We study the interaction between government's bailout policy and a bank's willingness to impose losses on (or “bail in”) investors based its private information. In absence of regulation, bail-ins in early stages crisis are too small, while bailouts large frequent. Moreover, bank may face run by informed investors, creating further distortions leading larger bailout. show how regulator with lim...

357 June 2013, Vol. 103, No. 6 SAMJ Rape in South Africa To the Editor: Dr Naidoo is to be commended for reminding readers of the scourge that is rape.[1] However, he has overlooked the main reason for the abysmally low conviction rate. In many, if not most, allegations of rape there is no witness, and no material evidence. He says that consent was given; she denies it. The magistrate has the u...

Iatrogenic aortocoronary dissection is a rare but potentially disastrous complication of percutaneous coronary intervention. The left main dissection extending into distal bifurcation involving both the left anterior descending and left circumflex is a complex and vital complication, which is classified as Eshtehardi Type II dissection. We presented a case of iatrogenic left main coronary arter...

This dissertation presents work empirically investigating various aspects of the criminal justice system. Chapter one, coauthored with Chris Rohlfs, examines the judicial bail-setting process and the defendant decision to pay bail. Optimal bail-setting rules must balance the tradeoffs between costs to defendants and costs to society. This chapter develops a model of optimal bail that incorporat...

My research assesses the impact of changes to legally-aided representation in magistrates’ courts operating in East Kent (a designated court area) in the context of structural change driven by neoliberal forms of governance. This paper presents some findings following periods of observation at the relevant court area. Past socio-legal studies of magistrates’ courts, largely conducted when most ...

We study both analytically and numerically the problem of a partially inelastic bail on a platform vibrating with frequency

We develop a theory of market crashes based on differences of opinion among investors. Because of short-sales constraints, bearish investors do not initially participate in the market and their information is not revealed in prices. However, if other previously bullish investors bail out of the market, the originally bearish group may become the marginal “support buyers,” and more will be learn...

We examine the optimal size and composition of banks’ total loss absorbing capacity (TLAC). Optimal size is driven by the trade-off between providing liquidity services through deposits and minimizing deadweight default costs. Optimal composition (equity vs. bail-in debt) is driven by the relative importance of two incentive problems: risk shifting (mitigated by equity) and private benefit taki...