NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ulf Brüggemann

Wirtschaftswissenschaftliche Fakultät
Humboldt-Universität zu Berlin
Unter den Linden 6, 10099 Berlin, Germany

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NBER Working Papers and Publications

January 2015The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession
with Matthew J. Bloomfield, Hans B. Christensen, 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...
August 2013The Twilight Zone: OTC Regulatory Regimes and Market Quality
with Aditya Kaul, Christian Leuz, Ingrid M. Werner: w19358
We analyze a comprehensive sample of more than 10,000 U.S. OTC stocks. We provide much needed descriptive evidence on this market and show that the OTC market is a large, diverse, and dynamic trading environment with a rich set of regulatory and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We also exploit the institutional richness of the OTC market and analyze two key dimensions of market quality, liquidity and crash risk, across firms and regulatory regimes. We find that OTC firms that are subject to stricter regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis points to an important trade-off in regulating the OTC market and protecting investors: Lowering regulatory requirement...
 
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