Steven L. Schwarcz
Stanley A. Star Distinguished Professor of Law
Steven L. Schwarcz is the Stanley A. Star Distinguished Professor of Law & Business at Duke University and Founding Director of Duke’s interdisciplinary Global Capital Markets Center (now renamed the Global Financial Markets Center). His areas of research and scholarship include insolvency and bankruptcy law, international finance, capital markets, systemic risk, corporate governance, and commercial law. (Links to his scholarship are at http://law.duke.edu/fac/schwarcz/.) He holds a bachelor’s degree in aerospace engineering (summa cum laude) and a Juris Doctor from Columbia Law School. Prior to joining the Duke faculty, he was a partner at two of the world’s leading law firms and Visiting Lecturer at Yale Law School. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition), is one of the most widely used texts in the field.
Professor Schwarcz has also been the Leverhulme Visiting Professor at the University of Oxford, Visiting Professor at the University of Geneva Faculty of Law, Lecturer in Law at Columbia Law School, Senior Fellow at The University of Melbourne Law School, Visiting Fellow at Ludwig-Maximilians-Universitat Munchen (LMU) Center for Advanced Studies, Guest Professor at Shanghai University of International Business and Economics, Distinguished Visiting Professor at University College London (UCL) Faculty of Laws, Distinguished Honorary Professor, University of Durham Law School, the MacCormick Fellow at The University of Edinburgh School of Law, the Liberty Fellow at the University of Leeds School of Law (scheduled for May-June 2020), and an adviser to the United Nations. He has given numerous endowed or distinguished public lectures, including at The University of Hong Kong, the University of Oxford (the Leverhulme Lectures 2010, available at http://www.law.ox.ac.uk/published/leverhulme2010.php), Georgetown University Law Center, National University of Singapore, University of Florence, Leiden University, Radboud University Nijmegen, Trinity College Dublin School of Law, and The National Assembly of the Republic of Korea. He has served as an expert at meetings of the World Economic Forum. He also has given numerous keynote speeches, including at annual conferences of the European Central Bank, the Corporate Law Teachers Association of Australia, New Zealand, and Asia-Pacific, the National Business Law Scholars Conference (at The University of Chicago Law School), Moody’s Corporation, and the Asian Securitisation Forum.
Additionally, Professor Schwarcz has testified before the U.S. Congress on topics including systemic risk, securitization, credit rating agencies, and financial regulation and has advised several U.S. and foreign governmental agencies on the financial crisis and shadow banking. His writings include Systemic Risk, 97 Georgetown Law Journal 193, the second most cited law review article of 2008; he also has been recognized as the world’s second most cited scholar, 2010-2014 and again 2013-2017, in commercial, contract, and bankruptcy law. He is also a Fellow of the American College of Bankruptcy, a Founding Member of the International Insolvency Institute, a Fellow of the American College of Commercial Finance Lawyers, Business Law Advisor to the American Bar Association Section on Business Law, a member of P.R.I.M.E. Finance’s Panel of Recognized International Market Experts in Finance, and Senior Fellow of The Centre for International Governance Innovation (CIGI).
Current Appointments & Affiliations
- Stanley A. Star Distinguished Professor of Law, Law School, Duke University 2004
- Professor of Law, Law School, Duke University 2001
Contact Information
- Duke Law School 210 Science Dr, Duke Box 90362, Durham, NC 27708
- Duke Law School Room 3028, Duke Box 90362, Durham, NC 27708
-
schwarcz@law.duke.edu
(919) 613-7060
-
See the Duke Law profile page
-
View this faculty member's publications on the Duke Law web site
- Background
-
Education, Training, & Certifications
- J.D., Columbia University 1974
- B.S., New York University 1971
-
Previous Appointments & Affiliations
- Professor of Law, Law School, Duke University 1996 - 2000
- Recognition
-
In the News
-
MAR 10, 2016 Bloomberg View -
AUG 7, 2015 The Hill -
FEB 4, 2014 Constitution Daily -
FEB 4, 2014 Constitution Daily -
OCT 4, 2013 Constitution Daily -
OCT 4, 2013 Constitution Daily -
SEP 30, 2013 -
SEP 30, 2013 Duke Today -
SEP 12, 2013 Reuters
-
- Research
-
Selected Grants
- Macroprudential Financial Regulation awarded by International Insolvency Institute 2014 - 2015
- Research into the Systemic Risks of Insurance awarded by International Insolvency Institute 2013 - 2014
-
External Relationships
- Centre for International Governance Innovation
- I consult to law firms from time to time as an expert witness in litigation. This year they are Jones Day LLP, Richards, Layton & Finger, P.A., and Morgan, Lewis & Bockius LLP
- Publications & Artistic Works
-
Selected Publications
-
Books
-
Schwarcz, S., and L. Hatem. The Global Derivatives Market (Accepted). Edward Elgar Publishing, 2022.Link to Item
-
Schwarcz, S., D. Arner, E. Avgouleas, and D. Busch. Systemic Risk in the Financial Sector: Ten Years After the Great Crash. Centre for International Governance Innovation, 2019.Link to Item
-
Schwarcz, S., and K. Anderson. Regulating Financial Systems: The Crisis of 2007-2009 and Beyond (Accepted). Oxford University Press, 2013.
-
Schwarcz, S., B. Markell, and L. Broome. Securitization, Structured Finance, and Capital Markets. LexisNexis, 2004.
-
Schwarcz, S. Structured Finance: A Guide to the Principles of Asset Securitization. Tsinghua University Press, 2003.
-
Schwarcz, S. Structured Finance: A Guide to the Principles of Asset Securitization. Maeil Business Newspaper, 2003.
-
Schwarcz, S. Structured Finance: A Guide to the Principles of Asset Securitization, 2002.
-
Schwarcz, S. Guia sobre los principios de Securitizacion de Activos. Universidad Finis Terrae, 2002.
-
Schwarcz, S. PEB Commentary No. 14 on Uniform Commercial Code Sec. 9-102(1)(b), 2000.
-
Schwarcz, S. Sharing of Research Results in a Federally Sponsored Gene Mapping Project, 1987.
-
Schwarcz, S. Peer Review Study. New York Academy of Sciences, 1975.
-
-
Academic Articles
-
Schwarcz, S. “Next-Generation Securitization: NFTs, Tokenization, and the Monetization of ‘Things’ (Accepted).” Boston University Law Review 103, no. 4 (2023).Link to Item
-
Schwarcz, S. “Bankruptcy-Remote Structuring (Accepted).” American Bankruptcy Law Journal 97, no. 1 (2023).Link to Item
-
Schwarcz, Steven L. “Post-Crisis Derivatives Regulation: What Went Right (And What Went Wrong) (Accepted).” Sciences Po Law Review, 2023.Link to Item
-
Schwarcz, Steven L. “Rethinking Commercial Law’s Uncertain Boundaries (In preparation),” 2023.Link to Item
-
Schwarcz, S. “Regulating Digital Currencies: Towards an Analytical Framework.” Boston University Law Review 102, no. 3 (2022): 1037–81.Link to Item
-
Schwarcz, S. “The Inequities of Equitable Subordination.” American Bankruptcy Law Journal 96, no. 1 (2022): 29–62.Link to Item
-
Schwarcz, Steven L. “Regulating Global Stablecoins: A Model-Law Strategy.” Vanderbilt Law Review 75, no. 6 (2022): 1729–85.Link to Item
-
Schwarcz, Steven L. “Fractionalizing Investment Securities: Using FinTech to Expand Financial Inclusion (In preparation),” 2022.
-
Schwarcz, Steven L. “Representations and Warranties, Fraud, and Risk-Shifting: An Analytical Framework (In preparation),” 2022.
-
Schwarcz, Steven L. “Examining the Axioms of Commercial Law (In preparation),” 2022.
-
Schwarcz, Steven L. “Mutualizing Insurance and Re-Insurance Risk through Central Counterparties (In preparation),” 2022.
-
Schwarcz, Steven L. “Representations & Warranties, Fraud, and Risk Shifting: An Analytical Framework (In preparation),” 2022.Link to Item
-
Schwarcz, Steven L., and Jonathan Seymour. “Bankruptcy Remoteness: A Summary Analysis (Accepted).” Business Lawyer 77 (2022).
-
Schwarcz, Steven L., and Lorilee A. Madders. “Securitizing Pandemic Risk Insurance (In preparation),” 2022.
-
Schwarcz, Steven L., and Nicole Phillips. “Adjudicating Business and Commercial Disputes: Fixing Failures (Accepted),” 2022.Link to Item
-
Schwarcz, Steven L., and Theodore L. Leonhardt. “Lawmaking Without Law: How Overreliance on Economics Fails Financial Regulation (And What to Do About It).” American University Law Review 71, no. 6 (2022): 2111–55.Link to Item
- Link to Item
-
Schwarcz, S. “The Inequities of Equitable Subordination (In preparation),” 2021.Link to Item
-
Schwarcz, S., O. Akseli, I. -. Y. Chiu, and J. Linarelli. “Financial Inclusion, Access to Credit, and Sustainable Finance.” Law and Contemporary Problems 84, no. 1 (2021): i–v.Link to Item
-
Schwarcz, S., and T. Leonhardt. “Scoping and Defining Financial Inclusion, Access to Credit, and Sustainable Finance.” Law and Contemporary Problems 84, no. 1 (2021): 1–15.Link to Item
-
Schwarcz, S., and T. Leonhardt. “Financial Inclusion and the “War for Cash”.” Law and Contemporary Problems 84, no. 1 (2021): 17–33.Link to Item
-
Schwarcz, S. “Regulating Financial Guarantors.” Harvard Business Law Review 11, no. 1 (2021): 159–92.Link to Item
-
Schwarcz, S. “Insuring the 'Uninsurable': Catastrophe Bonds, Pandemics, and Risk Securitization.” Washington University Law Review 99, no. 3 (2021): 853–911.Link to Item
-
Schwarcz, S. “Monetizing Assets: Unifying Law, Theory, and Practice (In preparation),” 2021.
-
Schwarcz, S., and B. Richman. “Macromedical Regulation.” Ohio State Law Journal 82, no. 5 (2021): 727–77.
-
Schwarcz, S., and B. Richman. “On Skepticism, Modesty, and Embracing Those With Whom We Disagree: A Rejoinder.” Ohio State Law Journal 82, no. 5 (2021): 869–78.
-
Schwarcz, S., and H. Jackson. “Protecting Financial Stability: Lessons From the COVID-19 Pandemic.” Harvard Business Law Review 11, no. 2 (2021): 193–232.Link to Item
-
Schwarcz, S., and J. Seymour. “Corporate Restructuring Under Relative and Absolute Priority Default Rules: A Comparative Assessment.” University of Illinois Law Review 2021, no. 1 (2021): 1–36.Link to Item
-
Schwarcz, S. “Soft Law as Governing Law.” Minnesota Law Review 104, no. 5 (2020): 2471–2514.Link to Item
-
Schwarcz, S. “Regulating Derivatives: A Fundamental Rethinking.” Duke Law Journal 70, no. 3 (2020): 545–606.Link to Item
-
Schwarcz, S. “Scoping and Defining Financial Inclusion, Access to Credit, and Sustainable Finance (Accepted).” Law and Contemporary Problems 84, no. 1 (2020).
- Link to Item
-
Schwarcz, S. “Insolvency Close-Out Netting (In preparation),” 2020.Link to Item
-
Schwarcz, S., and H. Jackson. “Pandemics and Systemic Financial Risk (In preparation),” 2020.Link to Item
-
Schwarcz, S. “TePoel Lecture: Bond Trustees, and the Rising Challenge of Activist Investors.” Creighton Law Review 53, no. 4 (2020): 669–81.Link to Item
-
Schwarcz, S. “Indenture Trustee Duties: The Pre-Default Puzzle.” University of Cincinnati Law Review 88, no. 3 (2019): 659–84.Link to Item
-
Schwarcz, S. “Central Clearing of Financial Contracts: Theory and Regulatory Implications.” University of Pennsylvania Law Review 167, no. 6 (2019): 1327–73.Link to Item
-
Schwarcz, S. “Systematic Regulation of Systemic Risk.” Wisconsin Law Review 2019 (2019): 1–53.Link to Item
-
Schwarcz, S. “Proactive Resolution of Sovereign and Subnational Debt.” University of Pennsylvania Journal of Business Law 22, no. 1 (2019): 209–43.Link to Item
-
Schwarcz, S., and A. Jones. “Corporate Governance of SIFI Risk-Taking: An International Research Agenda,” 2019, 177–99.
-
Schwarcz, S. “Beyond Bankruptcy: Resolution as a Macroprudential Regulatory Tool.” Notre Dame Law Review 94, no. 2 (2019): 709–49.Link to Item
-
Schwarcz, S. “Empowering the Poor: Turning De Facto Rights into Collateralized Credit.” Notre Dame Law Review 95, no. 1 (2019): 1–38.Link to Item
-
Schwarcz, S. “Regulating Complacency: Human Limitations and Legal Efficacy.” Notre Dame Law Review 93, no. 3 (2018): 1073–1104.Link to Item
-
Schwarcz, S. “Sovereign Debt Restructuring and English Governing Law.” Brooklyn Journal of Corporate, Financial & Commercial Law 12, no. 1 (2018): 73–103.Link to Item
-
Schwarcz, S. “Secured Transactions and Financial Stability: Regulatory Challenges.” Law & Contemporary Problems 81 (2018): 45–62.Link to Item
- Link to Item
-
Schwarcz, S. “Securitization Ten Years after the Financial Crisis: An Overview.” Review of Banking and Financial Law 37, no. 2 (2018): 757–69.Link to Item
-
Schwarcz, S. “Corporate Governance of SIFI Risk-Taking.” Dublin University Law Journal 41, no. 1 (2018): 33–43.
-
Schwarcz, S. “Rethinking Corporate Governance for a Bondholder Financed, Systematically Risky World.” William & Mary Law Review 58 (2017): 1335–64.Link to Item
-
Schwarcz, S. “Changing Law to Address Changing Markets: A Consequence-Based Inquiry.” Law & Contemporary Problems 80 (2017): 163–91.Link to Item
-
Schwarcz, S. “Regulating Corporate Governance in the Public Interest: The Case of Systemic Risk,” 2017, 83–92.
-
Schwarcz, S. “The Financial Crisis and Credit Unavailability: Cause or Effect?” Business Lawyer 72 (2017): 409–20.Link to Item
-
Schwarcz, S. “Too Big to Fool: Moral Hazard, Bailouts, and Corporate Responsibility.” Minnesota Law Review 102, no. 2 (2017): 761–801.Link to Item
-
Schwarcz, S. “Beyond Bankruptcy: Resolution as a Macroprudential Tool (In preparation),” 2017.Link to Item
-
Schwarcz, S. “Regulating Financial Change: A Functional Approach.” Minnesota Law Review 100 (2016): 1441–94.Link to Item
-
Schwarcz, S. “Sovereign Debt Restructuring: A Model-Law Approach.” Journal of Globalization & Development, 2016, 1–29.Link to Item
-
Schwarcz, S. “Misalignment: Corporate Risk-Taking and Public Duty.” Notre Dame Law Review 92 (2016): 1–50.Link to Item
-
Schwarcz, S. “Securitization and Post-Crisis Financial Regulation.” Cornell Law Review Online 101 (2016): 115–39.Link to Item
-
Schwarcz, S. “Macroprudential Regulation of Mortgage Lending.” Smu Law Review, 2016, 595–608.Link to Item
-
Schwarcz, S. “Fred L. Carhart Memorial Lecture (Accepted).” Ohio Northern University Law Review, 2016.
-
Schwarcz, S. “25 Years, Where Are We Now? Global Trade & Sovereign Debt.” Minnesota Journal of International Law 25, no. 2 (2016): 311–20.Link to Item
-
Schwarcz, S. “Shadow Banking and Regulation in China and Other Developing Countries (In preparation),” 2016.Link to Item
-
Schwarcz, S. “Comments on Federal Reserve's 'Minneapolis Plan' (In preparation),” 2016.Link to Item
-
Schwarcz, Steven L. “Sovereign Debt Restructuring: A Model-Law Approach.” Journal of Globalization and Development 6, no. 2 (December 2015): 343–85.
-
Schwarcz, S. “Derivatives and Collateral: Balancing Remedies and Systemic Risk.” University of Illinois Law Review 2015, no. 2 (2015): 699–720.Link to Item
-
Schwarcz, S. “Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation.” Law & Contemporary Problems 78, no. 3 (2015): 97–117.Link to Item
-
Schwarcz, S. “Excessive Corporate Risk-Taking and the Decline of Personal Blame.” Emory Law Review 65, no. 3 (2015): 533–80.Link to Item
-
Schwarcz, S. “Ring-Fencing Financial Markets (In preparation),” 2015.
-
Schwarcz, S. “Special-Purpose Entities in National Finance (In preparation),” 2015.
-
Schwarcz, S. “Sovereign Debt: The Statutory Solution.” International Financial Law Review, 2015.
-
Schwarcz, S., and J. Cox. “Foreword.” Law & Contemporary Problems 78, no. 3 (2015): i–v.Open Access Copy Link to Item
-
Schwarcz, S. “Keynote Reflections: The Public Governance Duty.” Georgia Law Review 50, no. 1 (2015): 1–16.Link to Item
-
Schwarcz, S. “The Governance Structure of Shadow Banking: Rethinking Assumptions About Limited Liability.” Notre Dame Law Review 90 (2014): 1–30.Link to Item
-
Schwarcz, S. “Bypassing Congress on Federal Debt: Executive Branch Options to Avoid Default.” Yale Journal on Regulation 31 (2014): 269–302.Link to Item
-
Schwarcz, S. “The Functional Regulation of Finance.” Harvard Law School Forum on Corporate Governance and Financial Regulation, 2014.Link to Item
-
Schwarcz, S. “Towards More Sustainable and Less Crisis-Driven Financial Regulation.” University of St. Thomas Law Journal 11, no. 3 (2014): 427–37.Link to Item
-
Schwarcz, S., M. Jewett, B. Leonard, C. Walsh, and D. Kempthorne. “Comments on the September 29, 2014 FSB Consultative Document, ‘Cross-Border Recognition of Resolution Action’” CIGI Papers No. 51 (2014).Link to Item
-
Schwarcz, S., and D. Schwarcz. “Regulating Systemic Risk in Insurance.” University of Chicago Law Review 81 (2014): 1569–1640.Link to Item
-
Schwarcz, S. “Rollover Risk: Ideating a U.S. Debt Default.” Boston College Law Review 55 (2014): 1–37.Link to Item
-
Schwarcz, S. “Securitization, Structured Finance, and Covered Bonds.” Journal of Corporation Law 39, no. 1 (2014): 130–54.Link to Item
-
Schwarcz, S., and O. Sharon. “The Bankruptcy-Law Safe Harbor for Derivatives: A Path-Dependence Analysis.” Washington & Lee Law Review 71 (2014): 1715–55.Link to Item
-
Schwarcz, S. “Framing Address: A Framework for Analyzing Financial Market Transformations.” Seattle University Law Review 36 (2013): 299–319.Link to Item
-
Schwarcz, S. “Shadow Banking, Financial Markets, and the Real Estate Sector.” Review of Banking & Financial Law 32 (2013): 179–92.Link to Item
-
Schwarcz, S. “Special - Purpose Entities in National Finance (In preparation),” 2013.
-
Schwarcz, S. “Regulating Shadows: Financial Regulation and Responsibility Failure.” Washington & Lee Law Review 70 (2013): 1781–1825.Link to Item
-
Schwarcz, S. “Ring-Fencing.” Southern California Law Review 87 (2013): 69–109.Link to Item
-
Schwarcz, S. “Lawyers in the Shadows: The Transactional Lawyer in a World of Shadow Banking.” American University Law 63 (2013): 157–72.Link to Item
-
Schwarcz, S. “Shadow Banking in China and Other Developing Countries.” Global Economic Governance Programme Working Paper 2013/83 (2013).
-
Schwarcz, S., and I. Anabtawi. “Regulating Ex Post: How Law Can Address the Inevitability of Financial Failure.” Texas Law Review 92 (2013): 75–131.Link to Item
-
Schwarcz, S. “Securitization and Structured Finance,” 2013, 565–73.
-
Schwarcz, S. “Marginalizing Risk.” Washington University Law Review 89 (2012): 487–518.Link to Item
-
Schwarcz, S. “Sovereign Debt Restructuring Options: An Analytical Comparison.” Harvard Business Law Review 2 (2012): 95–121.Link to Item
-
Schwarcz, S. “The Roberta Mitchell Lecture: Structuring Responsibility in Securitization Transactions.” Capital University Law Review 40 (2012): 803–19.Link to Item
-
Schwarcz, S. “Regulating Shadow Banking.” Review of Banking & Financial Law 31 (2012): 619–42.Link to Item
-
Schwarcz, S. “Controlling Financial Chaos: The Power and Limits of Law.” Wisconsin Law Review 2012 (2012): 815–40.Link to Item
-
Schwarcz, S. “The Use and Abuse of Special-Purpose Entities in Public Finance.” Minnesota Law Review 97 (2012): 369–406.Link to Item
-
Schwarcz, S. “What is Securitization? And for What Purpose?” Southern California Law Review 85 (2012): 1283–99.Link to Item
-
Schwarcz, S. “The 2011 Diane Sanger Memorial Lecture: Protecting Investors in Securitization Transactions: Does Dodd-Frank Help, or Hurt?” Louisiana Law Review 72 (2012): 591–603.Link to Item
-
Schwarcz, S., S. Barnes, and K. Cully. “In-House Counsel's Role in the Structuring of Mortgage-Backed Securities.” Wisconsin Law Review 2012 (2012): 521–47.Link to Item
-
Schwarcz, S., and L. Chang. “The Custom-to-Failure Cycle.” Duke Law Journal 62 (2012): 767–95.Link to Item
-
Schwarcz, S. L. “Secondary-Management Conflicts,” November 29, 2011, 419–26. https://doi.org/10.1002/9781118266588.ch52.Full Text
-
Schwarcz, S. L. “Understanding the Subprime Financial Crisis,” November 29, 2011, 69–75. https://doi.org/10.1002/9781118266588.ch10.Full Text
-
Schwarcz, S. L. “Systemic Risk and Markets,” November 29, 2011, 493–500. https://doi.org/10.1002/9781118266588.ch61.Full Text
-
Schwarcz, S. “Facing the Debt Challenge of Countries that are "Too Big to Fail",” 2011, 425–30.Link to Item
-
Schwarcz, S. “Financial Industry Self-Regulation: Aspiration and Reality.” University of Pennsylvania Law Review Pennumbra 159 (2011): 293–302.Link to Item
-
Schwarcz, S. “Keynote Address: Ex Ante Versus Ex Post Approaches to Financial Regulation.” Chapman Law Review 15 (2011): 258–69.Link to Item
-
Schwarcz, S. “Keynote Address: Identifying and Managing Systemic Risk: An Assessment of Our Progress,” 2011.Link to Item
-
Schwarcz, S. “Identifying and Managing Systemic Risk: An Assessment of Our Progress.” Harvard Business Law Review Online 1 (2011): 94–104.Link to Item
-
Schwarcz, S. “Keynote Address: A Regulatory Framework for Managing Systemic Risk,” 2011.Link to Item
-
Schwarcz, S. “The Conundrum of Covered Bonds.” Business Lawyer 66 (2011): 561–86.Link to Item
-
Schwarcz, S. “A Minimalist Approach to State 'Bankruptcy'.” Ucla Law Review 59 (2011): 322–53.Link to Item
-
Schwarcz, S. “Disintermediating Avarice: A Legal Framework for Commercially Sustainable Microfinance.” University of Illinois Law Review 2011 (2011): 1165–99.Link to Item
-
Schwarcz, S., and I. Anabtawi. “Regulating Systemic Risk: Towards an Analytical Framework.” Notre Dame Law Review 86 (2011): 1349–1412.Link to Item
-
Schwarcz, S. “Compensating Market Value Losses: Rethinking the Theory of Damages in a Market Economy.” Florida Law Review 63 (2011): 1053–76.Link to Item
-
Schwarcz, S. “Helping Microfinance Become Commercially Sustainable.” Gonzaga Law Review 46 (2011): 495–502.Link to Item
-
Schwarcz, S. “Keynote Address: The Conflicted Trustee Dilemma.” New York Law School Law Review 54 (2010): 707–15.Link to Item
-
Schwarcz, S. “Keynote Address: The Role of Lawyers in the Global Financial Crisis.” Australian Journal of Corporate Law 24 (2010): 1–13.Link to Item
-
Schwarcz, S. “Leverhulme Lecture: The Global Financial Crisis and Systemic Risk” 2010 (2010).Link to Item
-
Schwarcz, S. “Leverhulme Lecture: Regulating Complexity in Financial Markets” 2010 (2010).Link to Item
-
Schwarcz, S. “Leverhulme Lecture: The Future of Securitization” 2010 (2010).Link to Item
-
Schwarcz, S. “Fiduciaries With Conflicting Obligations.” Minnesota Law Review 94 (2010): 1867–1913.Link to Item
-
Schwarcz, S. “Distorting Legal Principles.” Journal of Corporation Law 35 (2010): 697–727.Link to Item
-
Schwarcz, S. “Regulating Complexity in Financial Markets.” Washington University Law Review 87 (2009): 211–68.Link to Item
-
Schwarcz, S. “Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs.” Yale Journal on Regulation 26 (2009): 457–70.Link to Item
-
Schwarcz, S. “Keynote Address: The Case for a Market Liquidity Provider of Last Resort.” Nyu Journal of Law & Business 5 (2009): 346–54.Link to Item
-
Schwarcz, S. “The 'Principles' Paradox.” European Business Organization Law Review 10 (2009): 175–84.Link to Item
-
Schwarcz, S. “The Future of Securitization.” Connecticut Law Review 41 (2009): 1313–25.Link to Item
-
Schwarcz, S. “Keynote Address: Understanding the 'Subprime' Financial Crisis.” South Carolina Law Review 60 (2009): 549–72.Link to Item
-
Schwarcz, S. “Disclosure's Failure in the Subprime Mortgage Crisis.” Utah Law Review 2008 (2008): 1109–22.Link to Item
-
Schwarcz, S. “Markets, Systemic Risk, and the Subprime Mortgage Crisis.” Smu Law Review 61 (2008): 209–17.Link to Item
-
Schwarcz, S. “Systemic Risk.” Georgetown Law Journal 97 (2008): 193–249.Link to Item
-
Schwarcz, S. “Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown.” Minnesota Law Review 93 (2008): 373–406.Link to Item
-
Schwarcz, S., and G. Sergi. “Bond Defaults and the Dilemma of the Indenture Trustee.” Alabama Law Review 59 (2008): 1037–73.Link to Item
-
Schwarcz, S. “To Make or to Buy: In-House Lawyering and Value Creation.” Journal of Corporation Law 33 (2008): 497–575.Link to Item
-
Schwarcz, S. “Substantive Consolidation of Corporate Groups in Insolvency Situations, and Delaware Limited Liability Companies in the Zone of Insolvency.” Australian Law Journal 81 (2007): 15.
-
Schwarcz, S. “Explaining the Value of Transactional Lawyering.” Stanford Journal of Law, Business & Finance 12 (2007): 486–535.Link to Item
-
Schwarcz, S. “Automatic Perfection of Sales of Payment Intangibles: A Trap for the Unwary.” Ohio State Law Journal 68 (2007): 273–79.Link to Item
-
Schwarcz, S. “The Public Responsibility of Structured Finance Lawyers.” Capital Markets Law Journal 1 (2006): 6–20.Link to Item
-
Schwarcz, S. “Financial Information Failure and Lawyer Responsibility.” Journal of Corporation Law 31 (2006): 1097–1123.Link to Item
-
Schwarcz, S. “Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie.” Chicago Journal of International Law 6 (2005): 381–90.Link to Item
-
Schwarcz, S. “The Limits of Lawyering: Legal Opinions in Structured Finance.” Texas Law Review 84 (2005): 1–58.Link to Item
-
Schwarcz, S. “We Are All Saying Much the Same Thing: A Rejoinder to the Comments of Professors Coffee, Macy, and Simon.” Texas Law Review 84 (2005): 93–104.Link to Item
-
Schwarcz, S. “Temporal Perspectives: Resolving the Conflict Between Current and Future Investors.” Minnesota Law Review 89 (2005): 1044–90.Link to Item
-
Schwarcz, S. “The Confused U.S. Framework for Foreign-Bank Insolvency: An Open Research Agenda.” Review of Law & Economics 1 (2005): 81–95.Link to Item
-
Schwarcz, S. “Foreword to Paul Ali & Jan Job de Vries Robbe.” Synthetic, Insurance and Hedge Fund Securitisations, 2004.
-
Schwarcz, S. “Securitization Post-Enron.” Cardozo Law Review 25 (2004): 1539–75.Link to Item
-
Schwarcz, S. “Subnational Debt Restructuring and the Rule of Law.” Journal of Restructuring Finance 1 (2004): 129–53.
-
Schwarcz, S. “Collapsing Corporate Structures: Resolving the Tension Between Form and Substance.” Business Lawyer 60 (2004): 109–45.Link to Item
-
Schwarcz, S. “Rethinking the Disclosure Paradigm in a World of Complexity.” University of Illinois Law Review 2004 (2004): 1–37.Link to Item
-
Schwarcz, S. “'Idiot's Guide' to Sovereign Debt Restructuring.” Emory Law Journal 53 (2004): 1189–1218.Link to Item
-
Schwarcz, S. “Commercial Trusts as Business Organization: An Invitation to Comparatists.” Duke Journal of Comparative & International Law 13 (2003): 321–36.Link to Item
-
Schwarcz, S. “Book Review.” Canadian Business Law Journal 38, no. February (2003): 150–56.Link to Item
-
Schwarcz, S. “Commercial Trusts as Business Organizations: Unraveling the Mystery.” Business Lawyer 58 (2003): 559–86.Link to Item
-
Schwarcz, S. “The Impact of Bankruptcy Reform on "True Sale" Determination in Securitization Transactions.” Fordham Journal of Corporate & Financial Law 7 (2002): 353.Link to Item
-
Schwarcz, S. “Restructuring Subnational Debt.” Municipal Finance Journal 23 (2002): 1.
-
Schwarcz, S. “The Universal Language of International Securitization.” Duke Journal of Comparative & International Law 12 (2002): 285–308.Link to Item
-
Schwarcz, S. “Enron and the Use and Abuse of Special Purpose Entities in Corporate Structures.” University of Cincinnati Law Review 70 (2002): 1309.Link to Item
-
Schwarcz, S. “Private Ordering of Public Markets: The Rating Agency Paradox.” University of Illinois Law Review 2002 (2002): 1.Link to Item
-
Schwarcz, S. “Global Decentralization and the Subnational Debt Problem.” Duke Law Journal 51 (2002): 1179.Link to Item
-
Schwarcz, S. “Private Ordering.” Northwestern University Law Review 97 (2002): 319–49.Link to Item
-
Schwarcz, S., and J. Benjamin. “Intermediary Risk in The Indirect Holding System For Securities.” Duke Journal of Comparative & International Law 12 (2002): 309–30.Link to Item
-
Schwarcz, S. “Indirectly Held Securities and Intermediary Risk.” Uniform Law Review/ Revue De Droit Uniforme 6 (2001): 283.
-
Schwarcz, S. “Intermediary Risk in a Global Economy.” Duke Law Journal 50 (2001): 1541.Link to Item
-
Schwarcz, S. “Sovereign Debt Restructuring: A Bankruptcy Reorganization Approach.” Cornell Law Review 85 (2000): 956.Link to Item
-
Schwarcz, S. “The Inherent Irrationality of Judgment Proofing.” Stanford Law Review 52 (1999): 1.Link to Item
-
Schwarcz, S. “Rethinking Freedom of Contract: A Bankruptcy Paradigm.” Texas Law Review 77 (1999): 515.Link to Item
-
Schwarcz, S. “Towards a Centralized Perfection System for Cross-Border Receivables Financing.” University of Pennsylvania Journal of International Economic Law 20 (1999): 455.Link to Item
-
Schwarcz, S. “Judgment Proofing: A Rejoinder.” Stanford Law Review 52 (1999): 77.Link to Item
-
Schwarcz, S. “The Impact on Securitization of Revised UCC Article 9.” Chicago Kent Law Review 74 (1999): 947.Link to Item
-
Schwarcz, S. “The Universal Language of Cross-Border Finance.” Duke Journal of Comparative & International Law 8 (1998): 235.Link to Item
-
Schwarcz, S. “The Easy Case for the Priority of Secured Claims in Bankruptcy.” Duke Law Journal 47 (1997): 425.Link to Item
-
Schwarcz, S. “The Attraction of Law and Economics: Is Law an Autonomous Discipline?” Harvard Journal of Law & Public Policy 21 (1997): 85.Link to Item
-
Schwarcz, S. “Protecting Rights, Preventing Windfalls: A Model for Harmonizing State and Federal Law on Floating Liens.” North Carolina Law Review 75 (1997): 403.Link to Item
-
Schwarcz, S. “Rethinking a Corporation's Obligations to Creditors.” Cardozo Law Review 17 (1996): 647.Link to Item
-
Schwarcz, S., P. Pantaleo, H. Edelman, F. Feldkamp, J. Kravitt, W. McNeill, T. Plank, K. Morrison, P. Shupak, and B. Zaretsky. “Rethinking the Role of Recourse in the Sale of Financial Assets.” Business Lawyer 52 (1996): 159.Link to Item
-
Schwarcz, S. “Law and Economics of Securitization,,” 1995.
-
Schwarcz, S. “The Global Alchemy of Asset Securitization.” International Financial Law Review 14 (1995): 30.Link to Item
-
Schwarcz, S. “The Alchemy of Asset Securitization.” Stanford Journal of Law, Business & Finance 1 (1995): 133.Link to Item
-
Schwarcz, S. “A Fundamental Inquiry Into the Statutory Rulemaking Process of Private Legislatures.” Georgia Law Review 29 (1995): 909.Link to Item
-
Schwarcz, S. “A New Theory of Recourse in Structured Finance.” Asset Sales Report, 1994, 8.
-
Schwarcz, S., and A. Rothman. “Civil Forfeiture: A Higher Form of Commercial Law?” Fordham Law Review 62 (1994): 287.Link to Item
-
Schwarcz, S. “Octagon Gas' Ruling Creates Turmoil for Commercial and Asset-Based Finance.” New York Law Journal 1993 (1993): 1.
-
Schwarcz, S. “The Parts are Greater Than the Whole: How Securitization of Divisible Interests Can Revolutionize Structured Finance and Open the Capital Markets to Middle-Market Companies.” Columbia Business Law Review 1993 (1993): 139.Link to Item
-
Schwarcz, S. “Credit Lyonnais Case Clarifies ABS Issues in Bankruptcy.” Asset Sales Report, 1992, 1.
-
Schwarcz, S. “Structured Finance: The New Way to Securitize Assets.” Cardozo Law Review 11 (1990): 607–38.Link to Item
-
Schwarcz, S. “The Impact of Fraudulent Conveyance Law on Future Advances Supported by Upstream Guaranties and Security Interests.” Cardozo Law Review 9 (1987): 729–41.Link to Item
-
Schwarcz, S. “Basics of Business Reorganization in Bankruptcy.” Journal of Commercial Bank Lending 68 (1987): 36–44.Link to Item
-
Schwarcz, S. “An Analysis of Proposed Changes in Substantive and Procedural Law in Response to Perceived Difficulties in Establishing Whether or Not Causation Exists in Mass Toxic Tort Litigation.” Record of the Association of the Bar of the City of New York 41 (1986): 905.
-
Schwarcz, S. “Basics of Business Reorganization in Bankruptcy.” Journal of Commercial Bank Lending 68 (1985): 36.
-
Schwarcz, S. “A Disturbing Decision: Analysis of Twistcap.” Scott Report, 1983.
-
Brown, T., E. A. Mauss, S. L. Schwarcz, P. Siekevitz, and M. Zucker. “An investigation into nonscientist involvement in peer review: the National Institutes of Health example.” Annals of the New York Academy of Sciences 368 (January 1981): 229–35. https://doi.org/10.1111/j.1749-6632.1981.tb15451.x.Full Text
-
Schwarcz, S. L., T. Brown, L. M. Greenbaum, H. J. Kayden, and R. Trumbull. “Nonscientist participation in the peer review process: is it desirable? Is it implementable? Who are the nonscientists who should become involved? A panel discussion.” Annals of the New York Academy of Sciences 368 (January 1981): 213–28. https://doi.org/10.1111/j.1749-6632.1981.tb15450.x.Full Text
-
Schwarcz, S. “Resolving Conflicts in Technological Disputes.” Jurimetrics Journal 19 (1979): 424.
-
-
Book Sections
-
Schwarcz, S. “Examining Indenture Trustee Duties.” In Fiduciary Obligations in Business, 93–110. Cambridge University Press, 2021.Link to Item
-
Schwarcz, S. “Central Bank Digital Currencies and Law.” In The (Near) Future of Central Bank Digital Currencies: Risks and Opportunities for the Global Economy and Society, 99–112. Peter Lang, 2021.Link to Item
-
Schwarcz, S. “Conclusion: Closing Perspectives on Regulating Systemic Risk.” In Systemic Risk in the Financial Sector: Ten Years After the Great Crash, 263–78. Centre for International Governance Innovation, 2019.Link to Item
-
Schwarcz, S., A. Jones, and J. Yan. “Responsibility of Directors of Financial Institutions.” In Governance of Financial Institutions. Oxford University Press, 2019.Link to Item
-
Schwarcz, S. “A Global Perspective on Securitised Debt.” In Capital Markets Union in Europe, 484–503. Oxford University Press, 2018.Link to Item
-
Schwarcz, S. “Banking and Financial Regulation.” In Oxford Handbook of Law and Economics, 423–46, 2017.Link to Item
-
Schwarcz, S. “Perspectives on Regulating Systemic Risk.” In Systemic Risk, Institutional Design, and the Regulation of Financial Markets, 39–59. Oxford University Press, 2017.Link to Item
-
Schwarcz, S. “Managing Systemic Risk: An American View.” In One Issue, Two Voices: Systemic Financial Risk: Can New Regulations Protect the Public From Widespread Economic Failure?, 2016.
-
Schwarcz, S., and D. Schwarcz. “Anticipating New Sources of Systemic Risk in Insurance.” In Systemic Risk and the Future of Insurance Regulation, 51–64, 2016.
-
Schwarcz, S., and K. Alexander. “The Macroprudential Quandary: Unsystematic Efforts to Reform Financial Regulation.” In Reconceptualising Global Finance and Its Regulation, 127–58, 2016.
-
Schwarcz, S. “The Banking Union: A General Perspective.” In European Banking Union: The New Regime, 2015.
-
Schwarcz, S. “Securitization and Structured Finance.” In Handbook of Key Global Financial Markets, Institutions, and Infrastructure, 565–73, 2013.
-
Schwarcz, S. “Direct and Indirect U.S. Government Debt.” In Is U.S. Government Debt Different?, 245–54, 2012.Link to Item
-
Schwarcz, S. “Information Asymmetry and Information Failure: Disclosure Problems in Complex Financial Markets.” In Corporate Governance and the Global Financial Crisis: International Perspectives, 95–112, 2011.
-
Schwarcz, S. “Too Big to Fail?: Recasting the Financial Safety Net.” In The Panic of 2008: Causes Consequences and Implications for Reform, 94–115, 2010.Link to Item
-
Schwarcz, S. “Foreword.” In Innovations in Securitisation Yearbook, 2006.
-
Schwarcz, S. “Is Securitization Legitimate?” In International Financial Law Review Guide to Structured Finance, 115–17, 2004.
-
Schwarcz, S. “The Role of Rating Agencies in Global Market Regulation.” In Regulating Financial Services and Markets in the 21st Century, 297, 2001.
-
Schwarcz, S., and G. Varges. “Guaranties and Other Third-Party Credit Supports.” In Commercial Loan Documentation Guide, 2000.
-
Schwarcz, S. “Structuring and Legal Issues of Asset Securitization in the United States.” In Asset Securitization: International Financial and Legal Perspectives, 1991.
-
-
Other Articles
-
Schwarcz, S. “Thoughts on The Minneapolis Plan to End TBTF.” Finreg Blog, 2016.
-
Schwarcz, S., and O. Fitzgerald. “Albany Can Solve the World's Sovereign Debt Crisis.” Bloombergview, 2016.
-
Schwarcz, S. “Corporate Risk-Taking and the Decline of Personal Blame.” Harvard Law School Forum on Corporate Governance and Financial Regulation, 2015.Link to Item
-
Schwarcz, S. “Towards a "Rule of Law" Approach to Restructuring Sovereign Debt.” Harvard Law School Forum on Corporate Governance and Financial Regulation, 2014.Link to Item
-
Schwarcz, S. “The Impact of Income Disparity on Financial Regulation.” Cls Blue Sky Blog, 2014.Link to Item
-
Schwarcz, S. “Derivatives and Collateral: Balancing Remedies and Systemic Risk.” Harvard Law School Bankruptcy Roundtable, 2014.Link to Item
-
Schwarcz, S. “Another Option for Avoiding a Debt-Ceiling Disaster.” Constitution Daily, 2014.
-
Schwarcz, S. “The Governance Structure of Shadow Banking.” Harvard Law School Forum on Corporate Governance and Financial Regulation, 2014.Link to Item
-
Schwarcz, S. “Understanding the Dangers of a Debt Default.” Constitution Daily, 2013.
-
Schwarcz, S. “How Three Economists View a Financial Rescue Plan.” New York Times, 2008.Link to Item
-
Schwarcz, S. “Beyond the Bailout.” Forbes.Com Commentary, 2008.Link to Item
-
Schwarcz, S. “Systemic Risk Meets Subprime Mortgages.” Forbes.Com Commentary, 2008.Link to Item
-
Schwarcz, S., and E. Marcus. “Ohio Supreme Court Decision Jeopardizes the Financeability of Government Receivables.” U.C.C. Bulletin, 2006.
-
Schwarcz, S., and A. Rothman. “Save the Blameless from Seizure Laws.” New York Times, 1994.
-
Schwarcz, S. “Repurchase Agreements and Bankruptcy Changes.” National Law Journal, 1984.
-
Schwarcz, S. “Dealing with Problems Faced in Bankruptcies.” National Law Journal, 1983.
-
-
Reports
-
Schwarcz, S. “Using Risk Securitization to Insure Against Pandemic-Related Risk.” Think20 Italy, 2021.Link to Item
-
Schwarcz, S. “Designing and Regulating Retail Digital Currencies.” Centre for International Governance Innovation, 2021.Link to Item
-
Schwarcz, S. “Using Insights into Human Rationality to Improve Financial Regulation.” Centre for International Governance Innovation, 2018.Link to Item
-
Schwarcz, S. “Creating Credit From De Facto Collateral Rights.” Centre for International Governance Innovation, 2018.Link to Item
-
Schwarcz, S. “Extending Bankruptcy-Resolution Techniques to Protect Financial Stability.” Centre for International Governance Innovation, 2018.Link to Item
-
Schwarcz, S. “Bondholder Governance.” Centre for International Governance Innovation, 2018.Link to Item
-
Schwarcz, S., and M. Peihani. “Addressing Excessive Risk Taking in the Financial Sector: A Corporate Governance Approach.” Centre for International Governance Innovation, 2018.Link to Item
-
Schwarcz, S. “A Model-law Approach to Sovereign Debt Restructuring,” 2017.Link to Item
-
Schwarcz, S. “Controlling Systemic Risk Through Corporate Governance,” 2017.Link to Item
-
Schwarcz, S. “Restructuring Sovereign Debt: An English Law Opportunity.” Centre for International Governance Innovation, 2017.Link to Item
-
Schwarcz, S. “A Model-Law Approach to Restructuring Unsustainable Sovereign Debt.” CIGI Policy Brief, 2015.Link to Item
- Link to Item
-
-
- Teaching & Mentoring
-
Recent Courses
- FINANCE 650: Structuring and Regulating Financial Transactions 2023
- LAW 323: Bankruptcy and Corporate Reorganization 2023
- LAW 390: Structuring and Regulating Financial Transactions 2023
- LAW 640: Independent Research 2023
- LAW 287: Principles of Commercial and Bankruptcy Law 2022
- LAW 323: Bankruptcy and Corporate Reorganization 2022
- LAW 390: Structuring and Regulating Financial Transactions 2022
- LAW 640: Independent Research 2022
- LAW 287: Principles of Commercial and Bankruptcy Law 2021
- LAW 640: Independent Research 2021
Some information on this profile has been compiled automatically from Duke databases and external sources. (Our About page explains how this works.) If you see a problem with the information, please write to Scholars@Duke and let us know. We will reply promptly.