Regulation

Working Paper

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 adopt these two...Read more

Luzi Hail
Christian Leuz
01 February 2014

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? own...Read more

John Armour
Dan Awrey
Paul Davies
Luca Enriques
Jeffrey Gordon
Colin Mayer
Jennifer Payne
01 June 2016

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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