Category: International Finance

International Finance

Presenting on “Hedge Fund Compliance Cost” at Canadian Law & Economics Association in Toronto

        

Presentation at the Canadian Law and Economics Association annual meeting  on September 29, 2013 in Toronto:   The Impact of Compliance Cost of Financial Regulation ­- Evidence from the Private Fund Industry by Wulf A. Kaal Abstract  A common complaint about financial regulation is that it predominantly affects smaller firms because the cost of compliance brings increasing […]

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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 […]

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The Hedge Fund Industry after the Lift of the Ban on General Solicitation

        

The SEC yesterday approved final rules implementing one of the most important changes to securities regulation and offering practices in decades, as mandated by Congress in the Jumpstart Our Business Startups (“JOBS”) Act: to lift the ban on general solicitation or advertising in offerings to accredited investors that are exempt from registration under Rule 506 […]

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Lifting the Ban on General Solicitation for Private Funds

       

I previously commented on the bright future for the hedge fund industry. More good news for the industry it seems: private funds could find the ban on general solicitation lifted very soon under SEC rules implementing the provisions of the JOBS Act. Europe’s pending new AIFM regime for alternative investments is stricter but still has lots […]

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The Effect of the Dodd-Frank Act on the Hedge Fund Industry

       

Presenting initial findings of this study on June 14th  at the  2013 Junior Scholars Workshop on Financial Services Law at the University of Connecticut School of Law  Here is the tentative abstract: Creating a paradigm shift for private fund regulation in the United States, Title IV of the Dodd-Frank Act mandates hedge fund adviser registration […]

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A Bright Future for the Hedge Fund Industry and its Impact on Policy Making

        

The Financial Times reports that hedge funds have transformed themselves and are increasingly influencing policy. My own work provides some empirical support for these observations. My study “Hedge Fund Manager Registration under the Dodd Frank Act” shows that hedge fund managers are only mildly affected by unprecedented registration and disclosure obligations under the Dodd-Frank Act and will be […]

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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 […]

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Political opportunism in Germany deepens the gap in trust and political cultures between northern and southern Europe

  

Before the Euro crisis it was considered politically incorrect, even xenophobic, to suggest that standards of probity in public life vary widely across Europe. For an institution dedicated to an “ever closer union” this notion is a problem. The bailout deal for Cyprus (right after balancing the German budget -while its southern neighbors are struggling […]

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Improving Debt Bonus Programs for Executives

     

UBS is the latest bank to issue a debt bonus in the form of contingent capital notes (CoCos) to its top executives. The UBS issuance follows similar programs set up by Barclays and Credit Suisse. This emerging trend has many beneficial implications but debt bonus programs for executives can be further optimized. Banks’ debt based […]

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