监管合作有助于股票市场整合吗?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-12-09 DOI:10.2139/ssrn.3761435

R. Silvers

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引用次数: 15

摘要

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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Does Regulatory Cooperation Help Integrate Equity Markets?

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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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.