EconPapers    
Economics at your fingertips  
 

Federal Securities Regulations and Stock Market Returns

Tung Liu (tliu@bsu.edu), Gary Santoni (gsantoni@bsu.edu) and Cliff Stone (00ccstone@bsu.edu)
Additional contact information
Gary Santoni: Department of Economics, Ball State University
Cliff Stone: Department of Economics, Ball State University

No 200501, Working Papers from Ball State University, Department of Economics

Abstract: This paper examines the impact of federal securities statutes (seven major legislative acts and 535 amendments) on the mean and variance of total real U.S. stock market returns. In contrast to previous work, this study controls for the persistence of the variability of stock returns, employs a longer time period, utilizes a broader array of stocks and examines the impact of seven federal securities regulations and their selected amendments from 1933 through 2001. Despite the popular appeal of this legislation, our results indicate that these federal securities statutes and amendments have had no statistical impact on the mean or variance of total real stock returns over the past 70 years.

Keywords: stock returns; volatility; regulation (search for similar items in EconPapers)
JEL-codes: G14 G18 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2005-01, Revised 2005-01
New Economics Papers: this item is included in nep-fin, nep-fmk, nep-reg and nep-rmg
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published see BSUECWP200803

Downloads: (external link)
http://econfac.bsu.edu/research/workingpapers/bsuecwp200501rliu.pdf First version, 2005 (application/pdf)

Related works:
Working Paper: Federal Securities Regulations and Stock Market Returns (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bsu:wpaper:200501

Access Statistics for this paper

More papers in Working Papers from Ball State University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Tung Liu (tliu@bsu.edu).

 
Page updated 2025-03-22
Handle: RePEc:bsu:wpaper:200501