Measuring the Impact of Regulationon Market Stability: Evidence from the US Markets

Colin Beardsley () and John R. O'Brien
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Colin Beardsley: ICMA Centre, University of Reading
John R. O'Brien: Tepper School of Business, Carnegle Mellon University, USA

ICMA Centre Discussion Papers in Finance from Henley Business School, University of Reading

Abstract: In this paper, we introduce a new methodology designed to test the effect of new regulatory disclosure requirements on the disclosure threshold as predicted by the extant literature (Verrecchia (1983), Dye (1985)). We apply our methodology to test the consistency between observed effects from major US regulation past and present (1933/1934 Securities Acts, Regulation Fair Disclosure 2000, and the Sarbanes-Oxley Act 2002) with regulatory objectives.

Pages: 44 pages
Date: 2004-01
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Citations: View citations in EconPapers (1)

Published in Journal of Alternative Investments 2005, 8:2, 48-61

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