The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance – Evidence from 1993-2013

THE EFFECT OF DEFERRED AND NON-PROSECUTION AGREEMENTS ON CORPORATE GOVERNANCE – EVIDENCE FROM 1993-2013 by Wulf A. Kaal* *Associate Professor, University of Saint Thomas School of Law (Minneapolis). & Timothy A. Lacine* *J.D.  2014, University of St. Thomas School of Law; MBA 2008, University of Minnesota. Abstract Non- and Deferred Prosecution Agreements (N/DPAs), are controversial […]

Read more "The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance – Evidence from 1993-2013"

Conference Update: Initiatives for Sustainable Financial Regulation

University of St. Thomas Law Journal Spring Symposium Beyond Crisis-Driven Regulation: Initiatives for Sustainable Financial Regulation Friday, April 11, 2014, Minneapolis, MN co-sponsored by the Holloran Center for Ethical Leadership in the Professions 7 hours CLE pending approval – REGISTER NOW Featuring Steven L. Schwarcz, Keynote John C. Coffee, Jr. “A Closer Look at SEC Enforcement” […]

Read more "Conference Update: Initiatives for Sustainable Financial Regulation"

Conference Announcement: Beyond Crises-Driven Regulation – Initiatives for Sustainable Financial Regulation

University of St. Thomas Law Journal Spring Symposium Friday, April 11, 2014, Minneapolis, MN co-sponsored by the Holloran Center for Ethical Leadership in the Professions 7 hours CLE pending approval – REGISTER NOW SPEAKERS Steven L. Schwarcz, keynote Duke University School of Law Roberta Romano Yale Law School Erik F. Gerding University of Colorado Law School Kimberly […]

Read more "Conference Announcement: Beyond Crises-Driven Regulation – Initiatives for Sustainable Financial Regulation"

Presenting on “Dynamic Regulation” at Canadian Law & Economics Association in Toronto

Presentations at the Canadian Law and Economics Association annual meeting  on September 28, 2013 in Toronto. Dynamic Regulation of the Financial Services Industry Wulf A. Kaal University of St. Thomas, Minnesota – School of Law 2013 Wake Forest Law Review, 2014, Forthcoming U of St. Thomas (Minnesota) Legal Studies Research Paper No. 13-24 Abstract:  Governance adjustments […]

Read more "Presenting on “Dynamic Regulation” at Canadian Law & Economics Association in Toronto"

The Return of CDOs – Do We Need Dynamic Elements in Financial Regulation?

Despite the role of collateralized debt obligations (CDOs) in the financial crisis of 2007-08, CDOs and other high risk investment products may soon be available again and are likely to proliferate.  The WSJ reports that  J.P. Morgan Chase and Morgan Stanley bankers are assembling synthetic CDOs to satisfy demand for structured products by investors who seek high […]

Read more "The Return of CDOs – Do We Need Dynamic Elements in Financial Regulation?"

Dynamic Regulation of the Financial Services Industry

Governance adjustments via stable rules in reaction to financial crises are inevitably followed by relaxation, revision, and retraction. The economic conditions and the corresponding requirements for optimal and stable rules are constantly evolving, suggesting that a different set of rules could be optimal. Despite the risk of future crises, anticipation of future developments and preemption […]

Read more "Dynamic Regulation of the Financial Services Industry"

Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework

The literature on New Institutional Economics (NIE) evaluates the relationship between public and private rulemaking in the evolution of law. This paper introduces the concept of dynamic regulation as an optimization process for the learning experience in the NIE framework. Dynamic regulation describes intra- and inter-jurisdictional feedback effects between different public rulemakers and between private […]

Read more "Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework"