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The paper aims at introducing an in-depth analysis of Banks Corporate Governance in the after-crisis regulatory environment, going through theoretical and methodological specifications for starting an economic analysis of the post-crisis stream of reforms in the financial system, especially in the Eurozone.In a nutshell, this research has two main purposes: on the one hand, assess whether departures from standard corporate governance paradigms in banks are desirable; on the other hand, shed light on the impact of the rules on the resolution of distressed institutions on governance mechanisms.To achieve those goals, the paper carries out a survey the literature about Bank Governance and Bail-in Regulation in a functional manner to introduce the unexplored link between the new resolution regime and Corporate Governance, focusing the governance role of bail-inable creditors, as “potential residual claimers”. The literature review is supplemented and enriched by the necessary theoretical tools to properly set a Law & Economic analysis, both for what concerns specific agency relationships between corporate constituencies and the nature of financial regulation and bank insolvency.The paper concludes that the after-crisis reforms, and the bail-in regulation, in particular, represent the cornerstone for a new understanding of the relationship between corporate constituencies of banks. Moreover, the links between governance-related issues and the effectiveness of resolution mechanisms constitute a solid argument in favor of a positive role of Corporate Governance in addressing individual as well as systemic stability issues.

The banking industry extensively lobbied against Basel III and governments have been keen to delay its full implementation. Chorafas' latest book takes a well-rounded approach on Basel III's strengths and weaknesses and explains how, without deep restructuring of the global banking industry, (like Basel II) Basel III will fail.

A sense of mystery surrounds the subject of drama within primary and junior education, compounded by the assumption that the individual modalities of the experts in the field are exclusive rather than inclusive. This has fostered obscurity and confusion as to what constitutes drama, and indeed how drama should be taught. The direct consequence of such misconception and erroneous supposition is the beggared implication of drama. However, in an era of primary and junior education when the Arts generally, and drama specifically, are being given a dutiful nod at best, it is of critical importance that a solution to this problematic predicament be established. This work offers such knowledge by deconstructing the methodologies and philosophies of Winifred Ward, Peter Slade, Brian Way, Dorothy Heathcote and David Hornbrook within the neutral framework of Aristotle's dictates for drama. These pioneers from the field of drama within education exemplify individual, unique and exclusive styles. Traditionally they would have been considered as incompatible. However, an unbiased examination and analysis of their work exposes mutual concerns, common threads, as well as polemic opinions. A defin

The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries? What are perceived to be the major future threats to financial stability? These and related issues are discussed in the book by well-known experts in the field — some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.

Marcus's hotel project in the Caribbean is slapped with an injunction, a sexual harassment suit threatens to oust him from his own company, and hackers steal millions from his account. But none of this compares to the challenges he's about to face when he learns that his CFO is reported missing in the Bahamas, and that his best friend, Doc Sebasst, has been arrested and is being held without bail in the Cayman Islands. The seemingly random events are no coincidence, but the work of one man and a long list of conspirators. Marcus finds himself in the fight of his life against an opponent he can't beat-without Doc's help. He has eight days to try and save his multi-billion-dollar empire, but first he has to find a way to break Doc out of jail.

Last will for Brandon, Charleston, S.C.

This working paper examines the impact of imposing multiple ring-fencing regimes on bank safety, including a 'prisoner's dilemma' effect that can arise from host country incentives. It discusses these issues first on a qualitative basis to establish intuition, and then quantifies the risk of different structures via a Merton-style option model. The results suggest that there is a material advantage (i.e. reduced probability of local failure) for a jurisdiction that ring-fences its subsidiary if other jurisdictions do not match that decision. This host jurisdiction benefits from both (i) local capital and (ii) the ability to tap a large central reserve. However, if other jurisdictions adopt similar ring-fencing policies, then the benefit of a pooled 'central reserve' capital is voided and all jurisdictions become worse off.Under our model, we find that failure risk increases by a large multiple if ring-fencing becomes pervasive. In some cases, the increase in risk is 5x or more, compared to a structure where internal capital is fully mobile. This is caused by 'misallocation risk' - the risk that a bank has enough capital resources overall, but cannot get those resources to the right subsidiary in time to avoid a local failure. The paper concludes with suggestions on possible policy alternatives that could mitigate these issues. We consider a few hybrid cases, which suggest that a 'partly ring-fenced bank' can mitigate a substantial amount of misallocation risk if the central reserve is significant and not committed too early.We then explore alternatives which build on the Financial Stability Board's post-crisis bank resolution architecture. Large amounts of 'bail-in' capital are now being issued by the biggest global banks, and these resources can fund an alternative to the hard legal entity bankruptcies (or emergency bail-outs) seen in the 2008 crisis - events that appear to motivate many of the recent ring-fencing initiatives. We conclude with a 'straw man' proposal that aims to produce a more resilient overall outcome for the group while addressing legitimate host concerns. We believe the paper is relevant for the ongoing policy debates on bank structure, capital allocation and resolution.

As well as providing an analysis of how financial stability could be sustained through the appropriate targeting of policy instruments at debt gearing, this paper aims to provide an overview of the respective roles which governments and shareholders could assume in deterring financial institutions from overly relying on certain policy measures (role of governments) and in reducing tax burdens on tax payers (role of shareholders). The duration of the recent Crisis has also witnessed the introduction of mechanisms aimed at bailing- in financial institutions - rather than merely bailing them out.Even though monetary policy measures should ultimately be targeted at macro level, the respective roles assumed by governments and shareholders at micro level in facilitating the phasing out of certain monetary policy measures and assuming responsibility as the first resort during the impending collapse of a financial institution, are also of vital importance. This paper also aims to consider additional measures which could be implemented as a means of mitigating the number of financial institutions which could become overly dependent on monetary policy and liquidity sustenance measures provided during deteriorating financial conditions. Greater focus on strategies aimed at mitigating the number of financial institutions which could become overly dependent (bail-in strategies which could address bail outs) - rather than simply focusing on measures and exit strategies aimed at weaning such institutions after assistance has been granted to these financial institutions, could prove to be more effective.A brief comparative analysis of the monetary policy response implemented in the Euro area during the recent Financial Crisis (against that which was implemented in the United States), will also be provided in this paper.

In 1991, nineteen-year-old Tammy Marquardt gave birth to a baby boy, Kenneth. Two years later he was dead. Tammy was convicted of his murder and sent to prison for life. Her conviction hinged largely on the evidence given by Dr. Charles Smith, the pediatric forensic pathologist at Toronto's famed Hospital for Sick Children. At the time, Dr. Smith was considered top in his field and his findings were never questioned. Tammy had two other sons taken away from her by the Children's Aid Society and her sons were adopted out to a new family. She spent fourteen years in prison for a murder she did not commit. Her fortunes turned when an inquiry into the cases of Dr. Charles Smith found that he was unqualified for his position and he had made serious errors in dozens of cases, which led to a series of wrongful convictions of innocent people, including Tammy. Tammy was released on bail in 2009 and eventually acquitted of all charges in 2011. This book tells how an innocent mother's life was nearly destroyed by an unethical and incompetent doctor and how she fought for and finally received some justice.