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Articles 121 - 150 of 190
Full-Text Articles in Banking and Finance Law
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Articles
The importance of understanding the implications of general equilibrium is by now abundantly clear to researchers analyzing public fi nance issues. What is perhaps less apparent is that this was not always so. The study of public fi nance was radically transformed during the 15 years between 1959 and 1974 by the pioneering efforts of a small number of leading scholars, notably including Peter Mieszkowski. Thanks to their efforts, the analysis of applied problems in public finance moved from partial equilibrium to general equilibrium, providing the methods and insights that characterize modern public economics. The transformation began with the publication …
Deleveraging Microfinance: Principles For Managing Voluntary Debt Workouts Of Microfinance Institutions, Deborah Burand
Deleveraging Microfinance: Principles For Managing Voluntary Debt Workouts Of Microfinance Institutions, Deborah Burand
Articles
This paper focuses on the challenges of responding to a deleveraging of the microfinance sector and offers guidelines for stakeholders in microfinance-regulators, policymakers, investors (debt and equity), donors, and microfinance providers-for how to address these challenges in the context of a microfinance institution debt workout so as to minimize undue disruption and damage to the microfinance sector as a whole.
Microfinance Managers Consider Online Funding: Is It Finance, Marketing, Or Something Else?, Deborah Burand
Microfinance Managers Consider Online Funding: Is It Finance, Marketing, Or Something Else?, Deborah Burand
Articles
Online platforms are changing the way we engage with the world. Facebook links, eBay auctions, ePal chats, even Second Life avatars—these are all online platforms that connect people, ideas, products, and markets. These platforms shape who we connect with as well as how we connect. This concept extends to philanthropy: Online philanthropy is changing the nature of how and where people give.1 An outgrowth of online philanthropy is online social investing. Kiva.org is one of the best known online lending and investment platforms. Since its launch in 2005, Kiva has grabbed the attention (and wallets) of over 350,000 online lenders, …
The Confidence Game: Manipulation Of The Markets By Governmental Authorities, Caroline Bradley
The Confidence Game: Manipulation Of The Markets By Governmental Authorities, Caroline Bradley
Articles
No abstract provided.
Private Equity's Three Lessons For Agency Theory, William Wilson Bratton
Private Equity's Three Lessons For Agency Theory, William Wilson Bratton
Articles
It is time to consider the lessons to be learned from the recent boom in private equity buyouts, not least in view of its abrupt termination in the wake of tightened credit. In the past, such inquiries have been undertaken in the context of agency theory and have focused on the buyout's implications for solving the problem of separation of ownership and control. This article reverses the pattern of inquiry to consider the buyout's implications for agency theory, pointing to three lessons. The first lesson addresses agency theory's three-way association among control transfers, governance discipline and hostile takeovers, suggesting that …
Private Equity's Three Lessons For Agency Theory, William Wilson Bratton
Private Equity's Three Lessons For Agency Theory, William Wilson Bratton
Articles
No abstract provided.
Consumers Of Financial Services And Multi-Level Regulation In The European Union, Caroline Bradley
Consumers Of Financial Services And Multi-Level Regulation In The European Union, Caroline Bradley
Articles
No abstract provided.
Did Bankruptcy Reform Fail? An Empirical Study Of Consumer Debtors, Robert M. Lawless, Angela K. Littwin, Katherine M. Porter, John A. E. Pottow, Deborah K. Thorne, Elizabeth Warren
Did Bankruptcy Reform Fail? An Empirical Study Of Consumer Debtors, Robert M. Lawless, Angela K. Littwin, Katherine M. Porter, John A. E. Pottow, Deborah K. Thorne, Elizabeth Warren
Articles
Before 2005, many people went broke and many filed for bankruptcy. After 2005, many people still go broke, but not so many file for bankruptcy. Why has the number of bankruptcies declined? Surely it is not the economy. All throughout the 2000s, families have been under increasing economic pressure. Median family incomes have declined, basic expenses have risen, and families are shouldering unprecedented debt loads. Defaults remain high for credit cards and car loans, while mortgage foreclosures have soared. By 2008, over half of all Americans reported that their incomes were falling behind their cost of living. These data all …
Third-Party Tax Administration: The Case Of Low- And Moderate-Income Households, Michael S. Barr, Jane K. Dokko
Third-Party Tax Administration: The Case Of Low- And Moderate-Income Households, Michael S. Barr, Jane K. Dokko
Articles
Using a unique household-level data set, this article investigates the taxfiling experiences and refund behavior of low- and moderate-income (LMI) households. We document households' tax-filing behavior, attitudes about the withholding system, use of tax refunds to consume and save, and the mechanisms by which households would prefer to receive their income. We also document the prevalence of the use of tax-preparation services and the receipt of tax refunds and refund-anticipation loans. Finally, we argue that there may be a role for tax administration to enable LMI households to make welfare-improving financial decisions.
Confusion And Convergence In Consumer Payments: Is Coherence In Error Resolution Appropriate?, Anita Ramasastry
Confusion And Convergence In Consumer Payments: Is Coherence In Error Resolution Appropriate?, Anita Ramasastry
Articles
At present, there are no uniform rules governing retail payment systems in the United States. Checks, credit cards, debit cards, and new types of payment systems—such as stored-value cards and prepaid cards—are governed by different rules and provide consumers with varying protections. In addition, several phenomena may have confused consumers about the type of consumer protections they have when using different payment systems. First, new types of intermediaries have developed—such as online funds transmission and electronic bill presentment and payment—that piggyback on existing payment systems. Second, electronic check conversion systems may convert customer checks into a different payment system—electronic funds …
Is The Market For Ceos Rational?, Charles M. Yablon
Is The Market For Ceos Rational?, Charles M. Yablon
Articles
The article challenges the arms-length bargaining model of CEO compensation, arguing that managerial power, social dynamics, and psychological factors significantly influence compensation decisions. It critiques both the managerial power thesis and the arms-length bargaining model, advocating for a more nuanced understanding that incorporates these non-economic influences. CEO compensation is not solely tied to performance but is shaped by boards' overconfidence, cognitive biases, and the cult of the CEO, leading to inefficient pay structures that often fail to align with shareholder interests.
Stapled Securities--"The Next Big Thing" For Income Trusts? Useful Lessons From The Us Experience With Stapled Shares, Reuven S. Avi-Yonah, Tim Edgar, Fadi Shaheen
Stapled Securities--"The Next Big Thing" For Income Trusts? Useful Lessons From The Us Experience With Stapled Shares, Reuven S. Avi-Yonah, Tim Edgar, Fadi Shaheen
Articles
The Department of Finance has introduced two separate sets of legislation that together attempt to limit demand in the income trust market (though with very different revenue consequences). However, neither the proposed legislation nor the existing Income Tax Act contains an equity recharacterization rule. Consequently, the tax results associated with the standard income trust and royalty trust structures can still be realized with direct holding structures, in which the use of a trust as a pooling mechanism is eliminated and investors hold directly a combination of high-yield junk debt and a specified number of shares of the issuer. Until now, …
An Inclusive, Progressive National Savings And Financial Services Policy, Michael S. Barr
An Inclusive, Progressive National Savings And Financial Services Policy, Michael S. Barr
Articles
How many of us walk by the signs for "Checks Cashed Here," "Money Orders for Sale," and "Payday Loans: Get Cash Quick" without thinking about the implications of those signs for the daily lives of lower-income households? Most of us can take for granted getting our paychecks directly deposited into our bank accounts, writing a check, or storing our money in an account. We often struggle to save for longer-term goals, such as our children's education, or retirement, but most of us, most of the time, do not worry whether our savings or insurance will be enough to get us …
Nsf Fees, James J. White
Nsf Fees, James J. White
Articles
Overdraft fees now make up more than half of banks' earnings on consumer checking accounts. In the past century, overdrafts have gone from the banker's scourge to the banker's profit center as bankers have learned that there is much to be made on these short term loans at breathtaking interest rates. I note that the federal agencies have been complicit in the growth of this form of lending. I propose that the banks and the agencies recognize the reality and attempt to mitigate these rates by encouraging the development of a competitive market.
Bond Covenants And Creditor Protection: Economics And Law, Theory And Practice, Substance And Process, William Wilson Bratton
Bond Covenants And Creditor Protection: Economics And Law, Theory And Practice, Substance And Process, William Wilson Bratton
Articles
This article examines contractual protection of unsecured financial creditors in US credit markets. Borrowers and lenders in the United States contract against a minimal legal background that imposes the burden of protection on the lender. A working, constantly updated, set of contractual protections has emerged in response. But actual use of available contractual technology varies widely, depending on the level of risk and the institutional context. The credit markets sort borrowers according to the degree of the risk of financial distress, imposing substantial constraints only on the borrowers with the most dangerous incentives. At the same time, the contracting practice …
Information Society Challenges To Financial Regulation, Caroline Bradley
Information Society Challenges To Financial Regulation, Caroline Bradley
Articles
No abstract provided.
Global Administrative Law: The View From Basel, Michael S. Barr, Geoffrey P. Miller
Global Administrative Law: The View From Basel, Michael S. Barr, Geoffrey P. Miller
Articles
International law-making by sub-national actors and regulatory networks of bureaucrats has come under attack as lacking in accountability and legitimacy. Global administrative law is emerging as an approach to understanding what international organizations and national governments do, or ought to do, to respond to the perceived democracy deficit in international law-making. This article examines the Basel Committee on Banking Supervision, a club of central bankers who meet to develop international banking capital standards and to develop supervisory guidance. The Basel Committee embodies many of the attributes that critics of international law-making lament. A closer examination, however, reveals a structure of …
Credit Where It Counts: Maintaining A Strong Community Reinvestment Act, Michael S. Barr
Credit Where It Counts: Maintaining A Strong Community Reinvestment Act, Michael S. Barr
Articles
The Community Reinvestment Act (CRA) has helped to revitalize low- and moderate-income communities and provided expanded opportunities for low- and moderate-income households. Recent regulatory steps aimed at alleviating burdens on banks and thrifts are unwarranted, and may diminish small business lending as well as community development investments and services. This policy brief explains the rationale for CRA, demonstrates its effectiveness, and argues that the recent regulatory proposals should be withdrawn or significantly modified.
Odious Debt Or Odious Payments - Using Anti-Corruption Measures To Prevent Odious Debt, Anita Ramasastry
Odious Debt Or Odious Payments - Using Anti-Corruption Measures To Prevent Odious Debt, Anita Ramasastry
Articles
This article focuses on ways to stem the tide of odious payments and to stop such payments, when made, from moving offshore into foreign bank accounts. To the extent that such payments leave a country, fewer funds are available to repay sovereign debts in the event of a regime change, or to feed and shelter the population. This article focuses on emerging anti-corruption mechanisms as a means of dealing with odious payments and odious debt. It also focuses on the role of financial institutions (banks) as gatekeepers. Part I of this article focuses on the way in which banks are …
Private International Law-Making For The Financial Markets, Caroline Bradley
Private International Law-Making For The Financial Markets, Caroline Bradley
Articles
No abstract provided.
Detroit Area Study On Financial Services: What? Why? How?, Michael S. Barr
Detroit Area Study On Financial Services: What? Why? How?, Michael S. Barr
Articles
The following article is based on a talk give by Assistant Professor of Law Michael S. Barr to the University of Texas Law School-Harvard Law School Joint Conference on Commercial Law Realities in Austin, Texas, in April. Barr was selected by the University of Michigan’s Institute for Social Research, Survey Research Center to be the faculty investigator for the Detroit Area Study, which the University has conducted for more than 50 years. Barr is using the study to explore the financial services needs of low- and moderate-income households, building on his groundbreaking analysis in Banking the Poor. Barr raised a …
Credit Where It Counts: The Community Reinvestment Act And Its Critics, Michael S. Barr
Credit Where It Counts: The Community Reinvestment Act And Its Critics, Michael S. Barr
Articles
Despite the depth and breadth of U.S. credit markets, low- and moderate-income communities and minority borrowers have not historically enjoyed full access to credit. The Community Reinvestment Act (CRA) was enacted in 1977 to help overcome barriers to credit that these groups faced. Scholars have long leveled numerous critiques against CRA as unnecessary, ineffectual, costly, and lawless. Many have argued that CRA should be eliminated. By contrast, I contend that market failures and discrimination justify governmental intervention and that CRA is a reasonable policy response to these problems. Using recent empirical evidence, I demonstrate that over the last decade CRA …
The Defined Contribution Paradigm, Edward A. Zelinsky
The Defined Contribution Paradigm, Edward A. Zelinsky
Articles
Pension cognoscenti have frequently remarked on the stagnation of defined benefit pensions and the concomitant rise of defined contribution plans. I suggest that, over the last generation, something even more fundamental has occurred, something that can justly be called a paradigm shift. Americans today primarily conceive of and implement retirement savings in the form of individual accounts. Such accounts have become primary instruments of public policy, not just for retirement savings, but increasingly for health care and education as well.
Lord Of The Liens: Towards Greater Efficiency In Secured Syndicated Lending, William H. Widen
Lord Of The Liens: Towards Greater Efficiency In Secured Syndicated Lending, William H. Widen
Articles
No abstract provided.
Microfinance And Financial Development, Michael S. Barr
Microfinance And Financial Development, Michael S. Barr
Articles
Close to three billion people-half of the world's population-live on less than two dollars a day.' Within these poor communities, one child in five will not live to see his or her fifth birthday. To boost international development, the United Nations (UN) announced the Millennium Development Goals, aimed at eradicating poverty by 2015.? A number of countries responded at the International Conference for Financing International Development in Monterrey, Mexico, by creating action plans to begin to implement the Millennium Development Goals.4 Yet the Millennium Development Goals will prove difficult to achieve.1
Banking The Poor, Michael S. Barr
Banking The Poor, Michael S. Barr
Articles
Low-income households often lack access to banking accounts and face high costs for transacting basic financial services through check cashers and other alternative financial service providers. These families find it more difficult to save and plan financially for the future. Living paycheck to paycheck leaves them vulnerable to medical or job emergencies that may endanger their financial stability, and lack of longer-term savings undermines their ability to improve skills, purchase a home, or send their children to college. Additionally, high cost financial services and inadequate access to bank accounts may undermine widely shared societal goals of reducing poverty, moving families …
Bankruptcy's Acephalous Moment: Postpetition Transfers Under The Bankruptcy Code, David G. Carlson
Bankruptcy's Acephalous Moment: Postpetition Transfers Under The Bankruptcy Code, David G. Carlson
Articles
No abstract provided.
Enron At The Margin, William H. Widen
Questions To Ask Before You Join A Club, Laura N. Beny, Paul S. Bird, Franci J. Blassberg, Michael P. Harrell
Questions To Ask Before You Join A Club, Laura N. Beny, Paul S. Bird, Franci J. Blassberg, Michael P. Harrell
Articles
Despite the recent flurry of large transactions in which a consortium of private equity firms have teamed up to make joint bids and acquisitions, “club deals” themselves are not breaking news. In fact, they have been a staple of small- and middle-sized private equity M&A transactions for years. Recently, however, there has been a growing trend toward large club deals with enterprise values over $1 billion.1 Due to their size, complexity and, often, international dimension, these transactions have generated considerable attention in the business press and have prompted much discussion among private equity professionals and the limited partners whose money …
A Repo Opera: How Criimi Mae Got Repos Backwards, Jeanne L. Schroeder
A Repo Opera: How Criimi Mae Got Repos Backwards, Jeanne L. Schroeder
Articles
The article argues that repurchase agreements (repos) should be treated as true sales rather than secured loans under bankruptcy law to maintain financial market stability. It critiques the *In re Criimi Mae* court for misapplying the "Debtors Equity Test," which assesses whether the seller retains meaningful property rights. The analysis emphasizes the need for clear legal standards to prevent misclassification and ensure market certainty.