“…They find that introducing mortgage-backed securities to markets where only covered bonds are common, or covered bonds where mortgage-backed securities are common, could have positive consequences for the financial system overall. Mayoral and Vallelado's (2017) paper on "Beyond Rational Behaviour: the Non-Financial Variables that Condition Shareholder Action during a Takeover", analyses investor protection policy and highlight that, before the financial crisis, this was based on the rational behaviour hypothesis and characterised by an over-reliance on disclosure and financial literacy strategies. The serious financial problems suffered by retail investors during the crisis called this into question and fresh regulation at the European level has sought to further amend and address investor protection issues.…”