S-WoPEc
 
Scandinavian Working Papers in Economics
HomeAboutSeriesSubject/JEL codesAdvanced Search
CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology KTH/CESIS Working Paper Series in Economics and Institutions of Innovation

No 364:
Public Enforcement of Securities Market Rules: Resource-based evidence from the Securities Exchange Commission

Tim Lohse (), Razvan Pascalau () and Christian Thomann ()

Abstract: We empirically investigate whether increases in the U.S. Securities and Exchange Commissionís (SEC) budget have an effect on firmsí compliance behavior with securities market rules. Our study uses a dataset on the SECís resources and its enforcement actions over a period beginning shortly after the Second World War and ending in 2010. We find that increases in the SECís resources both improve compliance and lead to an increased activity level of the SEC. The higher level of compliance is reflected by a decrease in the numbers of enforcement cases. The increased activity level is reflected by a surge in the number of inves-tigations conducted by the SEC.

Keywords: Public enforcement; securities laws; compliance; Securities and Exchange Com-mission; budget; (follow links to similar papers)

JEL-Codes: D21; G14; G18; K22; (follow links to similar papers)

38 pages, May 20, 2014

Before downloading any of the electronic versions below you should read our statement on copyright.
Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.

Full text versions of the paper:

cesiswp364.pdf    PDF-file
Download Statistics

Questions (including download problems) about the papers in this series should be directed to Vardan Hovsepyan ()
Report other problems with accessing this service to Sune Karlsson () or Helena Lundin ().

Programing by
Design by Joachim Ekebom

Handle: RePEc:hhs:cesisp:0364 This page was generated on 2014-12-14 19:22:05