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SEC Regulations and Firms.

Wu, Xi.

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SEC Regulations and Firms.

Record Type:	Electronic resources : Monograph/item
Title/Author:	SEC Regulations and Firms./
Author:	Wu, Xi.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
Description:	123 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
Contained By:	Dissertations Abstracts International81-11A.
Subject:	Accounting. -
Online resource:	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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100 1 $a Wu, Xi. $3 1902916
245 1 0 $a SEC Regulations and Firms.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2020
300 $a 123 p.
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.
590 $a School code: 0146.
650 4 $a Accounting. $3 557516
650 4 $a Finance. $3 542899
650 4 $a Law. $3 600858
653 $a Compliance
653 $a Concentration
653 $a Machine learning
653 $a SEC
653 $a Securities regulation
653 $a Valuation
690 $a 0272
690 $a 0508
690 $a 0398
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773 0 $t Dissertations Abstracts International $g 81-11A.
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793 $a English
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