The aim of the present University notes is to provide a brief but comprehensive overview of the European Commission’s proposal for a Regulation of the European Parliament and of the Council “on Markets in Crypto-Assets (…)” (MiCAR), which was submitted on 24 September 2020. It is not...

We study the effects of regulating the timing of disclosure on the quality of accounting information, using a 2003 U.S. regulatory change that accelerates 10-K filing deadlines as a research setting. Employing a difference-in-differences design, we find that the likelihood of issuing financial...

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and...

We study the relation between the centralization of regulated financial information, information asymmetry, and capital market liquidity. Specifically, we exploit the staggered implementation of digital storage and access facilities (called Officially Appointed Mechanisms, or OAMs) for regulated...

A contentious debate is emerging over the regulatory response to the financial crisis. This paper takes advantage of a rare opportunity to empirically test sweeping short sale constraints. Specifically, I analyze 2008 trading restrictions which prohibited short selling in all U.S. financial...

High-frequency trading, dark pools, front-running, phantom orders, short selling — the way securities are traded ranks high among today's regulatory challenges. It has become commonplace, both in financial and in academic circles, to call for the government to intervene and impose order. From...

Some policymakers and scholars view cryptocurrencies as conduits of illegality and fraud, which therefore should be tightly regulated. Others warn that regulation could simply cause trading activity to cross borders into less-regulated jurisdictions—or even smother a promising new financial...

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation (including IFRS adoption), drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with: (i)...

This monograph provides an overview of the theories of disclosure regulation and recent developments in the disclosure regulation literature. We organize our discussion around three basic questions. First, why do we need to regulate corporate disclosure in the financial market? Second, which...