I would like to suggest that we spend part of our discussion time applying Barzel’s vocabulary and model to the recent series of corporate scandals and the subsequent U.S. government response to these scandals. What follows is a set of observations that are intended to form the beginning of such an application: ?? The U.S. is a rule -of-law state that engages in third-party enforcement of contr...

... Rarely has a change in the environment affected society as dramatically as the Internet. ... Further, the Internet environment is particularly conducive to the creation and enforcement of customary law. ... B. The Commission's Response to the Internet Environment: Substance, Enforcement, Mechanisms for Change, and Methods of Change ... The law was adapted to the changing environment of the ...

this paper tries to evaluate the nature of open market operation in the conventional banking system and to compare the usage of government securities and central bank securities for conducting this operation. in addition, the experience of the iranian central bank in using central bank musharakah certificates is reviewed. the main results of the paper, derived from an analytical- descriptive ap...

We examine the impact of outside purchase contracts on firm risk and firm capital structure. We find that firms with more outside purchase contracts have less risky cash flows. Despite these less risky cash flows, firms with these contracts also have less financial leverage especially when they operate in high value-added industries. Examining firm financing decisions, we document that firms wi...

In this class action, Plaintiffs allege Defendants made false and misleading statements in violation of: (1) Section 10(b) of the Securities Exchange Act (the "Act") and Rule 1 Ob-5 promulgated thereunder, and (2) Section 20(a) of the Act. Section 10(b) of the Act makes it unlawful "[t]o use or employ, in connection with the purchase or sale of any security registered on a national securities e...

The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are inve...

F years ago, the worst one could be called was a communist. Today, it likely is not flattering to be so referred to, but worse yet to be called a regulator. Regulators are found at all levels of government; one of the missions of government is, after all, to regulate for the greater good. But because opinions vary widely on just what is the “good” that is to be served, there is the Newtonian ef...