PhD Profiles

Hyoeun Yang commenced her doctorate research in January 2021.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research?   

My thesis title is “The Legitimacy and Efficacy of Financial Regulatory Reform after the Global Financial Crisis”. My supervisors are Professor Kern Alexander and Dr Mahmood Bagheri. 

Tell us about your thesis

My thesis aims at addressing the critical issues of legitimacy and efficacy of financial regulatory reforms after the global financial crisis of 2008. It presumes that the lack of attention to the legitimate principles of financial regulation and the confusion between emergency responses and structural reforms have made the post-crisis financial regulatory reforms less successful and adequate to address the root causes of the crisis and emerging risks for the next crisis. 

One of the main hypotheses is that insufficient consideration has been paid to the legitimacy of financial regulation while too much focus has been given to financial stability within a narrow scope of financial markets and the governance of financial institutions. As a result, more important issues such as sustainable economic growth and equality have not been sufficiently discussed in the course of post-crisis regulatory reforms. Considering that the legitimacy and efficacy of financial regulatory reforms are mutually reinforcing principles, the thesis argues that the legitimacy of regulatory reform is critical to improving the efficacy of any reform.

What motivated you to study that topic? Why is that research important? 

I have been very interested in the intersection of financial regulation and international economic policymaking because I thought that the area covers many interesting issues such as policy prioritization, distribution of limited public resources, and compliance and incentive schemes for market participants. So I thought that analysing the legitimacy and efficacy of global financial regulation would help policymakers better understand how regulatory approaches and policy tools should be designed in order to achieve the resilience and inclusiveness of the economy.

The current global health crisis due to the COVID-19 pandemic illustrates how vulnerable the global economy is even after a decade of ambitious financial regulatory reform efforts. The chronic issues of income inequality and unequal access to quality financial services have been just escalating during lockdowns. I believe that the global economy could have met the challenge if the post-crisis financial regulation reforms had paid more attention to the fundamental issue of legitimacy in order to make the global economy more resilient and less divided. 

What did you do before starting your PhD at IALS? 

Before starting my PhD at IALS, I have worked at a public think tank in South Korea as a senior researcher and have written research papers and policy briefs mainly in the areas of global financial regulation, EU trade and investment policies, and innovation in financial markets including the evolution of fintech and regulatory ecosystem. I also supported the G20 summit in 2017 and participated in UNCTAD’s Annual High-level IIA Conference as a rapporteur.  

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS? 

My first motivation to come to IALS was the availability of supervision by distinguished scholars. 
Also, I was attracted by the vast collection of the library and excellent academic training programs. Considering my interest in financial regulation and policymaking, I could not think of any place better than IALS for my PhD.  

What do you hope to do at the end of your PhD? 

I would like to stay in academia and continue policy analysis. I look forward to having more opportunities to expand my research after I complete my PhD. 

Anything else that you would like to add

I am always grateful that IALS has allowed me to pursue my PhD research in a flexible and encouraging environment.  

Tuğçe Yalçin commenced her doctorate research in October 2019. Tuğçe is also Editor-in-Chief of the IALS Student Law Review.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research? 

The title of my thesis is "Warranty and Disclosure of Information in M&A Transactions in the Light of the Theory of Contract Law – Comparison of the Common Law and the Civil Law".

My supervisors are Dr Mahmood Bagheri and Dr Pierre Schammo. I started my doctoral studies in October 2019.

Tell us about your thesis.

My doctoral thesis analyses various contract law regimes with regard to practical and economic issues within M&A and financial transactions. Moreover, it shows the essential differences between the common law and civil law legal systems as well as the impact of the technology on the contemporary financial market.

What motivated you to study that topic? Why is that research important? 

As a lawyer within the M&A/Corporate department of a leading global law firm, I advised national and international clients on cross-border M&A and financial transactions, corporate restructurings, in corporate law, financial law, commercial law, private foundation law, European law, foreign trade law, including regulatory issues. 

When it came to the use of warranty regime and its limits in share purchase agreements in cross-border transactions, I found very crucial issues that were not uniformly resolved, substantial questions that remained unanswered as well as significant differences between the common law and civil law legal systems, especially in terms of the interpretation and understanding of contracts. 

The comprehensive, cross-border and comparative analysis of the English, German and Austrian warranty regimes and their limits in contracts as well as the exposition of relevant cases distinguishes my doctoral thesis from other national analyses and considerations.

What did you do before starting your PhD at IALS? 

I worked as a lawyer in the M&A/Corporate department of a leading global law firm and headed its "Austrian-China-Desk".  

Before then, I completed (i) the Master's degree in Law, (ii) the bilingual (German and English) Master's Programme in European Union Studies and (iii) the Bachelor's degree in Political Science. 

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS?

I chose to study at IALS because it is, founded in 1947, a leading legal research hub and a postgraduate research institute with a core of researchers, research students and legal information professionals as well as offers a world-class research environment to postgraduate students by its expertise within those areas that are related to and relevant for my research project.

I enjoy the opportunity to undertake original and extensive independent research and to make a distinctive contribution to my field under an exceptional supervision. The continuous support, useful trainings and intellectual exchanges in one to one meetings with professors and fellows denote the exceptionality of IALS' legal community. 

What do you hope to do at the end of your PhD? 

Publish a book about my thesis and combine my practice as a lawyer with the academic and lecturing practice. 

Anything else that you would like to add?

As the Editor-in-Chief of the IALS Student Law Review (ISLRev) – IALS' own peer-reviewed academic law journal – I would like to encourage postgraduate students to contribute to the ISLRev as it gives unique forum to present scholarly contributions and allows for publication on multi-dimensional legal studies (for detailed information, please see https://ials.sas.ac.uk/digital-publications/ials-open-access-journals#ials-student-law-review). 

The journal publishes regularly articles, developing work or case notes which meet scholarly standards on all areas of law and features in the Directory of Open Access Journals (DOAJ) and in HeinOnline Law Journals Library. The latest issue of the ISLRev can be accessed here. 

In case of any questions, please do not hesitate to email us using the ISLRev email address: ials.islr@sas.ac.uk or my university email address: Tugce.Yalcin@postgrad.sas.ac.uk. 

Lovina Otudor successfully passed her viva in January 2020 and will graduate in December.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research?

Title: The Future of Anti-Money Laundering Regulations and Its Implications for Developing Economies Supervisors: Prof. Chizu Nakajima, Prof. Stuart Bazley Commencement Date: September 2015

Tell us about your thesis.

My thesis is on the effort of the west to tackle money laundering through the instrumentality of the FATF and the reasons why the effort failed to achieve its objectives especially in developing economies. It is noted that the peculiarities embedded in developing economies were never considered neither were their views sought in the epoch-making process which culminated in the creation of the FATF and her global regulatory standards. The research examines the evolution of the FATF anti- money laundering regulatory governance; the reasons for its evolution and the global dual socio-economic conditions that characterise the developed-developing countries divide. The research posits that the FATF regime did not evolve primarily for the acclaimed purposes of detection and fighting crime or to protect the global financial system from use and abuse by criminals. It may have evolved to deal with competition issues as it relates to tax and regulatory arbitrage. Evidence now abound which tend to show that developing economies had no choice but to adopt and implement the FATF regulatory bias of rich western nations without having any say as to its coming into force and how to repatriate laundered money trapped, as it were, in developed western nations. The international geographical spread of the FATF regime points towards a deliberate and concerted effort to arouse or manipulate public sentiment about the crime of money laundering and why it should not pay. This resulted in the stigmatisation of small and developing economies from which money laundering crimes emanate significantly to the benefit of the political and economic interests of some Western countries that were the founding fathers of the FATF. The research gives a detailed account of the determinant of compliance behaviour in developing economies to the FATF regulatory standards by looking at the sources, industry response to the FATF regulation and the implication of this response on developing economies. The main contribution of the work is to advocate for a rethink in the application of the FATF global AML regulatory standards by going back to the drawing board to deliberate and ensure that the FATF membership is open to all to ensure a platform of equal opportunity to deliberate on her regulatory standards to accommodate the inherent peculiarities or circumstances of developing nations which act as a drawback in the full realization of the laudable aims and objectives of the FATF global Anti-Money Laundering regulatory framework that all countries of the world are supposed to partake in.

What motivated you to study that topic? Why is that research important?

I come from a developing economy. Developing economies are accused of not having enough regulatory framework and even if they have, the implementation is not to the letters with the standards of the FATF. This aroused my quest to investigate the historical antecedent of the FATF, her membership and standards with a view of discovering whether there was any collateral relationship with the shortcomings as envisaged in developing econ0mies. The research is important because not only a one size fit all does not work in all situations but that the unequal playing field, double standards and closed membership of the FATF has a lot to play in the global response to Anti-Money Laundering regulation thus calling for a revisit of the FATF and her standards as a means of finding lasting solutions to global money laundering pandemic.

What did you do before starting your PhD at IALS?

I worked and practiced as a lawyer with the government of Cross River State, Nigeria in the Ministry of Justice.

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS?

I choose IALS because not only was it centrally located in London but is known for its outstanding law library which meant I would have access to as many resource materials as I wanted for my research. I enjoyed the opportunities IALS created for me to interact, the training sessions which meant I was not alone and above all the staff were polite and ever ready and willing to help.

What do you hope to do at the end of your PhD?

My choices are still open for now but wherever I find myself in regulatory governance either as a lecturer, regulator or regulated, I will ensure I uphold the standards and ethics of the job.

Anything else that you would like to add.

I want to say thank you to IALS for making my doctoral dream a reality. Today I am a proud alumnus and if I was to choose again, It will be IALS.

Ben Turner is a second year PhD student, who completed his Upgrade from MPhil to PhD in March 2020.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research?

My thesis is entitled “The Rise and Fall of Intermediated Securities: An Economic Jurisprudential Analysis of Trust Based Intermediation.” My supervisors are Dr Mahmood Bagheri and Professor Kern Alexander. I officially started my doctoral studies in October 2018, however in truth, my studies began about six months previously. This is because my PhD is an extension of my LLM thesis (which I also completed at IALS.)

Tell us about your thesis.

My thesis explores the system of trust that underlies securities intermediation in the UK and in similar common law jurisdictions. I use an economic analysis to explore the efficiencies of the system and whether technology has outmoded trust.

What motivated you to study that topic? Why is that research important?

I graduated with an LLM in International Corporate Governance, Financial Regulation and Economic Law (with Distinction) from IALS in 2018 and thoroughly enjoyed the financial law focused modules. For my LLM thesis I began to explore intermediated securities and their evolution in relation to technological advancements. I found that the topic was interesting, timely and had significant questions that were unanswered. I wanted to research these questions in more detail and provide some novel solutions. The research is important as it goes to the core of modern capital markets and the system of law that underpins it. Critically, there has been no other study which looks at the efficiency of trust law and its operation in the capital markets.

What did you do before starting your PhD at IALS?

Before my PhD, I spent the vast majority of the past 7 years in university. I completed a BA (Joint Hons.) in Ancient History and Religious Studies, followed by the Graduate Diploma in Law, both at Cardiff University; an MSc. in Law, Business and Management at the University of Law; and, as mentioned already, the LLM in International Corporate Governance, Financial Regulation and Economic Law (with Distinction) at IALS in 2018.

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS?

I chose IALS for my PhD because it seemed a logical step to complete my research in the institution where it began and under the same expert supervision. I originally chose IALS for the LLM because I wanted to avail myself of the incredible resources at IALS and be a part of the central hub of legal research in the UK. IALS also has a well-regarded global presence to which I was very attracted. A further selling point was IALS’ particular expertise in financial law. My research is firmly within this area and so it seemed a perfect fit.

What do you hope to do at the end of your PhD?

I currently lecture at Cardiff University and the Open University, and I hope to continue in these roles. I am also completing my barrister training part time while finishing my PhD and am due to be called to the Bar by the Inner Temple in 2022. Thus, I hope to combine my lecturing practice with practice at the Bar.

Calvin Jackson successfully passed his viva in March 2020 and will graduate in December.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research? 

Title: ‘Promoting Highest Professional Standards in UK Remuneration Committee Advisory Services’

Key Supervisor: Professor Kern Alexander

September 2015.

Tell us about your thesis.

Consultants advising remuneration committees are key players in the pay determination process. The ‘professional standards’ of remuneration consultants significantly influence the advice provided. My qualitative empirical research exercise comprised 53 semi-structured interviews with top level protagonists on the UK executive remuneration scene (including remuneration committee chairs/members, institutional shareholder bodies, regulators, consultants and their ‘in-house’ counterparts).

What motivated you to study that topic? Why is that research important? 

Executive pay regulation, remuneration committee processes and outcomes are a matter of interest/controversy for government, institutional shareholders, press and the electorate generally, as part of the ongoing ‘responsible capitalism’ debate. My experience as a ‘veteran’ (but now retired) executive remuneration consultant meant that I was well placed to carry out research that contributed on both academic and UK practice fronts. Such research is important because remuneration package design, levels and processes are significant factors in ‘responsible capitalism’.

What did you do before starting your PhD at IALS? 

25 years providing consulting advisory services to remuneration committees in the UK and around the world (particularly in the financial services sector), and during the past 10 years practising at the Bar

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS? 

I chose IALS because the subjects covered in the ICGFREL course sounded particularly interesting/relevant and could be undertaken while I practised at the Bar. I needed the timing of my academic work to ‘synchronise’ flexibly with legal practice. I knew therefore, when I began my doctoral studies, that my timing commitment devoted to academic work could ‘flex’ according to the varying demands of Court work. Such flexibility was invaluable. I also knew that IALS had a strong reputation in ‘financial services regulation’, which enabled me to secure very helpful support and guidance from a supervisor who had both academic and financial sector experience.

What do you hope to do at the end of your PhD? 

Continuing in legal practice, plus writing and teaching on corporate governance/the executive pay aspects of financial regulation. I have also been asked by a film production company to work with them on a future feature film built around a ‘City Boardroom Pay Dilemma’.

Anything else that you would like to add.

In my view, IALS’ key strengths include flexibility in operation and the learning/development opportunities offered to its research students. Tuition and supervision is built around extensive student/teacher contact – on the doorstep of the City. There are also some arguably unique features such as the ‘IALS PhD Masterclass Sessions’ – which are also attended by research students from other UK academic institutions.

Calvin Jackson successfully passed his viva in March 2020 and will graduate in December.

George Daoud commenced his doctorate studies in January 2020. George is also currently one of the Deputy Editors of the IALS Student Law Review.

What is the title of your thesis? Who are your supervisors? When did you start your doctoral research?   

Title: The Evolving Nature of Financial Crime with the Increase of Internet Capabilities. Challenge Identification, Legal Considerations, and Policy Recommendations. 

Supervisor: Dr. Colin King

January 2020

Tell us about your thesis.

I am looking at emerging technologies and their effect on the sophistication of money laundering and other forms of darknet crimes. With globalization, financial inclusion has primarily been driven by emerging technologies. However, the international and national regulatory environment can either help this objective of financial inclusion or impede it while driving healthy financial traffic away from certain regions and increasing traffic of such technologies for illicit means and ends in some select regions. A balanced approach is needed to reduce counter-productive regulation while countering emerging trends of financial crime. With technology, the automatic concern of consumer privacy and identification storage arises, which complicates the capabilities of enforcement agencies to supervise/enforce, or financial institutions to report. This also affects political institutions and their efficacy in striking the right balance for resource allocation.  

What motivated you to study that topic? Why is that research important? 

Multiple variables are important for financial institutions to be healthy and support a nation’s economy and livelihood. However, the predicate offences committed are incentivized through the revenue they bring. Particularly in the context of emerging technologies. Creative trends to use/launder proceeds of crime affect not only a nation’s stability from the ground level but also the fundamental structure, confidence and capabilities of financial institutions to be a healthy bedrock for the current global economy. This leads to trade effects, national security, and the overall place of a nation in the world. Technological tools of financial transactions further present an incentive through their means, so proper mechanisms should be in place to act as a deterrent in order to blunt criminal activity in the context of the increased sophistication of criminal enterprises. 

What did you do before starting your PhD at IALS? 

I was in the law enforcement industry and am now currently in the legal industry as a practitioner. 

Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS? 

IALS is an exclusively graduate and postgraduate institution. Its higher education niche attracted me to pursue higher education here. If one desires to learn a topic, they go to a specialist in the selected topic. Therefore, it made sense to me that to pursue a Ph.D., I must go to an institution which specializes in Doctoral research. 

I enjoy and have been highly impressed by the vibrant intellectual community. A diverse array of scholars support each other in the pursuit of knowledge. The scholars at the institution have been very generous with regard to research support and encouragement. The library is very impressive as well. The bank of information is very insightful. 

What do you hope to do at the end of your PhD? 

I hope to use my research for substantive positive policy influence, whether in the national or international arena.