Federal Securities Regulations and Stock Market Returns
AbstractThis paper examines the impact of federal securities statutes (seven major legislative acts and 535 amendments) on the mean and variance of total real U.S. stock market returns. In contrast to previous work, this study controls for the persistence of the variability of stock returns, employs a longer time period, utilizes a broader array of stocks and examines the impact of seven federal securities regulations and their selected amendments from 1933 through 2001. Despite the popular appeal of this legislation, our results indicate that these federal securities statutes and amendments have had no statistical impact on the mean or variance of total real stock returns over the past 70 years.
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Bibliographic InfoPaper provided by Ball State University, Department of Economics in its series Working Papers with number 200501.
Length: 34 pages
Date of creation: Jan 2005
Date of revision: Jan 2005
Publication status: Published see BSUECWP200803
stock returns; volatility; regulation;
Other versions of this item:
- Tung Liu & Courtenay C. Stone & Gary J. Santoni, 2008. "Federal Securities Regulations and Stock Market Returns," Working Papers 200803, Ball State University, Department of Economics, revised Dec 2008.
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-27 (All new papers)
- NEP-FIN-2006-05-27 (Finance)
- NEP-FMK-2006-05-27 (Financial Markets)
- NEP-REG-2006-05-27 (Regulation)
- NEP-RMG-2006-05-27 (Risk Management)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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