Regulation

Working Paper

01 March 2014

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...

Luca Enriques | Dirk Zetzsche
01 March 2014

Regulation and self-regulation of related party transactions in Italy: An empirical analysis

This paper assesses how Italian companies have implemented the regulation on related party transactions enacted by Consob in 2010. Companies have been given some degree of freedom in devising their internal codes: they may ?opt-up? or...

Marcello Bianchi | Angela Ciavarella | Luca Enriques | Valerio Novembre | Rossella Signoretti
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...

Ronald Gilson | Reinier Kraakman
01 February 2014

Getting Incentives Right: Is Deferred Bank Executive Compensation Sufficient?

In the wake of the global financial crisis, attention has often focused on whether incentives generated by bank executives? compensation programs led to excessive risk-taking. Post-crisis, compensation reform proposals have taken...

Sanjai Bhagat | Brian Bolton | Roberta Romano
01 February 2014

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...

Hans Christensen | Luzi Hail | Christian Leuz

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