Regulation

Working Paper

Some Reflections on the Self-insider and the Market Abuse Regulation – The Self-insider as a Monopoly-Square Insider

This article deals with the self-insider, i.e. the possible creation of the inside information by a person and its (abusive) exploitation. It describes the situation in Italy and Germany and then provides a taxonomy of the several cases of...Read more

Stefano Lombardo
05 May 2020

Regulatory Suspensions in Times of Crisis: The Challenges of Covid-19 and Thoughts for the Future

The Covid-19 crisis in 2020 severely impacted the corporate and in turn, the financial sectors of the UK, entailing responses from financial regulators to implement unprecedented regulatory suspensions that affect both the financial sector and...Read more

Hse-Yu Iris Chiu
Andreas Kokkinis
Andrea Miglionico
17 May 2020

Emergency Measures for Equity Trading: The Case Against Short-Selling Bans and Stock Exchange Shutdowns

After the Covid-19 crisis struck, equity prices abruptly plunged across the world. The clear prospect of an almost unprecedented decrease in supply and demand, coupled with extreme uncertainty about the longer-term prospects for the economy...Read more

Luca Enriques
Marco Pagano
18 May 2020

Bank-Fintech Partnerships, Outsourcing Arrangements and the Case for a Mentorship Regime

Fintech firms, once seen as “disruptors” of the traditional banking world, are now increasingly seen as attractive partners for established financial institutions. Such partnership agreements come in different forms and contexts, but most share...Read more

Luca Enriques
Wolf-Georg Ringe
18 June 2020

Bribes and Audit Fees

We exploit the UK Bribery Act of 2010 to test whether the pricing of audit changes with the level of corruption/bribery in the firm’s business environment. Adopting a triple difference design, we show that affected firms operating in countries...Read more

María Gutiérrez Urtiaga
Stavriana Hadjigavriel
Susana Gago-Rodriguez
22 June 2020

Defined Contribution Plans and the Challenge of Financial Illiteracy

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for...Read more

Jill Fisch
Annamaria Lusardi
Andrea Hasler
07 November 2019

Extended Shareholder Liability for Systemically Important Financial Institutions

Regulators generally have tried to address the problems posed by the excessive risk-taking of Systemically Important Financial Institutions (SIFIs) by placing restrictions on the activities in which SIFIs engage. However, the complexity of these...Read more

Luca Enriques
Jonathan Macey
07 November 2019

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