The Partisanship of Financial Regulators

• 成果类型: Article
• 署名作者: Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared
• 署名单位: University of California System; University of California San Diego; University of Tennessee System; University of Tennessee Knoxville; Washington University (WUSTL); Reichman University; State University System of Florida; University of South Florida
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad029
• 发表日期: 2023
• 页码: 4373
• 关键词: TEXTUAL ANALYSIS; Sentiment; Managers; INFORMATION; volatility; careers; style; media

摘要

We analyze the partisanship of Commissioners at the SEC and Governors at the Federal Reserve Board. Using recent advances in machine learning, we identify partisan phrases in Congress, such as red tape and climate change, and observe their usage among regulators. Although the Fed has remained relatively nonpartisan throughout our sample period (1930-2019), we find that partisanship among SEC Commissioners rose to an all-time high during the 2010-2019 period, driven by more-partisan Commissioners replacing less-partisan ones. Partisanship at the SEC appears in both the language of new SEC rules and the voting behavior of SEC Commissioners. Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.