The Government Tools for Responding to Market Distress

By Anthony J. Casey March 1, 2021 by renholding

In the spring of 2020, as the Covid-19 pandemic shut down economies around the world, pressure arose for governments to respond to the growing threat of pandemic-related market distress. In the United States, the initial proposals for government action varied …

The Case for Prudential Regulation of the Litigation Finance Market

By Andrew S. Jacobs and Jack B. Jacobs January 21, 2021 by renholding

[Editor’s Note: This and the piece that immediately follows offer a point/counterpoint on litigation finance.] The past decade has witnessed a steady stream of innovative capital markets products. Among these developments is litigation finance – a transaction form …

Cleary Gottlieb Discusses New EU ESG Disclosure Obligations for Financial Services Firms

By Géraldine Bourguignon, Helena Grannis, Caroline Petruzzi McHale, Ferdisha Snagg and Clara Cibrario Assereto January 19, 2021 by Nisha Chandra

Over a year ago, on December 29, 2019, Regulation (EU) 2019/2088 on sustainability-related disclosures for the financial services sector (the “Sustainable Finance Disclosure Regulation”, or “SFDR”) entered into force. Just a few months remain before key …

What Factors Affect Global Investment in Private Equity?

By Serdar Aldatmaz, Gregory W. Brown and Asli Demirgüç-Kunt October 6, 2020 by renholding

Since the1990s, global investment in private equity has increased from under $10 billion per year to well over $100 billion. Over the same period, there has also been a shift from public markets in major economies like the U.S. and …

SEC Commissioner Speaks on Financial Market Regulation

By Hester M. Peirce September 21, 2020 by renholding

Whenever I talk to economists, since I cannot awe you with a fancy equation, I have to start with a bad joke. It is a knock-knock joke, which is especially hard to pull off when trying to physically distance. “Knock,

…

Financial Markets and News About the Coronavirus

By Harry Mamaysky July 14, 2020 by renholding

From its February 2020 peak to a March 2020 trough, the S&P 500 index fell 34 percent. This fall was accompanied by extreme volatility, at a level last seen during the global financial crisis. Invariably the selloff was accompanied by …

Evidence of Systemic Risk from Major Cybersecurity Breaches

By Shaen Corbet and Constantin Gurdgiev September 27, 2019 by renholding

In general economics, “asymmetric information” refers to information about a transaction in which one party knows more than another party, to the potential benefit of the former at the expense of the latter. An example often occurs when consumers and …

Beyond Disclosure: A New Way of Examining Securities Regulation

By Jena Martin May 2, 2019 by renholding

When it comes to the U.S. securities markets, the game has changed. Historically, the U.S. securities markets were dominated by retail investors who engaged in a buy and hold strategy: purchasing stocks as a vehicle to invest in a corporation …

Disruption and the Credit Markets

By Bo Becker February 27, 2019 by renholding

In the past 30 years, defaults on corporate bonds have been substantially higher than the historical average. Dividing the years from 1970 to 2016 into two equal periods, the default rate of U.S. corporate bonds rose from 0.12 percent to …

Video: The Biggest Issues Facing Securities Markets in the 21st Century

By Merritt B. Fox, Lawrence R. Glosten and Edward F. Greene April 16, 2018 by renholding

An esteemed panel of regulators, scholars, and lawyers gathered at Columbia Law School on March 29 to discuss Securities Market Issues for the 21st Century, a new e-book on the most important areas of inquiry for securities regulation and …

SEC Chair Clayton Talks SEC and Market Transparency

By Jay Clayton November 9, 2017 by renholding

Thank you, Keith [Higgins], for that gracious introduction.[1] Let me return the sentiment. Keith – you are a member of an esteemed group of Division Directors, some of whom are here today, who have served the Commission and, most …

Oil Prices and the Global Economy: Is It Different This Time Around?

By Kamiar Mohaddes and M. Hashem Pesaran August 24, 2016 by renholding

The positive correlation between oil prices and equity markets over the past few years has been discussed extensively in the media as well as by prominent economists, such as Bernanke and Obstfeld, and has brought into question the generally …

Changing Law to Address Changing Markets: A Consequence-Based Inquiry

By Steven L. Schwarcz August 23, 2016 by renholding

When should changes in markets for financial securities drive changes in law? In my forthcoming essay, available here, I argue that a normative framework for making that examination would increase transparency and legitimacy. It would also help counter the tendency …

Information Transmission between Financial Markets in Chicago and New York

By Joseph A. Grundfest, Gregory Laughlin and Anthony Aguirre April 19, 2013 by Jason Parsont

High frequency trading has led to widespread efforts to reduce information propagation delays between physically distant exchanges. In my recent paper Information Transmission between Financial Markets in Chicago and New York, co-authored with Gregory Laughlin and Anthony Aguirre …

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