Hans B. Christensen
University of Chicago
Booth School of Business
5807 S. Woodlawn Ave
Chicago, IL 60637
NBER Working Papers and Publications
|January 2015||The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession|
with Matthew J. Bloomfield, Ulf Brüggemann, Christian Leuz: w20888
The paper examines whether international regulatory harmonization increases cross-border labor migration. To study this question, we analyze European Union (EU) initiatives that harmonized accounting and auditing standards. Regulatory harmonization should reduce economic mobility barriers, essentially making it easier for accounting professionals to move across countries. Our research design compares the cross-border migration of accounting professionals relative to tightly-matched other professionals before and after regulatory harmonization. We find that international labor migration in the accounting profession increases significantly relative to other professions. We provide evidence that this effect is due to harmonization, rather than increases in the demand for accounting services d...
|January 2011||Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement|
with Luzi Hail, 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.
Published: Hans B. Christensen & Luzi Hail & Christian Leuz, 2016. "Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement," Review of Financial Studies, vol 29(11), pages 2885-2924. citation courtesy of