Regulation

Working Paper

03 August 2017

Market Soundings: The Interaction between Securities Regulation and Company Law in the United Kingdom and Italy

Before deciding on operations involving share issuance or sale, companies or shareholders may seek to disclose information to selected investors, in order to gauge their opinion on the envisaged market operation. Such ‘market...

Stefano Lombardo | Federico M. Mucciarelli
02 June 2017

How to Regulate the Regulators: Applying Principles of Good Corporate Governance to Financial Regulatory Institutions

There is a growing literature about the question of who should regulate the regulators. This paper is interested in the question of how to regulate the regulators. More specifically, it explores how far it may be feasible to apply rules...

Hadar Yoana Jabotinsky | Mathias Siems
20 July 2017

Prospectus Liability and the Role of Gatekeepers as Informational Intermediaries: An Empirical Analysis of the Impact of the Statutory Provisions on Italian IPOs

This Article analyzes market reaction to the introduction into Italian legislation of a statutory system of (IPO) prospectus civil liability enacted in April 2007 on the basis of Directive 2003/71/EC. In particular, we study the...

Dmitri Boreiko | Stefano Lombardo
01 June 2016

Bank Governance

According to a common narrative, in addition to inadequate capital and liquidity, the failure of banks in the financial crisis also reflected their poor governance. By governance we mean broadly the oversight that comes from banks?...

John Armour | Dan Awrey | Paul Davies | Luca Enriques | Jeffrey Gordon | Colin Mayer | Jennifer Payne
01 December 2015

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we...

Christian Leuz | Peter Wysocki
01 February 2016

Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment

Concerned with excessive risk taking, regulators worldwide generally prohibit private pension funds from charging performance-based fees. Instead, the premise underlying the regulation of private pension schemes (and other...

Assaf Hamdani | Eugene Kandel | Yevgeny Mugerman | Yishay Yafeh

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