http://ssrn.com/abstract=683197. In this article, I draw on the classic case, SEC v. Texas Gulf Sulfur Company, to show that the federal courts originally viewed securities fraud as inextricably connected to insider trading …

Domestic Regulatory Autonomy Under The Tbt Agreement: From Non-Discrimination To Harmonization, Michael Ming Du

Michael Ming Du

Compared with other World Trade Organization (WTO) Agreements, the Technical Barriers to Trade (TBT) Agreement has received relatively little scholarly attention. This paper will illustrate that the TBT agreement has already exhibited potential to penetrate inappropriately into the domestic regulatory order and threaten domestic regulatory autonomy in unexpected ways, even if many important provisions are still to be elucidated in follow-up dispute settlement practice. This unwarranted intrusion into domestic regulatory autonomy is largely due to the reluctance of WTO panels and the AB to explore the telos of the TBT Agreement. Under the TBT Agreement, not only the conflict between …

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

Bruno L. Costantini García

Memorias del Segundo Congreso Nacional de Organismos Públicos Autónomos. "Autonomía, Profesionalización, Control y Transparencia"

Algunos Apuntes En Torno A La Prescripción Extintiva Y La Caducidad, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.

Wal-Mart Bank In Mexico: Money To The Masses And The Home-Host Hole, Anna Gelpern

Articles in Law Reviews & Other Academic Journals

In November 2006 Wal-Mart's Mexican subsidiary received approval to open a bank. The application faced little opposition in Mexico, unlike the company's failed effort to start a bank in the United States. This was partly because in Mexico, Wal-Mart's entry was generally regarded as increasing competition in a historically concentrated banking sector. With over three-quarters of all Mexicans unbanked, the authorities also looked to Wal-Mart to reach the underserved. Along with the promise, Wal-Mart's entry presents a transnational regulatory dilemma with implications beyond Wal-Mart and Mexico. Because it is Wal-Mart's only banking venture, the new institution will have its Mexican …

The Economic State Of International Financial Services And Its Socio-Economic Impact, William Byrnes

William H. Byrnes

No abstract provided.

Cross-Monitoring And Corporate Governance, Joanna M. Shepherd, Frederick Tung, Albert H. Yoon

Faculty Scholarship

We take the view that corporate governance must involve more than corporate law. Despite corporate scholars' nearly exclusive focus on corporate law mechanisms for controlling managerial agency costs, shareholders are not the only constituency concerned with such costs. Given the thick web of firms' contractual commitments, it should not be a surprise that other financial claimants may also attempt to control agency costs in their contracts with the firm. We hypothesize that this cross-monitoring by other claimants has value for shareholders.

We examine bank loans for empirical evidence of the value of cross-monitoring. Our approach builds on prior empirical work …

Risks And Opportunities In A Global Economy – Perspective On The Investment Horizon, William Byrnes

William H. Byrnes

No abstract provided.

The Evolving And Challenging Roles Of Certain International Financial Institutions In Developing Countries Under International Law With Particular Reference To Nigeria, South Korea, And Brazil, Sunday C. Ogbodo

Theses and Dissertations

It is no secret that the developing countries and their fragile economies have been struggling all the way from the twentieth (20th) century into the twenty first (21 st) century. It is equally known that the roles of the International Financial Institutions (IFIs) have been evolving partly as a result of their internal developments, and partly as a result of external developments occurring in the international environment that they operate in. It is the realization of the foregoing, and with hopes of finding ways that the IFIs can positively impact the developing countries in their quest for sustained development, that …

Pangaea: Converging Global Approaches To Bundled Brokerage And Soft Dollar Practices, Andrew R. Mannarino

Pace Law Review

No abstract provided.

Nontraditional Mortgage Products: Does Guidance Effectively Inform Borrowers Of Risk, Stuart M. Rigot

North Carolina Banking Institute

No abstract provided.

Payday Lending In North Carolina: Now You See It, Now You Don't, Scott A. Hefner

North Carolina Banking Institute

No abstract provided.

Creditor Certainty And Consumer Protection: Complaints As Initial Communications Under The Fair Debt Collection Practices Act, Brian Koontz

North Carolina Banking Institute

No abstract provided.

National Banks In The Commercial Real Estate Market: Alarm Over The Occ's Recent Expansion Of National Bank's Powers May Be Premature, Rick Jackson

North Carolina Banking Institute

No abstract provided.

Scanning Legislative Efforts: Current Rfid Legislation Suffers From Misguided Fears, Kristina M. Willingham

North Carolina Banking Institute

No abstract provided.

Feeling The Stones: Measuring The Potential Of Deposit Insurance In China Through A Comparative Analysis, Daniel L. Mccullough

North Carolina Banking Institute

No abstract provided.