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A new economic revolution liberating financial markets? Seeks to answer some of the questions driving the existential crisis embroiling finance: What is currency? What is value? What is a business? What is a bank, even?This article discusses how regulatory reform, transformative technologies,...
Persistent link: https://www.econbiz.de/10013021212
Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of...
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We study how short selling affects corporate tax avoidance. By exploiting staggered short-sale deregulation on the Chinese stock market as a source of variation in market pressure and monitoring, our difference-in-differences estimates show that the introduction of a short-selling scheme...
Persistent link: https://www.econbiz.de/10012833933
We examine the impact of liberalization, energy efficiency, renewable energy, and security of supply legislations on the risk-return profiles of European energy utilities over the period 1996 to 2013. Results show that, after controlling for equity market and commodity risk factors, the EU...
Persistent link: https://www.econbiz.de/10013043636
Given the fragmented structure of the U.S. government, business is able to capitalize on its structural power only when it is united. This paper illustrates this dynamic through an analysis of the processes leading to the enactment of the Financial Modernization Act (FMA) of 1999, which repealed...
Persistent link: https://www.econbiz.de/10013140865
This paper reassesses the results of Japan‘s financial deregulation over the last two decades. Japan‘s Big Bang sought to transform a highly regulated bank-centered financial system to a transparent, market-centered financial system to revitalize Japan‘s economy and aging society. Prior...
Persistent link: https://www.econbiz.de/10013121093
opportunistic profit (rent) seeking was more the cause rather than the effect of moral hazard and regulation failure. Deregulation … absence of effective regulation. That explains why with deregulation market competition could culminate in excessive risk … taking with mounting social costs. Using simple game theory the paper gives a stylized account of what sustained the …
Persistent link: https://www.econbiz.de/10011435704
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