| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19358 |
| 来源ID | Working Paper 19358 |
| The Twilight Zone: OTC Regulatory Regimes and Market Quality | |
| Ulf Brüggemann; Aditya Kaul; Christian Leuz; Ingrid M. Werner | |
| 发表日期 | 2013-08-22 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We analyze a comprehensive sample of more than 10,000 U.S. OTC stocks. We provide much needed descriptive evidence on this market and show that the OTC market is a large, diverse, and dynamic trading environment with a rich set of regulatory and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We also exploit the institutional richness of the OTC market and analyze two key dimensions of market quality, liquidity and crash risk, across firms and regulatory regimes. We find that OTC firms that are subject to stricter regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis points to an important trade-off in regulating the OTC market and protecting investors: Lowering regulatory requirements (e.g., for disclosure) reduces the compliance burden for smaller firms, but also reduces market quality. |
| 主题 | 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/w19358 |
| 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/577032 |
| 推荐引用方式 GB/T 7714 | Ulf Brüggemann,Aditya Kaul,Christian Leuz,et al. The Twilight Zone: OTC Regulatory Regimes and Market Quality. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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