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Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement

Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011

This paper examines capital market effects of changes in securities regulation. We analyze two key directives in the … European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were … strictness of implementation and enforcement as well as in prior regulation to analyze the role of these factors for regulatory …

Persistent link: https://www.econbiz.de/10008804681

Did Fair-Value Accounting Contribute to the Financial Crisis?

Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10008634632

Competition in the Audit Market: Policy Implications

Syverson, Chad; Gerakos, Joseph J. - National Bureau of Economic Research (NBER) - 2013

The audit market's unique combination of features-its role in capital market transparency, mandated demand, and concentrated supply-means it receives considerable attention from policymakers. We explore the effects of two market scenarios that have been the focus of policy discussions: a)...

Persistent link: https://www.econbiz.de/10010951156

The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession

Leuz, Christian; Bloomfield, Matthew J.; Brüggemann, Ulf; … - National Bureau of Economic Research (NBER) - 2015

The paper examines the effect of international regulatory harmonization on cross-border labor migration. We analyze directives in the European Union (EU) that harmonized accounting and auditing standards. This regulatory harmonization should make it less costly for those who work in the...

Persistent link: https://www.econbiz.de/10011133512

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries

Levine, Ross; Lin, Chen; Xie, Wensi - National Bureau of Economic Research (NBER) - 2015

Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...

Persistent link: https://www.econbiz.de/10011123636

Powerful Independent Directors

Morck, Randall; Fogel, Kathy; Ma, Liping - National Bureau of Economic Research (NBER) - 2014

Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...

Persistent link: https://www.econbiz.de/10010951070

Shareholder Democracy in Canada

Morck, Randall - National Bureau of Economic Research (NBER) - 2010

traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US … federal securities regulation models are weighted in light of the current state of their needed complementary institutions …

Persistent link: https://www.econbiz.de/10008727855

The Growth of Executive Pay

Bebchuk, Lucian; Grinstein, Yaniv - National Bureau of Economic Research (NBER) - 2005

This paper examines both empirically and theoretically the growth of U.S. executive pay during the period 1993-2003. During this period, pay has grown much beyond the increase that could be explained by changes in firm size, performance and industry classification. Had the relationship of...

Persistent link: https://www.econbiz.de/10005011935

Strategic Judgment Proofing

Che, Yeon-Koo; Spier, Kathryn E. - National Bureau of Economic Research (NBER) - 2008

interests of society more broadly: it creates better incentives for the entrepreneur to take precautions than either junior debt … victims priority over senior debtholders in bankruptcy prevents over-leveraging but leads to suboptimal incentives. Lender …

Persistent link: https://www.econbiz.de/10005089212

The Law and Economics of Self-Dealing

Djankov, Simeon; La Porta, Rafael; Lopez-de-Silanes, … - National Bureau of Economic Research (NBER) - 2005

We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private...

Persistent link: https://www.econbiz.de/10005085166