Private and Public Enforcement of Securities Regulation
Oxford Handbook of Corporate Law and Governance (2017) (Jeffrey Gordon and Wolf-Georg Ringe, eds.), Forthcoming
15 Pages Posted: 8 Feb 2017
Date Written: August 1, 2015
This chapter examines the impact of private and public enforcement of securities regulation on the development of capital markets. After a review of the literature, it considers empirical findings related to private and public enforcement as measured by formal indices and resources, with particular emphasis on the link between enforcement intensity and technical measures of financial market performance. It then analyses the impact of cross-border flows of capital, valuation effects, and cross-listing decisions by corporate issuers before turning to a discussion of whether countries that dedicate more resources to regulatory reform behave differently in some areas of market activities. It also explores the enforcement of banking regulation and its relationship to financial stability and concludes by focusing on direct and indirect, resource-based evidence on the efficacy of the US Securities and Exchange Commission’s enforcement actions.
Keywords: private enforcement, public enforcement, securities, regulation, capital markets, enforcement intensity, regulatory reform, banking, financial stability, Securities and Exchange Commission
JEL Classification: G20, K22, K23, K42
Suggested Citation: Suggested Citation