Crypto Custody

By | April 23, 2024

The Markets in Crypto-Asset Regulation (Regulation (EU) 2023/1114 – ‘MiCA’) aims at furthering one of the main applications of the distributed ledger technology (DLT, which is the crypto asset ecosystem. MiCA’s approach consists of ensuring an adequate degree of investor protection, financial stability, market fairness, and integrity, in the aftermath of the Crypto Winter, where… Read More »

Unravelling the Frozen Assets Conundrum: Strategic Approaches to the Confiscation of Russian Assets in the EU

By | April 22, 2024

The United States, the European Union (EU), and other jurisdictions have imposed restrictive measures (sanctions) against Russia, including asset freezes, in response to the war of aggression against Ukraine. The latest available data shows that frozen assets belonging to sanctioned Russian individuals and entities amount to 21.5 billion Euros. Furthermore, the frozen assets of the… Read More »

Propagation of Climate Disasters Through Ownership Networks

By | March 7, 2024

Climate risk is one of the greatest challenges facing the world today and investors are taking notice.  But a full understanding of how climate risks get implemented into firm policy remains elusive. In our recent paper, we study the propagation of climate disasters through common ownership networks as a mechanism through which investors may impact… Read More »

The SEC’s Climate-Risk Disclosure Rule: What a Long Strange Trip It’s Been

By | March 6, 2024

The SEC finalized its climate-risk disclosure rule earlier today, two years after first proposing the rule. The final rule significantly pares back disclosure requirements for greenhouse gas emissions but otherwise adheres to the basic structure of the proposed rule. This post summarizes the process followed to get to this point, potential legal challenges to the… Read More »

Common Investor Relations Representation 

By | March 5, 2024

Publicly listed corporations in the US typically have investor relations (IR) programs that involve providing information to and interfacing with external firm stakeholders. IR encompasses various activities, including preparing and issuing corporate disclosures, managing relationships with current and prospective investors, organizing non-deal roadshows to improve visibility with the street, interfacing with sell-side analysts to evaluate… Read More »

Understanding Corporate Tax Audits: Insights from Novel Firm-Level Data 

By | March 4, 2024

In the complex realm of corporate taxation, tax audits play a crucial role in influencing how companies deal with their tax planning strategies. The influence of these audits is substantial, yet a comprehensive understanding of their economic implications remains elusive, primarily due to the lack of detailed public data. Although tax audits are inherently negative… Read More »

Developing a Novel Conceptual Tax Regulatory Framework for Crypto Tokens  

By | January 29, 2024

The notions behind decentralized virtual currency were developed over a long period of time and decades before the introduction of Bitcoin, the first cryptographic virtual currency, in 2008. To a certain extent, they express the idea of “denationalization of money,” which represents a significant part of the work of the Nobel laureate Friedrich Hayek from… Read More »

Can Elon Musk’s SpaceX Raise More Equity Capital Without Going Public?

By | January 25, 2024

Elon Musk’s SpaceX, a pioneering company in reusable rockets and spacecraft design, continues to rank as one of the most valuable private companies in the world. According to Bloomberg, its valuation nears 180 billion dollars, over 100 times that of a “unicorn”— a private company that is valued at over one billion dollars. To date,… Read More »

Clawback provisions and insider trading profits 

By | January 23, 2024

The issue of agency conflicts between shareholders and managers remains a prominent challenge. This struggle often manifests through rent extraction, where managers exploit opportunities for excess pay or insider trading profits. Scholars have explored various mechanisms to mitigate these conflicts, with one notable approach being the implementation of clawback provisions. This post delves into the… Read More »