International bodies have criticized Canadian financial markets for being lax in the area of enforcement. We examine whether such criticisms are applicable to settlements struck by the Ontario Securities Commission (OSC). We make a number of important findings. First, the total number of parties...

Governments' choice of instrument to address environmental concerns affects not only the relative prices faced by individuals making choices but also their norms or values. This effect on values is important because some argue that traditional instruments (such as taxes and regulations) are...