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Public enforcement of securities market rules: Resource-based evidence from the Securities and Exchange Commission
KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leibniz University of Hanover, Germany.ORCID iD: 0000-0002-4381-5280
2014 (English)In: Journal of Economic Behavior and Organization, ISSN 0167-2681, Vol. 106, 197-212 p.Article in journal (Refereed) Published
Abstract [en]

We empirically investigate whether increases in the U.S. Securities and Exchange Commission's (SEC) budget have an effect on firms' compliance behavior with securities market rules. Our study uses a dataset on the SEC's 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 SEC's 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 investigations conducted by the SEC.

Place, publisher, year, edition, pages
2014. Vol. 106, 197-212 p.
Keyword [en]
Public enforcement, Securities laws, Compliance, Securities and Exchange Commission, Budget
National Category
Economics and Business
URN: urn:nbn:se:kth:diva-155792DOI: 10.1016/j.jebo.2014.06.010ISI: 000343343100013ScopusID: 2-s2.0-84907104214OAI: diva2:763451

QC 20141114

Available from: 2014-11-14 Created: 2014-11-13 Last updated: 2014-11-14Bibliographically approved

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