| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26856 |
| 来源ID | Working Paper 26856 |
| Measuring the Cost of Regulation: A Text-Based Approach | |
| Charles W. Calomiris; Harry Mamaysky; Ruoke Yang | |
| 发表日期 | 2020-03-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We derive a measure of firm-level regulatory exposure from the text of corporate earnings calls. We use this measure to study the effect of regulation on companies’ growth, leverage, profitability, and equity returns. Higher regulatory exposure results in slower sales and asset growth, lower leverage, reduced profitability, but higher post-call equity returns. These effects are mitigated for larger firms. Our findings suggest that both compliance risk and physical operational cost are consequences of increased regulation, but the magnitude of the effects of compliance risk are larger. The topical context of regulation is important for future firm-level outcomes. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Regulatory Economics |
| URL | https://www.nber.org/papers/w26856 |
| 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/584529 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Harry Mamaysky,Ruoke Yang. Measuring the Cost of Regulation: A Text-Based Approach. 2020. |
| 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 | ||
| w26856.pdf（757KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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