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作者：Chordia, Tarun; Miao, Bin
作者单位：Emory University; The Chinese University of Hong Kong, Shenzhen
摘要：The literature has used small samples to show that fast trading or low latency trading (LLT) improves efficiency at extremely high frequencies. However, it is not clear whether LLT driven high frequency improvements in efficiency can impact corporate decision making and investor risk sharing or hedging, which are low frequency processes. This paper uses a comprehensive cross-sectional and time-series sample to provide evidence that LLT enhances efficiency around earnings announcements. Low lat...
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作者：Christensen, Hans B.; Liu, Lisa Yao; Maffett, Mark
作者单位：University of Chicago
摘要：Within the UK's proactive financial-reporting enforcement regime, we examine the effect of increased regulatory scrutiny on equity values. We find that a fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.3% on average. Reductions in equity values are largest for firms with strong private oversight that likely ensures that they are closer to their equity-value-maximizing level of transparency. Additional evidence suggests that com...
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作者：Silvers, Roger
作者单位：Utah System of Higher Education; University of Utah
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 cou...
