NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Luzi Hail

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Working Papers and Chapters and Reporter Articles

January 2011Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
with Hans B. Christensen, Christian Leuz: w16737
We examine the capital-market effects of changes in securities regulation in the European Union (EU) aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of EU firms, we exploit that for plausibly exogenous reasons, like national legislative procedures, EU 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.
January PublicationCross-Country Evidence on the Relationship between Capital Gains Taxes, Risk and Expected Returns
with Stephanie Sikes, Clare Wang
in Personal Income Taxation and Household Behavior (TAPES), Roger Gordon and Christian Keuschnigg, organizers

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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