Capitalization and its Legal Friends

Innovative Instruments and Legal Mechanisms of Bank Capitalization: National Features and World Trends

The article investigates the role of bank capital in financing reproduction processes and increase of economic growth indicators, considers the essence of the concept of “bank capitalization”, determines the structure and main sources of bank capital increase. Taking into account the fact that Ukraine and Poland have similar vectors of economic development, the current practices of increasing t...

Illiquidity and All Its Friends

The recent crisis was characterized by massive illiquidity. This paper reviews what we know and don't know about illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first explains why liquidity cannot easily be apprehended through a single statistics, and asks whether liquidity should be regulated given that a capital adequacy req...

Death and all its friends.

For the past 5 years, Canadian Family Physician has been proud to publish the winners of the AMS– Mimi Divinsky Stories in Family Medicine awards, presented annually at Family Medicine Forum. Awards are given to the best stories written in English, French, and by a resident in family medicine. This year’s best story in English, “Only life,” by Dr Ruoh-Yeng Chang (page 66)1 describes her role pr...

Electoral Pressures and the Legal System: Friends or Foes?

Dividend Tax Capitalization and Liquidity

We provide a new explanation for cross-sectional variation in dividend tax capitalization. Our analysis is twofold. First, we conduct a theoretical analysis that shows that liquidity (illiquidity) mitigates (magnifies) the positive effect of dividend taxes on expected rates of return documented in prior literature. Second, we conduct an empirical analysis centered around the Jobs and Growth Tax...