Читать книгу Equity Markets, Valuation, and Analysis - H. Kent Baker - Страница 70

This chapter focused on one type of securities regulation that is pertinent to equity markets and valuation: trading rules. It explained that the different types of trading rules are designed to curtail a wide array of different types of market abuse. It further explained that trading rules do not operate in isolation. Without computerized surveillance and not merely single-market surveillance but more importantly cross-product and cross-market surveillance, trading rules are unenforceable and, therefore, meaningless. Finally, the chapter showed that despite similarities in trading rules across some countries, large differences exist in actual enforcement that is attributable to differences in expenditures on enforcement and information sharing across exchanges.

Securities regulation clearly improves measures of market efficiency, such as liquidity. Securities regulation likewise improves other corporate outcomes such as M&As and innovation. Further work on the causes and consequences of different types of securities regulation and different types of outcomes would help guide academics, practitioners, and regulators alike.