Does Regulatory Cooperation Help Integrate Equity Markets?

IF 1.4 4区社会学 Q1 LAW

Law Probability & Risk Pub Date : 2020-12-09 DOI:10.2139/ssrn.3761435

R. Silvers

引用次数: 15

Abstract

Abstract This study tests whether cooperation between securities regulators influences global market integration. I measure cooperation using arrangements between securities regulators that enable enhanced cross-border enforcement, better regulatory decisions, and reduced compliance obligations for cross-border activities. These arrangements—formed at different times for different country pairs—are associated with an 11% increase in cross-border investment. I find similar increases using other proxies for market integration. Cross-border investment and market integration thus depend, in part, on regulators working together to extend legal and institutional capacities across borders. This reframes our understanding of the role of institutions in global capital markets.

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监管合作有助于股票市场整合吗?

摘要本文旨在检验证券监管机构之间的合作是否会影响全球市场整合。我使用证券监管机构之间的安排来衡量合作，这些安排能够加强跨境执法，更好的监管决策，并减少跨境活动的合规义务。这些安排——在不同的时间为不同的国家对形成——与跨境投资增长11%有关。使用其他市场整合代理，我发现了类似的增长。因此，跨境投资和市场一体化在一定程度上取决于监管机构共同努力，扩大跨境法律和机构能力。这重新定义了我们对机构在全球资本市场中的作用的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Law Probability & Risk MATHEMATICSSTATISTICS & PROBABILITY&-STATISTICS & PROBABILITY

CiteScore

2.10

自引率

28.60%

发文量

期刊介绍： Law, Probability & Risk is a fully refereed journal which publishes papers dealing with topics on the interface of law and probabilistic reasoning. These are interpreted broadly to include aspects relevant to the interpretation of scientific evidence, the assessment of uncertainty and the assessment of risk. The readership includes academic lawyers, mathematicians, statisticians and social scientists with interests in quantitative reasoning. The primary objective of the journal is to cover issues in law, which have a scientific element, with an emphasis on statistical and probabilistic issues and the assessment of risk. Examples of topics which may be covered include communications law, computers and the law, environmental law, law and medicine, regulatory law for science and technology, identification problems (such as DNA but including other materials), sampling issues (drugs, computer pornography, fraud), offender profiling, credit scoring, risk assessment, the role of statistics and probability in drafting legislation, the assessment of competing theories of evidence (possibly with a view to forming an optimal combination of them). In addition, a whole new area is emerging in the application of computers to medicine and other safety-critical areas. New legislation is required to define the responsibility of computer experts who develop software for tackling these safety-critical problems.