GR Semicolon EN

Show simple item record

dc.contributor.author
Saranti, Sonia
en
dc.date.accessioned
2016-05-10T06:47:11Z
dc.date.available
2016-05-11T00:00:27Z
dc.date.issued
2016-05-10
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/14517
dc.rights
Default License
dc.subject
Financial crisis
en
dc.subject
Financial products
en
dc.subject
Securitisation
en
dc.subject
Management liability
en
dc.title
Financial products and practices, excessive risk taking and the liability of decision makers of financial institutions; lessons learned from the financial crisis
en
heal.type
masterThesis
el
heal.secondaryTitle
lessons learned from the financial crisis
en
heal.creatorID.dhareID
1104140043
heal.creatorID.email
soniasaranti@gmail.com
heal.generalDescription
financial crisis, financial products, management liability
en
heal.classification
Law & Finance
en
heal.keywordURI.LCSH
Global Financial Crisis
heal.keywordURI.LCSH
Financial crises--21st century
heal.keywordURI.LCSH
Risk management
heal.keywordURI.LCSH
Law and economics
heal.keywordURI.LCSH
Economic development
heal.keywordURI.LCSH
International finance
heal.keywordURI.LCSH
Financial services industry--Law and legislation
heal.keywordURI.LCSH
Financial institutions--Law and legislation
heal.keywordURI.LCSH
Corporate governance--Law and legislation
heal.language
en
el
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
el
heal.references
Bibliography Adrian Tobias et als., ‘Repo and Securities Lending’, Federal Reserve Bank of New York; Staff Reports, Staff Report No. 529 (December 2011 – Revised February 2013), available at: <http://www.newyorkfed.org/research/staff_reports/sr529.pdf>, accessed on: 09.08.2015 Alloway Tracy, ‘Why Would Anyone Want to Restart the Credit Default Swaps Market; Saving single-name credit default swaps?’ (May 11, 2015), Bloomberg Business, available at: <http://www.bloomberg.com/news/articles/2015-05-11/why-would-anyone-want-to-restart-the-credit-default-swaps-market->, accessed on: 12.10.2015 Arora Anu, ‘The corporate governance failings in financial institutions and directors' legal liability’ (2011) Vol. 32, No. 1 Company Lawyer, p. 3 Brealey R. A. & Myers S. C, Principles of Corporate Finance (6th edition, Irwin McGraw-Hill, USA, 2000) Caywood Steven C., ‘Wasting the Corporate Waste Doctrine: How the Doctrine Can Provide a Viable Solution in Controlling Excessive Executive Compensation’ (2010) Vol. 109, No. 1 Michigan Law Review, p. 111 Chodorow-Reich G., ‘Effects of Unconventional Monetary Policy on Financial Institutions’ (2014) Brookings Papers on Economic Activity, Brookings Papers on Economic Activity, p. 155 Chorafas Dimitrios N., Financial Bloom and Gloom; The Credit and Banking Crisis of 2007-2009 and Beyond (Palgrave Macmillan, England, 2009) Committee to Review the Functioning of Financial Institutions, Report (Vol. 1); Presented to Parliament by the Prime Minister by Command of her Majesty – June 1980 (first printed 1980, Her Majesty’s Stationery Office, London 1983) Copeland M. et als., ‘Repo Runs: Evidence from the Tri-Party Repo Market’, Federal Reserve Bank of New York; Staff Reports, Staff Report No. 506 (July 2011 – Revised August 2014), available at: <http://www.newyorkfed.org/research/staff_reports/sr506.pdf>, accessed on 01.09.2015 Eijffinger S. & Masciandaro D., Handbook of Central Banking, Financial Regulation and Supervision; After the Financial Crisis (Edward Elgar Publishing Limited, UK – USA, 2011 Fabozzi Frank J. et al, Foundations of Financial Markets and Institutions (3rd edition, Prentice Hall, USA, 2002) Fleming Michael J. et al., ‘Repo Market Effects on the Term Securities Lending Facility’ (2010) Vol. 100, No. 2 The American Economic Review, Papers and Proceedings of the One Hundred Twenty Second Annual Meeting of the American Economic Association, p. 591 Fox Merritt B., ‘Civil Liability and Mandatory Disclosure’ (2009) Vol. 109, No. 2 Columbia Law Review, p. 237 Garicano L. & Lastra R. M., ‘Towards A New Architecture For Financial Stability: Seven Principles’ (2010) Vol. 13, No. 3 Journal of International Economic Law, p. 597 Goodhart C.A.E, ‘The parlous state of macroeconomics and the optimal financial structure’ (2014) Vol. 36 International Review of Financial Analysis, p. 78 Goodhart C.A.E, ‘The regulatory response to the financial crisis’ (2008) Vol. 4, Νο. 4 Journal of Financial Stability, p. 351 Hemphill Th. A. & Lillevik W., ‘US "say-on-pay" legislation: is it corporate governance overreach?’ (2009) Vol. 51, No. 2 International Journal of Law Management, p. 105 Hillier David et al., Financial Markets and Corporate Governance (2nd European edition, McGraw-Hill Education, Berkshire UK, 2012) Hudgson Paul, ‘Surpise surprise: Say on Pay appears to be working’ (July 8, 2015), FORTUNE, avalaible at: <http://fortune.com/2015/07/08/say-on-pay-ceos/>, accessed on 10.12.2015 Ishikawa Tetsuya, How I caused the Credit Crunch; An Insider’s Story of the Financial Meltdown (first published 2009, Totem Books - Icon Books, USA 2010) Johnson S. & Kwak J., ‘Is Financial Innovation Good for the Economy?’ (2012) Vol. 12, No. 1 Innovation Policy and the Economy, p. 1 Keijser Thomas et al., ‘Financial Collateral: From Private to Regulatory Law Reform’, in Keijser Thomas (ed.), Transnational Securities Law (Oxford University Press, USA, 2014) Kromwijk D. M. & Oostwouder W. J., ‘Variable Remuneration and Dutch State Aid: Is a Legal Framework Necessary and/or Wrongful?’ (2011) Vol. 8, No. 5 European Company Law, p. 214 Larcker D. F. et al., ‘Follow the Money: Compensation, Risk and the Financial Crisis’ (2014), Stanford Closer Look Series, available at: https://www.gsb.stanford.edu/sites/gsb/files/publication-pdf/cgri-closer-look-43-risk-compensation-financial-crisis.pdf, accessed on: 12.08.2015 Lastra Rosa M., ‘Do We Need a World Financial Organisation’ (2014) Vol. 17 Journal of International Economic Law, p. 787 Lastra Rosa M., International Financial and Monetary Law (2nd edition, Oxford University Press, USA, 2015) Lowe Phillip, ‘The transformation in Maturity Transformation’, Address by Mr Philip Lowe, Deputy Governor of the Reserve Bank of Australia, to Thomson Reuters’ 3rd Australian Regulatory Summit, Sydney, 27 May 2015, available at: <http://www.bis.org/review/r150529c.pdf>, accessed on 12.12.2015 McDonald R. & Paulson An., ‘AIG in Hindsight’ (2015) Vol. 29, No. 2 The Journal of Economic Perspectives, p. 81 Morrison & Foerster, ‘The Dodd-Frank Act: A Cheat Sheet’, Morrison & Foerster (2010), available at: http://media.mofo.com/files/uploads/images/summarydoddfrankact.pdf, accessed on 15.08.2015 Ong K. & Yeung E., ‘Repos and Securities Lending: The Accounting Arbitrage and their Role in the Global Financial Crisis’ (2010) Vol. 6, No. 1 Capital Markets Law Journal, p. 92 Parker Edm. & Gupta M., ‘Too Much Regulation Creates Bank Brain Grain’ (October 18, 2015), Financial Times, available at: <http://www.ft.com/intl/cms/s/0/4dfc4190-719f-11e5-9b9e-690fdae72044.html#axzz3oql0p77P>, accessed on: 18.10.2015 Persaud Avinash, Reinventing Financial Regulation; A Blueprint for Overcoming Systemic Risk (Apress, New York, 2015) Pooran Priya Nandita, ‘Macro-prudential supervision – a panacea for the global financial crisis?’ (2009) Vol. 3, No. 6 Law and the Financial Markets Review, p. 453 Prudential Regulation Authority, ‘Principles for Businesses; The Principles’ (06.06.2014), fsahandbook.info, available at: <https://fshandbook.info/FS/html/handbook/PRIN/2/1>, accessed on 20.08.2015 REUTERS, ‘TIMELINE-The government's rescue and sale of AIG’ (September 9, 2012), reuters.com, avalaible at: <http://www.reuters.com/article/2012/09/09/aig-treasury-idUSL1E8K93M820120909>, accessed on: 06.08.2015 Santoro M. A. & Strauss R. J., Wall Street Values (Cambridge University Press, USA, 2012) Schooner H. M. & Taylor M. W., Global Bank Regulation; Principles and Policies (Elsevier, USA, 2010) Schularick M. & Taylor A. M., ‘Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1970-2008’ (2012) Vol. 102, No. 2 The American Economic Review, p. 1029 Scott H. S., ‘The competitive impact of financial regulatory reform’ (2011) Vol. 26, No. 11 Journal of International Banking Law and Regulation, p. 527 Shin Hyun Song, ‘Reflections on Northern Rock: The Bank Run that Heralded the Global Financial Crisis’ (2009) Vol. 23, No. 1 The Journal of Economic Perspectives, p. 101 Telegraph Staff, ‘Walker Review: The Main Points’ (July 16, 2009), telegraph.co.uk., available at: <http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5841799/Walker-review-the-main-points.html>, accessed on: 20.08.2015 Tomasic Roman, ‘Corporate Rescue, Governance and Risk-Taking in Northern Rock: Part 1’ (2008) Vol. 29, No. 10 Company Lawyer, p. 297 Tomasic Roman, ‘Corporate Rescue, Governance and Risk-Taking in Northern Rock: Part 1’ (2008) Vol. 29, No. 11 Company Lawyer, p. 330
el
heal.recordProvider
School of Economics, Business Administration and Legal Studies, LLM in Transnational and European Commercial Law, Mediation, Arbitration and Energy Law
el
heal.publicationDate
2015-09-08
heal.bibliographicCitation
Sonia I Saranti, Financial products and practices, excessive risk taking and the liability of decision makers of financial institutions; lessons learned from the financial crisis, School of Economics, Business Administration & Legal Studies, International Hellenic University, 2016
en
heal.abstract
The present paper constitutes an analysis of a combination of factors, which have contributed to the global financial crisis of 2007. The writer elaborates on, first, an indicative list of financial products associated with problematic results; second, the excessive risk taking from the part of professionals running major financial institutions; third, the threat imposed by excessive risk taking not only to individual financial institutions but also to the financial system as a whole. With this combination of factors in mind, the aim, at the conclusion of this work, is a proposed approach on both a procedural and a substantial framework for the liability of professionals undertaking excessive financial risk.
en
heal.tableOfContents
Table of Contents ACKNOWLEDGEMENTS 3 ABSTRACT 4 TABLE OF CONTENTS 6 TABLE OF ABBREVIATIONS 7 I. INTRODUCTION 8 II. THE PROBLEMATIC CHARACTER OF SELECTED FINANCIAL PRODUCTS 10 A. INTRODUCTORY NOTES 10 B. SPECULATIVE FINANCIAL PRODUCTS & PRACTICES 10 1. Identification 10 a) Securities Lending 10 b) Repurchase Agreements (Repos) 12 c) Subprime Loans 14 d) Credit Default Swaps (CDSs) 15 C. EFFECTS OF THE PRODUCTS – CONCRETE EXAMPLES 16 1. American International Group (AIG) 16 2. Lehman Brothers 17 3. Northern Rock 18 D. CRITICISM ON THE RISKS UNDERTAKEN 19 III. THE FREEDOMS OF THE DECISION MAKERS IN ASSOCIATION WITH THEIR CONTRIBUTION TO THE PROBLEM 22 A. THE ROLE OF THOSE RUNNING FINANCIAL INSTITUTIONS TOWARDS A FINANCIAL MELTDOWN 22 B. REMUNERATION POLICIES 23 C. LONGEVITY OF THE INSTITUTION: ARE THEIR DECISION MAKERS CONCERNED? 24 IV. NOTIONS ON THE CURRENT STATUS OF LIABILITY OF DECISION MAKERS 26 A. IS THERE ANY NOTICEABLE REALISATION OF THE INDIVIDUAL FAULT? 26 B. INITIATIVES UNDERTAKEN 27 1. United States of America 27 2. United Kingdom 29 V. THE PROPOSAL 30 A. INTRODUCTORY NOTES 30 B. THE SUBSTANTIAL FRAMEWORK 32 C. THE PROCEDURAL FRAMEWORK 33 VI. CONCLUSIONS 37 BIBLIOGRAPHY 38
en
heal.advisorName
Prof.Dr. Kaissis, Athanassios
en
heal.committeeMemberName
Dr Keijser, Thomas
en
heal.committeeMemberName
Ass. Prof. Eleftheriadis, Nikolaos
en
heal.academicPublisher
IHU
en
heal.academicPublisherID
ihu
el
heal.numberOfPages
42
el
heal.temporalCoverage
2007 - 2015
en


This item appears in the following Collection(s)

Show simple item record

Related Items