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Financial Regulation

Regulating tail risks: When and how prudential regulation should apply to shadow banking

Matthias Thiemann | Tobias H. Tröger

Shadow banking – now labeled as non-bank financial intermediation (NBFI) by the Financial Stability Board (FSB) – maneuvers outside of the realm of prudential banking regulation. NBFI entities often...

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Corporate Finance
Corporate Governance

The Law and Finance of Related Party Transactions

Luca Enriques, Faculty of Law | Tobias H. Tröger

The quality of corporate governance, ie the effectiveness of institutions that contain agency costs, is a key component of asset allocation. In countries characterized by concentrated ownership,...

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Financial Regulation

Oops! … We do it again. Attack on the banking union in the German constitutional court and why even ardent Europeans may learn a (limited) lesson from it

Tobias H. Tröger

Conventional wisdom suggests that the U.S. is the ‘litigation nation’. However, when it comes to disputes concerning euro area integration, Germans also seem to be very gung ho to slug it out in the...

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Commercial Law
Financial Regulation

Germany's Reluctance to Regulate Related Party Transactions

Tobias H. Tröger

In a recent European Corporate Governance Institute (ECGI) Working Paper I take an industrial organization perspective to explain the regulation of related party transactions in German corporate law...

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Commercial Law
Corporate Finance

Remarks on the German Regulation of Crowdfunding

Tobias H. Tröger

Crowdfunding is a buzzword that identifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. In contrast to financial innovation...

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Financial Regulation

The European Bail-in Tool is too Complex and MREL Won’t Remedy its Shortcomings

Tobias H. Tröger

I recently published two related working papers that scrutinize the effectiveness of the bail-in tool in the European bank resolution framework. I find that the regime, even after the prospected...

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Financial Regulation

How Not To Do Banking Law in the 21st Century - The Judgement of the European General Court (EGC) in the Case T-122/15 – Landeskreditbank Baden-Württemberg ‒ Förderbank v European Central Bank (ECB)

Tobias H. Tröger

I. Background The Judgement of the EGC in the Case T-122/15 – Landeskreditbank Baden-Württemberg ‒ Förderbank v European Central Bank (ECB) is the first statement of the European judiciary on the...

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Brexit
Financial Regulation

(Don’t) Blame It All on Brexit…

Martin R. Götz | Tobias H. Tröger

A key lesson for policymakers after the financial crisis was to reduce the likelihood of bank bailouts using taxpayers’ funds. Bailing out banks not only stresses public finances – it also undermines...

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