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Predatory lending, the origination of loans with abusive terms to homeowners, is rampant in the subprime mortgage market. In the last few years, many states responded to this problem by enacting consumer protection laws. Large segments of the lending industry have opposed these laws. In large...
Persistent link: https://www.econbiz.de/10012735136
A pitched battle is currently being waged for control of the American banking industry. For over a hundred years, the federal and state governments have maintained a complex, but relatively stable truce in their contest for power. At the beginning of our republic, state governments were the...
Persistent link: https://www.econbiz.de/10012754122
This article contributes to the new governance literature by analyzing how private parties profit from standards. Scholars previously have focused on what I call first-order profits from the right to extract rent directly from the ownership or application of standards. But some parties also make...
Persistent link: https://www.econbiz.de/10012777291
Whether a customer pays with cash, check, PIN- or signature-based debit card, or credit card, the transactions costs imposed on the merchant differ widely, but credit card networks' no-surcharge rules prevent the merchant from passing those different costs along to the customer. These...
Persistent link: https://www.econbiz.de/10012778547
In this paper, we examine changes in financial instruments and institutions by contrasting the successes and failures of institutional shareholder activism during the 1990s with more recent developments in hedge fund activism and the use of financial innovation. We find that although...
Persistent link: https://www.econbiz.de/10012779385
This paper studies the rating activities developed on the Swiss financial market and gives an overview of the agencies operating in Switzerland. It analyses the role and functions exercised by rating agencies and other entities like banks establishing and publishing own ratings on that...
Persistent link: https://www.econbiz.de/10012761734
This article was my contribution to the Symposium Professor Hillary Sale at Iowa organized to celebrate Robert C. Clark's treatise, Corporate Law. This abstract is taken from the review essay of the Symposium by Professors Ronald Gilson and Reinier Kraakman, 31 Iowa J. Corp. L. at 606, and is an...
Persistent link: https://www.econbiz.de/10012750396
Over the 1993-2000 period, a majority of U.S. venture-backed IPOs have venture backing by financial institutions. Each class of financial institutions has its own asset expertise, investment criteria and access to proprietary information on private firms, which we exploit evaluating whether...
Persistent link: https://www.econbiz.de/10012727149
Merchants pay banks a fee on every credit card transaction. These credit card transactions cost American merchants an average of six times the total cost of cash transactions. The variation among credit cards is also large, with some cards, such as rewards cards, costing merchants twice as much...
Persistent link: https://www.econbiz.de/10012729207
Outright bank failures without prior indication of financial instability are very rare. Supervisory authorities monitor banks constantly. Thus, they usually obtain early warning signals that precede ultimate failure and, in fact, banks can be regarded as troubled to varying degrees before...
Persistent link: https://www.econbiz.de/10012730871