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The Pendulum Swings

President-Elect Donald Trump may be a notoriously lousy credit risk, but the former reality TV star’s newest gig as president of the United States could be a boon to bankers weary of regulatory burden. Cornelius “Con” Hurley, director of the Center for Finance, Law and Policy at Boston University, envisions a similar fate for the […]

Biggest U.S. Banks Head Downward on Brexit Move By Ronald Orol, The Street Jun 24, 2016 10:25 AM EDT The largest U.S. banks traded down significantly early Friday over uncertainty stemming from the impact on their heavy London presence and cloudy revenue and expenses expectations in the aftermath of the U.K.’s stunning vote to leave the […]

Research Director Kevin Gallagher Quoted in the FT

China’s ambitions for Asia show through in ‘Silk Road’ lending “… According to data collected by Boston University’s Global Economic Governance Initiative and the Washington-based think-tank The Inter-American Dialogue, the China Development Bank and the Export-Import Bank of China provided upwards of $29bn to Latin American governments in 2015 — even as the World Bank […]

New GEGI Working Paper

The Politics of Financial Regulation Expertise: International Financial Organizations and Expert Networks Cornel Ban, Leonard Seabrooke, and Sarah Freitas Click Here to Download Who controls global policy debates on shadow banking regulation? By looking at the policy recommendations of the Bank of International Settlements, the International Monetary Fund and the Financial Stability Board, we show […]

Working Paper 003

Mission Creep: The Emerging Role of International Investment Agreements in Sovereign Debt Restructuring Rachel D. Thrasher and Kevin P. Gallagher  Click Here to Download Abstract: The global community still lacks a regime for sovereign debt restructuring. However, the recent financial crisis has spawned numerous efforts to fill this glaring gap in global economic governance. At […]

Working Paper 002

The Systemic Effects of Benchmarking Diogo Duarte, Kyounghwan Lee, and Gustavo Schwenkler Click Here to Download Abstract: We show that the competitive pressure to beat a benchmark may induce institutional trading behavior that exposes retail investors to tail risk. In our model, institutional investors are different from a retail investor because they derive higher utility […]

Working Paper 001

Financial Distress, Stock Returns, and the 1978 Bankruptcy Reform Act Dirk Hackbarth, Rainer Haselmann, and David Schoenherr Click Here to Download Abstract: We study the effect of weakening creditor rights on distress risk premia via a bankruptcy reform that shifts bargaining power in financial distress toward shareholders. We find that the reform reduces risk factor […]