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SEC Regulations and Firms.

Wu, Xi.

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SEC Regulations and Firms.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	SEC Regulations and Firms./
作者:	Wu, Xi.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	123 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
Contained By:	Dissertations Abstracts International81-11A.
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27831011
ISBN:	9798644901593

SEC Regulations and Firms.
Wu, Xi.

SEC Regulations and Firms. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 123 p.

Source: Dissertations Abstracts International, Volume: 81-11, Section: A.

Thesis (Ph.D.)--New York University, 2020.

This item must not be sold to any third party vendors.

This study examines the effect of SEC regulations on firm valuations and corporate policies over the past 50 years. I build a time-varying and industry-specific measure of SEC regulatory restrictions, based on the universe of effective SEC rules and machine-learning relevance of the regulations to each industry. My identification strategy uses a generalized difference-in-differences design, exploiting the staggered nature of large changes in SEC regulatory restrictions across industries. I find that firms increase their demand for compliance employees following increases in regulatory restrictions, suggesting heightened regulatory burdens. At the same time, the affected firms experience increases in valuation and operating performance. The effects are asymmetric, where regulations have stronger impacts than deregulations. The results are consistent with increased regulatory burdens pushing out weaker companies, which increases the market power of other firms. Following increases in SEC restrictions, underperforming firms are more likely to exit the market, leading to more concentrated industries.

ISBN: 9798644901593Subjects--Topical Terms:

557516
Accounting.
Subjects--Index Terms:

Compliance

SEC Regulations and Firms.
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500 $a Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
500 $a Advisor: Lev, Baruch.
502 $a Thesis (Ph.D.)--New York University, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a This study examines the effect of SEC regulations on firm valuations and corporate policies over the past 50 years. I build a time-varying and industry-specific measure of SEC regulatory restrictions, based on the universe of effective SEC rules and machine-learning relevance of the regulations to each industry. My identification strategy uses a generalized difference-in-differences design, exploiting the staggered nature of large changes in SEC regulatory restrictions across industries. I find that firms increase their demand for compliance employees following increases in regulatory restrictions, suggesting heightened regulatory burdens. At the same time, the affected firms experience increases in valuation and operating performance. The effects are asymmetric, where regulations have stronger impacts than deregulations. The results are consistent with increased regulatory burdens pushing out weaker companies, which increases the market power of other firms. Following increases in SEC restrictions, underperforming firms are more likely to exit the market, leading to more concentrated industries.
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653 $a Machine learning
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653 $a Valuation
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