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Articles 61 - 90 of 125
Full-Text Articles in Banking and Finance Law
Broker-Dealers, Institutional Investors, And Fiduciary Duty: Much Ado About Nothing?, Lynn Bai
Broker-Dealers, Institutional Investors, And Fiduciary Duty: Much Ado About Nothing?, Lynn Bai
William & Mary Business Law Review
Under the mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the SEC is soliciting public opinions on whether broker-dealers should be subject to a fiduciary duty when advising retail and institutional investors. This Article focuses on the advisability of such a proposal for institutional investors. It shows that, first, a fiduciary duty could potentially enhance broker-dealers’ standard of conduct for only a subset of institutional investors who are well capitalized, capable of assessing risks independently, and acknowledge in writing their nonreliance on broker-dealers’ advice. Thus, the benefit of fiduciary duty is much narrower than what …
The Impossible, Highly Desired Islamic Bank, Haider Ala Hamoudi
The Impossible, Highly Desired Islamic Bank, Haider Ala Hamoudi
William & Mary Business Law Review
The purpose of this Article is to explore, and explain the stubborn persistence of, a central paradox that is endemic to the retail Islamic bank as it operates in the United States. The paradox is that retail Islamic banking in the United States is impossible, and yet it remains highly desired. It is impossible because central features of modern banking regulation conflict with fundamental aspects of shari’a as it is understood in modernity in the context of finance. It is unimaginable that regulators will create exceptions to, or somehow significantly amend, the modern financial regulatory system in the radical fashion …
Taking Stock: Insider And Outsider Trading By Congress, Jeanne L. Schroeder
Taking Stock: Insider And Outsider Trading By Congress, Jeanne L. Schroeder
William & Mary Business Law Review
Spring 2012 saw the enactment of the “Stop Trading on Congressional Knowledge Act of 2012” or “STOCK Act.” It supposedly repealed an exemption from the federal securities laws that made insider trading by members of Congress “totally legal.” As every securities lawyer knows, however, there never was such an exemption. Representatives and Senators have always been subject to the same rules as the rest of us. It is just that insider-trading law is so incoherent that legal scholars sharply disagreed as to when, or even if, trading by government officials on the basis of material nonpublic information gleaned from their …
The Uneasy Case For Deferring Banker Pay, Eric D. Chason
The Uneasy Case For Deferring Banker Pay, Eric D. Chason
Faculty Publications
No abstract provided.
Systemic Risk And Dodd-Frank's Volcker Rule, Julie A.D. Manasfi
Systemic Risk And Dodd-Frank's Volcker Rule, Julie A.D. Manasfi
William & Mary Business Law Review
With the recent global financial crisis starting in 2007, the issue of “systemic risk” has attracted much attention in our financial system. Some legislators have asserted that proprietary trading by banking entities, generally the trading of financial instruments for a banking entity’s own account, played a critical role in the recent global financial crisis. These sentiments parallel arguments that the practices of banks and their securities affiliates in the 1920s were partly responsible for the stock market crash of 1929 and subsequent Great Depression. At the heart of these assertions is the issue of whether combining the businesses of commercial …
Extending The Taxation-Of-Risk Model To Timing Options And Marked-To-Market Taxes, Eric D. Chason
Extending The Taxation-Of-Risk Model To Timing Options And Marked-To-Market Taxes, Eric D. Chason
Faculty Publications
No abstract provided.
Seeking True Financial Reform: Ending The Debt-Equity Distinction, Joseph B. Allen
Seeking True Financial Reform: Ending The Debt-Equity Distinction, Joseph B. Allen
William & Mary Business Law Review
This Note identifies the failure of Congress to address tax incentives for leverage as a principal cause of the recent financial crisis and a fundamental flaw of recent financial reform legislation. Specifically, the Internal Revenue Code provides substantially disparate tax treatment for debt and equity financing by allowing firms to deduct interest payments on indebtedness, but not providing an equivalent deduction for equity funding. This “debt-equity distinction” artificially reduces the cost of capital for debt financing relative to equity financing and encourages firms to over-employ leverage in their capital structure. This in turn increases financial distress costs and externalities to …
Insider Trading, Informed Trading, And Market Making: Liquidity Of Securities Markets In The Zero-Sum Game, Stanislav Dolgopolov
Insider Trading, Informed Trading, And Market Making: Liquidity Of Securities Markets In The Zero-Sum Game, Stanislav Dolgopolov
William & Mary Business Law Review
This Article reexamines the nexus of relationships among informed transactions, information asymmetry, and liquidity of securities markets in the context of public policy debates about insider trading and its regulation.The Article analyzes this nexus, with the emphasis on recent empirical studies and developments in the securities industry, from a variety of perspectives and considers the validity of the alleged link between insider trading—as opposed to other forms of informed trading—and market liquidity as a justification for the existence of regulation.
Hawala's Charm: What Banks Can Learn From Informal Funds Transfer Systems, Arya Hariharan
Hawala's Charm: What Banks Can Learn From Informal Funds Transfer Systems, Arya Hariharan
William & Mary Business Law Review
Hawala networks, or Informal Funds Transfer Systems (IFTS), are age-old means of conducting cross-border financial transactions. They thrive in regions where there is inadequate or nonexistent financial infrastructure due to poverty, daunting geography, or endemic conflict. Such regions are home to poor and underserved communities hungry for and in desperate need of financial services. IFTS provide access to these relatively ignored markets through the use of specific transactional mechanisms, payment modalities, and clearing and settlement options. With these innovative and flexible techniques, IFTS have successfully tapped into the exponentially growing global remittance market. Hawala networks are also used by NGOs …
The New Exit In Venture Capital, Darian M. Ibrahim
The New Exit In Venture Capital, Darian M. Ibrahim
Faculty Publications
No abstract provided.
Turning The Watchdog Into A Lapdog: Why The Proposed Newspaper Bailout Is The Wrong Solution For A Failing Industry, Andrea Priest
Turning The Watchdog Into A Lapdog: Why The Proposed Newspaper Bailout Is The Wrong Solution For A Failing Industry, Andrea Priest
William & Mary Business Law Review
Current economic conditions have hastened the decline of the American newspaper trade, creating an industry-wide crisis. Following decades of declining advertising revenue and circulation rates, the newspaper industry has plunged into a historic downturn. In search of salvation for the American newspaper, some legislators and scholars have called upon the government to bail out the newspaper industry. This Note will explore the decline of the American newspaper industry, and examine proposals for government intervention to revive America’s newspapers. Although the industry crisis will not abate without action, this Note will conclude that governmental support would ultimately harm newspapers. Instead of …
Debt As Venture Capital, Darian M. Ibrahim
Debt As Venture Capital, Darian M. Ibrahim
Faculty Publications
Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash flows, tangible collateral, or personal guarantees from entrepreneurs able to attract billions of dollars in loans each year? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture capitalists (VCs), as well-known capital structure theories from corporate finance would seem to predict in this context? Using hand-collected interview data and theoretical contributions from finance, economics, and law, this Article solves the puzzle of venture debt by revealing that a start-up’s VC backing …
Implications Of Reputation Economics On Regulatory Reform Of The Credit Rating Industry, Paul Lasell Bonewitz
Implications Of Reputation Economics On Regulatory Reform Of The Credit Rating Industry, Paul Lasell Bonewitz
William & Mary Business Law Review
Credit rating agencies have for years averred that they would never intentionally issue or maintain inaccurate ratings due to the damage their reputation, and therefore their business, would suffer as a result. The reputation of credit rating agencies perhaps never suffered more than when thousands of structured debt securities proved to hold inflated ratings during the run-up to the credit crisis. Yet credit rating agencies remain as ingrained as ever in the global financial system. What is more, congressional testimony shows that credit rating agencies had the ability to rate more accurately, but intentionally failed to do so. Therefore, credit …
Fair Value Accounting: Friend Or Foe?, Ian E. Scott
Fair Value Accounting: Friend Or Foe?, Ian E. Scott
William & Mary Business Law Review
No abstract provided.
The Illegal Actions Of The Federal Reserve: An Analysis Of How The Nation's Central Bank Has Acted Outside The Law In Responding To The Current Financial Crisis, Chad Emerson
William & Mary Business Law Review
No abstract provided.
The Need For A Negligence Standard Of Care For Credit Rating Agencies, Rachel Jones
The Need For A Negligence Standard Of Care For Credit Rating Agencies, Rachel Jones
William & Mary Business Law Review
No abstract provided.
Voting With Their Feet And Dollars: The Role Of Investors And The Influence Of The Mutual Fund Market In Regulating Fees, Anna C. Leist
Voting With Their Feet And Dollars: The Role Of Investors And The Influence Of The Mutual Fund Market In Regulating Fees, Anna C. Leist
William & Mary Law Review
No abstract provided.
The (Not So) Puzzling Behavior Of Angel Investors, Darian M. Ibrahim
The (Not So) Puzzling Behavior Of Angel Investors, Darian M. Ibrahim
Faculty Publications
No abstract provided.
Carrying A Good Joke Too Far, Peter A. Alces, Jason M. Hopkins
Carrying A Good Joke Too Far, Peter A. Alces, Jason M. Hopkins
Faculty Publications
No abstract provided.
Bankruptcy And State Collections: The Case Of The Missing Garnishments, Richard M. Hynes
Bankruptcy And State Collections: The Case Of The Missing Garnishments, Richard M. Hynes
Faculty Publications
Recent bankruptcy reforms were spurred in part by a bankruptcy filing rate that has more than doubled in the last ten years and that has risen by approximately six hundred percent over the last generation. Some attribute this surge in filings to Americans' greater willingness to avoid debts by declaring bankruptcy. Most academics, however, argue that more Americans are forced into bankruptcy by crushing debt burdens and aggressive collections techniques. Surprisingly, the literature has largely ignored data on the use of these collections techniques. This Article examines the use of one of the most important collections tools, garnishment, in two …
Credit Markets, Exemptions, And Households With Nothing To Exempt, Richard M. Hynes
Credit Markets, Exemptions, And Households With Nothing To Exempt, Richard M. Hynes
Faculty Publications
American bankruptcy law has offered a "fresh start" in every state for over one hundred years. As a result, econometric studies of consumer bankruptcy often focus on one of the few aspects of the law that has varied significantly across time and across states: exemptions. Professors Gropp, Scholz and White published the first article to test the effect of exemptions on credit markets. Consistent with theory, they found that residents of states with larger exemptions pay higher interest rates than those in states with lower exemptions andface an increased probability that they will be denied credit. These effects were most …
Why (Consumer) Bankruptcy?, Richard M. Hynes
Why (Consumer) Bankruptcy?, Richard M. Hynes
Faculty Publications
No abstract provided.
Bankruptcy And Mortgage Lending: The Homeowner Dilemma, A. Mechele Dickerson
Bankruptcy And Mortgage Lending: The Homeowner Dilemma, A. Mechele Dickerson
Faculty Publications
No abstract provided.
A Politically Viable Approach To Sovereign Debt Restructuring, A. Mechele Dickerson
A Politically Viable Approach To Sovereign Debt Restructuring, A. Mechele Dickerson
Faculty Publications
The failure to enact a statutory system to restructure sovereign debt suggests that the international community is still unwilling to adopt a unified global response to insolvency issues. Since nations refused to enact uniform legislation to facilitate more orderly business insolvencies within a sovereign, it is not surprising that recent attempts to create uniform legislation that addresses the insolvency of sovereigns themselves have been unsuccessful. While a comprehensive statutory approach can predictably and efficiently restructure all of a sovereign's debts, the failed experience with uniform cross-border insolvency legislation suggests that sovereigns will not accept an inflexible statutory scheme that contains …
Overoptimism And Overborrowing, Richard M. Hynes
Overoptimism And Overborrowing, Richard M. Hynes
Faculty Publications
No abstract provided.
Spinning In A Hot Ipo - Breach Of Fiduciary Duty Or Business As Usual?, Therese H. Maynard
Spinning In A Hot Ipo - Breach Of Fiduciary Duty Or Business As Usual?, Therese H. Maynard
William & Mary Law Review
No abstract provided.
The Law And Economics Of Consumer Finance, Richard M. Hynes, Eric A. Posner
The Law And Economics Of Consumer Finance, Richard M. Hynes, Eric A. Posner
Faculty Publications
No abstract provided.
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Faculty Publications
Consumer bankruptcy insures individuals against misfortune. Like other forms of insurance, bankruptcy reduces an individual's incentive to guard against misfortune and provides her with an incentive to overstate her need for relief. The "first-best," or optimal, bankruptcy system, like the first-best tax or public assistance system, solves these moral hazards without any loss of efficiency. In bankruptcy, this first-best approach would deny relief to debtors responsible for their own distress and reduce the deserving debtors' obligations to an amount commensurate with their ability to pay. While the Bankruptcy Code tries (in part) to follow this first-best approach, such a utopian …
Empowering Stakeholders: Limits On Collaboration As The Basis For Flexible Regulation, Mark Seidenfeld
Empowering Stakeholders: Limits On Collaboration As The Basis For Flexible Regulation, Mark Seidenfeld
William & Mary Law Review
No abstract provided.
Depoliticizing Financial Regulation, Steven A. Ramirez
Depoliticizing Financial Regulation, Steven A. Ramirez
William & Mary Law Review
No abstract provided.