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

See all articles by Howell E. Jackson

Howell E. Jackson

Harvard Law School

Jeffery Zhang

Board of Governors of the Federal Reserve System

Date Written: August 1, 2015

Abstract

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

Jackson, Howell Edmunds and Zhang, Jeffery, Private and Public Enforcement of Securities Regulation (August 1, 2015). Oxford Handbook of Corporate Law and Governance (2017) (Jeffrey Gordon and Wolf-Georg Ringe, eds.), Forthcoming. Available at SSRN: https://ssrn.com/abstract=2913095 or http://dx.doi.org/10.2139/ssrn.2913095

Howell Edmunds Jackson (Contact Author)

Harvard Law School ( email )

Griswald 402
1563 Massachusetts Avenue
Cambridge, MA 02138
United States
617-495-5466 (Phone)
617-495-5156 (Fax)

Jeffery Zhang

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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