Distressed relationships: lessons from the Norwegian banking crisis

This paper measures the economy-wide impact of bank distress on the loss of relationship benefits. We use the near-collapse of the Norwegian banking system during the period 1988 to 1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. We find that although banks experience large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks face only small and temporary changes, on average, in stock price. In other words, the aggregate impact of bank distress on the real economy appears small. We analyze the cross-sectional variation in firm abnormal returns and find that firms that maintain international bank relationships suffer more upon announcement of bank distress

Between Rationalities and Emotions: Modes of justifications of criminal law reforms around 1800

&nbsp

Lost law?

Review of:Gerhard Dilcher, Eva-Marie Distler (Hg.), Leges – Gentes – Regna. Zur Rolle von germanischen Rechtsgewohnheiten und lateinischer Schrifttradition bei der Ausbildung der frühmittalterlichen Rechtskultur Berlin: Erich Schmidt Verlag 2006, 650 S., ISBN 978-3-503-07973-

WOZU – Rechtsgeschichte?

In his article Dag Michalsen maintains that to define the character and purpose of ›legal history‹ is both a vague and personal task. No one can claim a privileged position on this issue. What is possible is to map some general aspects of the many types of legal histories that are at present being unfolded in the scientific community. Thus ›legal histories‹ are the result of a long list of parameters: the institutional setting and professional background of the researcher, the definition of the subject matter, the geography of law and history, and the choices of legal historical methods. But although maintaining the model of legal history as a personal choice, it is all the same part of a larger scientific communication. Although one could with good reasons question the validity of the term ›legal history‹ / ›Rechtsgeschichte‹ to denote this wide variety of activities and attitudes, it helps us nevertheless to identify modes of thought concerning law in society and history