The Impact of Investor Protection Law on Corporate Policy : Evidence from the Blue Sky Laws

Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the staggered passage of state securities fraud statutes (“blue sky laws”) in the United States to estimate the causal effects of investor protection law on firm financing decisions and investment activity. The statutes induce firms to increase dividends, issue equity, and grow in size. The laws also facilitate improvements in operating performance and market valuations. Overall, the evidence is strongly supportive of theoretical models that predict investor protection law has a significant impact on corporate policy and performance

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Year of publication:	2018
Authors:	Agrawal, Ashwini K.
Publisher:	[2018]: [S.l.] : SSRN
Subject:	EU-Staaten \| EU countries \| Anlegerschutz \| Investor protection

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Extent:	1 Online-Ressource (47 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of Financial Economics (JFE), Vol. 107, No. 2, pp. 417-435 (2013) Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 1, 2013 erstellt
Classification:	G30 - Corporate Finance and Governance. General ; G31 - Capital Budgeting; Investment Policy ; G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; G35 - Payout Policy ; G38 - Government Policy and Regulation ; G10 - General Financial Markets. General ; G18 - Government Policy and Regulation ; G20 - Financial Institutions and Services. General ; G28 - Government Policy and Regulation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012940724