Thumbs on the Scale: The Role that Accounting Practices Played in the Savings and Loan Crisis

Mr. Breeden is the Chairmain of the Securities and Exchance Commission. This speech was given by Chairman Breeden as part of the annual Financial Institutions and Regulation Symposium at the Fordham University School of Law. The Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its members or employees. The views expressed herein are those of the author and do not necessarily reflect the views of other members of the Commission or the staff

The Core, Periphery, and Beyond: Stock Market Comovements among EU and Non-EU Countries

We thank conference participants at the 2016 Financial Management Association and our discussant Fernando Moreira, and two anonymous referees for immensely helpful comments. We also thank Andrew Patton and James P. LeSage for sharing their MATLAB codes for computing quantile dependence. The authors of this paper are responsible for any errors or omissions. The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the authors and do not necessarily reflect the views of the Commission or the authors\u27 colleagues on the staff of the Commission

‘You may kiss the bride, but you may not open your mouth when you do so’: policies concerning sex, marriage and relationships in English forensic psychiatric facilities

In 1996, the Royal College of Psychiatrists recommended that all psychiatric facilities in the UK develop policies concerning sexuality and sexual expression for persons contained in those facilities. This paper analyses the prevalence and content of such policies in English forensic psychiatric facilities. While the College recommends an individualised approach to sexual and emotional relationships, most hospitals in fact either prohibit or actively discourage such expression as a matter of policy. The paper considers the advantages and disadvantages of that approach. The paper also considers the legal issues surrounding these policies, and in particular the legal authority for governing the sexual and emotional expression of hospital residents and the relevant human rights implications

Will You still Need Me - When I'm 64?

For various reasons the relationship between age and productivity is a matter of policy concern. I present new empirical research showing how productivity is affected by age. I study age effects at the individual level by analyzing data on running and publishing in economic journals. Furthermore I present empirical evidence at the firm level on the relationship between age, wage and productivity. In particular I address the potential wage-productivity gap that might occur at higher ages. I conclude that the productivity of older workers indeed decreases with their age. Nevertheless, the decline is limited. Furthermore, I find no evidence of a pay-productivity at higher ages.Age;Productivity;Matched worker-firm data

Will You Still Need Me – When I'm 64?

For various reasons the relationship between age and productivity is a matter of policy concern. I present new empirical research showing how productivity is affected by age. I study age effects at the individual level by analyzing data on running and publishing in economic journals. Furthermore I present empirical evidence at the firm level on the relationship between age, wage and productivity. In particular I address the potential wage-productivity gap that might occur at higher ages. I conclude that the productivity of older workers indeed decreases with their age. Nevertheless, the decline is limited. Furthermore, I find no evidence of a pay-productivity at higher ages.age, productivity, matched worker-firm data

Panel Presentation: Securities Regulation and Corporate Responsibility

What I want to do is talk about the big picture, as John suggested, and consider the likely spillover effects of Sarbanes-Oxley. I want to do this in a discretely administrative law-oriented way, taking two themes that were very visible and driving forces behind the legislation. The first, as Mary suggested in her opening remarks, is a question about federalism. It has been common for the last twenty years, at least, to trot out - as John just did - a distinction between federal and state spheres of competency. The SEC is on the disclosure side, while the substance of corporate law (e.g., the mechanics of how decisions are made) is left to the states. I don\u27t think you can read either the text or the music of Sarbanes-Oxley and think that this is much of a viable distinction anymore. If Congress really believed in the importance of that distinction as a matter of policy, Sarbanes-Oxley would be a very, very different statute

Counting Casualties in the War on Prisoners

This article decribes prision overcrowding and The War on Prisoners - how the nation\u27s criminal justice system was devoted to dispensing punishment and inflicting pain as a matter of policy

When Are Capitalization Exceptions Justified?

It is a widely accepted general principle that a taxpayer should capitalize an expenditure that produces a benefit lasting beyond the current tax period. Yet rules putting this principle into practice are among the most controversial in all of federal income taxation. Many argue that a retreat from the general principle is warranted when designing capitalization rules, and even those who argue that capitalization rules ought to be sweeping usually conclude that exceptions are necessary or desirable. For instance, most commentators accept uncritically that expenses incurred to procure certain intangible capital should be expensed, as under current law, without exploring whether expensing of intangibles costs is inevitable, although some have considered the implications of excepting intangibles costs from capitalization. Although the arguments with respect to exceptions to capitalization for tangible assets have received more attention, no consensus view has emerged regarding whether many of the exceptions are desirable as a matter of policy. This Article is a systematic analysis of the arguments in favor of departing from the normative or first-best capitalization rule