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  • 2012
  • Working Paper

Can Implicit Regulation Change Financial Market Behavior? Evidence from Spitzer's Attack on Market Timers

By: Charles C.Y. Wang
This paper explores a natural experiment setup from the 2003-2004 mutual fund scandals to evaluate the effectiveness of implicit regulation on financial markets behavior. On average, buy-and-hold investors lost 218 basis points annually from 1998 to 2002 to market... View Details
Keywords: Financial Markets; Market Timing; United States
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  • 2010
  • Working Paper

A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation

By: Julio J. Rotemberg
A model is developed that rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect... View Details
Keywords: Banks and Banking; Insurance; Governing Rules, Regulations, and Reforms; Policy; Consumer Behavior; Financial Services Industry
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  • March 18, 2009
  • Article

Regulate, Baby, Regulate

The U.S. today faces its biggest economic crisis since the Great Depression. That is why Barack Obama and his team have been looking to Franklin Delano Roosevelt for help. The stimulus measure passed by Congress in February that includes money for building... View Details
Keywords: Financial Crisis; Management Teams; Infrastructure; Insurance; Negotiation Deal; Government and Politics; Governing Rules, Regulations, and Reforms; Credit; Banks and Banking; Debt Securities; United States
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  • 2022
  • Working Paper

Markups to Financial Intermediation in Foreign Exchange Markets

By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details
Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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  • July 2010 (Revised June 2012)
  • Background Note

Note: Regulation of Hedge Fund Managers in the U.K. Before and After the Global Financial Crisis

By: Robert C. Pozen and Melissa Anne Hammerle
This note will examine the regulatory framework for hedge funds in the United Kingdom (UK) before and after the financial crisis of 2008. First, it will discuss European Union (EU)-level regulation that applies to the UK as an EU member state. Second, it will discuss... View Details
Keywords: Financial Crisis; Investment Funds; Governing Rules, Regulations, and Reforms; Laws and Statutes; Business and Government Relations; Financial Services Industry; European Union; United Kingdom
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  • June 2022
  • Case

Business Implications from Regulating Carbon Emissions in the EU

By: George Serafeim and Benjamin Maletta
In the beginning of the 21st century, the European Union (the EU) had led the global fight against climate change with a wide array of policy measures. The EU’s primary approach to climate policy had been taxation via the European Union Emissions Trading System (EU... View Details
Keywords: Regulation; Carbon Emissions; Trade; Sustainability; Decarbonization; Performance; Climate Change; Analysis; Strategy; Taxation; Policy; Environmental Regulation; Industry Structures; European Union
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  • September 2009
  • Article

How to Fix Wall Street: Regulation Alone Can't Right the Financial System

By: Lynn S. Paine
Keywords: Stocks; Financial Institutions; Governing Rules, Regulations, and Reforms; Finance; System
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  • October 2018 (Revised January 2019)
  • Case

The Financial Crisis: Timothy Geithner and the Stress Tests

By: Samuel G. Hanson, Robin Greenwood, David Scharfstein and Adi Sunderam
In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken... View Details
Keywords: Bailout; Regulation; Stress Test; Financial Crisis; History; Economy; Policy; Governing Rules, Regulations, and Reforms; Decision Making; Financial Services Industry; Financial Services Industry; Financial Services Industry; United States
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  • Article

Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations

By: Eugene F. Soltes and David H. Solomon
When the Securities and Exchange Commission (SEC) investigates firms for financial fraud, investors learn about the investigation only if managers disclose it, or regulators sanction the firm. We investigate the effects of such disclosures using confidential records on... View Details
Keywords: Financial Fraud; Corporate Disclosure; Performance; Outcome or Result
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  • 2018
  • Book

A Crisis of Beliefs: Investor Psychology and Financial Fragility

By: Nicola Gennaioli and Andrei Shleifer
The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A... View Details
Keywords: Financial Fragility; Economic Risk; Investor Behavior; Behavioral Economics; Financial Crisis; Risk and Uncertainty; Financial Markets; Investment; Values and Beliefs; United States
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  • 2000
  • Comment

Restructuring Bank Regulation

By: B. C. Esty
Keywords: Banks and Banking; Governing Rules, Regulations, and Reforms; Government and Politics; Business and Government Relations; Banking Industry
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  • October 1990 (Revised March 1993)
  • Background Note

Note on Cable Television Regulation

By: Willis M. Emmons III
Examines the evolution of the U.S. cable television industry since its inception in the early 1950s. Particular emphasis is given to the roles played by technology, consumer demand, and regulation at both the local and federal level. Designed to facilitate a conceptual... View Details
Keywords: Information Technology; Demand and Consumers; Government Legislation; Business Growth and Maturation; Monopoly; Television Entertainment; Telecommunications Industry; Media and Broadcasting Industry
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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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  • December 2022
  • Article

Does Industry Employment of Active Regulators Weaken Oversight?

By: Jonas Heese
I study whether industry employment of active regulators weakens oversight. To examine this question, I exploit that the Financial Reporting Enforcement Panel (FREP), the German capital-market regulator responsible for enforcing public firms’ compliance with accounting... View Details
Keywords: Conflict-of-interest Policies; Directorships; Enforcement Actions; Industry Employment; Self-regulatory Organizations; Governance Compliance; Governing and Advisory Boards; Policy; Conflict of Interests
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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
  • 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

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