Working Paper

08 July 2019

Regulatory and Market Challenges of Initial Coin Offerings

This article analyzes the main problems and the solutions adopted in the market for Initial Coin Offerings (ICO), an alternative financing solution that has experienced spectacular growth and notoriety in recent years. This market...

Pablo de Andrés | David Arroyo | Ricardo Correia | Alvaro Rezola
10 December 2017

Is There a Relationship Between Shareholder Protection and Stock Market Development?

The paper uses recently created datasets measuring legal change over time in a sample of 28 developed and emerging economies to test whether the strengtheningof shareholder rights in the course of the mid-1990s and 2000s promoted...

Simon Deakin | Prabirjit Sarkar | Mathias Siems
03 August 2017

Market Soundings: The Interaction between Securities Regulation and Company Law in the United Kingdom and Italy

Before deciding on operations involving share issuance or sale, companies or shareholders may seek to disclose information to selected investors, in order to gauge their opinion on the envisaged market operation. Such ‘market...

Stefano Lombardo | Federico Mucciarelli
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