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  • May 2024
  • Article

Financial Innovation in the 21st Century: Evidence from U.S. Patents

By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun
We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure... View Details
Keywords: Banking; Investment Banks; Information Technology; Regulation; Patents; Innovation and Invention; Trends
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  • 30 Nov 2016
  • Op-Ed

Where Could More Regulation Help Small Businesses? Online Lending.

more coordinated regulatory approach to oversight of financial services. Industry should be included and at the table to ensure that they have a consistent mechanism to provide feedback and advice on how any new View Details
Keywords: by Karen Mills and Brayden McCarthy; Financial Services
  • Awards

WFA Award for the Best Paper on Financial Institutions for "Financial Regulation in a Quantitative Model of the Modern Banking System"

Winner of the 2016 Western Finance Association Award for the best paper on financial institutions for "Financial Regulation in a Quantitative Model of the Modern Banking System” with Tim Landvoigt. View Details
  • 23 Jun 2022
  • News

De-Facto Financial Regulation in the Form of Corporate Criminal Liability for Esg is Coming

  • January 2013 (Revised October 2014)
  • Case

Barclays and the LIBOR Scandal

By: Clayton S. Rose and Aldo Sesia
In June of 2012, Barclays plc admitted that it had manipulated LIBOR—a benchmark interest rate that was fundamental to the operation of international financial markets and that was the basis for trillions of dollars of financial transactions. Between 2005 and 2009... View Details
Keywords: Financial Systems; Financial Services; Corruption; Regulation; General Management; Management; Leadership; Economic Systems; Crime and Corruption; Ethics; Culture; Financial Services Industry; Financial Services Industry; United Kingdom
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  • 24 May 2004
  • Research & Ideas

When Reputation Trumps Regulation

Financial Economics, suggests that reputational bonding better explains the success and failure of cross-listings than legal bonding. This is largely due to the fact that the Securities and Exchange Commission, for a number of reasons,... View Details
Keywords: by Ann Cullen
  • Fall 2017
  • Article

Strengthening and Streamlining Bank Capital Regulation

By: Robin Greenwood, Samuel Gregory Hanson, Jeremy C. Stein and Adi Sunderam
We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary... View Details
Keywords: Banks and Banking; Capital; Governing Rules, Regulations, and Reforms; Banking Industry
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  • 24 Feb 2011
  • Research & Ideas

What’s Government’s Role in Regulating Home Purchase Financing?

The Economics of Housing Finance Reform: Privatizing, Regulating and Backstopping Mortgage Markets. In a presentation delivered recently at the Brookings Institution, Scharfstein and doctoral candidate Adi Sunderam also argued for... View Details
Keywords: by Sean Silverthorne; Financial Services
  • 26 Feb 2009
  • Research & Ideas

Podcast: Preventing Future Financial Failures

Podcast with: David Moss Interviewer: Jim Aisner Running Time: 21 min., 03 sec. To listen to this interview with professor David Moss, click on the triangular Play button below. The Macromedia Flash plug-in is required to play this video. If you install the Flash... View Details
Keywords: Re: David A. Moss; Banking
  • April 1985 (Revised February 1990)
  • Background Note

Regulation and Competition in Commercial Banking

By: Richard H.K. Vietor and Dekkers L. Davidson
Keywords: Commercial Banking; Competition; Banking Industry
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  • April 2013
  • Teaching Plan

Barclays and the LIBOR Scandal

By: Clayton S. Rose and Aldo Sesia
In the summer of 2012, Barclays plc, one of the largest banks in the world, agreed to settle with authorities and acknowledged that the firm had manipulated LIBOR (London Inter-Bank Offered Rate)—a benchmark reference rate that was fundamental to the operation of... View Details
Keywords: Financial Systems; Financial Services; Corruption; Regulation; General Management; Management; Leadership; Economic Systems; Crime and Corruption; Ethics; Culture; Financial Services Industry; Financial Services Industry; United Kingdom
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  • 2020
  • Working Paper

How ESG Issues Become Financially Material to Corporations and Their Investors

By: George Serafeim
Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation.... View Details
Keywords: Materiality; ESG; Pharmaceutical Companies; Business Ethics; Sustainability; Environment; Disclosure; Disclosure And Access; Regulation; Social Impact; Environmental Sustainability; Social Issues; Corporate Governance; Ethics; Corporate Disclosure; Corporate Accountability; Resource Allocation; Finance; Accounting; Valuation
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  • 2010
  • Working Paper

Regulating for Legitimacy: Consumer Credit Access in France and America

By: J. Gunnar Trumbull
Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets... View Details
Keywords: Borrowing and Debt; Credit; Financial Markets; Personal Finance; Governing Rules, Regulations, and Reforms; Business History; Business and Government Relations; Welfare; France; United States
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  • 09 Jul 2020
  • Working Paper Summaries

How Should US Bank Regulators Respond to the COVID-19 Crisis?

Keywords: by Michael Blank, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam

    Government and Markets: Toward a New Theory of Regulation

    As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges, nor point us toward the best solutions. Regulatory studies, long neglected in an... View Details
    • March 2002 (Revised July 2004)
    • Case

    Price of Light, The: Privatization, Regulation and Valuation in Brazil

    Asks students to produce a valuation for Rio Light, a Brazilian power company that is state owned and to be sold in March 1996. If successful, the privatization would bring in over $2 billion to the Brazilian treasury. But success was far from assured. Members of the... View Details
    Keywords: Valuation; Energy Generation; Privatization; Corporate Governance; Energy Industry; Brazil
    Related
    • 2017
    • Working Paper

    The Financial Regulatory Reform Agenda in 2017

    By: Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam
    We take stock of the post-crisis financial regulatory reform agenda. We highlight and summarize areas of clear progress, where post-crisis reforms should either be maintained or built upon. We then identify several areas where the new regulations could be streamlined... View Details
    Keywords: Finance; Governing Rules, Regulations, and Reforms; United States
    Related
    • Research Summary

    Financial Markets and Corporate Governance

    By: Dwight B. Crane
    Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive... View Details
    • 01 Dec 2010
    • News

    Faculty Books

    financial regulation reform. This book distills the insights from the ongoing collaboration that began at these meetings and sets forth a clear, nonpartisan plan of action to transform the View Details
    Keywords: business proposals; financial regulation
    • 23 Jan 2006
    • Research & Ideas

    Financial Reporting Goes Global

    to write about globalization, accounting standards and, in particular, Indian accounting standards? Gregory Miller: Globalization is the major issue in determining the future of financial reporting. As View Details
    Keywords: by Cynthia Churchwell; Financial Services; Financial Services