Crisis

Did Corporate Governance 'Fail' During the 2008 Stock Market Meltdown? The Case of the S&P 500

In 2008, share prices on U.S. stock markets fell further than they had during any one year since the 1930s. Does this mean corporate governance...

Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a...

The Federal Reserve and the 2020 Economic and Financial Crisis

This Article provides a comprehensive legal analysis of the Federal Reserve’s response to the 2020 economic and financial crisis. First, it examines...

Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be...

CRD IV and the Mandatory Structure of Bankers? Pay

In this paper, I analyse the rise of mandatory structure of bankers? pay in Europe as outcome of criticism of pre-crisis remuneration practices at...

Did Fair-Value Accounting Contribute to the Financial Crisis?

International Evidence on Firm Level Decisions in Response to the Crisis: Shareholders vs. Other Stakeholders

The relationship between changes in GDP and unemployment during the 2008 financial crisis differed significantly from previous experiences and...

Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress

COVID-19 has severely disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors...

Governments as Investors of Last Resort Credit Crisis Comparative Case Studies

The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008

The standard narrative of the meltdown of Bear Stearns and Lehman Brothers assumes that the wealth of the top executives of these firms was largely wiped...

Decision-Making during the Crisis: Why did the Treasury let Commercial Banks fail?

Limited attention has been paid to the comparative fate of banks benefiting from TARP Capital Purchase Program (CPP) funding and less fortunate banks...

The Use of Credit Ratings in Financial Markets

Fixed income markets rely on delegated asset management, where fund managers’ portfolio decisions are directed and restricted by investment...