NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Luzi Hail

Wharton School
University of Pennsylvania
Locust Walk
Philadelphia, PA 19104

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NBER Working Papers and Publications

July 2017Cross-Country Evidence on the Relation 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
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.

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

 
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