A Survey of Securities Laws and Enforcement

The author examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established tha...

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Main Author:	Lopez-de-Silanes, Florencio
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	ACCOUNTING ADVERSE SELECTION ASSET PRICING ASSETS ASYMMETRIC INFORMATION BID CAPITAL COSTS CAPITAL MARKET CAPITAL MARKETS CASH FLOWS CORPORATE GOVERNANCE CORRUPTION COST BENEFIT ANALYSIS COST OF CAPITAL CRIMINAL SANCTIONS DECISION MAKING DEMOCRACY DEVELOPED COUNTRIES DISCLOSURE DISCLOSURE LAWS DISCLOSURE REQUIREMENTS DISCLOSURE RULES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MODELS ECONOMICS ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPIRICAL STUDIES EQUITY FINANCING EXPROPRIATION FINANCIAL MARKETS FIXED COSTS FOREIGN FIRMS INFORMATION INITIAL PUBLIC OFFERINGS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INVESTMENT BANKS INVESTOR PROTECTION IPO IPOS ISSUERS JUDICIAL SYSTEM JURISDICTIONS LEGAL PROCESSES LEGAL SYSTEMS LIABILITY LIQUIDITY LITIGATION MEAN RETURNS MINORITY SHAREHOLDERS MORAL HAZARD MORAL HAZARD PROBLEMS MUTUAL FUNDS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE PENALTIES POLITICAL RIGHTS POTENTIAL INVESTORS PROPERTY RIGHTS PROXY RAISING CAPITAL REGULATORY FRAMEWORK SANCTIONS SECURITIES SECURITIES CONTRACTS SECURITIES LAWS SECURITIES MARKETS SECURITIES REGULATIONS SECURITIES TRANSACTIONS SHAREHOLDERS SOCIAL COSTS STOCK EXCHANGE STOCK MARKET STOCK MARKETS THIRD PARTIES TRADERS TRANSACTION COSTS
Online Access:	http://documents.worldbank.org/curated/en/2004/09/5163967/survey-securities-laws-enforcement http://hdl.handle.net/10986/14243

id	okr-10986-14243
recordtype	oai_dc
spelling	okr-10986-142432021-04-23T14:03:21Z A Survey of Securities Laws and Enforcement Lopez-de-Silanes, Florencio ACCOUNTING ADVERSE SELECTION ASSET PRICING ASSETS ASYMMETRIC INFORMATION BID CAPITAL COSTS CAPITAL MARKET CAPITAL MARKETS CASH FLOWS CORPORATE GOVERNANCE CORRUPTION COST BENEFIT ANALYSIS COST OF CAPITAL CRIMINAL SANCTIONS DECISION MAKING DEMOCRACY DEVELOPED COUNTRIES DISCLOSURE DISCLOSURE LAWS DISCLOSURE REQUIREMENTS DISCLOSURE RULES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MODELS ECONOMICS ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPIRICAL STUDIES EQUITY FINANCING EXPROPRIATION FINANCIAL MARKETS FIXED COSTS FOREIGN FIRMS INFORMATION INITIAL PUBLIC OFFERINGS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INVESTMENT BANKS INVESTOR PROTECTION IPO IPOS ISSUERS JUDICIAL SYSTEM JURISDICTIONS LEGAL PROCESSES LEGAL SYSTEMS LIABILITY LIQUIDITY LITIGATION MEAN RETURNS MINORITY SHAREHOLDERS MORAL HAZARD MORAL HAZARD PROBLEMS MUTUAL FUNDS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE PENALTIES POLITICAL RIGHTS POTENTIAL INVESTORS PROPERTY RIGHTS PROXY RAISING CAPITAL REGULATORY FRAMEWORK SANCTIONS SECURITIES SECURITIES CONTRACTS SECURITIES LAWS SECURITIES MARKETS SECURITIES REGULATIONS SECURITIES TRANSACTIONS SHAREHOLDERS SOCIAL COSTS STOCK EXCHANGE STOCK MARKET STOCK MARKETS THIRD PARTIES TRADERS TRANSACTION COSTS The author examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established that law matters. Mandatory disclosure requirements, insider trading laws, safeguards against self-dealing transactions, adequate regulatory powers, and simple laws that are easily enforced aid in the development of capital markets. The debate is now focused on identifying which components of securities laws matter most and on what the optimal regulatory framework for each country should be. Although public enforcement of securities laws is important, the author finds that the largest impact comes from aspects of the law that facilitate private enforcement. This means that the development of capital markets depends crucially on creating laws that facilitate enforcement and improving court procedures that allow for a more efficient dispute resolution. 2013-06-27T18:01:25Z 2013-06-27T18:01:25Z 2003-10 http://documents.worldbank.org/curated/en/2004/09/5163967/survey-securities-laws-enforcement http://hdl.handle.net/10986/14243 English en_US Policy Research Working Paper;No.3405 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ADVERSE SELECTION ASSET PRICING ASSETS ASYMMETRIC INFORMATION BID CAPITAL COSTS CAPITAL MARKET CAPITAL MARKETS CASH FLOWS CORPORATE GOVERNANCE CORRUPTION COST BENEFIT ANALYSIS COST OF CAPITAL CRIMINAL SANCTIONS DECISION MAKING DEMOCRACY DEVELOPED COUNTRIES DISCLOSURE DISCLOSURE LAWS DISCLOSURE REQUIREMENTS DISCLOSURE RULES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MODELS ECONOMICS ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPIRICAL STUDIES EQUITY FINANCING EXPROPRIATION FINANCIAL MARKETS FIXED COSTS FOREIGN FIRMS INFORMATION INITIAL PUBLIC OFFERINGS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INVESTMENT BANKS INVESTOR PROTECTION IPO IPOS ISSUERS JUDICIAL SYSTEM JURISDICTIONS LEGAL PROCESSES LEGAL SYSTEMS LIABILITY LIQUIDITY LITIGATION MEAN RETURNS MINORITY SHAREHOLDERS MORAL HAZARD MORAL HAZARD PROBLEMS MUTUAL FUNDS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE PENALTIES POLITICAL RIGHTS POTENTIAL INVESTORS PROPERTY RIGHTS PROXY RAISING CAPITAL REGULATORY FRAMEWORK SANCTIONS SECURITIES SECURITIES CONTRACTS SECURITIES LAWS SECURITIES MARKETS SECURITIES REGULATIONS SECURITIES TRANSACTIONS SHAREHOLDERS SOCIAL COSTS STOCK EXCHANGE STOCK MARKET STOCK MARKETS THIRD PARTIES TRADERS TRANSACTION COSTS
spellingShingle	ACCOUNTING ADVERSE SELECTION ASSET PRICING ASSETS ASYMMETRIC INFORMATION BID CAPITAL COSTS CAPITAL MARKET CAPITAL MARKETS CASH FLOWS CORPORATE GOVERNANCE CORRUPTION COST BENEFIT ANALYSIS COST OF CAPITAL CRIMINAL SANCTIONS DECISION MAKING DEMOCRACY DEVELOPED COUNTRIES DISCLOSURE DISCLOSURE LAWS DISCLOSURE REQUIREMENTS DISCLOSURE RULES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MODELS ECONOMICS ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPIRICAL STUDIES EQUITY FINANCING EXPROPRIATION FINANCIAL MARKETS FIXED COSTS FOREIGN FIRMS INFORMATION INITIAL PUBLIC OFFERINGS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INVESTMENT BANKS INVESTOR PROTECTION IPO IPOS ISSUERS JUDICIAL SYSTEM JURISDICTIONS LEGAL PROCESSES LEGAL SYSTEMS LIABILITY LIQUIDITY LITIGATION MEAN RETURNS MINORITY SHAREHOLDERS MORAL HAZARD MORAL HAZARD PROBLEMS MUTUAL FUNDS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE PENALTIES POLITICAL RIGHTS POTENTIAL INVESTORS PROPERTY RIGHTS PROXY RAISING CAPITAL REGULATORY FRAMEWORK SANCTIONS SECURITIES SECURITIES CONTRACTS SECURITIES LAWS SECURITIES MARKETS SECURITIES REGULATIONS SECURITIES TRANSACTIONS SHAREHOLDERS SOCIAL COSTS STOCK EXCHANGE STOCK MARKET STOCK MARKETS THIRD PARTIES TRADERS TRANSACTION COSTS Lopez-de-Silanes, Florencio A Survey of Securities Laws and Enforcement
relation	Policy Research Working Paper;No.3405
description	The author examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established that law matters. Mandatory disclosure requirements, insider trading laws, safeguards against self-dealing transactions, adequate regulatory powers, and simple laws that are easily enforced aid in the development of capital markets. The debate is now focused on identifying which components of securities laws matter most and on what the optimal regulatory framework for each country should be. Although public enforcement of securities laws is important, the author finds that the largest impact comes from aspects of the law that facilitate private enforcement. This means that the development of capital markets depends crucially on creating laws that facilitate enforcement and improving court procedures that allow for a more efficient dispute resolution.
format	Publications & Research :: Policy Research Working Paper
author	Lopez-de-Silanes, Florencio
author_facet	Lopez-de-Silanes, Florencio
author_sort	Lopez-de-Silanes, Florencio
title	A Survey of Securities Laws and Enforcement
title_short	A Survey of Securities Laws and Enforcement
title_full	A Survey of Securities Laws and Enforcement
title_fullStr	A Survey of Securities Laws and Enforcement
title_full_unstemmed	A Survey of Securities Laws and Enforcement
title_sort	survey of securities laws and enforcement
publisher	World Bank, Washington, D.C.
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/09/5163967/survey-securities-laws-enforcement http://hdl.handle.net/10986/14243
_version_	1764430690991996928

A Survey of Securities Laws and Enforcement

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