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Showing 9 of 519 Publications in Financial Regulation & Corporate Governance
TOTM In a recent guest essay for The New York Times, Aaron Klein of the Brookings Institution claims that the merger between Capital One and Discover would “keep intact the . . .
In a recent guest essay for The New York Times, Aaron Klein of the Brookings Institution claims that the merger between Capital One and Discover would “keep intact the broken and predatory system in which credit card companies profit handsomely by rewarding our richest Americans and advantaging the biggest corporations.”
That’s quite an indictment! Fortunately, Klein also offers solutions. Phew!
Read the full piece here.
Presentations & Interviews ICLE Editor-in-Chief R.J. Lehmann was a guest on Bloomberg’s Odd Lots podcast to discuss state insurance regulation and the role it has played in the . . .
ICLE Editor-in-Chief R.J. Lehmann was a guest on Bloomberg’s Odd Lots podcast to discuss state insurance regulation and the role it has played in the collapse of the homeowners insurance markets in California and Florida. The transcript is available here and the full episode is embedded below.
Scholarship Abstract The U.S. dollar is the global reserve currency and the U.S. Treasury security is the global reserve asset. Conventional explanations suggest that this state . . .
The U.S. dollar is the global reserve currency and the U.S. Treasury security is the global reserve asset. Conventional explanations suggest that this state of affairs is explained through path dependence following the collapse of Bretton Woods, the absence of a better alternative, and/or the prevalence of invoicing international trade in terms of dollars. These narrowly rational explanations of what I will refer to as the Treasury Standard miss the forest for the trees. In fact, the Treasury Standard is the latest stage of an evolutionary process aimed at financing large-scale, open-ended military conflict that arguably dates back to the Military Revolution. In this paper, I discuss the evolutionary process of the world financial system against the backdrop of this fiscal/military constraint. I then discuss the deliberate policy actions of the U.S., including its control of the international institutions created under the Bretton Woods system, that have brought about this outcome. Finally, I discuss the economic implications of this system and the role that the dollar plays in U.S. foreign policy.
Presentations & Interviews ICLE Academic Affiliate David Teece was a guest on the Insights from the Top podcast to discuss the importance of gender and racial diversity in . . .
ICLE Academic Affiliate David Teece was a guest on the Insights from the Top podcast to discuss the importance of gender and racial diversity in corporate governance, the state of securitization in emerging markets, what ownership means for rising attorneys, and how the firm has remained strong for more than a century. The full episode is embedded below.
TOTM Capital One Financial announced plans late last month to acquire Discover Financial Services in a $35.3 billion deal that would give Capital One its own credit-card payment . . .
Capital One Financial announced plans late last month to acquire Discover Financial Services in a $35.3 billion deal that would give Capital One its own credit-card payment network, while simultaneously allowing the company to expand its deposit base, credit-card offerings, and rewards programs.
TOTM In yet another example of interagency cheerleading from the Federal Trade Commission (FTC), Chair Lina Khan recently touted the work of the Consumer Financial Protection . . .
In yet another example of interagency cheerleading from the Federal Trade Commission (FTC), Chair Lina Khan recently touted the work of the Consumer Financial Protection Bureau (CFPB) on payments networks:
https://twitter.com/linakhanFTC/status/1759962157133726060?s=20
Scholarship Abstract As it relates to Bitcoin, there are several interesting questions to address: (1) Why does money exist and what role does it play in . . .
As it relates to Bitcoin, there are several interesting questions to address:
(1) Why does money exist and what role does it play in society? How does bitcoin fit within our understanding of the role of money in society? (2) What is bitcoin worth? (3) Is bitcoin (or can bitcoin be) a sound form of money? (4) Should states or governments be involved? Should they buy bitcoin?
In this paper, I attempt to provide some answers to these questions by drawing on insights from mainstream economic theory.
Scholarship Abstract Enrolling financiers is critical to new venture success. Building on the challenges of communicating novel and complex projects under Knightian uncertainty, we describe two . . .
Enrolling financiers is critical to new venture success. Building on the challenges of communicating novel and complex projects under Knightian uncertainty, we describe two approaches—the opportunity discovery path vis-à-vis the effectuation/bricolage path—entrepreneurs and financiers can use to resolve alternative sources of uncertainty sequentially rather than simultaneously.
Scholarship Abstract Consumer law aims to empower consumers with accurate information and to protect them from misinformation. For complex goods and services, however, mandated disclosure laws . . .
Consumer law aims to empower consumers with accurate information and to protect them from misinformation. For complex goods and services, however, mandated disclosure laws and other consumer law tools have had only limited success in helping consumers project their satisfaction and costs. Market responses, such as ratings, have limitations that have prevented them from compensating adequately for consumer law’s shortcomings. This Article describes how regulators could improve measurements of quality and cost by borrowing a tool from drug law: randomization. In designated markets, consumers who accept an incentive to volunteer would be randomized among two or more choices, and the government would collect short- and long-term information about each consumer’s experience. For example, in the health insurance market, by providing discounts to consumers who select two or more possible insurers, the government could accomplish the goal of comparing insurers’ health outcomes, free from the current confounding concern that different health insurers serve different pools of insureds. Randomization similarly could help overcome informational problems and abusive conduct in highly regulated markets for health providers, educational institutions, and lawyers, as well as for more ordinary goods and services, such as automobile repair. The information generated through randomization not only could be of direct use to consumers, but also could serve as an input into additional regulation, allowing the government to make more informed decisions about mandating product features where data establishes that producers exploit systematic errors by consumers.
