Regulation
Working Paper
Ownership: Evolution and Regulation
This paper is the first study of long-run evolution of investor protection and corporate ownership in the U.K. over the 20th century. Formal investor protection only emerged in the second half of the century. We assess its influence on ownership...Read more
The Costs and Benefits of Financial Market Regulation
This paper revisits the controversy on regulation and applies its insights to the debate on corporate governance and mutual funds. The general result of this exercise is that a strong case can be made in favor of more mandatory disclosure. While...Read more
The Sarbanes-Oxley Act and the Making of Quack Corporate Governance
This paper provides an evaluation of the substantive corporate governance mandates of the Sarbanes-Oxley Act of 2002 that is informed by the relevant empirical accounting and finance literature and the political dynamics that produced the...Read more
Is Regulatory Competition a Problem or Irrelevant for Corporate Governance?
This article provides an analysis of why regulatory competition in corporate law has operated, for the most part, successfully in the United States, and critiques the position of commentators who are skeptical of the significance and extent of...Read more
Regulation of Private Equity - Backed Leveraged Buyout Activity in Europe
Private equity-backed leveraged buyout activity in European markets has risen to unprecedented levels in recent years. This has yielded significant economic benefits but it has also prompted deepening concerns about excessive leverage, conflicts...Read more