Wasting A Crisis

Author: Paul G. Mahoney
Publisher: University of Chicago Press
ISBN: 022623651X
Size: 15.90 MB
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In "Securities Regulation Reassessed," Paul Mahoney shows that policy responses to financial crises are broadly similar across place and time: political actors, hoping to avoid blame for a financial crisis, create a narrative of market failure, arguing that misbehavior by securities market participants, rather than prior policy errors, is the primary cause of the crisis. Politically obliged regulators craft reforms that purport to solve problems which are either non-existent or only tangentially related to the crisis; yet they increase the complexity and expense of compliance, resulting in consolidation and concentration of market share in the hands of already leading financial firms. "Securities Regulation Reassessed" illustrates these points primarily but not exclusively with evidence from the New Deal-era securities reforms in the United States. Against the conventional wisdom that regards the New Deal reforms as successful, Mahoney provides substantial countervailing evidence, showing instead that Congress s diagnoses were systematically inaccurate and its remedies reduced competition in the securities industry. Looking farther into history, the work treats several key episodes prior to the New Deal, including the English financial crises of 1697 and 1720 and the blue sky era of the 1910s and 1920s in the United States. Finally, Mahoney considers the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 from the same analytical perspective. Mahoney finds a predictable pattern for efforts at securities reform: they require huge effort to enact, and yield little objectively measurable payoff and some objectively measurable harm."

Islamic Capital Markets And Products

Author: Simon Archer
Publisher: John Wiley & Sons
ISBN: 1119218810
Size: 74.73 MB
Format: PDF, Docs
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Ensure Basel III compliance with expert analysis specific to Islamic Finance Islamic Capital Markets and Products provides a thorough examination of Islamic capital markets (ICM), with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Since Islamic banks act as asset managers, attention is paid to the regulatory challenges which they face in the light of Basel III, as regards both eligible capital and liquidity risk management. The authors of the chapters are professionals and practitioners, and write from experience. The editors also contributed to some of the chapters. The markets and products covered include Islamic equities, Islamic investment certificates (Sukūk) which are Shari'ah compliant alternatives to conventional bonds, and Islamic Collective Investment Schemes. The coverage of legal and regulatory issues includes an examination of the implications for ICM of securities laws and regulations and of Basel III, as well as collateralisation issues. Shari'ah compliance aspects, in terms both of the selection criteria for Islamic equities and of the 'purification' of impermissible components of income, are also examined in some detail, as are the implications of Basel III for eligible capital in general and for Shari'ah compliant capital instruments in particular. A similar analysis is also made of the implications of the Basel III requirements for liquidity risk management and high quality liquid assets (HQLA), including Shari'ah compliant HQLA. The book concludes with three case studies, two describing the ICM in Malaysia and Bahrain and a third which describes Sukūk issued as Shari'ah compliant capital instruments, followed by brief concluding remarks by the editors.

The Transformation Of Wall Street

Author: Joel Seligman
Publisher: Aspen Law & Business
ISBN:
Size: 33.81 MB
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The Transformation of Wall Street is a comprehensive and insightful historical analysis of the Securities andamp; Exchange Commission from the perspective of a leader in securities regulation. The Transformation of Wall Street offers an in-depth look at the history of the SEC's origins, accomplishments, and failings since its creation in 1934. Each chapter in the book takes historical look at the tenure of the various SEC chairmen. The first edition, published in 1977, covered the SEC through the Nixon-Ford presidential administration. A revised edition was published in 1995, updating the book through 1992. Now, the third edition continues the history until 2001, the end of Arthur Levitt's Chairmanship, with a treatment of auditing issues through the enactment of the Sarbanes-Oxley Act (July 2002). In this revised edition, author Joel Seligman draws on unpublished SEC files and extensive personal interviews to provide a comprehensive examination of the origins, accomplishments, and failings of the SEC and its leaders, from the creation of the SEC in 1934 to the present. The new material, among other things, addresses: The Private Securities Litigation Reform Act, which has had a significant impact on private securities litigation after its passage in 1995 The structure of the securities markets (which are in an important transition because of Electronic Communications Networks; decimalization; international competition; and the continuing evolution to greater institutionalization of our markets as well as the growth of several new products, most recently security futures products) Municipal securities markets (which were largely ignored before the recently resigned Arthur Levitt) Several issues with respect to the accounting profession (most notably auditor independence and the independence of accounting standard-setting boards). In addition, this work focuses on Chairman Levitt, whom the author believes was one of the most accomplished of the post World War II chairs, and had the challenge of being a Chair appointed by a Democratic party president during a period when Republicans controlled both houses of Congress as well as a period of extraordinary ferment in the securities market.

The Regulated Economy

Author: Claudia Goldin
Publisher: University of Chicago Press
ISBN: 9780226301341
Size: 28.93 MB
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How has the United States government grown? What political and economic factors have given rise to its regulation of the economy? These eight case studies explore the late-nineteenth- and early twentieth-century origins of government intervention in the United States economy, focusing on the political influence of special interest groups in the development of economic regulation. The Regulated Economy examines how constituent groups emerged and demanded government action to solve perceived economic problems, such as exorbitant railroad and utility rates, bank failure, falling agricultural prices, the immigration of low-skilled workers, workplace injury, and the financing of government. The contributors look at how preexisting policies, institutions, and market structures shaped regulatory activity; the origins of regulatory movements at the state and local levels; the effects of consensus-building on the timing and content of legislation; and how well government policies reflect constituency interests. A wide-ranging historical view of the way interest group demands and political bargaining have influenced the growth of economic regulation in the United States, this book is important reading for economists, political scientists, and public policy experts.

Rights Of Inclusion

Author: David M. Engel
Publisher: University of Chicago Press
ISBN: 9780226208336
Size: 63.97 MB
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Examines how civil rights legislation impacts the lives of ordinary Americans, drawing on the experiences of sixty interviewees that have been victims of discrimination to discuss how civil rights impacted their lives.

Drinkers Drivers And Bartenders

Author: Frank A. Sloan
Publisher: University of Chicago Press
ISBN: 9780226762814
Size: 51.90 MB
Format: PDF, Kindle
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According to the United States Public Health Service, over 100,000 deaths a year are attributable to alcohol, including 20,000 highway fatalities. In response, legislatures have enacted various forms of regulation intended both to reduce alcohol consumption and to curb its harmful effects. This groundbreaking study focuses on one such form of regulation, the liability imposed on alcohol servers and social hosts by tort law. Basing their analysis on important new data from their extensive research and in-depth interviews with actors on all sides of the issue, the authors conclude that, despite their relative unpopularity, tort laws are very effective in reducing accidents—even more than criminal sanctions. Extraordinary in scope and exacting in detail, Drinkers, Drivers, and Bartenders: Balancing Private Choices and Public Accountability links alcohol problems, deterrence, and serving practices in a way no other work has been able to do and is certain to become a crucial reference point for researchers and policymakers alike.

Reconstructing Justice

Author: Franklin Strier
Publisher: University of Chicago Press
ISBN: 9780226777184
Size: 63.27 MB
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In this lively and persuasive critique, Franklin Strier doesn't simply describe problems with the American trial system; he proposes reforms. He offers a detailed blueprint of how to improve our basic adversarial system while blunting its excesses and inequities. Strier points out that the jury system was originally intended to diffuse the power of the government, but criticizes the method by which jurors are selected, patronized, and manipulated. Among his suggestions: eliminate peremptory challenges, give jurors the authority, and judges the responsibility, to ask questions of witnesses, and use neutral expert witnesses.

Overseers Of The Poor

Author: John Gilliom
Publisher: University of Chicago Press
ISBN: 9780226293615
Size: 58.32 MB
Format: PDF
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In Overseers of the Poor, John Gilliom confronts the everyday politics of surveillance by exploring the worlds and words of those who know it best-the watched. Arguing that the current public conversation about surveillance and privacy rights is rife with political and conceptual failings, Gilliom goes beyond the critics and analysts to add fresh voices, insights, and perspectives. This powerful book lets us in on the conversations of low-income mothers from Appalachian Ohio as they talk about the welfare bureaucracy and its remarkably advanced surveillance system. In their struggle to care for their families, these women are monitored and assessed through a vast network of supercomputers, caseworkers, fraud control agents, and even grocers and neighbors. In-depth interviews show that these women focus less on the right to privacy than on a critique of surveillance that lays bare the personal and political conflicts with which they live. And, while they have little interest in conventional forms of politics, we see widespread patterns of everyday resistance as they subvert the surveillance regime when they feel it prevents them from being good parents. Ultimately, Overseers of the Poor demonstrates the need to reconceive not just our understanding of the surveillance-privacy debate but also the broader realms of language, participation, and the politics of rights. We all know that our lives are being watched more than ever before. As we struggle to understand and confront this new order, Gilliom argues, we need to spend less time talking about privacy rights, legislatures, and courts of law and more time talking about power, domination, and the ongoing struggles of everyday people.

When Law Goes Pop

Author: Richard K. Sherwin
Publisher: University of Chicago Press
ISBN: 9780226752914
Size: 57.91 MB
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"When Law Goes Pop" is an examination of legal practice in today's world, one that should be needed by everyone concerned with the future of our legal system and the meaning we invest in it.

The Constitution In Congress

Author: David P. Currie
Publisher: University of Chicago Press
ISBN: 9780226131146
Size: 49.93 MB
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In the most thorough examination to date, David P. Currie analyzes from a legal perspective the work of the first six congresses and of the executive branch during the Federalist era, with a view to its significance for constitutional interpretation. He concludes that the original understanding of the Constitution was forged not so much in the courts as in the legislative and executive branches, an argument of crucial importance for scholars in constitutional law, history, and government. "A joy to read."—Appellate Practive Journal and Update "[A] patient and exemplary analysis of the work of the first six Congresses."—Geoffrey Marshall, Times Literary Supplement