Regulation

Working Paper

16 September 2020

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their...

Assaf Hamdani | Konstantin Kosenko | Yishay Yafeh
18 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...

Luca Enriques | Marco Pagano
05 May 2020

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...

Stefano Lombardo
16 March 2020

Corporate Governance of Banks and Financial Institutions: Economic Theory, Supervisory Practice, Evidence and Policy

Banks are special, and so is the corporate governance of banks and other financial institutions as compared with the general corporate governance of non-banks. Empirical evidence, mostly gathered after the financial crisis,...

Klaus Hopt
02 September 2019

Value of Politically Connected Independent Directors: Evidence from the Anti-Corruption Campaign in China

A new regulation issued in the end of 2013 as part of the anti-corruption campaign in China leads to a wave of resignation of politically connected independent directors (PCID). I find while firms with PCIDs have...Read more

Chang Zhang
08 August 2019

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR...

Hans Christensen | Luzi Hail | Christian Leuz

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