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  1. The oscillating domains of public and private markets
    Author: Gözlügöl, Alperen Afşin; Greth, Julian; Tröger, Tobias
    Published: [2023]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    We contribute to the debate about the future of capital markets and corporate finance, which has ensued against the background of a significant boom in private markets and a corresponding decline in the number of firms and the amount of capital... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 431
    Inter-library loan:
    No inter-library loan

     

    We contribute to the debate about the future of capital markets and corporate finance, which has ensued against the background of a significant boom in private markets and a corresponding decline in the number of firms and the amount of capital raised in public markets in the US and Europe. Our research sheds light on the fluctuating significance of public and private markets for corporate finance over time, and challenges the conventional view of a linear progression from one market to the other. We argue instead that a more complex pattern of interaction between public and private markets emerges, after taking a long-term perspective and examining historical developments more closely. We claim that there is a dynamic divide between these markets, and identify certain factors that determine the degree to which investors, capital, and companies gravitate more towards one market than the other. However, in response to the status quo, other factors will gain momentum and favor the respective other market, leading to a new (unstable) equilibrium. Hence, we observe the oscillating domains of public and private markets over time. While these oscillations imply 'competition' between these markets, we unravel the complementarities between them, which also militate against a secular trend towards one market. Finally, we examine the role of regulation in this dynamic divide as well as some policy implications arising from our findings.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271003
    Series: SAFE working paper ; no. 384 (March 2023)
    Subjects: corporate finance; capital markets; public markets; private markets; private equity; securities regulation; financial regulation
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. The oscillating domains of public and private markets
    Author: Gözlügöl, Alperen Afşin; Greth, Julian; Tröger, Tobias
    Published: [2023]
    Publisher:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    We contribute to the debate about the future of capital markets and corporate finance, which has ensued against the background of a significant boom in private markets and a corresponding decline in the number of firms and the amount of capital... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 778
    Inter-library loan:
    No inter-library loan

     

    We contribute to the debate about the future of capital markets and corporate finance, which has ensued against the background of a significant boom in private markets and a corresponding decline in the number of firms and the amount of capital raised in public markets in the US and Europe. Our research sheds light on the fluctuating significance of public and private markets for corporate finance over time, and challenges the conventional view of a linear progression from one market to the other. We argue instead that a more complex pattern of interaction between public and private markets emerges, after taking a long-term perspective and examining historical developments more closely. We claim that there is a dynamic divide between these markets, and identify certain factors that determine the degree to which investors, capital, and companies gravitate more towards one market than the other. However, in response to the status quo, other factors will gain momentum and favor the respective other market, leading to a new (unstable) equilibrium. Hence, we observe the oscillating domains of public and private markets over time. While these oscillations imply ‘competition’ between these markets, we unravel the complementarities between them, which also militate against a secular trend towards one market. Finally, we examine the role of regulation in this dynamic divide as well as some policy implications arising from our findings.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/269208
    Series: LawFin working paper ; no. 52
    Subjects: corporate finance; capital markets; public markets; private markets; private equity; securities regulation; financial regulation
    Scope: 1 Online-Ressource (circa 41 Seiten)
  3. Rationalizing the Dodd-Frank clawback
    Author: Fried, Jesse M.
    Published: 09/2016
    Publisher:  Harvard Law School, Cambridge, MA

    On July 1, 2015, the Securities and Exchange Commission (SEC) proposed an excess-pay clawback rule to implement the provisions of Section 954 of the Dodd-Frank Act. I explain why the SEC's proposed Dodd-Frank clawback, while reducing executives'... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    On July 1, 2015, the Securities and Exchange Commission (SEC) proposed an excess-pay clawback rule to implement the provisions of Section 954 of the Dodd-Frank Act. I explain why the SEC's proposed Dodd-Frank clawback, while reducing executives' incentives to misreport, is overbroad. The economy and investors would be better served by a more narrowly targeted “smart” excess-pay clawback that focuses on fewer issuers, executives, and compensation arrangements

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Discussion paper / Harvard John M. Olin Center for Law, Economics, and Business ; no. 876
    European Corporate Governance Institute (ECGI) - Law Working Paper ; No. 314/2016
    ECGI working paper series in law ; 314 (May 2016)
    Subjects: Executive pay; Dodd Frank; clawback; excess pay; securities regulation; misreporting; recovery; erroneously awarded compensation; restatement; accounting; financial reporting; financial results; manipulation
    Scope: 1 Online-Ressource (circa 76 Seiten)
  4. The power of the narrative in corporate lawmaking
    Author: Roe, Mark J.; Shapira, Roy
    Published: 2021
    Publisher:  Harvard Law School, Cambridge, MA

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    Verlag (kostenfrei)

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Harvard John M. Olin Center for Law, Economics, and Business ; no. 1065 (07/2021)
    Subjects: corporate governance; short-termism; hedge funds; shareholder activism; behavioral economics; securities regulation; agency costs; research and development; narrative; political economy; corporate interests
    Scope: 1 Online-Ressource (circa 54 Seiten)
  5. How firms borrow in international bond markets
    securities regulation and market segmentation
    Author: Fuertes, Alberto; Serena, José María
    Published: 2016
    Publisher:  Banco de España, Madrid

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1603
    Subjects: bond markets; securities regulation; debt choice; Rule 144; Eurobond; Global bond
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  6. The DLT sandbox under the pilot-regulation
    Author: Zetzsche, Dirk; Woxholth, Jannik
    Published: 29/04/2021
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 636
    Inter-library loan:
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    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (known as PilotR). The PilotR Proposal foresees a regulatory sandbox approach for the European Single Market, offering firms a set of exemptions from EU financial law allowing them to test distributed ledger technologies (DLTs) in certain activities related to trading, clearing, and settlement. Besides offering room for experiment, the PilotR Proposal supports the education of EU regulators about DLTs in this context, which may come to form the basis for foundational changes to EU law. The PilotR Proposal constitutes a significant step towards a future-proof EU fintech framework. We appreciate the European scale of PilotR, with an ‘EU Passport’ and ongoing cooperation across competent authorities and the ESMA. PilotR is characterized by an innovative ‘Business Plan Approach’ where the DLT operator defines governance functions and liabilities of entities operating, and connected to, DLT. Through this Business Plan Approach, PilotR promotes innovation while demanding business-specific risk mitigation, avoiding one-size-fits-all approaches. This bold regulatory move, however, prompts legal questions regarding the enforceability of business-induced rules vis-à-vis the nodes that do not qualify as operators as well as third parties. Furthermore, the PilotR Proposal would benefit from three amendments: First, EU legislators should articulate a clear link between the priorities laid down in the DFS 2020 and PilotR, along with an explanation of how PilotR fits into a broader set of measures to support innovation. Second, PilotR is characterized by a narrow scope with a relatively long timeline for testing, thereby the degree of mutual learning will be reduced. Third, being limited to authorized MiFID firms and CSDs only, regulatory leniency will be reserved for incumbents only – despite PilotR’s expressed objective to benefit innovative start-ups

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: EBI working paper series ; no. 92 (2021)
    Subjects: DLT; sandbox; crypto; crypto-assets; cryptoassets; blockchain; distributed; ledger; technology; crypto-currency; cryptocurrency; eu; europe; regulation; law; FinTech; fin-tech; finance; regtech; reg-tech; bitcoin; ether; securities regulation; investment law; financial law; ESMA
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen