Financial markets play a significant role in channeling funds from surplus spending units (fund givers) to deficit spending units (fund takers). Whether financial intermediation is carried out by banks or capital markets, market failures are ubiquitous and call for financial regulation. This...

Commissioned by the Toronto Financial Services Alliance (TFSA), this report provides a high level comparison of the regulatory environment that impacts the financial services industry in some of the main jurisdictions based on relevant instrumental factors, responses to an online questionnaire...

The procyclicality hypothesis predicts that after a stock market downturn, regulatory initiatives and therefore investor protections increase. Unlike the relevant literature which focuses on new legislation, we focus on the enforcement of securities law. Our work is consistent with the idea of...