Cross-border cooperation between securities regulators

• 成果类型: Article
• 署名作者: Silvers, Roger
• 署名单位: Utah System of Higher Education; University of Utah
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2020.101301
• 发表日期: 2020
• 关键词: CORPORATE GOVERNANCE; dummy variables; disclosure; PROTECTION; country; FUTURE; MARKET; LEGAL; BIAS

摘要

The events of September 11, 2001, prompted sweeping cross-border coordination efforts for securities regulators around the globe. After 9/11, the International Organization of Securities Commissions (IOSCO) forged a nonbinding arrangement-the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)-that standardized the protocol for information sharing among participating securities regulators. Because regulators from different countries entered the MMoU at different times, their enlistments created a set of staggered shocks. I use these shocks to show that the resulting cross-border cooperation (a) increases cross-border enforcement and (b) reduces the cost of liquidity provision in the capital markets of participating countries. These results support the conclusion that the MMoU helps fill gaps in cross-border regulation that historically exposed investors to information asymmetry, agency costs, and expropriation risks. (C) 2020 The Author(s). Published by Elsevier B.V.