This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are [...]
While excessive bank debt can impose overwhelming costs on the broader economy, some contend that there may be some benefits from debt for a firm’s corporate governance. In particular, some [...]
This Article provides the first look at patent litigation hazards for public firms during the 1980s and 1990s. Litigation is more likely when prospective plaintiffs acquire more patents, when firms [...]
This chapter investigates spatial variations in prices over the boom-bust cycle of housing markets both within and across urban areas. It considers the role of a new supply proxy--commuting time--in [...]
This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks [...]
We analyze asset-backed commercial paper conduits which played a central role in the early phase of the financial crisis of 2007-09. We document that commercial banks set up conduits to [...]
Anat Admati argues that the banking system is too fragile and inefficient, and that reform efforts have been flawed. The fragility of the system causes booms and busts, and busts [...]
Occupational licensing undermines consumer sovereignty and restricts occupational freedom in Alabama. Professional groups use the goal of protecting consumers from unqualified practitioners as cover to restrict access into the profession [...]
In the past, “non-practicing entities” (NPEs), popularly known as “patent trolls”, have helped small inventors profit from their inventions. Is this true today or, given the unprecedented levels of NPE [...]
The most significant changes to the patent and innovation system in the past two centuries have been, or are in the process of being, implemented in the United States today. [...]