Whether used in analysis of Senator Christopher Dodd’s, the administration’s, or anyone else’s regulatory reform proposals, a phrase often heard in Washington, D.C., is über regulation. Large, or very large, (über) regulators of banks and financial institutions are thought to be...

This paper is based on the author's comments before the Group of 15 (G15) Conference "Cooperation among G15 Stock Market Exchanges - G15 Capital Markets: Challenges & Opportunities in the New World". The conference was hosted by the Ministry of Foreign Affairs in Egypt, and sponsored and...

Decentralised finance (DeFi) represents an extremely interesting and continuously growing area of the financial sector. The present paper analyses varied types of digital platforms, expression of different degrees of decentralisation/disintermediation, focusing on capital raising ones since...

This essay was published as part of a law review symposium that evaluated my work on theregulation of large, complex financial institutions. Part I of my essay discusses the other articlespublished in the symposium issue and describes their relationship to my own work. Part IIanalyzes the global...

This Article provides the first sustained account of advice-giving as a fiduciary activity, and it demonstrates that the dominant approach to defining fiduciary relationships is flawed. Leading academic commentators assert that fiduciary relationships only arise when one party has discretion...

Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and carry lasting impacts. During the crisis, trading activities surge while dealers' liquidity provision plunges for mutual-fund-held bonds, leading to...

The role of bankers' perverse incentives in contributing to the global financial crisis that started in 2007 has increased the need for empirical evidence on the efficacy of bank incentive structures to adequately align the interests of stakeholders. This qualitative study investigated the bonus...

We develop a general equilibrium model to investigate the adverse effects of liquidity risk on price discovery and to examine the interaction of (externally or internally imposed) solvency requirements for financial institutions with the accounting measurement for financial assets in markets...

A growing consensus holds that cultural standards are at least as important as formal rules for the effectiveness and soundness of the banking sector. Nevertheless, the banking literature is mostly silent on cultural effects. We present an analysis of banking culture that draws upon prior...

This is the sixth article in the Economists' hubris paper series, which aim to critically examine the practical applications of academic thinking. The focus of this article is business ethics, with a specific focus on the financial services industry. The main challenges that one faces in...