Banking and Finance Law Commons^™

The Corporation As God, Douglas Litowitz

ExpressO

No abstract provided.

Patterns In A Complex System: An Empirical Study Of Valuation In Business Bankruptcy Cases, Bernard Trujillo

Law Faculty Publications

This Article applies complex systems research methods to explore the characteristics of the bankruptcy legal system. It presents the results of an empirical study of twenty years of bankruptcy court valuation doctrine in business cramdown cases. The data provide solid descriptions of how courts exercise their discretion in valuing firms and assets.

This Article has two objectives: First, using scientific methodology, it explains the content of bankruptcy valuation doctrine. Second, the Article uses doctrine as a variable to explore the system dynamics that govern the processes of change over time.

Significant findings include: (1) Courts tend to split the difference …

Sarbanes-Oxley And The Inch-Thick Contract, Colin P.A. Jones

Richmond Journal of Global Law & Business

No abstract provided.

Efficacy Of The Institutional And Regulatory Framework For The Administration Of Tax Law In Zambia, Kenneth Kaoma Mwenda

Richmond Journal of Global Law & Business

No abstract provided.

Sending The Right Signals: Using Rent-Seeking Theory To Analyze The Cuban Central Bank, Jose M. Gabilondo

Faculty Publications

No abstract provided.

Conditional Cash Transfers: Progress Towards The Millennium Development Goals, Blase Kornacki

Sustainable Development Law & Policy

No abstract provided.

The Politics Of The Millennium Development Goals In Africa: Is Global Partnership Really Working?, Charles Mutasa

Sustainable Development Law & Policy

No abstract provided.

The Millennium Development Goal Aid Targets, And The Costs Of Over-Expectations, Michael A. Clemens, Charles J. Kenny, Todd J. Moss

Sustainable Development Law & Policy

No abstract provided.

Injunctions Against Liquidation In Trade Remedy Cases: A Petitioner's View, 39 J. Marshall L. Rev. 45 (2005), Jeffrey M. Telep

UIC Law Review

No abstract provided.

Banking Law, Penny A. Hazelton

Chapters in Books

• Introduction
• Federal Law
• State Law
• Federal Regulatory Framework
• Office of the Comptroller of the Currency
• Office of Thrift Supervision
• Board of Governors of the Federal Reserve System
• Federal Deposit Insurance Corporation
• Resolution Trust Corporation
• Federal Housing Finance Board
• Federal Home Loan Bank System
• State Regulatory Framework
• Additional Research Sources
• Appendices

Developing A Law/Business Collaboration Through Pace's Securities Arbitration Clinic, Jill I. Gross, Ronald W. Filante

Fordham Journal of Corporate & Financial Law

No abstract provided.

State Consumer Protection Statutes: An Alternative Approach To Solving The Problem Of Predatory Mortgage Lending, Jessica Fogel

Seattle University Law Review

This article continues in Part II by defining predatory lending practices, identifying borrowers who are likely to face predatory lenders, and discussing the consequences of predatory lending. Next, Part III provides a background for existing federal regulation, again in reference to RESPA and TILA. Part IV discusses state legislative efforts to curb predatory lending and identifies the problems of inconsistency and federal exemptions that undermine these state statutes. Part V examines the elements of state consumer protection acts and unfair and deceptive acts or practices ("UDAP") statutes and their application to predatory practices. Part VI argues that, because consumer protection …

Justice And The Administrative State: The Fdic And The Superior Bank Failure, Christian A. Johnson

Loyola University Chicago Law Journal

No abstract provided.

Revisiting Novel Approaches To Combating The Financing Of Crime: A Brave New World Revisited, Bruce Zagaris

Villanova Law Review (1956 - )

No abstract provided.

Basel Ii And The Need For Bank Distress Resolution Procedures, Clas Wihlborg

Business Faculty Articles and Research

It is argued that without increased market discipline Basel II is not likely to resolve the regulatory problem caused by explicit and implicit guarantees of depositors and other creditors of banks. One way to enhance market discipline is to implement proposals for mandatory subordinated debt. For these proposals to achieve their objective, the non-insurance of holders of subordinated debt must be credible. Increased credibility of non-insurance of one or several groups of creditors could be enhanced if distress resolution procedures for banks were pre-specified, and if they made possible bank failures without serious disruption of the financial system. The existence …

Combating The Financing Of Terrorism: The Roles Of The Imf, Joy Smallwood

Villanova Law Review (1956 - )

No abstract provided.

Contextual Analysis Of Tax Ownership, Alex Raskolnikov

Faculty Scholarship

Ownership is one of the most fundamental concepts in tax law, yet it remains remarkably confused. The uncertainty inhibits tax planning, leads to inconsistent responses from the government, and produces unexpected outcomes in the courts. There has been no shortage of scholarly attention to the issue, but most of the commentary has been either exceedingly narrow or focused on far-reaching reforms. As a result, the law of tax ownership lacks conceptual foundation. This article attempts to remedy the deficiency by proposing a comprehensive approach to tax ownership and demonstrating that the doctrine may (and should) be significantly clarified without a …

Patents, Venture Capital, And Software Start-Ups, Ronald J. Mann, Thomas W. Sager

Faculty Scholarship

This paper analyzes the relation between the patenting behavior of startup firms and the progress of those firms through the venture capital cycle. Linking data relating to venture capital financing of software startup firms with data concerning the patents obtained by those firms, we find significant and robust positive correlations between patenting and several variables measuring the firm's performance (including number of rounds, total investment, exit status, receipt of late stage financing, and longevity). The data also show that (1) only about one in four venture-backed software firms acquired even one patent during the period of the study; (2) patenting …

Do Patents Facilitate Financing In The Software Industry?, Ronald J. Mann

Faculty Scholarship

This Article is the first part of a wide study of the role of intellectual property in the software industry. Unlike previous papers that focus primarily on software patents – which generally are held by firms that are not software firms – this Article provides a thorough and contextually grounded description of the role that patents play in the software industry itself.

The bulk of the Article considers the pros and cons of patents in the software industry. The Article starts by emphasizing the difficulties that prerevenue startups face in obtaining any value from patents. Litigation to enforce patents is …

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 …

Going-Private Decisions And The Sarbanes-Oxley Act Of 2002: A Cross-Country Analysis, Ehud Kamar, Pinar Karaca-Mandic, Eric L. Talley

Faculty Scholarship

This article investigates whether the passage and the implementation of the Sarbanes-Oxley Act of 2002 (SOX) drove firms out of the public capital market. To control for other factors affecting exit decisions, we examine the post-SOX change in the propensity of public American targets to be bought by private acquirers rather than public ones with the corresponding change for foreign targets, which were outside the purview of SOX. Our findings are consistent with the hypothesis that SOX induced small firms to exit the public capital market during the year following its enactment. In contrast, SOX appears to have had little …

Executive Compensation: If There's A Problem, What's The Remedy? The Case For "Compensation Discussion And Analysis", Jeffrey N. Gordon

Faculty Scholarship

High levels of executive compensation have triggered an intense debate over whether compensation results primarily from competitive pressures in the market for managerial services or from managerial overreaching. Professors Lucian Bebchuk and Jesse Fried have advanced the debate with their recent book, Pay Without Performance: The Unfulfilled Promise of Executive Compensation, which forcefully argues that current compensation levels are best explained by managerial rent-seeking, not by arm's-length bargaining designed to create the optimum pay and performance nexus. This paper expresses three sorts of reservations with their analysis and advances its own proposals. First, enhancing shareholder welfare is not, as a …

How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig

Faculty Scholarship

The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders. Using a differences-in-differences methodology to analyze the within country variation of changes in creditor rights protection, we find that the credit supplied by banks increases subsequent to legal change. Further, we show that collateral law matters more for credit market development than bankruptcy law. We also …

Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel

Faculty Scholarship

The reforms of 2005 yield important but subtle changes in the Bankruptcy Code's treatment of financial contracts. They might appear only to eliminate longstanding uncertainty surrounding the protections available to financial contract counterparties, especially counterparties to repurchase transactions and other derivative contracts. But the ambit of the reforms is much broader. The expanded definitions – especially the definition of "swap agreement" – are now so broad that nearly every derivative contract is subject to the Code's protection. Instead of protecting particular counterparties to particular transactions, the Code now protects any counterparty to any derivative contract. Entire markets have been insulated …

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 …

Responsibility Of International Organizations: The Accountability Mechanisms Of Multilateral Development Banks, Eisuke Suzuki, Suresh Nanwani

Michigan Journal of International Law

This Article will focus on the development of access for third parties, particularly private individuals, to lodge claims against MDBs for noncompliance with their policies and procedures.

Co-Invest At Your Own Risk: An Exploration Of Potential Remedial Theories For Breaches Of Rights First Refusal In The Venture Capital Context, Elizabeth Cosenza

American University Law Review

No abstract provided.

Are There Any Checks And Balances On The Government's Power To Check Our Balances? The Fate Of Financial Privacy In The War On Terrorism, Eric J. Gouvin

Faculty Scholarship

In the three years since the terrorist attacks of September 11th, 2001, the laws affecting money laundering and financial privacy in the United States have been changed to give law enforcement agencies easier access to financial information. Although the changes to the law were passed with the claim that they were needed to intercept terrorist financing, the anti-money laundering provisions enacted by the USA PATRIOT Act are being used routinely against non-terrorist criminal suspects as part of regular law enforcement processes. Although the apprehension of ordinary criminals by any means available will sound perfectly ceptable to many, it is at …

Yes, West Virginia, There Is A Special Priority For The Purchase Money Mortgage: The Recognition Of Purchase Money Mortgage Priority In West Virginia, Abraham M. Ashton

West Virginia Law Review

No abstract provided.

The Financial Service Industry And Climate Change: Insurance And Reinsurance, Cari Shiffman

Sustainable Development Law & Policy

No abstract provided.