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Articles 151 - 180 of 192
Full-Text Articles in Banking and Finance Law
The Medieval Hawale: The Legal Nature Of The Suftaj And Other Islamic Payment Instruments, Benjamin Geva
The Medieval Hawale: The Legal Nature Of The Suftaj And Other Islamic Payment Instruments, Benjamin Geva
Articles & Book Chapters
By the middle of the eighth century CE the Arabs established their dominion from the Atlantic Ocean to west of the Persian Gulf. In the process, they spread Islam and established Islamic law as the law of the land throughout this entire vast territory. Until the rise of the Turkish Ottoman Empire between the 13th the 16th centuries CE, that territory included North Africa (both Egypt and the Maghreb), Israel/Palestine, Lebanon, Syria, Iraq and Arabia. The era of the pre-Ottoman Arab domination of those lands roughly coincides with the Middle Ages. During that time, centres of economic and financial activity …
Teamsters Local 445 Freight Division Pension Fund V. Dynex Capital Inc., Erica E. Bonnett
Teamsters Local 445 Freight Division Pension Fund V. Dynex Capital Inc., Erica E. Bonnett
NYLS Law Review
No abstract provided.
A Fair Price And A Fair Deal: On The Future Of 'Entire Fairness' In Freezeouts, Faith Stevelman
A Fair Price And A Fair Deal: On The Future Of 'Entire Fairness' In Freezeouts, Faith Stevelman
Articles & Chapters
Controlling shareholders can compel the sale of minorities’ shares in freezeouts, potentially to their financial detriment. To limit controllers’ opportunism and support the value of minorities’ investments, the Delaware supreme court has endorsed strong minority shareholder protections under the rubric of 'Entire Fairness' – the governing standard for cash-out mergers. However, the court of chancery has refused to apply Entire Fairness to tender offer freezeouts, and is advocating unifying freezeout doctrine around a looser, deferential standard of review. The influence of popular and Congressional concern over excess plaintiff lawyers’ fees and discovery costs is likely making itself felt, although the …
Alternative Dispute Resolution In Small Consensual Litigation: Too Much Of A Good Thing?, Mark S. Simms
Alternative Dispute Resolution In Small Consensual Litigation: Too Much Of A Good Thing?, Mark S. Simms
Cardozo Journal of Conflict Resolution
The evolution of equity in tort has brought about the use of alternative methods of dispute resolution in reaching settlements in mass tort cases: "Indeed, equity is a progressive force in the law. When formal adjudication cannot provide a plain, adequate, and complete remedy, the system of ADR should be flexible enough to deliver individualized justice." It appears, however, that the use of ADR is not always a prudent exercise of the court's power, nor is it always conducive to individual justice. This Note examines the Gray case, in which the court appointed a special master, thereby assigning one man …
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.
Rating Agencies And Reputational Risk, David J. Reiss
Rating Agencies And Reputational Risk, David J. Reiss
Cornell Law Faculty Publications
This essay is a lightly-edited version of a talk given at the University of Maryland School of Law and the Journal of Business & Technology Law's Conference on the Subprime Meltdown in October 2008. It briefly reviews the reputational risk literature and applies it to the rating agency industry. In particular, it looks at three of the inputs into reputation - trust, transparency, and leadership - and evaluates how rating agencies fared in the period leading up to the subprime meltdown. It concludes that rating agencies did poorly when it came to all three of these reputational inputs.
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
The Subprime Crisis And The Link Between Consumer Financial Protection And Systemic Risk, Erik F. Gerding
Publications
This Article will appear in a May 2009 symposium issue of the Florida International University Law Review on the global financial crisis. This Article argues that the current global financial crisis, which was first called the “subprime crisis,” demonstrates the need to revisit the division between financial regulations designed to protect consumers from excessively risky loans and safety-and-soundness regulations intended to protect financial markets from the collapse of financial institutions. Consumer financial protection can, and must, serve a role not only in protecting individuals from excessive risk, but also in protecting markets from systemic risk. Economic studies indicate it is …
Corporate Tax Reform: Listening To Corporate America, Christopher H. Hanna
Corporate Tax Reform: Listening To Corporate America, Christopher H. Hanna
Faculty Journal Articles and Book Chapters
In the last few years, academics, practitioners and government officials have engaged in serious discussions in reforming the U.S. corporate income tax system. Some, if not much of the discussion, has focused on maintaining the competitiveness of U.S. corporations in a global economy. As a result, some have argued that the U.S. needs to reduce its top corporate tax rate from 35 percent, which is currently among the highest of the 30 OECD countries, to a rate around 30 percent or even lower. Others have maintained that the U.S. needs to enact specific or targeted tax incentives, such as expensing …
Building A Framework To Address Failure Of Complex Global Financial Institutions, Douglas W. Arner, Joseph J. Norton
Building A Framework To Address Failure Of Complex Global Financial Institutions, Douglas W. Arner, Joseph J. Norton
Faculty Journal Articles and Book Chapters
The systemic phase of the current global financial crisis was triggered by the failure of large complex global financial institutions (LCGFIs). In this context, as recognised by the Group of 20, one of the greatest failures of both international and domestic legal and regulatory systems has been the lack of appropriate arrangements, including adequate insolvency arrangements, to address such failures when they occur. Following a discussion of the difficulties of dealing with the failure of large complex global financial conglomerates, the article discusses advocates a framework based upon prevention of failure as the first element and mechanisms to address failure …
The Impact Of Sovereign Wealth Funds On The Regulation Of Foreign Direct Investment In Strategic Industries: A Comparative View, Maya Steinitz, Michael Ingrassia
The Impact Of Sovereign Wealth Funds On The Regulation Of Foreign Direct Investment In Strategic Industries: A Comparative View, Maya Steinitz, Michael Ingrassia
Faculty Scholarship
Investments by sovereign wealth funds ('SWFs') - pools of capital accumulated by and under the control of sovereign states, mostly from the Persian Gulf and East Asia - in European and North American companies have changed dramatically both in scope and in nature in the last few years. In terms of scope, SWFs are estimated to currently control USD$2-3 trillion in assets - more than all hedge funds and private equity funds combined - and within the next five years, they are expected to direct USD$6-10 trillion in assets.' In terms of the nature of the investments made, these funds …
Leverage In The Board Room: The Unsung Influence Of Private Lenders In Corporate Governance, Frederick Tung
Leverage In The Board Room: The Unsung Influence Of Private Lenders In Corporate Governance, Frederick Tung
Faculty Scholarship
The influence of banks and other private lenders pervades public companies. From the first day of a lending arrangement, loan covenants and built-in contingency provisions affect managerial decision making. Conventional corporate governance analysis has been slow to notice or account for this lender influence. Corporate governance discourse has traditionally focused only on corporate law arrangements. The few existing accounts of creditors' influence over firm managers emphasize the drastic actions creditors take in extreme cases - when a firm is in serious trouble - but in fact, private lender influence is a routine feature of corporate governance even absent financial distress. …
A Tale Of Two Debtors: Bankruptcy Disparities By Race, Rory Van Loo
A Tale Of Two Debtors: Bankruptcy Disparities By Race, Rory Van Loo
Faculty Scholarship
This article offers the first quantitative evidence on race and bankruptcy. Minority debtors fare worse overall in bankruptcy — blacks are 40% and Hispanics 43% less likely than whites to receive a discharge in Chapter 13 after controlling for variables such as education, income, and employment. While the data do not allow for causal inference, Chapter 13 trustees were twice as likely to have made a motion to dismiss even against black debtors who ultimately completed their multi-year bankruptcy plans than against similar white debtors. The paper also indicates that a lack of attorney representation by minority debtors may make …
Money As Simulacrum: The Legal Nature And Reality Of Money, John J. Chung
Money As Simulacrum: The Legal Nature And Reality Of Money, John J. Chung
Law Faculty Scholarship
No abstract provided.
Leveraged Liquidity: Bear Raids And Junk Loans In The New Credit Market, Jose M. Gabilondo
Leveraged Liquidity: Bear Raids And Junk Loans In The New Credit Market, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Northwestern Journal of International Law & Business
In 2007, abuses in the U.S. mortgage industry precipitated a financial crisis that led regulators in the United States and in the European Union to reexamine credit rating agencies. Asset-backed securities bearing agency ratings helped spread the effects of the crisis to diverse institutional investors, including European banks. This article traces debt securities and ratings from the rise of the mortgage securitization industry to the European and U.S. responses following the 2007 meltdown and concludes that ratings-focused regulatory changes are only a first step in avoiding similar financial crises. The market incentives, risk misperception, and risk spreading that attend complex …
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
Northwestern Journal of International Law & Business
This comment will explore in depth the evolution of hedge fund regulation in the United States, and compare the current state of hedge fund regulation in the United States with that in Europe, specifically the United Kingdom, the European Union, and Germany. The comment is comprised of six sections. Section 11 provides an overview of hedge funds. Section III explores the evolution and current state of hedge fund regulation in the United States. Section IV provides an overview of the current regulatory framework of hedge funds in Europe, more specifically in the United Kingdom, the European Union, and Germany. Section …
The Fair Housing Act At Forty: Predatory Lending And The City As Plaintiff, Ngai Pindell
The Fair Housing Act At Forty: Predatory Lending And The City As Plaintiff, Ngai Pindell
Scholarly Works
The availability of credit, to individual borrowers and to communities, is an integral factor shaping the geography of housing opportunity. Cities are shaped by the housing and borrowing choices of their residents and the attendant mobility -- or lack of mobility -- of families. When lenders deny credit to neighborhoods or borrowers because of race, communities suffer. And when lenders flood these same neighborhoods with subprime or predatory loan products, the communities suffer once again. The economic gains of individuals and of communities in cities over the last several decades are threatened by massive property devaluations, loss of equity, and …
Civil Liability And Mandatory Disclosure, Merritt B. Fox
Civil Liability And Mandatory Disclosure, Merritt B. Fox
Faculty Scholarship
This Article explores the efficient design of civil liability for mandatory securities disclosure violations by established issuers. An issuer not publicly offering securities at the time of a violation should have no liability. Its annual filings should be signed by an external certifier – an investment bank or other well-capitalized entity with financial expertise. If the filing contains a material misstatement and the certifier fails to do due diligence, the certifier should face measured liability. Officers and directors should face similar liability, capped relative to their compensation but with no indemnification or insurance allowed. Damages should be payable to the …
Creditor Control And Conflict In Chapter 11, Kenneth M. Ayotte, Edward R. Morrison
Creditor Control And Conflict In Chapter 11, Kenneth M. Ayotte, Edward R. Morrison
Faculty Scholarship
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy petitions during 2001. We find pervasive creditor control. In contrast to traditional views of Chapter 11, equity holders and managers exercise little or no leverage during the reorganization process. 70 percent of CEOs are replaced in the two years before a bankruptcy filing, and few reorganization plans (at most 12 percent) deviate from the absolute priority rule to distribute value to equity holders. Senior lenders exercise significant control through stringent covenants, such as line-item budgets, in loans extended to firms in bankruptcy. Unsecured creditors …
Is The Bankruptcy Code An Adequate Mechanism For Resolving The Distress Of Systemically Important Institutions?, Edward R. Morrison
Is The Bankruptcy Code An Adequate Mechanism For Resolving The Distress Of Systemically Important Institutions?, Edward R. Morrison
Faculty Scholarship
The President and members of Congress are considering proposals that would give the government broad authority to rescue financial institutions whose failure might threaten market stability. These systemically important institutions include bank and insurance holding companies, investment banks, and other "large, highly leveraged, and interconnected" entities that are not currently subject to federal resolution authority. Interest in these proposals stems from the credit crisis, particularly the bankruptcy of Lehman Brothers. That bankruptcy, according to some observers, caused massive destabilization in credit markets for two reasons. First, market participants were surprised that the government would permit a massive market player to …
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Articles & Chapters
Prior to the subprime-initiated financial crisis, there was a trend within the alternative investment industry towards the convergence of certain private equity and hedge fund strategies and structures. This brief article suggests that although the financial crisis will slow the process of convergence, the trend toward convergence will ultimately continue and strengthen, albeit in some ways along a different trajectory than before the crisis and with some important variations across national boundaries.
Ask The Professor: Who Has, Or Who Should Have, Jurisdiction Over Cds Clearing?, Ronald Filler
Ask The Professor: Who Has, Or Who Should Have, Jurisdiction Over Cds Clearing?, Ronald Filler
Articles & Chapters
No abstract provided.
The Law And Economics Of Hedge Funds: Financial Innovation And Investor Protection, Houman B. Shadab
The Law And Economics Of Hedge Funds: Financial Innovation And Investor Protection, Houman B. Shadab
Articles & Chapters
A persistent theme underlying contemporary debates about financial regulation is how to protect investors from the growing complexity of financial markets, new risks, and other changes brought about by financial innovation. Increasingly relevant to this debate are the leading innovators of complex investment strategies known as hedge funds. A hedge fund is a private investment company that is not subject to the full range of restrictions on investment activities and disclosure obligations imposed by the federal securities laws, that compensates management in part with a fee based on annual profits, and typically engages in the active trading of financial instruments. …
An Analysis Of The Implementation And Impact Of The 2004-2005 Amendments To The Community Reinvestment Act Regulations: The Continuting Importance Of The Cra Examination Process, Josh Silver, Richard D. Marsico
An Analysis Of The Implementation And Impact Of The 2004-2005 Amendments To The Community Reinvestment Act Regulations: The Continuting Importance Of The Cra Examination Process, Josh Silver, Richard D. Marsico
Articles & Chapters
In 2004 and 2005, the four federal banking agencies that enforce the Community Reinvestment Act (CRA) amended their CRA regulations. Community groups were concerned that these amendments would have a negative impact on bank CRA performance. In particular, they were concerned that community development lending and investment and the provision of bank branches and other banking services in low- and moderate-income neighborhoods would decline. This article studies the impact of the changes. In summary, the study found that: 1) the CRA examination process has an impact on bank behavior; 2) community development lending and investment by certain lending institutions declined …
Introduction, Richard D. Marsico
Racial Disparities In Subprime Home Mortgage Lending In New York City: Meaning And Implications, Richard D. Marsico, Jane Yoo
Racial Disparities In Subprime Home Mortgage Lending In New York City: Meaning And Implications, Richard D. Marsico, Jane Yoo
Articles & Chapters
No abstract provided.
Hedge Funds And The Financial Crisis, Houman B. Shadab
Hedge Funds And The Financial Crisis, Houman B. Shadab
Articles & Chapters
The performance of hedge funds during the financial crisis suggests that wide-ranging financial regulation is not always necessary to advance investor protection and financial stability. While 2008 was a year of record hedge fund losses and investor withdrawals that came about in part because many hedge fund managers failed to adequately respond to the financial crisis, the hedge fund industry significantly outperformed the heavily regulated mutual fund sector and, unlike the banking industry, was never in jeopardy of collapsing. Hedge funds did not cause or meaningfully exacerbate the financial crisis and in fact have reduced its impact and are helping …
Learning From Our History: Evaluating The Modern Housing Finance Market In Light Of Ancient Principles Of Justice, Brian Mccall
Learning From Our History: Evaluating The Modern Housing Finance Market In Light Of Ancient Principles Of Justice, Brian Mccall
Faculty Articles
Since I first accepted an invitation to join this symposium, the subprime mortgage crisis has exploded into a systemic financial crisis. Analysis and pundits alike seem on a quest to outdo each other in using dramatic phrases to describe its historic proportions. The causes of a crisis so large must have a multiplicity of causes lying in the realms of bank regulation and supervision, the operation and regulation of the securitization market and the derivatives and insurance markets. Yet, the root and spark of the various financial reverberations initiated in the home mortgage finance market. My presentation will focus on …
Federal Payroll, Gift, And Prepaid Card Developments: Fdic Deposit Insurance Eligibility And The Credit Card Act Of 2009, Sarah Jane Hughes
Federal Payroll, Gift, And Prepaid Card Developments: Fdic Deposit Insurance Eligibility And The Credit Card Act Of 2009, Sarah Jane Hughes
Articles by Maurer Faculty
Prepaid and other stored-value products have grown into major tools for making retail payments and payments of wages to employees. This article discusses two major developments in federal law that pertain to stored-value products - the November 2008 - revision of primary guidance from the Federal Deposit Insurance Corporation on the scope of eligibility of payroll cards for deposit insurance, and Congress’ May, 2009 enactment of the CARD Act, which takes effect on February 22, 2010. The CARD Act is the first effort by the federal government to regulate gift cards. It established federal standards relating to subjects on which …
Some Basic Concerns About The Cfpa Legislation And A Partial Response To Professor Bar-Gill's "The Consumer Financial Protection Agency: Sorting The Critiques", Sarah Jane Hughes
Some Basic Concerns About The Cfpa Legislation And A Partial Response To Professor Bar-Gill's "The Consumer Financial Protection Agency: Sorting The Critiques", Sarah Jane Hughes
Articles by Maurer Faculty
No abstract provided.