A Survey of Financial Experimental Research through a Regulatory Lens
综述了与证券监管相关的金融实验研究，按SEC和FINRA的职能分类，展示实验证据如何为监管决策提供因果依据，并指导研究者提升研究对监管的实用性。
SYNOPSIS Academic research can inform policy, enforcement, and rulemaking at the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). We argue that experimental accounting research is particularly well-suited to provide rigorous, causal evidence on issues central to these regulators’ missions. We review existing financial experimental studies relevant to securities regulation and classify them according to the SEC’s divisions and offices and FINRA’s oversight functions. This framework highlights where financial experimental evidence is relevant to regulatory activities and can help the SEC and FINRA identify research aligned with specific mandates. We also identify opportunities for future research and offer practical guidance to academics on communicating the relevance of their work, with the goal of strengthening the connection between research and securities regulation. JEL Classifications: D83; G11; G41; G53; M41.