模糊地带:OTC监管制度和市场质量

Ulf Brüggemann, Aditya Kaul, C. Leuz, Ingrid M. Werner
{"title":"模糊地带:OTC监管制度和市场质量","authors":"Ulf Brüggemann, Aditya Kaul, C. Leuz, Ingrid M. Werner","doi":"10.1093/rfs/hhx102","DOIUrl":null,"url":null,"abstract":"Studying a comprehensive sample of stocks from the U.S. OTC market, we show that this market is a large and diverse trading environment with a rich set of regulatory and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We exploit this institutional richness to show that OTC firms subject to stricter regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis points to an important trade-off in regulating the OTC market and protecting investors: lowering regulatory requirements reduces the compliance burden for smaller firms, but it also reduces market quality. Received July 26, 2013; editorial decision July 8, 2017 by Editor Itay Goldstein.","PeriodicalId":374935,"journal":{"name":"PSN: Global Markets (Topic)","volume":"107 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"46","resultStr":"{\"title\":\"The Twilight Zone: OTC Regulatory Regimes and Market Quality\",\"authors\":\"Ulf Brüggemann, Aditya Kaul, C. Leuz, Ingrid M. Werner\",\"doi\":\"10.1093/rfs/hhx102\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Studying a comprehensive sample of stocks from the U.S. OTC market, we show that this market is a large and diverse trading environment with a rich set of regulatory and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We exploit this institutional richness to show that OTC firms subject to stricter regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis points to an important trade-off in regulating the OTC market and protecting investors: lowering regulatory requirements reduces the compliance burden for smaller firms, but it also reduces market quality. Received July 26, 2013; editorial decision July 8, 2017 by Editor Itay Goldstein.\",\"PeriodicalId\":374935,\"journal\":{\"name\":\"PSN: Global Markets (Topic)\",\"volume\":\"107 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2013-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"46\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"PSN: Global Markets (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rfs/hhx102\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"PSN: Global Markets (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rfs/hhx102","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 46

摘要

通过对美国场外交易市场股票的全面研究,我们发现这个市场是一个庞大而多样化的交易环境,拥有丰富的监管和披露制度,包括交易场所规则和美国证券交易委员会监管之外的州法律。我们利用这种制度的丰富性来表明,受到更严格的监管制度和披露要求的场外交易公司具有更高的市场质量(更高的流动性和更低的崩溃风险)。我们的分析指出了监管场外交易市场和保护投资者之间的一个重要权衡:降低监管要求减轻了小公司的合规负担,但也降低了市场质量。2013年7月26日收稿;2017年7月8日编辑Itay Goldstein的编辑决定。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
The Twilight Zone: OTC Regulatory Regimes and Market Quality
Studying a comprehensive sample of stocks from the U.S. OTC market, we show that this market is a large and diverse trading environment with a rich set of regulatory and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We exploit this institutional richness to show that OTC firms subject to stricter regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis points to an important trade-off in regulating the OTC market and protecting investors: lowering regulatory requirements reduces the compliance burden for smaller firms, but it also reduces market quality. Received July 26, 2013; editorial decision July 8, 2017 by Editor Itay Goldstein.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
The Price of Cheeky Contracting What Have We Learned About Political Participation Changing a Financial Centre’s Competitiveness? A Science of Markets: The Moral Dimension of the Invisible Hand The Impact of the Global Financial Crisis on the Efficiency and Performance of Latin American Stock Markets Sustainable Global Supply Chains at Amazon
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1