메뉴 건너뛰기




Volumn 47, Issue 2, 2009, Pages 349-390

Securities laws, disclosure, and national capital markets in the age of financial globalization

Author keywords

[No Author keywords available]

Indexed keywords


EID: 62649138789     PISSN: 00218456     EISSN: 1475679X     Source Type: Journal    
DOI: 10.1111/j.1475-679X.2009.00327.x     Document Type: Article
Times cited : (61)

References (88)
  • 1
    • 0002816156 scopus 로고
    • A Theory of Intraday Patterns: Volume and Price Variability
    • and
    • Admati, A., and P. Pfleiderer A Theory of Intraday Patterns: Volume and Price Variability Review of Financial Studies 1 (1988 3 40.
    • (1988) Review of Financial Studies , vol.1 , pp. 3-40
    • Admati, A.1    Pfleiderer, P.2
  • 2
    • 62649169967 scopus 로고    scopus 로고
    • Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
    • and. Forthcoming.
    • Aggarwal, R. I. Erel R. Stulz and R. Williamson Differences in Governance Practices Between U.S. and Foreign Firms: Measurement, Causes, and Consequences Review of Financial Studies (2008 Forthcoming.
    • (2008) Review of Financial Studies
    • Aggarwal, R.1    Erel, I.2    Stulz, R.3    Williamson, R.4
  • 7
    • 34548509942 scopus 로고    scopus 로고
    • Multimarket Trading and Liquidity: Theory and Evidence
    • and
    • Baruch, S. G. A. Karolyi and M. L. Lemmon Multimarket Trading and Liquidity: Theory and Evidence Journal of Finance 62 (2007 2169 200.
    • (2007) Journal of Finance , vol.62 , pp. 2169-200
    • Baruch, S.1    Karolyi, G.A.2    Lemmon, M.L.3
  • 9
    • 0041672311 scopus 로고    scopus 로고
    • The World Price of Insider Trading
    • and
    • Bhattacharya, U., and H. Daouk The World Price of Insider Trading Journal of Finance 57 (2002 75 108.
    • (2002) Journal of Finance , vol.57 , pp. 75-108
    • Bhattacharya, U.1    Daouk, H.2
  • 11
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure Level and the Cost of Equity Capital
    • Botosan, C. Disclosure Level and the Cost of Equity Capital The Accounting Review 72 (1997 323 49.
    • (1997) The Accounting Review , vol.72 , pp. 323-49
    • Botosan, C.1
  • 12
    • 21844524991 scopus 로고
    • Voluntary Disclosures and the Trading Behavior of Corporate Insiders
    • and
    • Bushman, R. M., and R. J. Indjejikian Voluntary Disclosures and the Trading Behavior of Corporate Insiders Journal of Accounting Research 33 (1995 293 316.
    • (1995) Journal of Accounting Research , vol.33 , pp. 293-316
    • Bushman, R.M.1    Indjejikian, R.J.2
  • 13
    • 8744282658 scopus 로고    scopus 로고
    • Insider Trading Restrictions and Analysts' Incentives to Follow Firms
    • and
    • Bushman, R. M. J. D. Piotroski and A. B. Smith Insider Trading Restrictions and Analysts' Incentives to Follow Firms Journal of Finance 60 (2005 35 66.
    • (2005) Journal of Finance , vol.60 , pp. 35-66
    • Bushman, R.M.1    Piotroski, J.D.2    Smith, A.B.3
  • 15
    • 0000108966 scopus 로고    scopus 로고
    • Financial Accounting Information and Corporate Governance
    • and
    • Bushman, R. M., and A. J. Smith Financial Accounting Information and Corporate Governance Journal of Accounting & Economics 32 (2001 237 333.
    • (2001) Journal of Accounting & Economics , vol.32 , pp. 237-333
    • Bushman, R.M.1    Smith, A.J.2
  • 16
    • 24044513639 scopus 로고    scopus 로고
    • Do Domestic Investors Have an Edge? the Trading Experience of Foreign Investors in Korea
    • and
    • Choe, H. B. C. Kho and R. M. Stulz Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea Review of Financial Studies 18 (2005 795 829.
    • (2005) Review of Financial Studies , vol.18 , pp. 795-829
    • Choe, H.1    Kho, B.C.2    Stulz, R.M.3
  • 17
    • 0000264239 scopus 로고
    • Multimarket Trading and Market Liquidity
    • and
    • Chowdhry, B., and V. Nanda Multimarket Trading and Market Liquidity Review of Financial Studies 4 (1991 623 56.
    • (1991) Review of Financial Studies , vol.4 , pp. 623-56
    • Chowdhry, B.1    Nanda, V.2
  • 18
    • 62649169963 scopus 로고    scopus 로고
    • Private Vs. Political Choice of Securities Regulation: A Political Cost/Benefit Analysis
    • Coates, J. C. Private Vs. Political Choice of Securities Regulation: A Political Cost/Benefit Analysis Virginia Journal of International Law 41 (2001 531 82.
    • (2001) Virginia Journal of International Law , vol.41 , pp. 531-82
    • Coates, J.C.1
  • 19
    • 0042261097 scopus 로고    scopus 로고
    • The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications
    • Coffee, J. C. The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications Northwestern University Law Review 93 (1999 641 708.
    • (1999) Northwestern University Law Review , vol.93 , pp. 641-708
    • Coffee, J.C.1
  • 20
    • 39149125421 scopus 로고    scopus 로고
    • Law and the Market: The Impact of Enforcement
    • Coffee, J. C. Law and the Market: the Impact of Enforcement University of Pennsylvania Law Review 156 (2007 229 58.
    • (2007) University of Pennsylvania Law Review , vol.156 , pp. 229-58
    • Coffee, J.C.1
  • 21
    • 62649154491 scopus 로고    scopus 로고
    • Committee on Capital Market Regulation. Interim Report. Harvard Law School
    • Committee on Capital Market Regulation Interim Report Harvard Law School, 2006.
    • (2006)
  • 24
    • 84942585214 scopus 로고
    • Disclosure, Liquidity, and the Cost of Capital
    • and
    • Diamond, D., and R. Verrecchia Disclosure, Liquidity, and the Cost of Capital Journal of Finance 56 (1991 1325 59.
    • (1991) Journal of Finance , vol.56 , pp. 1325-59
    • Diamond, D.1    Verrecchia, R.2
  • 25
    • 58949097720 scopus 로고    scopus 로고
    • Private Benefits of Control, Ownership, and the Cross-Listing Decision
    • and
    • Doidge, C. G. A. Karolyi K. Lins D. Miller and R. Stulz Private Benefits of Control, Ownership, and the Cross-Listing Decision Journal of Finance 64 (2009 425 66.
    • (2009) Journal of Finance , vol.64 , pp. 425-66
    • Doidge, C.1    Karolyi, G.A.2    Lins, K.3    Miller, D.4    Stulz, R.5
  • 27
    • 84869249926 scopus 로고    scopus 로고
    • Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time
    • and. Forthcoming.
    • Doidge, C. G. A. Karolyi and R. Stulz Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time Journal of Financial Economics (2008a Forthcoming.
    • (2008) Journal of Financial Economics
    • Doidge, C.1    Karolyi, G.A.2    Stulz, R.3
  • 29
    • 0040428176 scopus 로고    scopus 로고
    • International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market
    • and
    • Domowitz, I. J. Glen and A. Madhavan International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market Journal of Finance 53 (1998 2002 28.
    • (1998) Journal of Finance , vol.53 , pp. 2002-28
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 31
    • 19944408608 scopus 로고    scopus 로고
    • To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
    • and
    • Durnev, A., and E. H. Kim To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation Journal of Finance 60 (2005 1461 93.
    • (2005) Journal of Finance , vol.60 , pp. 1461-93
    • Durnev, A.1    Kim, E.H.2
  • 32
    • 2442609381 scopus 로고    scopus 로고
    • Information and the Cost of Capital
    • and
    • Easley, D., and M. O'Hara Information and the Cost of Capital Journal of Finance 59 (2004 1553 83.
    • (2004) Journal of Finance , vol.59 , pp. 1553-83
    • Easley, D.1    O'Hara, M.2
  • 35
    • 62649094250 scopus 로고    scopus 로고
    • The Case for Mandatory Disclosure in Securities Regulation Around the World
    • Ferrell, A. The Case for Mandatory Disclosure in Securities Regulation Around the World Brookly, Journal of Corporate, Financial & Commercial Law 81 (2007 81 131.
    • (2007) Brookly, Journal of Corporate, Financial & Commercial Law , vol.81 , pp. 81-131
    • Ferrell, A.1
  • 36
    • 0043095579 scopus 로고    scopus 로고
    • Takeover Defenses of IPO Firms
    • and
    • Field, L. C., and J. M. Karpoff Takeover Defenses of IPO Firms Journal of Finance 57 (2002 1857 89.
    • (2002) Journal of Finance , vol.57 , pp. 1857-89
    • Field, L.C.1    Karpoff, J.M.2
  • 37
    • 0043079558 scopus 로고    scopus 로고
    • Securities Disclosure in a Globalizing Market: Who Should Regulate Whom
    • Fox, M. B. Securities Disclosure in a Globalizing Market: Who Should Regulate Whom Michigan Law Review 95 (1997 2501 632.
    • (1997) Michigan Law Review , vol.95 , pp. 2501-632
    • Fox, M.B.1
  • 38
    • 62649152600 scopus 로고    scopus 로고
    • U.S. Perspectives on Global Securities Market Disclosure Regulation: A Critical Review
    • Fox, M. B. U.S. Perspectives on Global Securities Market Disclosure Regulation: A Critical Review European Business Organization Law Review 3 (2002 337 70.
    • (2002) European Business Organization Law Review , vol.3 , pp. 337-70
    • Fox, M.B.1
  • 41
    • 0345401653 scopus 로고
    • Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Agents
    • and
    • Glosten, L. R., and P. R. Milgrom Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Agents Journal of Financial Economics 14 (1985 71 100.
    • (1985) Journal of Financial Economics , vol.14 , pp. 71-100
    • Glosten, L.R.1    Milgrom, P.R.2
  • 42
    • 0040790529 scopus 로고    scopus 로고
    • Going Public Without Governance: Managerial Reputation Effects
    • Gomes, A. Going Public Without Governance: Managerial Reputation Effects Journal of Finance 55 (2000 615 46.
    • (2000) Journal of Finance , vol.55 , pp. 615-46
    • Gomes, A.1
  • 43
    • 0033634041 scopus 로고    scopus 로고
    • The Investment Behavior and Performance of Various Investor Types: A Study of Finland's Unique Data Set
    • and
    • Grinblatt, M., and M. Keloharju The Investment Behavior and Performance of Various Investor Types: A Study of Finland's Unique Data Set Journal of Financial Economics 55 (2000 43 67.
    • (2000) Journal of Financial Economics , vol.55 , pp. 43-67
    • Grinblatt, M.1    Keloharju, M.2
  • 44
    • 0000465144 scopus 로고
    • The Information Role of Warranties and Private Disclosure about Product Quality
    • Grossman, S. The Information Role of Warranties and Private Disclosure About Product Quality Journal of Law and Economics 24 (1981 461 88.
    • (1981) Journal of Law and Economics , vol.24 , pp. 461-88
    • Grossman, S.1
  • 45
    • 84936194550 scopus 로고
    • The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
    • and
    • Grossman, S. J., and O. Hart The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration Journal of Political Economy 94 (1986 691 719.
    • (1986) Journal of Political Economy , vol.94 , pp. 691-719
    • Grossman, S.J.1    Hart, O.2
  • 46
    • 33745302208 scopus 로고    scopus 로고
    • International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter
    • and
    • Hail, L., and C. Leuz International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter Journal of Accounting Research 44 (2006a 485 531.
    • (2006) Journal of Accounting Research , vol.44 , pp. 485-531
    • Hail, L.1    Leuz, C.2
  • 48
    • 62649095551 scopus 로고    scopus 로고
    • The Wrong Way to Avoid a Corporate Scandal
    • January 9
    • Hart, O. The Wrong Way to Avoid a Corporate Scandal Financial Times (January 9, 2004 17.
    • (2004) Financial Times , pp. 17
    • Hart, O.1
  • 49
    • 0001202406 scopus 로고
    • Incomplete Contracts and Renegotiation
    • and
    • Hart, O., and J. Moore Incomplete Contracts and Renegotiation Econometrica 56 (1988 755 86.
    • (1988) Econometrica , vol.56 , pp. 755-86
    • Hart, O.1    Moore, J.2
  • 50
    • 0000388461 scopus 로고    scopus 로고
    • Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure
    • and
    • Healy, P. A. Hutton and K. Palepu Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure Contemporary Accounting Research 16 (1999 485 520.
    • (1999) Contemporary Accounting Research , vol.16 , pp. 485-520
    • Healy, P.1    Hutton, A.2    Palepu, K.3
  • 51
    • 34248156635 scopus 로고    scopus 로고
    • Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership
    • and
    • Helwege, J. C. Pirinsky and R. M. Stulz Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership Journal of Finance 62 (2007 995 1028.
    • (2007) Journal of Finance , vol.62 , pp. 995-1028
    • Helwege, J.1    Pirinsky, C.2    Stulz, R.M.3
  • 54
    • 32144464931 scopus 로고    scopus 로고
    • The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom
    • Karolyi, G. A. The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom Review of Finance 10 (2006 73 115.
    • (2006) Review of Finance , vol.10 , pp. 73-115
    • Karolyi, G.A.1
  • 55
    • 66049088654 scopus 로고    scopus 로고
    • Are Assets Priced Locally or Globally
    • and. in. edited by. G. Constantinides. M. Harris. and. R. Stulz. New York, NY. North-Holland Publishers
    • Karolyi, G. A., and R. Stulz Are Assets Priced Locally or Globally in The Handbook of the Economics of Finance, edited by G. Constantinides, M. Harris, and R. Stulz. New York, NY : North-Holland Publishers, 2003 : 975 1020.
    • (2003) The Handbook of the Economics of Finance , pp. 975-1020
    • Karolyi, G.A.1    Stulz, R.2
  • 56
    • 62649147500 scopus 로고    scopus 로고
    • Financial Globalization, Governance, and the Home Bias
    • and. this issue.
    • Kho, B.-C. R. Stulz and F. Warnock Financial Globalization, Governance, and the Home Bias Journal of Accounting Research 47 (2009 this issue.
    • (2009) Journal of Accounting Research , vol.47
    • Kho, B.-C.1    Stulz, R.2    Warnock, F.3
  • 57
    • 0000827401 scopus 로고
    • Vertical Integration, Appropriable Rents, and the Competitive Contracting Process
    • and
    • Klein, B. R. G. Crawford and A. A. Alchian Vertical Integration, Appropriable Rents, and the Competitive Contracting Process Journal of Law and Economics 21 (1978 297 326.
    • (1978) Journal of Law and Economics , vol.21 , pp. 297-326
    • Klein, B.1    Crawford, R.G.2    Alchian, A.A.3
  • 58
    • 0000859303 scopus 로고
    • Continuous Auctions and Insider Trading
    • Kyle, A. Continuous Auctions and Insider Trading Econometrica 53 (1985 1315 35.
    • (1985) Econometrica , vol.53 , pp. 1315-35
    • Kyle, A.1
  • 62
    • 41549084629 scopus 로고    scopus 로고
    • Complex Ownership Structures and Corporate Valuations
    • and
    • Laeven, L., and R. Levine Complex Ownership Structures and Corporate Valuations Review of Financial Studies 21 (2008 579 604.
    • (2008) Review of Financial Studies , vol.21 , pp. 579-604
    • Laeven, L.1    Levine, R.2
  • 65
    • 33746130781 scopus 로고    scopus 로고
    • Political Relationships, Global Financing, and Corporate Transparency: Evidence from Indonesia
    • and
    • Leuz, C., and F. Oberholzer-Gee Political Relationships, Global Financing, and Corporate Transparency: Evidence from Indonesia Journal of Financial Economics 81 (2006 411 39.
    • (2006) Journal of Financial Economics , vol.81 , pp. 411-39
    • Leuz, C.1    Oberholzer-Gee, F.2
  • 66
    • 0242534354 scopus 로고    scopus 로고
    • The Economic Consequences of Increased Disclosure
    • and
    • Leuz, C., and R. Verrecchia The Economic Consequences of Increased Disclosure Journal of Accounting Research 38 (2000 91 124.
    • (2000) Journal of Accounting Research , vol.38 , pp. 91-124
    • Leuz, C.1    Verrecchia, R.2
  • 68
    • 0042188232 scopus 로고    scopus 로고
    • Law and Equity Markets: A Simple Model
    • and. in. edited by. J. McCahery. P. Moerland. T. Raaijmakers. and. L. Renneboog. Oxford, UK. Oxford University Press
    • Lombardo, D., and M. Pagano Law and Equity Markets: A Simple Model in Corporate Governance Regimes: Convergence and Diversity, edited by J. McCahery, P. Moerland, T. Raaijmakers, and L. Renneboog. Oxford, UK : Oxford University Press, 2002.
    • (2002) Corporate Governance Regimes: Convergence and Diversity
    • Lombardo, D.1    Pagano, M.2
  • 69
    • 67650270836 scopus 로고    scopus 로고
    • Fast Lane: Firms Seek Edge through Speed as Computer Trading Expands
    • Lucchemi, A. Fast Lane: Firms Seek Edge through Speed as Computer Trading Expands The Wall Street Journal, December 15, 2006.
    • (2006) The Wall Street Journal
    • Lucchemi, A.1
  • 72
    • 84923067231 scopus 로고
    • Trading Volume and Asset Liquidity
    • Pagano, M. Trading Volume and Asset Liquidity Quarterly Journal of Economics 104 (1989 255 74.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 255-74
    • Pagano, M.1
  • 73
    • 19744374458 scopus 로고    scopus 로고
    • The Political Economy of Corporate Governance
    • and
    • Pagano, M., and P. F. Volpin The Political Economy of Corporate Governance American Economic Review 95 (2005 1005 30.
    • (2005) American Economic Review , vol.95 , pp. 1005-30
    • Pagano, M.1    Volpin, P.F.2
  • 74
    • 84977702514 scopus 로고
    • Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt
    • Rajan, R. G. Insiders and Outsiders: The Choice Between Informed and Arm's-Length Debt Journal of Finance 47 (1992 1367 400.
    • (1992) Journal of Finance , vol.47 , pp. 1367-400
    • Rajan, R.G.1
  • 75
    • 0037633994 scopus 로고    scopus 로고
    • The Great Reversals: The Politics of Financial Development in the Twentieth Century
    • and
    • Rajan, R. G., and L. Zingales The Great Reversals: The Politics of Financial Development in the Twentieth Century Journal of Financial Economics 69 (2003 5 50.
    • (2003) Journal of Financial Economics , vol.69 , pp. 5-50
    • Rajan, R.G.1    Zingales, L.2
  • 76
    • 34848889893 scopus 로고    scopus 로고
    • Securities Regulation as Lobster Trap: A Credible Commitment Theory of Mandatory Disclosure
    • 23
    • Rock, E. Securities Regulation as Lobster Trap: A Credible Commitment Theory of Mandatory Disclosure Cardozo Law Review 23 (2002 675 704.
    • (2002) Cardozo Law Review , pp. 675-704
    • Rock, E.1
  • 77
    • 1342327041 scopus 로고    scopus 로고
    • The Need for Competition in International Securities Regulation
    • Romano, R. The Need for Competition in International Securities Regulation Theoretical Inquiries in Law 2 (2001 387 562.
    • (2001) Theoretical Inquiries in Law , vol.2 , pp. 387-562
    • Romano, R.1
  • 79
    • 2942706066 scopus 로고    scopus 로고
    • Will the Sovereign Debt Market Survive
    • Shleifer, A. Will the Sovereign Debt Market Survive American Economic Review 93 (2003 85 90.
    • (2003) American Economic Review , vol.93 , pp. 85-90
    • Shleifer, A.1
  • 81
    • 12144259346 scopus 로고    scopus 로고
    • Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws
    • Siegel, J. Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws Journal of Financial Economics 75 (2005 319 59.
    • (2005) Journal of Financial Economics , vol.75 , pp. 319-59
    • Siegel, J.1
  • 84
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, Corporate Finance, and the Cost of Capital
    • Stulz, R. M. Globalization, Corporate Finance, and the Cost of Capital Journal of Applied Corporate Finance 12 (1999 8 25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 8-25
    • Stulz, R.M.1
  • 85
    • 23944437887 scopus 로고    scopus 로고
    • The Limits of Financial Globalization
    • Stulz, R. M. The Limits of Financial Globalization Journal of Finance 60 (2005 1595 638.
    • (2005) Journal of Finance , vol.60 , pp. 1595-638
    • Stulz, R.M.1
  • 86
    • 0002385291 scopus 로고
    • Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization: Theory and Evidence
    • and
    • Stulz, R. M., and W. Wasserfallen Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization: Theory and Evidence Review of Financial Studies 8 (1995 1019 57.
    • (1995) Review of Financial Studies , vol.8 , pp. 1019-57
    • Stulz, R.M.1    Wasserfallen, W.2
  • 87
    • 38349048730 scopus 로고    scopus 로고
    • Working paper, European Corporate Governance Institute. ECGI Working Paper Series in Law.
    • Zingales, L. The Costs and Benefits of Financial Market Regulation Working paper, European Corporate Governance Institute, 2004. ECGI Working Paper Series in Law.
    • (2004) The Costs and Benefits of Financial Market Regulation
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.