Capital

Working Paper

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

This paper examines the economic effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation. All EU member states were required to adopt these two...Read more

Luzi Hail
Christian Leuz
01 February 2014

Market Efficiency after the Financial Crisis: It?s Still a Matter of Information Costs

Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007-2008, it may seem of small consequence that it is also said to have demonstrated the bankruptcy of an academic financial institution: the Efficient Capital...Read more

Ronald Gilson
Reinier Kraakman
01 February 2014

Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World

Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average, share repurchases are associated with significant positive short-term and longterm excess...Read more

Urs Peyer
Theo Vermaelen
01 September 2014

Banking Union: Aspects of the Single Supervisory Mechanism and the Single Resolution Mechanism Compared

The Banking Union is based on different components, partly on directives applicable throughout the EU, partly on two regulations applicable only in the euro states introducing the Single Supervisory Mechanism and the Single Resolution Mechanism....Read more

Eddy Wymeersch
01 April 2015

Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending

For the last decade economists have been preoccupied with the decline in bank financing to small businesses and entrepreneurs. This effort has produced a better understanding of the obstacles to external financing. We examine the market and ...Read more

Joseph McCahery
Erik Vermeulen
25 September 2017

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