Capital market offers those who study it and those who use it as traders or as investors, a feature similar to a paradox. Her specific routine operations are regulated to the level of detail by laws, instructions, procedures or measures layouts while decisions on investments in securities and...

Accumulated experience in the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved "depth of financial structure", as well as national institutional characteristics. Effective regulation model...

The history of regulation in America is as old as the republic itself. Since colonial times, Americans have struggled with the conflict between the desire for individual freedom and economic growth, and the need for rules and structure in a civil society. The evolution of the United States from...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...

Mutual fund incubation is a process by which new funds are initially operated out of public view. The high-performing funds are then marketed to investors, and the low-performing funds are quietly terminated. This selection process is not revealed to investors, thus creating the illusion that...

This article seeks to contribute to the discussion concerning the adequacy of the legal responses to conflicts of interest in institutional asset management. After defining the legal concept of a conflict of interest in general, the insights of economic theory, especially agency theory, are...

This study examines how increased regulatory attention to portfolio pumping affects the trading behavior of U.S. mutual funds. Attention by regulators should increase the likelihood of fines and reputational damage, raising the cost of such last-minute price manipulation. Consistent with this...

The benefits of cross-listing for a foreign quot;issuerquot; are extensively documented in the literature, however it is not clear what motivates quot;investorsquot; to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. We analyze the investment...

Deutsche Zusammenfassung: In Deutschland ist – soweit aus den öffentlich bekannten Verfahren ersichtlich – noch niemals eine Börse, ein Börsenträger oder ein Börsensitzland wegen Unregelmäßigkeiten im Börsenhandel zu Schadensersatz verurteilt worden (etwa bei Geschäften zu nicht...