Banking and Finance Law Commons^™

A Brave New World: Credit Default Swaps And Voluntary Debt Exchanges, 45 J. Marshall L. Rev. 1227 (2012), Mark Swantek

UIC Law Review

No abstract provided.

Student Loans, Politics, And The Occupy Movement: Financial Aid Rebellion And Reform, 46 J. Marshall L. Rev. 105 (2012), Kamille Wolff Dean

UIC Law Review

No abstract provided.

Contingent Capital In European Union Bank Restructuring, Christoph K. Henkel, Wulf A. Kaal

Northwestern Journal of International Law & Business

The uncoordinated reorganization and resolution of Systemically Important Financial Institutions in different countries pose many challenges. Contingent capital provides a viable alternative for the efficient restructuring and resolution of failing financial institutions. Contingent Capital provides a mechanism for internalizing banks’ failure costs and helps return distressed financial institutions to solvency. This article offers a comparative perspective on bank resolution and restructuring in the European Union, Switzerland, the United Kingdom and Germany and shows that Contingent Capital could play a substantial role in bank restructuring.

The Emergence Of The New Chinese Banking System: Implications For Global Politics And The Future Of Financial Reform, Shruti Rana

Maryland Journal of International Law

No abstract provided.

Mezzanine Finance And Preferred Equity Investment In Commercial Real Estate: Security, Collateral & Control, Jon S. Robins, David E. Wallace, Mark Franke

Michigan Business & Entrepreneurial Law Review

This article will review both the genesis and the rise in popularity of preferred equity and mezzanine debt, examine their legal and structural differences, and provide some exposition as to how these financing techniques work from security, collateral and control standpoints. We do not undertake in this article to address the differences in tax and accounting treatment between mezzanine loans and preferred equity investments both for either the mezzanine lender or preferred equity investor on the one hand, or for the mezzanine borrower or the common equity investor, on the other hand. In deciding upon which structure to use, transaction …

The Meaning Of The Market Myth, Benjamin Means

Michigan Business & Entrepreneurial Law Review

This Book Review contends that the perfectly rational market may be a myth, not just in the sense of a false or over-simplified account of reality, but also in the deeper, anthropological sense of cultural explanation. Part I describes how rational-market theories were developed by financial economists and applied to Wall Street, sometimes without adequate appreciation for the difference between simplified economic models and real-world behavior. Part II contends that if the rational-market theory has met with acceptance that outstrips its empirical support, the favorable reception may be explained in part by the theory’s congruence with broader normative views about …

A Very Quiet Revolution: A Primer On Securities Crowdfunding And Title Iii Of The Jobs Act, Thaya Brook Knight, Huiwen Leo, Adrian A. Ohmer

Michigan Business & Entrepreneurial Law Review

This essay introduces the complex regulatory regime that governs the public sale of all securities, no matter how small the offeror. It is intended as a rudimentary roadmap for the start-up or its counsel and will, hopefully, help to illuminate the traps for the unwary while providing an overview of the regulatory universe in which securities crowdfunding will operate.

Private Equity In Brazil: Industry Overview And Regulatory Environment, Shannon Guy

Michigan Business & Entrepreneurial Law Review

The overall goal of this note is to paint a picture of the current state of the private equity industry in Brazil and the existing regulations which must be obeyed to participate as a private equity investor. Part II of this note provides a brief history of the private equity industry in Brazil, discusses recent investor interest in the growing area, and introduces the main regulatory bodies in Brazil. Part III explains several specific rules that govern a private equity investment by breaking down the “life” of a private equity investment into four stages: (1) setting up the private equity …

Venture Capital Investments In China: The Use Of Offshore Financing Structures And Corporate Relocations, Jing Li

Michigan Business & Entrepreneurial Law Review

Based on an analysis of the relevant Chinese laws and regulations governing the corporate governance structure of venture capital (“VC”)-invested firms, as well as a discussion on the feasibility of employing different alternatives to make direct and indirect VC investments in Chinese portfolio firms, this article studies a hand-collected sample consisting of the twenty-nine VCbacked Chinese portfolio firms that have been financed and listed from 1990 to 2005 in order to empirically show how these investments were actually made in practice. The findings show that twenty-three out of the twentynine firms received their VC investments in various offshore holding entities, …

Making A Voluntary Greek Debt Exchange Work, Mitu Gulati, Jeromin Zettelmeyer

Faculty Scholarship

Within the next couple of months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with large creditors whose failure to participate in a debt exchange could trigger a Greek default, but may not persuade smaller creditors, who will be told that their claims will continue to be fully serviced if they do not participate in the exchange. This paper proposes an approach to dealing with this free rider problem that exploits the fact that …

The Dynamics Of Contract Evolution, Mitu Gulati, Stephen J. Choi, Eric A. Posner

Faculty Scholarship

Contract scholarship has given little attention to the production process for contracts. The usual assumption is that the parties will construct the contract ex nihilo, choosing all the terms so that they will maximize the surplus from the contract. In fact, parties draft most contracts by slightly modifying the terms of contracts that they have used in the past, or that other parties have used in related transactions. A small literature on boilerplate recognizes this phenomenon, but little empirical work examines the process. This Article provides an empirical analysis by drawing on a data set of sovereign bonds. The authors …

Offshore Accounts: Insider's Summary Of Fatca And Its Potential Future, J. Richard Harvey Jr.

Villanova Law Review (1956 - )

No abstract provided.

Symposium Introduction: Offshore Accounts, Corporate Income Shifting, And Executive Compensation, Leslie Book

Villanova Law Review (1956 - )

No abstract provided.

Some Suggestions For Tax Reform, Michael C. Durst

Villanova Law Review (1956 - )

No abstract provided.

The Use Of Voluntary Disclosure Initiatives In The Battle Against Offshore Tax Evasion, Leandra Lederman

Villanova Law Review (1956 - )

No abstract provided.

Built To Scale: Small Business Policy And The Meltdown, Michael P. Malloy

McGeorge School of Law Scholarly Articles

No abstract provided.

The Cape Town Convention's International Registry: Decoding The Secrets Of Success In Global Electronic Commerce, Jane K. Winn

Articles

The International Registry, established pursuant to the Cape Town Convention on International Interests in Mobile Equipment, is a new global electronic commerce system for recording and establishing the relative priority of interests in aircraft equipment. Other examples of global electronic commerce systems include the airline computer reservation system, the SWIFT financial network, and payment card networks.

The International Registry may be the most successful global electronic commerce system ever built in terms of the speed with which it was implemented, its adoption rate, and the dearth of controversy surrounding its operation. The real "driver" of its success is demand for …

The Global Subprime Crisis As Explained By The Contrast Between American Contracts Law And Civil Law Countries' Laws, Practices And Expectations In Real Estate Transactions: How The Lack Of Informed Consent And The Absence Of The Civil Law Notary In The United States Contribute To The Global Crisis In Subprime Mortgage Investments, 11 J. Int'l Bus. & L. 133 (2012), Celeste M. Hammond, Ilaria Landini

UIC Law Open Access Faculty Scholarship

No abstract provided.

Fannie Mae And Freddie Mac: A Bibliography, David J. Reiss

Cornell Law Faculty Working Papers

This is an unannotated bibliography of writings about Fannie Mae and Freddie Mac as well as some material that covers other government sponsored enterprises such as the Federal Home Loan Bank System. While it is comprehensive, it is not exhaustive, with a focus on work published through 2011 by government agencies, economists, legal and policy scholars, private sector analysts and think tanks. It does not include Congressional testimony and shorter works. This bibliography will be posted on Wikipedia so that others can make additions to it.

Regulation Of Subprime And Predatory Lending, David J. Reiss

Cornell Law Faculty Working Papers

The bust of the subprime market in the mid-2000s led to the global financial crisis of the late 2000s. This crisis has virtually ended subprime lending for the current credit cycle. Most subprime lenders have gone out of business or merged with other financial institutions. The remaining financial institutions have tightened their underwriting so that they no longer lend to those with subprime credit profiles. It is likely, however, that subprime lending will return in some form once the credit cycle turns. Other than the recent amendments to Regulation Z, the regulation of subprime and predatory lending has not changed …