-
Corporate
Governance: Organization Structure; Responsibility and Authority;
Principal and Agent problem; monitoring costs.
+
Smart, Megginson & Gitman:
Chapters 1, 2 (recommended), 24, 25
(available on reserve)
+
Whitman speech
• Brealy and Meyers, Ch. 34, 33
-
Corporate
Governance:
Market Forces and Corporate Governance
+
Smart, Megginson & Gitman: Chapters 24 and 25 (available
on reserve)
• Brealy and Meyers, Ch. 33, 34
Executive Compensation
+
Collection of
newspaper articles about Exec Comp and ESOs
+
Institute for
Policy Studies, “Executive Excess 2005”
+ Primer: Employee Stock Options I: Basics
+ Primer: Employee Stock Options II: Recent History
- both found at
www.financialpolicy.org/dscprimers.htm
+
Special Policy Brief 28:
"Unlimited Greed: How Executives Used
Employee Stock Options to Raid the U.S. Treasury"
Randall Dodd, September 21, 2006
www.financialpolicy.org/dscbriefs.htm
-
Corporate
Governance: Sarbanes-Oxley
+ CRS Summary of
Legislation, April 23, 2003
+ CRS Summary of Legislation, April 23, 2003
+
Price
Waterhouse Coopers Primer, 2003
+
SEC Comm. Atkins
lecture, 2003
+ "The Deal" article on
gatekeepers
• CRS Report to Congress, February 3, 2003
“Auditing and Its Regulators: Reforms after Enron”
• “World According to Sarbanes-Oxley”
• Houlihan & Lukey article (on Blackboard)
• Brealy and Meyers, Ch. 34
• Zoe-Vonna Palmrose, “The Future Role of Auditors as Financial
Gatekeepers (2005)
• Leslie Boni, “Analyzing the Analysts after the Global Settlement” (2005)
-
Economic
Rationale for Prudential Regulation
+ Dodd, Special Policy Report 12 “The Economic Rationale
for
Financial Market Regulation”
www.financialpolicy.org/dscreports.htm
-
Banking
Sector:
+
Spong: Intro,
Chapter 1,5,6
+
Mishkin and
Eakins, Chapter 18 on Banking Regulation
+
Kaufmann,
first 14 pages
Recommended:
• CRS Fin Inst Mergers
• Mishkin, Chapters 2, 8, 9, 10 (History), 11, 12
-
Banking
Sector: continued…
+ Case Study: Wal-Mart Applies
for a Bank Charter
(read Dodd, Special Policy Report 13)
+ Dodd, Special Policy Report 13 at
www.financialpolicy.org/dscreports.htm
• GAO: Bank Oversight, 1996
• GAO: Bank Oversight Structure, 1997
• Lown, Cara S., Carol L. Osler, Philip E Strahan, and
Amir Sufi. 2000.
“The Changing Landscape of the Financial Services Industry: What Lies
Ahead.”
Federal Reserve Bank of New York, Economic Policy Review. (October).
• Mishkin & Eakins, Chs. 6, 10, 21
• Chancellor,
Devil Take The Hindmost
-
Securities Sector:
+
SIA Primer on Securities Acts
+ Summary of Securities Act of 1933
(Sections 2A, 5 then read 4, 6 first part, 7, 10, 11, 27A)
+
Summary of Securities Exchange Act of 1934
(Sections 2, 4a, 4A,5,6,7,8,9,10,12, 15(optional), 15C, 31
+
Investment Company Act - Hedge Fund Regulation?
• Library of Congress, Summary of Government Securities
Act of 1986
• Amendment to Gov Sec Act, 1993 (Title I only)
• Fed Board on Government Securities Act, 1994.
• Zipf,
How the Bond Market Works, Chapters 4, 8
-
Securities Sector: Continuation of
session 7
-
Derivatives Markets:
+
Financial Policy Forum: Primer on Derivatives
+
Financial Policy Forum: Primer on Derivatives Instruments
+
Financial Policy Forum: Primer Derivatives for Journalist
+ Financial Policy Forum: Primer Structure of OTC
Derivatives Markets
+
Financial Policy Forum
Special Policy Report 8: Derivatives Markets:
Sources of Vulnerability in U.S. Financial Markets
• Hull,
Chapters 1, 31, 32
•
Mishkin: Ch. 13
• Mishkin and Eakins, Chapters 23, 24
• Liaw, Thomas and
Ronald Moy. 2000. The Irwin Guide to Stocks, Bonds, Futures,
and Options: A
Comprehensive Guide to Wall Street's Markets.
-
Derivatives Markets:
•
Brewer, Jackson and Moser: “The Value of Using Interest Rate Derivatives to
Manage Risk at U.S. Banking Organizations.”
www.chicagofed.org/publications/economicperspectives/2001/3qepart4.pdf
Harnessing
the Power of Financial Markets for the Public Good