Corporate bankruptcy and managers' self-serving behavior

We investigate whether insiders of bankrupt firms hold less stock or reduce their stockholdings compared to what we observed for insiders of similar firms that do not go bankrupt. We find little evidence of such time-series and cross-sectional differences in spite of the fact that the stock value of bankrupt firms falls by more than ninety percent in the five years preceding bankruptcy. One implication of our results is that the amount of stock owned and the magnitude of the trades undertaken by corporate insiders of both bankrupt and nonbankrupt firms appear to provide no information about firm value.

Multilateral Interchange Fees: Competition and regulation in light of recent legislative developments. ECRI Research Report No. 14, 31 January 2014

Two-sided payment card markets generate costs that have to be distributed among the participating actors. For this purpose, payment card networks set an interchange fee, which is the fee paid by the merchant’s bank to the cardholder’s bank per transaction. While in recent years many antitrust authorities all over the world - including the European Commission - have opened proceedings against card brands in order to verify whether agreements to collectively establish the level of interchange fees are anticompetitive, the Reserve Bank of Australia – as a regulator - has directly tried to address market failures by lowering the level of interchange fees and changing some network rules. The US has followed with new legislation on financial consumer protection, which also intervenes on interchange fees. This has opened a strong debate not only on legitimacy of interchange fees, but also on the appropriateness of different public tools to address such issues. Drawing from economic and legal theories and a comparative analysis of recent case law in the EU and other jurisdictions, this work investigates whether a regulation rather than a purely competition policy approach would be more appropriate in this field, considering in particular, at EU level, all of the competition and regulatory concerns that have arisen from the operation of SEPA with multilateral interchange fees. The paper concludes that a wider regulation approach could address some of the shortcomings of a purely antitrust approach, proving to be highly beneficial to the development of an efficient European single payments area.

Money, Finance and the Real Economy: What went wrong? CEPS Paperback, 17 March 2015

The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance remains more an enemy to be resisted than an instrument to be intelligently exploited. Its institutions, which issue and circulate money, play an important role in the working of the real economy that it would be imprudent to neglect. The allocation of savings, but also the level of activity and the growth rate depend on it. In this book, the authors carefully analyse the close links between money, finance and the real economy. In the process, they show why today the existence of a substantial potential of saving, instead of being an opportunity for the world economy, could threaten it with ‘secular stagnation’.

Oversight hearings on National Development Bank legislation : hearings before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, second session, on H.R. 7902 ... September 10, 18, and 24, 1980.

"Serial no. 96-73."

The Renegotiation extension act of 1979 : hearing before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, first session, on H.R. 2002 ... March 22, 1979.

"Serial 96-19."

Review of Stockton's housing and community development activities : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, Ninety-eighth Congress, first session, April 23, 1983.

Item 1013-A, 1013-B (microfiche)

Disposition of HUD-held properties : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, June 2, 1982.

Mode of access: Internet.

Effects of budget cuts and deregulation on low and moderate-income groups in cities : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, September 13, 1982.

Item 1013-A, 1013-B (microfiche)

U.S. industrial strategy : hearing before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, September 22, 1982.

Item 1013-A, 1013-B (microfiche)

Making affordable housing a reality : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, second session, June 28, 1984.

Item 1013-A, 1013-B (microfiche)

Draft recommendations on the multilateral banks and the environment : hearings before the Subcommittee on International Development Institutions and Finance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, second session, September 11 and 13, 1984.

Item 1013-A, 1013-B (microfiche)

To amend the Defense Production Act of 1950 : hearing before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, on H.R. 5540 ... March 23, 1982.

Mode of access: Internet.

Establishment of a national development bank and related matters : hearing before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, on H.R. 14 ... September 15 and 28, 1982.

Item 1013-A, 1013-B (microfiche)

Statistics compiled from the finance and revenue accounts.

Annual; each issue contains statistics also for preceding years.

Registration and Regulation of Lobbyists : hearings before the United States Senate Committee on the Judiciary, Subcommittee on S. 2512, Seventy-Fourth Congress, first session, on Apr. 16, 1935.

Considers (74) S. 2512.