haku: @indexterm investor protection / yhteensä: 34
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| Tekijä: | Jackson, H.E. Roe, M.J. |
| Otsikko: | Public and private enforcement of securities laws: Resource-based evidence |
| Lehti: | Journal of Financial Economics
2009 : AUG, VOL. 93:2, p. 207-238 |
| Asiasana: | finance development securities legislation regulations investor protection international |
| Kieli: | eng |
| Tiivistelmä: | According to recent academic work, private enforcement (henceforth as: enfmt.) of investor protection through both disclosure (here as: dscl.) and private liability (as: lbty.) rules goes together with financial (as: fncl.) market development, but public enfmt. fails to correlate with fncl. development and, thus, is not likely to ease it. This study's results confirm the dscl. result. Yet, the results are reversed on both lbty. standards and public enfmt. Securities (as: secs.) regulators' resources are used to proxy for regulatory intensity of the secs. regulator. When we do, fncl. depth regularly, significantly, and robustly correlates with stronger public enfmt. In horse races btw. these resource-based measures of public enfmt. intensity and the common measures of private enfmt., public enfmt. is overall as important as dscl. in explaining fncl. market outcomes around the world and more important than prv-lbty. rules. Thus, policymakers rejecting public enfmt. as useful for fncl. market development do ignore the best currently available evidence. |
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