Does Public Enforcement Work?

Oxford Handbook of Corporate Law and Governance (2024) (Jeffrey N. Gordon and Wolf-Georg Ringe, eds.)

22 Pages Posted: 13 Feb 2024

See all articles by Howell E. Jackson

Howell E. Jackson

Harvard Law School

Jeffery Y. Zhang

University of Michigan Law School

Date Written: January 12, 2024

Abstract

This chapter provides an updated examination of public enforcement efficacy in the context of securities regulation. We summarize the literature exploring the relationship between enforcement and other measures of robust capital markets; between enforcement and capital flows, valuations, and cross-listing decisions; and between enforcement and the success of regulatory reform efforts. We also review recent efforts to employ more sophisticated econometric methods to tease out the direction of causality between enforcement intensity and robust capital markets. We conclude by surveying a new frontier for the public enforcement of securities laws: cryptocurrencies. Overall, existing scholarship confirms that greater levels of public enforcement are associated with key measures of robust capital markets.

Suggested Citation

Jackson, Howell Edmunds and Zhang, Jeffery Y., Does Public Enforcement Work? (January 12, 2024). Oxford Handbook of Corporate Law and Governance (2024) (Jeffrey N. Gordon and Wolf-Georg Ringe, eds.), Available at SSRN: https://ssrn.com/abstract=4695637 or http://dx.doi.org/10.2139/ssrn.4695637

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 Y. Zhang

University of Michigan Law School ( email )

625 South State Street
Ann Arbor, MI 48109-1215
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
124
Abstract Views
330
Rank
421,033
PlumX Metrics