We present and analyze a novel set of enforcement data from the European Securities Market Authority during the period following the European Union's harmonized rule setting on securities market abuse. The data show significant differences in the intensity of enforcement across Europe. The...

While it is not clear from Christensen, Hail, and Leuz (2016), the market abuse rules they examine are the same as in Cumming, Johan, and Li (2011), with a difference in focus on the date: Christensen et al. (2016) pick the date the regulations were signed into law, while Cumming et al. (2011)...

The ownership structures of European banks are today quite different relative to those before the Global Financial Crisis (GFC), particularly due to new takeovers, government guarantees, bailouts, and other defensive market responses post-GFC. These new ownership structures raise questions as to...

This paper examines the impact of government versus private independent venture capital (VC) backing on the exit performance of entrepreneurial firms. Our analyses are based on the VICO dataset, which avoids the coding problems of VC type in the Thompson Financial SDC dataset. The data indicate...

There are at least three possible times that changes in securities regulations are effective: (1) the date that the securities regulations are put forth (e.g., as in a pan-European Union directive); (2) the date that the new regulations are signed into law; and (3) the date at which new...