Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis
研究了欧盟2001年UCITS指令对2002-2009年间欧洲投资基金跨国分布的影响，发现该监管框架显著促进了跨境基金分布，但在小型基金推广者中效果较弱，且金融危机期间UCITS基金（尤其是股票基金）的跨境优势有所减弱。
In this paper, we consider for the first time the impact of fund regulation on the international distribution of investment funds. We study the 2001 Undertakings for Collective Investment in Transferable Securities (UCITS) Directive of the European Union, which was put in place to mitigate fraud and promote investor confidence throughout Europe. We examine the impact of UCITS on international distributions of European investment funds over the 2002--2009 period. We show that the UCITS regulatory structure has significantly facilitated cross-border fund distributions, albeit UCITS has had less success in facilitating distributions among smaller fund promoters. Also, UCITS funds, especially UCITS equity funds, have lost some of their advantage in terms of cross-border distribution during the period of the recent financial crisis. Further, we show there has been a growing interest in UCITS over time outside Europe, notably in Asia.