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18th Annual Conference On Legal Issues For Financial Institutions, Debra K. Stamper, Arthur L. Freeman, Phillip H. Schwartz, Martha Andes Ziskind, Jessica R. Schumacher, Grace M. Giesel, John T. McGarvey, Holli Hart Targan, Lea Pauley Goff, Julie Mix McPeak, David L. Beckman, M. Thurman Senn, Thomas J. Luber, Walter R. Byrne, Caryn F. Price, R. James Straus 2019 Office of Continuing Legal Education at the University of Kentucky College of Law

18th Annual Conference On Legal Issues For Financial Institutions, Debra K. Stamper, Arthur L. Freeman, Phillip H. Schwartz, Martha Andes Ziskind, Jessica R. Schumacher, Grace M. Giesel, John T. Mcgarvey, Holli Hart Targan, Lea Pauley Goff, Julie Mix Mcpeak, David L. Beckman, M. Thurman Senn, Thomas J. Luber, Walter R. Byrne, Caryn F. Price, R. James Straus

Grace M. Giesel

Materials from the 18th Annual Conference on Legal Issues for Financial Institutions held by UK/CLE in 1998.


Criminal Prosecutions And The 2008 Financial Crisis In The U.S. And Iceland: What Can A Small Town Icelandic Police Chief Teach The U.S. About Prosecuting Wall Street?, Justin Rex 2019 Bowling Green State University

Criminal Prosecutions And The 2008 Financial Crisis In The U.S. And Iceland: What Can A Small Town Icelandic Police Chief Teach The U.S. About Prosecuting Wall Street?, Justin Rex

Concordia Law Review

Politicians, journalists, and academics alike highlight the paucity of criminal prosecutions for senior financial executives in the US in the wake of the 2008 financial crisis. One common argument for the lack of prosecutions is that, though industry players behaved recklessly, they did not behave criminally. I evaluate this claim by detailing the civil, and small number of criminal, actions actually taken and by reviewing leading arguments about whether behavior before the crisis was criminal. Rejecting the “reckless innocence” explanation, I provide examples of criminal behavior that could have been prosecuted and review the literature on why there were few ...


Blame It On The Blockchain: Cryptocurrencies Boom Amidst Global Regulations, Jorge Galavis 2019 University of Miami Law School

Blame It On The Blockchain: Cryptocurrencies Boom Amidst Global Regulations, Jorge Galavis

University of Miami International and Comparative Law Review

Blockchain technologies created the most valuable digital currency in the world; Bitcoin. Bitcoin uses a Blockchain to be decentralized and widely accessible: Blockchains work by recording all transactions into online ledgers that are saved onto many separate blocks across the internet. Coins that use Blockchain technology are inherently difficult to modify, and transactions are permanently recorded because of the redundancy and reliability of the Blockchain system. So, this widely-available means of exchange has gained appeal as an online alternative to traditional currencies and securities. Blockchain coins gain popularity as currencies where there is reason to doubt the existing traditional currencies ...


Grants, Nicholson Price II 2019 University of Michigan Law School

Grants, Nicholson Price Ii

Articles

Innovation is a primary source of economic growth and is accordingly the target of substantial academic and government attention. Grants are a key tool in the government’s arsenal to promote innovation, but legal academic studies of that arsenal have given them short shrift. Although patents, prizes, and regulator-enforced exclusivity are each the subject of substantial literature, grants are typically addressed briefly, if at all. According to the conventional story, grants may be the only feasible tool to drive basic research, as opposed to applied research, but they are a blunt tool for that task. Three critiques of grants underlie ...


Consenting To Counterclaims Under The Icsid Convention, Harshad Pathak 2019 Pepperdine University

Consenting To Counterclaims Under The Icsid Convention, Harshad Pathak

Pepperdine Dispute Resolution Law Journal

Counterclaims in investment treaty arbitration hold immense significance. Counterclaims have the potential to nullify biases and bolster the confidence of States in investment treaty arbitration. That being said, the multitude of jurisdictional hurdles faced by counterclaims under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) risk dampening the aforementioned potential. It is two of these hurdles emanating from the consensual nature of arbitration that I address herein. Part II of this article commences by analyzing the provisions of the ICSID Convention to derive the prerequisites of a valid counterclaim in investment ...


An Inquiry Into The Regulation Of Social Media Disclosure Policy And Its Impacts On Retail Investor Trading Activity, Sebastian Georg Soldner 2019 University of Tennessee, Knoxville

An Inquiry Into The Regulation Of Social Media Disclosure Policy And Its Impacts On Retail Investor Trading Activity, Sebastian Georg Soldner

Chancellor’s Honors Program Projects

No abstract provided.


Fighting The Undead: Why States Should Use Forced Vesting To Kill Zombie Mortgages, Roman Ibragimov 2019 Boston College Law School

Fighting The Undead: Why States Should Use Forced Vesting To Kill Zombie Mortgages, Roman Ibragimov

Boston College Law Review

Following the financial crisis, many home mortgage borrowers found themselves living in properties encumbered by debt that far exceeded their value. The result was an increase in mortgage default rates, followed by a wave of foreclosures as lenders scrambled to minimize the financial damage to their investments. From the wreckage, a new creature emerged that threatened to devastate borrowers who believed that foreclosure was their chance for a fresh start: the zombie mortgage. With a spike in lenders failing or declining to foreclose on properties, borrowers were unexpectedly facing an unwanted burden of homeownership that would cause them and their ...


Regulation Of Payday Loans: Misguided?, Paige Marta Skiba 2019 Selected Works

Regulation Of Payday Loans: Misguided?, Paige Marta Skiba

Paige Marta Skiba

Since payday lenders came on the scene in 1990s, regulation of their "predatory" practices has been swift and often severe. Fourteen states now ban payday loans outright. From an economist's perspective, high-interest, short-term, small loans need not be a bad thing. Payday credit can help borrowers "smooth" consumption, unequivocally improving welfare as consumers borrow from future good times to help cover current shortfalls. These benefits of credit can accrue even at typical payday loan interest rates of 300%-600% APR. The question of whether payday credit actually assists borrowers in this way is an empirical one. In this Article ...


Dude, Where's My Car Title?: The Law, Behavior, And Economics Of Title Lending Markets, Paige Marta Skiba, Kathryn Fritzdixon, Jim Hawkins 2019 Selected Works

Dude, Where's My Car Title?: The Law, Behavior, And Economics Of Title Lending Markets, Paige Marta Skiba, Kathryn Fritzdixon, Jim Hawkins

Paige Marta Skiba

Millions of credit-constrained borrowers turn to title loans to meet their liquidity needs. Legislatures and regulators have debated how to best regulate these transactions, but surprisingly, we still know very little about the customers who use title loans. This Article reports findings from the first large-scale academic study of title lending customers. We surveyed over 400 title lending customers across three states and obtained information about customers’ demographic and behavioral characteristics.

Based on the results of our survey and guided by insights from behavioral economics, this Article seeks to reframe the title lending debate. Instead of focusing on the risks ...


Information Asymmetries In Consumer Credit Markets: Evidence From Payday Lending, Paige Marta Skiba, Will Dobbie 2019 Harvard EdLabs

Information Asymmetries In Consumer Credit Markets: Evidence From Payday Lending, Paige Marta Skiba, Will Dobbie

Paige Marta Skiba

Information asymmetries are prominent in theory but difficult to estimate. This paper exploits discontinuities in loan eligibility to test for moral hazard and adverse selection in the payday loan market. Regression discontinuity and regression kink approaches suggest that payday borrowers are less likely to default on larger loans. A $50 larger payday loan leads to a 17 to 33 percent drop in the probability of default. Conversely, there is economically and statistically significant adverse selection into larger payday loans when loan eligibility is held constant. Payday borrowers who choose a $50 larger loan are 16 to 47 percent more likely ...


Pawnshops, Behavioral Economics, And Self Regulation, Paige Marta Skiba, Susan Payne Carter 2019 United States Military Academy

Pawnshops, Behavioral Economics, And Self Regulation, Paige Marta Skiba, Susan Payne Carter

Paige Marta Skiba

Pawnbroking is the oldest source of credit. There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.” Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit. Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers. We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral ...


Symposium Panel One: Does Corporate Decision Making Allow Room For Religious Values, Russell G. Pearce, Steven H. Resnicoff, Mark A. Sargent, W Bradley Wendel 2019 Selected Works

Symposium Panel One: Does Corporate Decision Making Allow Room For Religious Values, Russell G. Pearce, Steven H. Resnicoff, Mark A. Sargent, W Bradley Wendel

Steven Resnicoff

No abstract provided.


Jewish Law And Socially Responsible Corporate Conduct, Steven H. Resnicoff 2019 Selected Works

Jewish Law And Socially Responsible Corporate Conduct, Steven H. Resnicoff

Steven Resnicoff

No abstract provided.


Eleven Things They Don’T Tell You About Law & Economics: An Informal Introduction To Political Economy And Law, 2019 University of Minnesota Law School

Eleven Things They Don’T Tell You About Law & Economics: An Informal Introduction To Political Economy And Law

Law & Inequality: A Journal of Theory and Practice

Many legal scholars have critiqued the dominant law and economics paradigm. However, important work is all too often neglected because it is not popularized in an accessible form. This Article features experts who synthesize their key insights into memorable and concise vignettes. Our 11 Things project is inspired by the work of the Cambridge economist Ha-Joon Chang, who distilled many facets of his work into a book called 23 Things They Don’t Tell You About Capitalism. That book was a runaway success, translated for markets around the globe, because it challenged conventional economic reasoning with a series of short ...


Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. McCoy 2019 Boston College Law School

Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. Mccoy

Patricia A. McCoy

Comment submitted to the federal government on a proposal to revise the rule implementing the Community Reinvestment Act.


Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. McCoy 2019 Boston College Law School

Comment Of Legal Scholars On Occ's Community Reinvestment Act Anpr (Docket Id Occ-2018-0008), Vincent Rougeau, Patricia A. Mccoy

Vincent D. Rougeau

Comment submitted to the federal government on a proposal to revise the rule implementing the Community Reinvestment Act.


Why Markets? Welfare, Autonomy, And The Just Society, Hanoch Dagan 2019 Tel-Aviv University

Why Markets? Welfare, Autonomy, And The Just Society, Hanoch Dagan

Michigan Law Review

Review of Eric A. Posner's Radical Markets: Uprooting Capitalism and Democracy for a Just Society.


Cashless Societies And The Rise Of The Independent Cryptocurrencies: How Governments Can Use Privacy Laws To Compete With Independent Cryptocurrencies, Matla Garcia Chavolla 2019 Elisabeth Haub School of Law at Pace University

Cashless Societies And The Rise Of The Independent Cryptocurrencies: How Governments Can Use Privacy Laws To Compete With Independent Cryptocurrencies, Matla Garcia Chavolla

Pace International Law Review

Many individuals (including governments) envision living in a future world where physical currency is a thing of the past. Many countries have made great strides in their efforts to go cashless. At the same time, there is increasing awareness among citizens of the decreasing amount of privacy in their lives. The potential hazards cashless societies pose to financial privacy may incentivize citizens to hold some of their money in independent cryptocurrencies. This article argues that in order for governments in cashless societies to keep firm control over their money supply, they should enact stronger privacy law protections for its citizens ...


Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah 2019 University of Pennsylvania

Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah

Undergraduate Economic Review

Hedge funds are often viewed from a positive or negative lens in the public and academic forum. However, both of these perspectives neglect structuralist factors. This paper analyzes the effect of these antecedent economic, political, and legal structures. I argue that these structures are at the root of hedge fund behavior, particularly during financial crises. The financial crises of two peripheral countries, Iceland and Cyprus, are used as case studies to illustrate how hedge fund involvement diverges as a result of structural factors.


Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr. 2019 Radboud University Nijmegen

Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This chapter explains several benefits of adopting transparent information technology systems for intermediated securities holding infrastructures. Such transparent systems could ameliorate various prevailing problems that confront existing tiered, intermediated holding systems, including those related to corporate actions (dividends, voting), claims against issuers and upper-tier intermediaries, loss sharing and set-off in insolvency proceedings, money laundering and terrorist financing, and privacy, data protection, and confidentiality. Moreover, transparent systems could improve the functions of intermediated holding systems even without changes in laws or regulations. They also could provide a catalyst for law reform and a roadmap for substantive content of reforms. Among potential ...


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