金融监管机构的党派之争

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-04-21 DOI:10.1093/rfs/hhad029

Joseph Engelberg, Matthew Henriksson, Asaf Manela, Jared Williams

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引用次数: 0

摘要

摘要本文分析了美国证券交易委员会委员和联邦储备委员会理事的党派关系。利用机器学习的最新进展，我们识别了国会中的党派短语，如“繁文缛节”和“气候变化”，并观察了它们在监管机构中的使用情况。尽管在我们的样本期间(1930-2019年)，美联储一直保持相对无党派，但我们发现，在2010-2019年期间，由于党派倾向较强的委员取代了党派倾向较低的委员，美国证券交易委员会委员的党派倾向上升到了历史最高水平。美国证券交易委员会的党派之争既体现在新规则的措辞上，也体现在SEC委员的投票行为上。作者们提供了一份互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边。

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The Partisanship of Financial Regulators

Abstract We analyze the partisanship of Commissioners at the SEC and Governors at the Federal Reserve Board. Using recent advances in machine learning, we identify partisan phrases in Congress, such as “red tape” and “climate change,” and observe their usage among regulators. Although the Fed has remained relatively nonpartisan throughout our sample period (1930–2019), we find that partisanship among SEC Commissioners rose to an all-time high during the 2010-2019 period, driven by more-partisan Commissioners replacing less-partisan ones. Partisanship at the SEC appears in both the language of new SEC rules and the voting behavior of SEC Commissioners. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.