Regulation

Working Paper

Quack Corporate Governance, Round III? Bank Board Regulation Under the New European Capital Requirement Directive

After a crisis, broad-sweeping reforms are enacted to restore trust. With the 2013 Fourth Capital Requirements Directive (CRD IV), the European Union has engaged in an ambitious overhaul of banking regulation following the Great Financial Crisis...Read more

Luca Enriques
01 March 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

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting standards in...Read more

Luzi Hail
Christian Leuz
08 August 2019

The Illusion of Motion: Corporate (Im-)mobility and the Failed Promise of Centros

The European Court of Justice’s landmark decision in Centros was heralded as creating the preconditions for a vibrant market for incorporations in the EU. In practice, however, today’s corporate landscape in Europe differs little from...Read more

Carsten Gerner-Beuerle
Federico M. Mucciarelli
Mathias Siems
12 July 2019

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