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Article Dans Une Revue Journal of International Financial Markets, Institutions and Money Année : 2018

Same Rules, Different Enforcement : Market Abuse in Europe

Résumé

We present and analyze a novel set of enforcement data from the European Securities Market Authority during the period following the European Union’s harmonized rule setting on securities market abuse. The data show significant differences in the intensity of enforcement across Europe. The empirical tests are highly consistent with the view that the intensity of enforcement is the most statistically robust and economically significant predictor of market abuse detection. In particular, the data identify three important arms of enforcement: the number of supervisors, which enhances detection; formalized cooperation, which facilitates surveillance; and imprisonment, which facilitates deterrence. We discuss research, practitioner implications, and policy implications for securities regulation across several key European countries.
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Dates et versions

hal-02312132 , version 1 (27-02-2020)

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Douglas J. Cumming, Alexander Groh, Sofia A. Johan. Same Rules, Different Enforcement : Market Abuse in Europe. Journal of International Financial Markets, Institutions and Money, 2018, 54, 130-151 p. ⟨10.1016/j.intfin.2018.03.006⟩. ⟨hal-02312132⟩

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