Regulatory Agency

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The Experts below are selected from a list of 321 Experts worldwide ranked by ideXlab platform

Nicolas Janus - One of the best experts on this subject based on the ideXlab platform.

Michael Firth - One of the best experts on this subject based on the ideXlab platform.

  • is china s securities Regulatory Agency a toothless tiger evidence from enforcement actions
    Journal of Accounting and Public Policy, 2005
    Co-Authors: Gongmeng Chen, Michael Firth, Daniel N Gao, Oliver M Rui
    Abstract:

    Abstract The China Securities Regulatory Commission (CSRC) is the Regulatory body that enforces securities laws and regulations in the People’s Republic of China. Somewhat akin to the SEC in the US, the CSRC carries out investigations to identify and prosecute securities fraud. The aim of this study is to provide some empirical evidence on the impact of the CSRC’s enforcement actions. We find that enforcement actions have a negative impact on stock prices with most firms suffering wealth losses of around 1–2% in the 5 days surrounding the event. Moreover, we find that firms have a greater rate of auditor change, a much higher incidence of qualified audit opinions, increased CEO turnover, and wider bid-ask spreads. The negative stock returns and the costly economic consequences for firms suggest that the CSRC has credibility and its actions have teeth.

  • Is China's Securities Regulatory Agency a Toothless Tiger? Evidence from Enforcement Actions
    Journal of Accounting and Public Policy, 2005
    Co-Authors: Gongmeng Chen, Michael Firth
    Abstract:

    The China Securities Regulatory Commission (CSRC) is the Regulatory body that enforces securities laws and regulations in the People's Republic of China. Somewhat akin to the SEC in the U.S., the CSRC carries out investigations to identify and prosecute securities fraud. The aim of this study is to provide some empirical evidence on the impact of the CSRC's enforcement actions. We find that enforcement actions have a negative impact on stock prices with most firms suffering wealth losses of around 1% to 2% in the five days surrounding the event. Moreover, we find that firms have a greater rate of auditor change, a much higher incidence of qualified audit opinions, increased CEO turnover, and wider bid-ask spreads. The negative stock returns and the costly economic consequences for firms suggests the CSRC has credibility and its actions have teeth.

Gongmeng Chen - One of the best experts on this subject based on the ideXlab platform.

  • is china s securities Regulatory Agency a toothless tiger evidence from enforcement actions
    Journal of Accounting and Public Policy, 2005
    Co-Authors: Gongmeng Chen, Michael Firth, Daniel N Gao, Oliver M Rui
    Abstract:

    Abstract The China Securities Regulatory Commission (CSRC) is the Regulatory body that enforces securities laws and regulations in the People’s Republic of China. Somewhat akin to the SEC in the US, the CSRC carries out investigations to identify and prosecute securities fraud. The aim of this study is to provide some empirical evidence on the impact of the CSRC’s enforcement actions. We find that enforcement actions have a negative impact on stock prices with most firms suffering wealth losses of around 1–2% in the 5 days surrounding the event. Moreover, we find that firms have a greater rate of auditor change, a much higher incidence of qualified audit opinions, increased CEO turnover, and wider bid-ask spreads. The negative stock returns and the costly economic consequences for firms suggest that the CSRC has credibility and its actions have teeth.

  • Is China's Securities Regulatory Agency a Toothless Tiger? Evidence from Enforcement Actions
    Journal of Accounting and Public Policy, 2005
    Co-Authors: Gongmeng Chen, Michael Firth
    Abstract:

    The China Securities Regulatory Commission (CSRC) is the Regulatory body that enforces securities laws and regulations in the People's Republic of China. Somewhat akin to the SEC in the U.S., the CSRC carries out investigations to identify and prosecute securities fraud. The aim of this study is to provide some empirical evidence on the impact of the CSRC's enforcement actions. We find that enforcement actions have a negative impact on stock prices with most firms suffering wealth losses of around 1% to 2% in the five days surrounding the event. Moreover, we find that firms have a greater rate of auditor change, a much higher incidence of qualified audit opinions, increased CEO turnover, and wider bid-ask spreads. The negative stock returns and the costly economic consequences for firms suggests the CSRC has credibility and its actions have teeth.

Mary K Olson - One of the best experts on this subject based on the ideXlab platform.

  • Regulatory Agency discretion among competing industries inside the fda
    Social Science Research Network, 1998
    Co-Authors: Mary K Olson
    Abstract:

    This paper develops a theoretical framework to analyze the variability in Food and Drug Administration (FDA) approval decisions among competing industries including those that produce new brand-name drugs, generic drugs, and medical devices. The theory provides a framework to empirically test for the determinants of FDA approval decisions. These determinants include the Agency's budget, congressional preferences and several proxies for industry interests and consumer interests. Results from the analysis suggest that the Agency's response to these determinants varies among the three different industry approval activities. The pattern of variation implies that bureaucratic discretion is the highest for products with the greatest Regulatory stringency. This variation in Agency responsiveness further suggests that no single theory of regulation can explain the Agency's approval decisions among the three industries. Instead, different theories of regulation, such as public interest, capture or congressional control, are need to explain different industry approval activities.

  • Regulatory Agency discretion among competing industries inside the fda
    Journal of Law Economics & Organization, 1995
    Co-Authors: Mary K Olson
    Abstract:

    This article develops a theoretical framework to analyze the variability in Food and Drug Administration (FDA) approval decisions among competing industries, specifically those that produce new brand-name drugs, generic drugs, and medical devices. The theory provides a framework to test empirically for the determinants of FDA approval decisions. These determinants include the Agency's budget, congressional preferences, and several proxies for industry interests and consumer interests. Results from the analysis suggest that the Agency's response to these determinants varies among the three different industries' approval activities. The patter of variation implies that bureaucratic discretion is highest for the products with the greatest Regulatory stringency. This variation in Agency responsiveness further suggests that no single theory of regulation can explain the Agency's approval decisions among the three industries. Instead, different theories of regulation-such as public interest, capture, or congressional control-are needed to explain different industry approval activities.

Oliver M Rui - One of the best experts on this subject based on the ideXlab platform.

  • is china s securities Regulatory Agency a toothless tiger evidence from enforcement actions
    Journal of Accounting and Public Policy, 2005
    Co-Authors: Gongmeng Chen, Michael Firth, Daniel N Gao, Oliver M Rui
    Abstract:

    Abstract The China Securities Regulatory Commission (CSRC) is the Regulatory body that enforces securities laws and regulations in the People’s Republic of China. Somewhat akin to the SEC in the US, the CSRC carries out investigations to identify and prosecute securities fraud. The aim of this study is to provide some empirical evidence on the impact of the CSRC’s enforcement actions. We find that enforcement actions have a negative impact on stock prices with most firms suffering wealth losses of around 1–2% in the 5 days surrounding the event. Moreover, we find that firms have a greater rate of auditor change, a much higher incidence of qualified audit opinions, increased CEO turnover, and wider bid-ask spreads. The negative stock returns and the costly economic consequences for firms suggest that the CSRC has credibility and its actions have teeth.