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Sec Enforcement Remove Sec Enforcement →

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  • September 2019
  • Article

The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews
By: Miguel Duro, Jonas Heese and Gaizka Ormazabal
This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms’ financial reporting. We exploit a major change in the SEC’s disclosure policy: in 2004, the SEC decided to make its CLs...  View Details
Keywords: Disclosure; Sec Comment-letter Reviews; Public Enforcement; Governance; Information Publishing; Policy; Financial Reporting; Capital Markets; Organizational Change And Adaptation
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  • Summer 2019
  • Article

The Political Influence of Voters' Interests on SEC Enforcement
By: Jonas Heese
I examine whether political influence as a response to voters’ interest in employment levels is reflected in the enforcement actions of the Securities and Exchange Commission (SEC). I find that large employers are less likely to experience SEC enforcement actions....  View Details
Keywords: Sec Enforcement; Government Preferences; Voters' Interests; Political Influence; Employment; Public Opinion; Government Administration; Governance Compliance; Political Elections
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  • May 2019
  • Teaching Note

Tesla, Inc. in 2018
By: Siko Sikochi and Suraj Srinivasan
Teaching Note for HBS No. 119-013. The case facilitates a discussion about corporate governance and its role in achieving sustainable profitability and driving long-term shareholder value. The discussion can focus on such questions as what constitutes good governance,...  View Details
Keywords: Public Company; Corporate Governance; Governing And Advisory Boards; Cost Vs Benefits
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  • 2018
  • Working Paper

It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading
By: Trung Nguyen and Quoc H. Nguyen
We use hand-collected data from SEC’s litigation releases for insider trading violations to examine the effect of geographic distance on its enforcement activities and insider trading activities. First, we find that the SEC is more likely to investigate companies that...  View Details
Keywords: Sec; enforcement; Financial Misconduct; Insider Trading; Geographic Proximity; Governance Compliance; Law enforcement; Geographic Location; Finance; Crime And Corruption
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  • August 2017
  • Article

Is the SEC Captured? Evidence from Comment-Letter Reviews
By: Jonas Heese, Mozaffar Khan and Karthik Ramanna
SEC oversight of publicly listed firms ranges from comment letter (CL) reviews of firms’ reporting compliance to pursuing enforcement actions against violators. Prior literature finds that firm political connections (PC) negatively predict enforcement actions,...  View Details
Keywords: Comment Letters; Political Connections; Regulatory Capture; Sec Enforcement; Government Administration; Business And Government Relations; Government And Politics
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  • Article

Employment Conditions and SEC Enforcement
By: Jonas Heese
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  • June 2012
  • Article

Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms....  View Details
Keywords: Strategy; Financial Markets; Forecasting And Prediction; Law enforcement; Opportunities; Geographic Location; Business Earnings
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  • March 2008 (Revised April 2009)
  • Case

Eliot Spitzer: Pushing Wall Street to Reform
By: Rawi Abdelal, Rafael Di Tella and Jonathan Schlefer
New York State Attorney General Eliot Spitzer faced a decision about how to stop wrongdoing committed by major Wall Street firms during the Internet boom. The equities analysts of Merrill Lynch and other Wall Street firms were charged with objectively advising retail...  View Details
Keywords: Crime And Corruption; Decisions; Financial Institutions; Stocks; Governing Rules, Regulations, And Reforms; Laws And Statutes; Lawsuits And Litigation; Conflict Of Interests; Internet; Financial Services Industry; United States
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