A repurchase agreement (repo) is the sale of financial assets coupled with a promise to repurchase the same assets at a later date. With similar economic characteristics to secured loans and bank deposits, the repo market is one of the main sources of liquidity for the financial system. Having...

Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore' sites. However, there...

The multi-trillion dollar market for, what was at that time wholly unregulated, over-the- counter derivatives (“swaps”) is widely viewed as a principal cause of the 2008 worldwide financial meltdown. The Dodd-Frank Act, signed into law on July 21, 2010, was expressly considered by Congress...

We examine the relation between creditor rights and stock price crash risk by exploiting the staggered enactment of anti-recharacterization laws that gives lenders greater access to the collateral and thus strengthens creditor rights. We find robust evidence that stock price crash risk subsides...

In the wake of financial crises, public authorities often respond by using law to modify private contracts to transfer value from those who fare better in the crisis to those who fare worse. From the perspective of the crisis victim, this is a bailout. Because this article focuses on the...

The current financial crisis, which could have plunged the world into a financial abyss similar to the Great Depression, is far from resolved. The financial institutions, which this article asserts caused the crisis, have returned to profitability and have paid billions of dollars in bonuses,...

The aim of this paper is to critically examine China’s regulation for securities offerings in light of the recent financial global crisis and, based on these findings, make policy recommendations for future reform. The Chinese regulatory regime contains the key element of merits review, apart...

Following the recent financial crisis, people are asking why the Asian countries are suffering less in this crisis than their Western counterparts, signalling a highly consequential shift of financial and commercial gravity to the east. This paper is intended to unearth the real merits of...