The internet has created challenges for regulators of financial markets unimagined over eighty years ago by drafters of the Securities and Exchange Acts. The recent explosion in internet use has provided many benefits for investors and publicly-traded companies. The Internet has been a boon to...

The conventional wisdom is that this country’s privately owned critical infrastructure — banks, telecommunications networks, the power grid, and so on — is vulnerable to catastrophic cyber-attacks. The existing academic literature does not adequately grapple with this problem, however,...

Parliamentary oversight of executive discretionary spending is increasingly becoming a mere formality. Nowhere is there greater scope for alleged and actual corruption than in the case executive discretionary spending. Both Jamaica and Belize have embarked on an experiment of parliamentary...

We show that previous results suggesting that government ownership of banks is associated with lower long run growth rates are not robust to adding more 'fundamental' determinants of economic growth. We also present new cross-country evidence for 1995-2007 which suggests that, if anything,...

Adam Smith warned that the officers of corporations were likely to be unfaithful agents that would harm shareholders. Modern anti-regulatory economists sought to remedy this flaw at capitalism’s core by supercharging executive compensation. However, modern compensation systems further...

There is a general consensus that the root cause of the most recent turmoil in the domestic and global markets is due to a failure in our regulatory system. Yet, Congress has not supported comprehensive regulation related to the day-to-day activities of mortgage brokers and their relationship...

Tax evasion and money laundering are conceptually closely related: they both entail some form of concealment. In the former case taxpayers do not fully declare the income which they have lawfully or unlawfully earned. With money laundering the ultimate objective is to disguise unlawful...

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...

What are cryptocurrencies: securities, commodities, or something else? Maybe they are a new form of established currency ― a non-sovereign fiat currency. Like other self-governing bodies, the communities that issue cryptocurrencies should be judged on how well they support their currencies....