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The Dodd-Frank Act allows the SEC to choose either an internal administrative proceeding or a federal district court as an enforcement venue for resolving violations of federal securities laws. I first document that the SEC increased the use of administrative proceedings after Dodd-Frank. I next...
Persistent link: https://www.econbiz.de/10012826599
We examine the causal effect of increased oversight by the U.S. Securities and Exchange Commission (SEC) on the cost of bank loans issued to U.S. cross-listed foreign firms, using the signing of the Multilateral Memorandum of Understanding (MMoU) as a natural experiment. The MMoU enables the SEC...
Persistent link: https://www.econbiz.de/10013492456
The SEC’s Division of Enforcement is frequently criticized for its lack of oversight effectiveness, and certain vocal critics attribute this to a lack of financial experience within the SEC. Using novel hand-collected data on SEC regional directors, I find that most of these senior SEC...
Persistent link: https://www.econbiz.de/10014353659
We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Although prior work provides evidence that Reg FD reduced managers’ selective disclosure of material...
Persistent link: https://www.econbiz.de/10014238703
We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Prior work provides evidence that Reg FD reduced managers' selective disclosure of material information...
Persistent link: https://www.econbiz.de/10012848129
We exploit the landmark U.S. Supreme Court decision of Kokesh v. SEC [2017] as a unique identification strategy to investigate the value of securities law enforcement. The Kokesh decision was an unanticipated legal change that limits the SEC's ability to impose disgorgement—its most potent...
Persistent link: https://www.econbiz.de/10012897180
This study uses equal-weighted portfolios of financial and non-financial SEC registrants to examine the market reaction to proposed SEC short-term borrowing disclosure regulation. Using event study methodology and two event dates -- that is, announcement and voting dates -- we find that the...
Persistent link: https://www.econbiz.de/10013030158
This study examines the effect of SEC regulations on firm valuations and corporate policies over the past 50 years. I build a time-varying and industry-specific measure of SEC regulatory restrictions, based on the universe of effective SEC rules and machine-learning relevance of the regulations...
Persistent link: https://www.econbiz.de/10012831482
The Dodd-Frank Act was signed into law on July 21, 2010 (DFA 2010). The Act extended the role and protection of whistleblowers by providing awards to whistleblowers who gave relevant information to the U.S. Securities and Exchange Commission and the U.S. Commodities Futures Trading Commission...
Persistent link: https://www.econbiz.de/10014113096
Dodd-Frank Act of 2010 eliminated a Regulation Fair Disclosure rule, which allowed U.S. public companies to make selective disclosures to credit rating agencies (CRAs). However, CRAs and legal experts argue that given the other provisions in Regulation Fair Disclosure, which allow companies to...
Persistent link: https://www.econbiz.de/10012854290