Incorporating Field Data into Archival Research
Eugene F. Soltes
Harvard Business School
January 24, 2014
Journal of Accounting Research, Vol. 52, No. 2, 2014
I explore the use of field data in conjunction with archival evidence by examining Iliev, Miller, and Roth’s  analysis of an amendment to the Securities Exchange Act of 1934. This regulatory amendment allowed depositary banks to cross-list firms without the cooperation of foreign issuers. Iliev, Miller, and Roth  argue that the regulation failed to fulfill its intended purpose and imposed significant costs on foreign firms for the benefit of depositary banks. Drawing on evidence from lawyers, issuers, depositary banks, and regulators involved in the design and implementation of the amendment, I describe a more optimistic assessment of the amendment and its effects on capital markets. I conclude by discussing opportunities for field data in financial reporting and disclosure research.
Number of Pages in PDF File: 27
Date posted: February 14, 2014 ; Last revised: March 14, 2015