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Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009

sinnvolle Reform der Regulierung ableiten. Neben den Anreizproblemen, die Gegenstand einer weiteren Arbeit sind (Franke …

Persistent link: https://www.econbiz.de/10010986485

The Certification Role of Listings

Draus, Sarah - Université Paris-Dauphine (Paris IX) - 2009

I propose a model in which firms can convey their quality by listing on a stock exchange. To list, firms must comply with costly listing requirements allowing investors to recognize imperfectly their quality. A profit maximizing exchange may set listing requirements leading to high information...

Persistent link: https://www.econbiz.de/10010861490

Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, … - Centro Studi di Economia e Finanza (CSEF) - 2014

We provide new empirical evidence concerning the contentious debate over the use of historical cost (HCA) versus mark-to-market (MTM) accounting in regulating financial institutions. These accounting rules, through their interactions with capital regulations, alter financial institutions’...

Persistent link: https://www.econbiz.de/10010942483

Get Shorty? - Market Impact of the 2008-09 U.K. Short Selling Ban

Hansson, Fredrik; Rüdow Fors, Erik - Nationalekonomiska institutionen, Handelshögskolan - 2009

In September 2008, during one of the most intense periods of the financial crisis, the Financial Services Authority (FSA) decided to ban short-selling in financial stocks during four months in the U.K. market. The aim of the ban was to guard against instability and calm the market. This paper...

Persistent link: https://www.econbiz.de/10005245163

Which Short-Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe

Szafarz, Ariane; Herinckx, Astrid - Centre Emile Bernheim, Solvay Brussels School of … - 2012

trading volume, and 4) No regulation is effective against price decline. Overall, all short-sale regulations are detrimental … to market efficiency. However, naked short-selling prohibition is the only regulation that leaves volumes unchanged while …

Persistent link: https://www.econbiz.de/10009645490

Optimal design and consequences of financial disclosure regulation: a real options approach

Waters, James - Volkswirtschaftliche Fakultät, … - 2015

This paper examines the optimal design and consequences of financial disclosure regulation. Our model represents the … regulation as creating a real option for an investor to delay investment until information is disclosed. We find conditions on … investment opportunities that ensure that regulation raises or lowers investor profits. We also find that investment typically …

Persistent link: https://www.econbiz.de/10011234838

Which short-selling regulation is the least damaging to market efficiency? Evidence from Europe

Bernal, Oscar; Herinckx, Astrid; Szafarz, Ariane - In: International Review of Law and Economics 37 (2014) C, pp. 244-256

trading volume, and (4) no regulation is effective against price decline. Overall, all short-sale regulations harm market … efficiency. However, naked short-selling prohibition is the only regulation that leaves volumes unchanged while addressing the …

Persistent link: https://www.econbiz.de/10010752945

Information Content of Internal Control Weaknesses: The Evidence from Japan

Nishizaki, Riku; Takano, Yudai; Takeda, Fumiko - In: The International Journal of Accounting 49 (2014) 1, pp. 1-26

This paper investigates how capital markets in a code-law country, Japan, react to the disclosure of internal control weaknesses (ICW). The Japanese government attempted to implement a more concise, efficient, and, thus, less strict internal control reporting system than Section 404 of the...

Persistent link: https://www.econbiz.de/10010753038

SEC enforcement in the PIPE market: Actions and consequences

Bengtsson, Ola; Dai, Na; Henson, Clifford - In: Journal of Banking & Finance 42 (2014) C, pp. 213-231

In 2002, the SEC launched enforcement actions against investors involved in PIPE (Private Investments in Public Equity) transactions. We describe the legal ramifications of this enforcement initiative, and document dramatic contemporaneous market-wide changes in the contractual structure of...

Persistent link: https://www.econbiz.de/10010753685

Another Look at Option Listing Effects

Mayhew, Stewart; Mihov, Vassil - EconWPA - 2000

Previous research has documented that the introduction of options seems to affect the volatility, liquidity, price and other characteristics of the underlying stock. Existing research, however, has not adequately accounted for the fact that option listing is endogenous, a result of decisions...

Persistent link: https://www.econbiz.de/10005134669

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