| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16737 |
| 来源ID | Working Paper 16737 |
| Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement | |
| Hans B. Christensen; Luzi Hail; Christian Leuz | |
| 发表日期 | 2011-01-27 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We examine the capital-market effects of changes in securities regulation in the European Union (EU) aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of EU firms, we exploit that for plausibly exogenous reasons, like national legislative procedures, EU countries adopted these directives at different times. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. The findings suggest that countries with initially weaker regulation do not catch up with stronger countries, and that countries diverge more upon harmonizing regulation. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance ; Other ; Law and Economics ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w16737 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574411 |
| 推荐引用方式 GB/T 7714 | Hans B. Christensen,Luzi Hail,Christian Leuz. Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16737.pdf（420KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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