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

Author

Listed:
  • Colin Beardsley

    (ICMA Centre, University of Reading)

  • John R. O'Brien

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

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.

Suggested Citation

  • Colin Beardsley & John R. O'Brien, 2004. "Measuring the Impact of Regulationon Market Stability: Evidence from the US Markets," ICMA Centre Discussion Papers in Finance icma-dp2004-02, Henley Business School, University of Reading.
    • Handle: RePEc:rdg:icmadp:icma-dp2004-02
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    File URL: http://www.icmacentre.ac.uk/pdf/discussion/DP2004-03.pdf
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    References listed on IDEAS

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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, University of Reading.

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