The Future of Law and Finance after the Financial Crisis: New Perspectives on Regulation and Corporate Governance for Banks

Abstract

In tribute to the lifetime achievements of Dr. Thomas S. Ulen, this Article addresses the topic of the future of law and finance within the broader context of the future of law and economics. After highlighting some of the differences between the U.S. and European approaches to law and finance, it focuses on specific law and finance issues that were involved in the financial crisis (including the regulation of financial institutions) and draws some tentative lessons for the future development of new research paradigms in law and finance. Finally, this Article advocates a more risk-based approach of corporate governance for banks as well as the need for specific corporate governance models. Far from having a declining impact on legal reforms and scholarship, the impact of law and finance is on the rise.

Keywords: Law and finance, corporate governance, banks

JEL Classification: G01, G21, G34, G38