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来源类型Working Paper
规范类型报告
DOI10.3386/w29143
来源IDWorking Paper 29143
Regulatory Costs of Being Public: Evidence from Bunching Estimation
Michael Ewens; Kairong Xiao; Ting Xu
发表日期2021-08-16
出版年2021
语种英语
摘要The increased burden of disclosure and governance regulations is often cited as a key reason for the significant decline in the number of publicly-listed companies in the U.S. We explore the connection between regulatory costs and the number of listed firms by exploiting a regulatory quirk: many rules trigger when a firm’s public float exceeds a threshold. Consistent with firms seeking to avoid costly regulation, we document significant bunching around multiple regulatory thresholds introduced from 1992 to 2012. We present a revealed preference estimation strategy that uses this behavior to quantify regulatory costs. Our estimates show that various disclosure and internal governance rules lead to a total compliance cost of 4.1% of the market capitalization for a median U.S. public firm. Regulatory costs have a greater impact on private firms’ IPO decisions than on public firms’ going private decisions. However, heightened regulatory costs only explain a small fraction of the decline in the number of public firms.
主题Financial Economics ; Financial Institutions ; Corporate Finance ; Other ; Law and Economics
URLhttps://www.nber.org/papers/w29143
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586817
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Michael Ewens,Kairong Xiao,Ting Xu. Regulatory Costs of Being Public: Evidence from Bunching Estimation. 2021.
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