A survey of securities laws and enforcementNo 3405, Policy Research Working Paper Series from The World Bank Abstract: The author examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established that law matters. Mandatory disclosure requirements, insider trading laws, safeguards against self-dealing transactions, adequate regulatory powers, and simple laws that are easily enforced aid in the development of capital markets. The debate is now focused on identifying which components of securities laws matter most and on what the optimal regulatory framework for each country should be. Although public enforcement of securities laws is important, the author finds that the largest impact comes from aspects of the law that facilitate private enforcement. This means that the development of capital markets depends crucially on creating laws that facilitate enforcement and improving court procedures that allow for a more efficient dispute resolution. Keywords: Decentralization; International Terrorism&Counterterrorism; Payment Systems&Infrastructure; Financial Intermediation; Environmental Economics&Policies; Environmental Economics&Policies; Financial Intermediation; Banks&Banking Reform; International Terrorism&Counterterrorism; Economic Theory&Research (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:wbk:wbrwps:3405 Access Statistics for this paper More papers in Policy Research Working Paper Series from The World Bank |
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