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Measuring the Impact of Regulationon Market Stability: Evidence from the US Markets

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  • Colin Beardsley

    ()
    (ICMA Centre, University of Reading)

  • John R. O'Brien

    (Tepper School of Business, Carnegle Mellon University, USA)

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    Abstract

    In this paper, we introduce a new methodology designed to test the effect of new regulatory disclosure requirements on the disclosure threshold as predicted by the extant literature (Verrecchia (1983), Dye (1985)). We apply our methodology to test the consistency between observed effects from major US regulation past and present (1933/1934 Securities Acts, Regulation Fair Disclosure 2000, and the Sarbanes-Oxley Act 2002) with regulatory objectives.

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    File URL: http://www.icmacentre.ac.uk/pdf/discussion/DP2004-03.pdf
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    Bibliographic Info

    Paper provided by Henley Business School, Reading University in its series ICMA Centre Discussion Papers in Finance with number icma-dp2004-02.

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    Length: 44 pages
    Date of creation: Jan 2004
    Date of revision:
    Publication status: Published in Journal of Alternative Investments 2005, 8:2, 48-61
    Handle: RePEc:rdg:icmadp:icma-dp2004-02

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    Postal: PO Box 218, Whiteknights, Reading, Berks, RG6 6AA
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    Web page: http://www.henley.reading.ac.uk/
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    References

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    1. John J. Binder, 1985. "Measuring the Effects of Regulation with Stock Price Data," RAND Journal of Economics, The RAND Corporation, vol. 16(2), pages 167-183, Summer.
    2. Benston, George J, 1973. "Required Disclosure and the Stock Market: An Evaluation of the Securities Exchange Act of 1934," American Economic Review, American Economic Association, vol. 63(1), pages 132-55, March.
    3. Clarkson, Pete & Guedes, Jose & Thompson, Rex, 1996. "On the Diversification, Observability, and Measurement of Estimation Risk," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(01), pages 69-84, March.
    4. Victor Zarnowitz, 1999. "Theory and History behind Business Cycles: Are the 1990s the Onset of a Golden Age?," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 69-90, Spring.
    5. Henry Allen Latane, 1959. "Criteria for Choice Among Risky Ventures," Journal of Political Economy, University of Chicago Press, vol. 67, pages 144.
    6. Dye, Ronald A, 1986. "Proprietary and Nonproprietary Disclosures," The Journal of Business, University of Chicago Press, vol. 59(2), pages 331-66, April.
    7. Jarrell, Gregg A, 1981. "The Economic Effects of Federal Regulation of the Market for New Security Issues," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 613-75, December.
    8. Bertrand Horwitz & Richard Kolodny, 1977. "Line of Business Reporting and Security Prices: An Analysis of an SEC Disclosure Rule," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 234-249, Spring.
    9. Richard R. Simonds & Daniel W. Collins, 1978. "Line of Business Reporting and Security Prices: An Analysis of an SEC Disclosure Rule: Comment," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 646-658, Autumn.
    10. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    11. Simon, Carol J, 1989. "The Effect of the 1933 Securities Act on Investor Information and the Performance of New Issues," American Economic Review, American Economic Association, vol. 79(3), pages 295-318, June.
    12. Victor Zarnowitz, 1999. "Theory and History Behind Business Cycles: Are the 1990s the Onset of a Golden Age?," NBER Working Papers 7010, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Colin Beardsley & John R. O'Brien, 2004. "The Effectiveness of Britain's Financial Service Authority: An Economic Analysis," ICMA Centre Discussion Papers in Finance icma-dp2004-11, Henley Business School, Reading University.

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