STATE SUBSTANTIVE SECURITIES REGULATION: AN EMPIRICAL INVESTIGATION OF EFFICIENCY AT THREE LEVELS OF STRINGENCY (INVESTMENT, RETURNS, RISK).
AuthorBRANDI, JAY THOMAS.
KeywordsSecurities -- United States.
Stock exchanges -- United States.
Trade regulation -- United States.
Disclosure of information (Securities law)
MetadataShow full item record
PublisherThe University of Arizona.
RightsCopyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
AbstractTheoreticians and practitioners consider regulation of the capital marketplace to be an important area of concern due to the potential effects of such regulation on capital resource allocation, investment decision-making, and market efficiency. It is hypothesized that if the level of issue quality required by a state prior to public sale supplies investor benefits, such benefits should take the form of excess returns and/or less variation in return in relation to issues complying with lower standards of quality. The study utilizes an Analysis of Variance and, an analysis of average and cumulative average residuals. Both investigations provide findings that merit regulation is beneficial to new investors increased market efficiency.
Degree ProgramBusiness Administration