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Articles 61 - 90 of 105
Full-Text Articles in Banking and Finance Law
Nasd Regulation Of Ipo Conflicts Of Interest - Does Gatekeeping Work?, Royce De R. Barondes
Nasd Regulation Of Ipo Conflicts Of Interest - Does Gatekeeping Work?, Royce De R. Barondes
Faculty Publications
This Article contributes to the debate on the efficacy of third party gatekeeping in regulating the capital markets, by presenting empirical evidence of the efficacy of one kind of gatekeeper, a qualified independent underwriter (QIU). Under NASD rules, when an investment bank participating in a securities offering has one of several enumerated conflicts of interest, the securities cannot be sold at a price higher than that recommended by a QIU. Examining 1,188 IPOs from 1997 through 2000 discloses a negative, statistically significant relationship between IPO initial returns and each of (i) the fact that participating NASD members (or their affiliates) …
Core Principles For Effective Banking Supervision: An Enforceable International Financial Standard?, Duncan E. Alford
Core Principles For Effective Banking Supervision: An Enforceable International Financial Standard?, Duncan E. Alford
Faculty Publications
The Basel Committee on Banking Supervision serves as an international forum to discuss international bank supervision issues. Because of the gravity and frequency of banking crises since the demise of the Bretton Woods System in the early 1970s, international financial standards have emerged as a method to minimize these crises. In 1998, the Basel Committee issued a comprehensive standard on bank super vision that built upon its work over the previous two and a half decades. In this Article, the author analyzes this comprehensive standard the Core Principles for Effective Banking Supervision-and assesses its implementation in the European Union, the …
Sending The Right Signals: Using Rent-Seeking Theory To Analyze The Cuban Central Bank, Jose M. Gabilondo
Sending The Right Signals: Using Rent-Seeking Theory To Analyze The Cuban Central Bank, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Correcting The Empirical Foundations Of Ipo-Pricing Regulation, Royce De R. Barondes
Correcting The Empirical Foundations Of Ipo-Pricing Regulation, Royce De R. Barondes
Faculty Publications
Recent events are replete with stories of fraudulent or opportunistic behavior in the initial public offering (IPO) process - behavior that extended to the highest-reputation investment banks. Curiously, notwithstanding this evidence, recent financial economics literature asserts investment bank conflicts of interest certify IPO issuers. This Article develops new empirical evidence that casts doubt on this certification hypothesis by examining the pre-IPO price adjustment of IPOs involving qualified independent underwriters (QIUs), particularly IPOs in which more than ten percent of the net proceeds are being directed to participating investment banks (e.g., to repay a prior extension of credit). These offerings have …
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.
Accountants Make Miserable Policemen: Rethinking The Federal Securities Laws, Jerry W. Markham
Accountants Make Miserable Policemen: Rethinking The Federal Securities Laws, Jerry W. Markham
Faculty Publications
This Article describes the background of the federal securities laws and the assumptions about full disclosure that where made to justify the intrusive legislation. It also considers the problems encountered by the SEC in the nearly seven decades that have passed since the Stock Market Crash of 1929 and then reviews the market meltdown over the last three years and describes how full disclosure regulation failed. Finally, the author focuses on a principal flaw in the system – the misguided effort to turn accountants into policeman.
Reorganizations And Stochastic Collateral Value, Royce De R. Barondes
Reorganizations And Stochastic Collateral Value, Royce De R. Barondes
Faculty Publications
Bebchuk and Fried propose using a series of auctions to implement a market-based methodology for valuing secured claims in a reorganization. This Article demonstrates their procedure can result in a secured creditor receiving more than its ex ante bargain, and that the probability distribution of possible collateral values can be relevant to fulfilling the ex ante bargain. This Article further develops and examines a refinement of the Bebchuk and Fried procedure that provides an approximate solution to the overcompensation of secured creditors. This refinement reconceptualizes collateral as comprising two components: (i) a call option on that property, exercisable at the …
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 …
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Faculty Publications
This article describes the development of the competing regulatory bodies for banking, insurance, securities and derivatives. It then focuses on the regulatory roles of the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC"). The competition between those two agencies and its effects are described. After that review, the article examines the roles of the FSA-GB and FSA-Japan. Finally, the article discusses the arguments favoring and disfavoring competitive regulation and tries to discern whether a unified regulatory structure such as that in Japan and England is preferable to the competitive approach of the SEC and CFTC. The …
Introduction - George A. Leet Business Law Symposium: The Future Of Private Equity Financing, George W. Dent
Introduction - George A. Leet Business Law Symposium: The Future Of Private Equity Financing, George W. Dent
Faculty Publications
Introducation to George A. Leet Business Law Symposium: The Future of Private Equity Financing, Cleveland, Ohio.
Revised Article 9, Securitization Transactions And The Bankruptcy Dynamic, Lois R. Lupica
Revised Article 9, Securitization Transactions And The Bankruptcy Dynamic, Lois R. Lupica
Faculty Publications
Article 9 of the Uniform Commercial Code ("U.C.C.")1 is the law governing the creation, perfection, and enforcement of security interests in personal property. Originally enacted in 1960,2 Article 9 was substantially revised in 1972 in response to changes in commercial financing markets and practices. Since this last revision, there have been further changes, including technological advances, affecting commercial practice and custom. These changes have led the Permanent Editorial Board for the U.C.C. ("PEB") to recommend to the American Law Institute ("ALI") and the National Conference of Commissioners on Uniform State Laws ("NCCUSL") that Article 9, once again, be significantly revised. …
Banking Regulation: Its History And Future, Jerry W. Markham
Banking Regulation: Its History And Future, Jerry W. Markham
Faculty Publications
This article traces the history of the growth and regulation of banking services in the United States. That history will show how the existing regulatory structure was developed in response to demands of the Civil War and a populist crusade against the “money trust.” That effort reached its zenith with the New Deal legislation of the 1930s, but began to fall apart as financial services consolidated. The article will then show how the financial services industries (banking, insurance, securities and derivatives) began to merge in their product base while at the same time separating on a fault line between institutional …
Looking At Communities And Markets, Lan Cao
Looking At Communities And Markets, Lan Cao
Faculty Publications
No abstract provided.
To Love, Honor, And (Oh) Pay: Should Spouses Be Forced To Pay Each Other's Debts?, A. Mechele Dickerson
To Love, Honor, And (Oh) Pay: Should Spouses Be Forced To Pay Each Other's Debts?, A. Mechele Dickerson
Faculty Publications
No abstract provided.
The Insider Story, Richard C. Reuben
The Insider Story, Richard C. Reuben
Faculty Publications
The central issue in United States v. O'Hagan, No. 96-842, is the validity of the so-called "misappropriation theory" of insider trader liability under Section 10(b) of the Securities and Exchange Act of 1934. 15 US.C. 78(j)(b). The justices heard oral arguments in April. If the theory propounded by federal regulators is endorsed by the Court, it would expand insider trader liability under U.S. law.
Equilibrium Theory, The Ficas Model, And International Banking Law, Raj Bhala
Equilibrium Theory, The Ficas Model, And International Banking Law, Raj Bhala
Faculty Publications
No abstract provided.
Applying Equilibrium And The Ficas Model: A Case Study Of Capital Adequacy And Currency Trading, Raj Bhala
Applying Equilibrium And The Ficas Model: A Case Study Of Capital Adequacy And Currency Trading, Raj Bhala
Faculty Publications
No abstract provided.
International Payments And Five Foundations Of Wire-Transfer Law, Raj Bhala
International Payments And Five Foundations Of Wire-Transfer Law, Raj Bhala
Faculty Publications
No abstract provided.
Self-Regulation In Global Electronic Markets Through Reinvigorated Trade Usages, Raj Bhala
Self-Regulation In Global Electronic Markets Through Reinvigorated Trade Usages, Raj Bhala
Faculty Publications
In a global electronic market the role of trade usages must be reinvigorated to better suit the needs of market participants. Contrary to the approach to trade usages often adopted by courts and scholars, usages should not be seen as merely a device to interpret disputed terms in a contract. Rather, they should be viewed as a legal foundation for existing and new trade practices and, therefore, as a source of authority for and legal obligation arising from such practices. In sum, they should be regarded as a means by which participants in global eiectronic markets can engage in self-regulation. …
Anti-Money Laundering Regulations: A Burden On Financial Institutions, Duncan E. Alford
Anti-Money Laundering Regulations: A Burden On Financial Institutions, Duncan E. Alford
Faculty Publications
No abstract provided.
An Economic Analysis Of The Potential For Coercion In Consent Solicitations For Bonds, Royce De R. Barondes
An Economic Analysis Of The Potential For Coercion In Consent Solicitations For Bonds, Royce De R. Barondes
Faculty Publications
This Article examines why issuers frequently cannot present bondholders with an offer that draws on collective action problems to force the acceptance of the offer by the bondholders. The analysis is restricted to publicly offered bonds. For a number of reasons, privately placed debt presents fewer opportunities for coercion. A prior business relationship among various purchasers, which facilitates cooperation, may be more likely with respect to privately placed debt. Privately placed debt often has more significant protection for the bondholders than public debt with the same level of seniority
Paying For The Deal: An Analysis Of Analysis Of Wire Transfer Law And International Financial Market Interest Groups, Raj Bhala
Faculty Publications
No abstract provided.
The Inverted Pyramid Of Wire Transfer Law, Raj Bhala
The Inverted Pyramid Of Wire Transfer Law, Raj Bhala
Faculty Publications
No abstract provided.
The Bespeaks Caution Doctrine: Revisiting The Application Of Federal Securities Law To Opinions And Estimates, Royce De R. Barondes
The Bespeaks Caution Doctrine: Revisiting The Application Of Federal Securities Law To Opinions And Estimates, Royce De R. Barondes
Faculty Publications
Disclosure of estimates and opinions, which are often referred to as ‘soft information,‘ has presented a number of difficult issues to courts, the Securities and Exchange Commission (SEC) and companies issuing offering materials or required to file periodic reports with the SEC. Although this type of information often consists of projections, historical financial statements also include this type of information to varying degrees. For example, a bank's statement of financial position requires specification of loan loss reserves and is therefore dependent on an assessment of future events (the timing and extent of repayment). Similarly, determination of the timing of a …
Tragedy, Irony, And Protectionism After Bcci: A Three-Act Play Starring Maharajah Bank, Raj Bhala
Tragedy, Irony, And Protectionism After Bcci: A Three-Act Play Starring Maharajah Bank, Raj Bhala
Faculty Publications
Post-BCCI legal developments regarding the regulation of foreign banks raise serious concerns of protectionism. The Foreign Bank Supervision Enhancement Act of 1991 and revisions to Federal Reserve Regulation K impose significant new legal burdens on foreign banks seeking to establish a physical presence in the U.S. The new legal regime reflects a tragic sacrifice of the principle of free trade in banking services in order to placate a fear of "bad" foreign banks. Ironically, the sacrifice of this principle by Congress and the Federal Reserve is incongruous with efforts of the United States Trade Representative (USTR). The USTR has negotiated …
Confederate Bonds, General Custer, And The Regulation Of Derivative Financial Instuments, Jerry W. Markham
Confederate Bonds, General Custer, And The Regulation Of Derivative Financial Instuments, Jerry W. Markham
Faculty Publications
The phenomenal growth of derivative financial instruments has sparked a near revolution in finance. These instruments take many forms and come in literally hundreds of varieties. Some, such as commodity futures and options, are heavily regulated when they are traded on organized exchanges. Other derivatives, particularly those traded over-the-counter, are subject to little regulation. Included on the list of unregulated derivatives are swap transactions. The swaps market alone is equal in size to the regulated markets with which it competes. The lack of regulation over such a large financial market and the losses suffered by some large firms in recent …