Columbia Law School
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Finance & Economics
Elasticity, Incompleteness, and Constitutive Rules
In A legal theory of finance, Katharina Pistor outlines a theory designed to deal with the law-finance paradox, that is, the observation that when “the full force of law is relaxed or suspended to take account of changes in …
Free Markets and the Legal Theory of Finance
Richard Shamos is an Associate in the Investment Management practice at Schulte Roth & Zabel LLP in New York.
The relationship between free markets and government is perhaps one of the most prominent economic issues of modern political economy. In …
The Marketplace of Ideas: Professor Anna Gelpern and James P. Sweeney Weigh in on Pistor’s Legal Theory of Finance
Rules, Institutions, and the Legal Theory of Finance
The International Monetary Fund (IMF) recently published its first major policy treatment of sovereign debt restructuring since 2003. It was prompted by the flawed restructuring in Greece, high profile litigation against Argentina, and recurring crises in smaller …
In Search of Broader Perspectives about our Financial System
James P. Sweeney is a Managing Director on the Global Strategy Team in Fixed Income Research at Credit Suisse in New York.
Increasingly, economists and regulators are seen on trading floors and investors are seen in libraries. The challenge of …
The Marketplace of Ideas: Cathy M. Kaplan and Jeremiah S. Pam Weigh in on Pistor’s Legal Theory of Finance
The Legal Theory of Finance is a Starting Point
In her article “A Legal Theory of Finance” Katharina Pistor outlines an important theory about the relationship between laws and finance and highlights the basic legal construction of finance. A legal theory of finance (LTF) asserts that the legal structure …
Sovereigns and Safety Valves in the Legal Theory of Finance
Katharina Pistor’s ‘Legal Theory of Finance’ (LTF) is an important contribution to our evolved understanding of international finance following the most recent (and in the case of Europe, ongoing) international financial crises. By probing the implications for international …
The Marketplace of Ideas: Kathryn Judge takes on Katharina Pistor’s Legal Theory of Finance
The CLS Blue Sky Blog presents the second installment of our new series, entitled “The Marketplace of Ideas.” Earlier installments are available here. The intent is to present different perspectives on the same subject by two or more authors.…
Systemic Stability and Fairness: An Analysis of Pistor’s Legal Theory of Finance
In A Legal Theory of Finance, Katharina Pistor introduces a provocative new theory about the relationship between law and finance and the role of law in producing and addressing financial instability. Pistor shows that law plays a constitutive role …
Davis Polk discusses U.S. Basel III Final Rule
The U.S. Basel III final rule is the most complete overhaul of U.S. bank capital standards since the U.S. adoption of Basel I in 1989 – nearly a quarter of a century ago. The final rule comprehensively revises the regulatory …
Torys on why Chinese Companies Need More Than the JOBS Act
Although the JOBS Act was passed just over a year ago to facilitate capital raising in the United States, allegations of accounting fraud, diminished investor confidence and a regulatory impasse over audit work papers have caused many Chinese companies to …
Aguilar on Institutional Investors: Power and Responsibility
The following remarks were delivered by Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission at Georgia State University on April 19, 2013.
Good evening. Thank you for that kind introduction. I am glad to be here at …
Against Being Against the Revolving Door
Should Lex Americana be universal? FATCA turns foreign banks into tax informants
Over the last decades, a number of initiatives taken by various US administrations on both sides of the aisle have raised concerns about the actual legality of the extraterritoriality attached to laws imposed by the United States of America on …
Should Municipal Bond Issuers be Required to Disclose Bank Loans?
You may be surprised to learn that municipal bond issuers are not required to disclose bank borrowings. I’ve heard numerous estimates that such issuers have outstanding bank borrowings in the $200 to $300 billion range, which would amount to approximately
The Separation of Investments and Management
This post comes to us from Professor John Morley, who is currently an associate professor of law at the University of Virginia School of Law. He will be joining the Yale Law School faculty as an associate professor this July. …
Sullivan & Cromwell discusses the Basel Intraday Liquidity Framework
The Basel Committee on Banking Supervision (the “Basel Committee”), in consultation with the Committee on Payment and Settlement Systems, recently published a final document concerning supervisory monitoring tools for intraday liquidity management (the “Intraday Liquidity Document”).
The Intraday Liquidity Document …
Gibson Dunn discusses the Fed’s Foreign Banking Organization Proposal: Will Comments on the Intermediate Holding Company Requirement Be Heeded?
The comment period has now closed on the controversial proposed rule (FBO Proposal) of the Board of Governors of the Federal Reserve System (Board) implementing Sections 165 and 166 of the Dodd-Frank Act (Dodd-Frank) for foreign banking organizations (FBOs) and …