Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
研究了欧盟减少市场滥用、提高透明度的证券监管改革对资本市场的影响，发现改革提升了市场流动性，但在执行更严格、传统监管更强的国家效果更显著，表明弱监管国家并未追赶上来。
We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of E.U. firms, we exploit that for plausibly exogenous reasons, such as national legislative procedures, E.U. countries adopted these directives at different times. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. The findings suggest that countries with initially weaker regulation do not catch up with stronger countries, and that countries diverge more upon harmonizing regulation. Received August 3, 2015; accepted April 25, 2016, by Editor Andrew Karolyi.