Regulatory Competition In International Securities Markets

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Regulatory Competition in International Securities Markets

Author : Eric J. Pan
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Regulatory Competition in International Securities Markets by : Eric J. Pan

Download or read book Regulatory Competition in International Securities Markets written by Eric J. Pan and published by . This book was released on 2015 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article presents the second installment of an empirical investigation into regulatory competition in international securities markets. It contributes to the current debate about competitiveness of U.S. capital markets by offering an account of transatlantic capital raising practices at the height of technology boom of the 1990s and before the passage of the Sarbanes-Oxley Act of 2002 and the corporate scandals that precipitated the Act. This article provides evidence that European issuers in the late 1990s were already turning away from U.S. public capital markets. While regulatory considerations appear to have played a role in that trend, even more important were the growing importance of private means of access of U.S. capital, the increased off-shore presence of U.S. institutional investors, and the relatively unsatisfactory trading performance of many foreign issuers that had gone to the trouble of obtaining U.S. public listings early in the 1990s. The picture of transatlantic capital raising presented in our survey suggests that the recent decline in competitiveness of U.S. capital markets may well be more a product of long-standing trends in global financial markets than a response to the Sarbanes-Oxley Act or other requirements of federal securities laws. We have supplemented our original analysis with a post-script from the vantage point of 2008 to draw connections between our findings and those of recent academic literature.

Regulatory Competition in International Securities Markets

Author : Howell E. Jackson
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Regulatory Competition in International Securities Markets by : Howell E. Jackson

Download or read book Regulatory Competition in International Securities Markets written by Howell E. Jackson and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the first installment of a two-part series, this Article reports the results of an empirical investigation designed to explore whether capital-raising practices in Europe in 1999 might illuminate the on-going debate in U.S. academic circles over the value of regulatory competition in international securities markets. Drawing on a series of 50 in-depth interviews with lawyers, investment bankers and regulators from London and other European financial centers, this Article presents new data about capital-raising practices in Europe in 1999. The authors find little evidence of the sort of market dynamics traditionally predicted by either proponents or critics or regulatory competition. Their research suggests that variations in the stringency of national systems of securities regulation across Europe is not a major factor in determining where and how European issuers access capital markets. Rather, European capital-raising practices seem to be heavily influenced by market forces that require issuers engaged in pan-European offerings to meet disclosure and due diligence standards modeled on and comparable to practices developed for private placements in the United States. The research also suggests that the growth of efficient trading linkages between European stock exchanges may diminish the need for European issuers to concern themselves with the legal requirements of other member states, a phenomenon not usually factored into discussions of regulatory competition in international securities markets.

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Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (891 download)

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Download or read book a written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulatory Competition in the Internal Market

Author : Barbara Gabor
Publisher : Edward Elgar Publishing
ISBN 13 : 1781003386
Total Pages : 349 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Regulatory Competition in the Internal Market by : Barbara Gabor

Download or read book Regulatory Competition in the Internal Market written by Barbara Gabor and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Regulatory competition within Europe and internationally, operates in several fields with different outcomes. This book offers a comparative legal and economic analysis of corporate, securities and competition law, exploring the reasons behind such differences. The books conceptual framework covers the most relevant drivers of competition, including legal actors incentives, channels of competition and governance design. It shows how the different drivers and institutional designs are shaping competitive interactions, drawing relevant conclusions for both general and field specific regulatory policy. Providing a comparative analysis of regulatory competition in three legal fields, this book will be a valuable resource for researchers and academics in law, economics and political science, as well as policymakers legislator, regulator, judiciary at both national and European levels."--Publisher

International Regulatory Competition and the Securities Laws

Author :
Publisher :
ISBN 13 :
Total Pages : 450 pages
Book Rating : 4.X/5 (2 download)

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Book Synopsis International Regulatory Competition and the Securities Laws by :

Download or read book International Regulatory Competition and the Securities Laws written by and published by . This book was released on 1992 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulating Competition in Stock Markets

Author : Lawrence R. Klein
Publisher : John Wiley & Sons
ISBN 13 : 1118236866
Total Pages : 403 pages
Book Rating : 4.1/5 (182 download)

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Book Synopsis Regulating Competition in Stock Markets by : Lawrence R. Klein

Download or read book Regulating Competition in Stock Markets written by Lawrence R. Klein and published by John Wiley & Sons. This book was released on 2012-04-25 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. Regulating Competition in Stock Markets aims to fill this void.

Regulatory Competition in International Securities Markets

Author : Howell E. Jackson
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (237 download)

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Book Synopsis Regulatory Competition in International Securities Markets by : Howell E. Jackson

Download or read book Regulatory Competition in International Securities Markets written by Howell E. Jackson and published by . This book was released on 2001 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulatory Convergence in EU Securities Regulation

Author : Iris H.-Y. Chiu
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041126686
Total Pages : 354 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Regulatory Convergence in EU Securities Regulation by : Iris H.-Y. Chiu

Download or read book Regulatory Convergence in EU Securities Regulation written by Iris H.-Y. Chiu and published by Kluwer Law International B.V.. This book was released on 2008-01-01 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers a new approach to the legal issues raised by the drive for convergence in securities regulation. The author offers an informed and insightful examination of the implications for regulatory and policy design if regulatory convergence were to be rigorously implemented.

Regulatory Competition and Regulatory Jurisdiction in International Securities Regulation

Author : Joel P. Trachtman
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Regulatory Competition and Regulatory Jurisdiction in International Securities Regulation by : Joel P. Trachtman

Download or read book Regulatory Competition and Regulatory Jurisdiction in International Securities Regulation written by Joel P. Trachtman and published by . This book was released on 2010 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses the Tiebo ...

International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets

Author : Doha M. Abdelhamid
Publisher : Routledge
ISBN 13 : 1351771345
Total Pages : 500 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets by : Doha M. Abdelhamid

Download or read book International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets written by Doha M. Abdelhamid and published by Routledge. This book was released on 2017-11-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. This text aims to fill a gap in the literature for a text on the theory and practice of international regulatory competition in the open financial markets of the US and UK.

EU Prospectus Law

Author : Pierre Schammo
Publisher : Cambridge University Press
ISBN 13 : 1139496328
Total Pages : 415 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis EU Prospectus Law by : Pierre Schammo

Download or read book EU Prospectus Law written by Pierre Schammo and published by Cambridge University Press. This book was released on 2011-05-19 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.

The Advantage of Competitive Federalism for Securities Regulation

Author : Roberta Romano
Publisher : A E I Press
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Advantage of Competitive Federalism for Securities Regulation by : Roberta Romano

Download or read book The Advantage of Competitive Federalism for Securities Regulation written by Roberta Romano and published by A E I Press. This book was released on 2002 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this analysis of securities regulation, the author demonstrates that the current approach toward U.S. regulation - exclusive jurisdiction of the Securities and Exchange Commission - is misguided and should be revamped by implementing a regime of competitive federalism. Under such a system firms would select their regulator from among the states, the SEC, or other nations. The author asserts that competitive federalism harnesses the high-powered incentives of markets to the regulatory state to produce regulatory arrangements most compatible with investors' preferences. The author contends that the empirical evidence does not indicate that the SEC is effective in achieving its stated objectives. The commission's expansions of disclosure requirements over the years have not significantly enhanced investors' wealth. In addition, she asserts, evidence from institutional equity and debt markets and cross-country listing practices demonstrates that firms voluntarily disclose substantial information beyond mandatory requirements to provide the information investors demand. The author concludes that under competitive federalism, the aspects of the SEC's regime that are valuable to investors will be retained, those that are not will be discarded, and the resulting securities regime will better meet investors' needs than the present one.

Regulatory Competition in Securities Law

Author : Robert A. Prentice
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Regulatory Competition in Securities Law by : Robert A. Prentice

Download or read book Regulatory Competition in Securities Law written by Robert A. Prentice and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proponents of regulatory competition have presented their most detailed arguments in the field of corporate law, but have made a similar case in other areas, including securities regulation. Proponents of regulatory competition in securities regulation argue that our markets would be best served if (a) states or nations competed to provide legal regimes to govern securities transactions, or (b) domestic or international securities exchanges competed for listings of companies whose transactions would be governed by the rules of the exchange. Theoretically, states and other nations would compete to provide legal regimes governing securities transactions, or perhaps exchanges could compete for listings by offering varieties of legal regimes for securities transactions. Companies could then choose to be governed by the laws and/or listing requirements that best accommodated their needs. This paper is the first to comprehensively discuss all these various manifestations of regulatory competition in securities law. It demonstrates that in all these forms, true competition is likely to be insufficient and to represent a stroll toward the bottom rather than a race to the top. Providers of regulation are insufficiently motivated to provide innovative and efficient regulatory schemes. More significantly, managers functionally choose where to incorporate or where to list, meaning that in a system of regulatory competition the fox determines which rules will govern operation of the chicken house. A significant amount of empirical evidence supports the notion that the best regulatory model is the current strong-SEC regulatory model that other nations have begun to strongly emulate. Capital markets would be better served by efforts to improve the strong-SEC model than by attempting to replace it with regulatory competition.

Co-operation and Competition in the Regulation of International Equity Markets [microform] : Toward Local and Global Welfare

Author : Jean-Luc Bilodeau
Publisher : Library and Archives Canada = Bibliothèque et Archives Canada
ISBN 13 : 9780494022320
Total Pages : 1064 pages
Book Rating : 4.0/5 (223 download)

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Book Synopsis Co-operation and Competition in the Regulation of International Equity Markets [microform] : Toward Local and Global Welfare by : Jean-Luc Bilodeau

Download or read book Co-operation and Competition in the Regulation of International Equity Markets [microform] : Toward Local and Global Welfare written by Jean-Luc Bilodeau and published by Library and Archives Canada = Bibliothèque et Archives Canada. This book was released on 2005 with total page 1064 pages. Available in PDF, EPUB and Kindle. Book excerpt: International equity markets are increasingly but not perfectly integrated. Securities law, notably rules pertaining to the timely disclosure of information and the reduction of information asymmetry between firms and their shareholders, diverge across countries. It is believed this diversity of regulatory regimes is a cause of segmentation across equity markets. It remains to be seen how market participants are able to assess the value of different regulatory regimes in terms of risk and returns. Nevertheless, harmonisation of national regulatory regimes through active international co-operation is the main approach to curb this regulatory diversity and lead to market integration. On the other hand, some authors suggest regulatory competition between markets will eventually lead to a de facto harmonisation of law. This dissertation addresses the soundness regulatory co-operation and examines the perspective of convergence of regulatory regimes and financial systems as a result of the increasing integration of financial markets.

International Securities Regulation

Author : Jeffrey G. MacIntosh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis International Securities Regulation by : Jeffrey G. MacIntosh

Download or read book International Securities Regulation written by Jeffrey G. MacIntosh and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Securities-related activity has increasingly become trans-national in character in the past 10 or 20 years. The nature and causes of this internationalization are briefly reviewed. Despite this rapid internationalization, however, there is still a quot;home biasquot; in investing. The extent of potential internationalization thus far exceeds actual internationalization. This means that securities regulators have yet to confront anywhere near the full effects of regulatory competition on domestic policy formulation. In part, the paper examines the consequences of internationalization for regulatory policy from the perspective of a small country (Canada). Small countries are subject to very different forces than large countries with market power in the regulatory system (like the U.S.). More generally, there is evidence of regulatory convergence in the securities sphere (i.e. less regulatory countries acquiring more regulation, while more regulatory countries shed regulatory burden). The causes of this convergence are explored. Finally, conflicts between satisfactory enforcement of local securities laws and fostering the broadest possible scope for regulatory competition are noted. The paper concludes with a recommendation that securities regulators move towards a European-type system with mandated regulatory floors to accommodate concerns about investor protection, coupled with mutual recognition of regulatory standards, to permit competition to flourish.

Regulatory Competition in Global Financial Markets

Author : Wolf-Georg Ringe
Publisher :
ISBN 13 : 9781680831467
Total Pages : 0 pages
Book Rating : 4.8/5 (314 download)

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Book Synopsis Regulatory Competition in Global Financial Markets by : Wolf-Georg Ringe

Download or read book Regulatory Competition in Global Financial Markets written by Wolf-Georg Ringe and published by . This book was released on 2016-07-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluates the power of market pressure on the way financial regulation is made. It argues that the phenomena of arbitrage and competition in financial rulemaking are potentially more problematic than elsewhere

International Securities Law and Regulation

Author : Dennis Campbell
Publisher : Brill Nijhoff
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis International Securities Law and Regulation by : Dennis Campbell

Download or read book International Securities Law and Regulation written by Dennis Campbell and published by Brill Nijhoff. This book was released on 2000 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: With this valuable text securities lawyers from the world's major trading nations offer valuable insights into the workings and legal underpinnings of global securities markets. They examine listing requirements for various stock exchanges and markets, the globalization of mutual funds, the impact of offshore funds, Internet and public offerings, planning and distribution of private securities, requirements for public offerings, disclosure and compliance requirements across international markets, and a great deal more. Published under the Transnational Publishers imprint.