In this paper we analyze the role of peer solidarity in fostering productive investments in the context of microfi nance. When there is asymmetric information between lenders and borrowers and loans are not collateralized, borrowers may divert loans towards current consumption rather than...

The dynamics of executive compensation represents a critical issue, especially in the financial industry. There is evidence that even during the recent financial crisis CEOs were rewarded with disproportionate bonuses, a phenomenon that stands in vivid contrast with the wave of securities...

The ongoing financial crisis has made it clear that bureaucratic supervisors and public enforcement authorities are encountering serious difficulties in ensuring both bank stability and credit risk control. According to part of the literature, securities class actions (SCA) can be considered as...

With the Great Crisis of 2008-2009 we have witnessed a relevant episode of macroeconomic vulnerability affecting many countries. To what extent such vulnerability has depended upon the design of light touch (LT) banking regulation? And to what extent other institutional factors, different from...

This article argues that judges suppress dissent when it is costly to do so, and that the cost of dissent depends on the political dimension of the issue broached. It contends that judges who disagree may nevertheless try to safeguard integrity and legitimacy in political disputes by presenting...