Regulation and accounting practice: An evaluation of the efficacy of SEC mandatory reporting requirements.
Item
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Title
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Regulation and accounting practice: An evaluation of the efficacy of SEC mandatory reporting requirements.
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Identifier
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AAI9009766
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identifier
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9009766
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Creator
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Okcabol, Fahrettin.
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Contributor
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Adviser: Tony Tinker
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Date
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1989
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Language
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English
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Publisher
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City University of New York.
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Subject
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Business Administration, Accounting
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Abstract
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State regulation of capital markets in the US and the UK climaxed soon after WWII; thereafter, this "contested terrain" has been the site of a series of intense conflicts and struggles over the form and extent of regulation. Leading academic protagonists include George Benston and the Nobel Laureate George Stigler; both provided an intellectual spur for dismantling the apparatus regulating national capital markets. In essence, these theorists support market processes and oppose using the state's bureaucracy as a means of regulation. This thesis surveys literature that critically appraises Benston and Stigler's work and provides an empirical test of a number of hypotheses derivative of their work. Using evidence from court filings and other sources heretofore unexamined in the accounting literature, this study shows significantly high levels of security law violations among firms currently exempt from SEC filing requirements; particularly where there is high information asymmetry between stockholders and management, and where management are subject to profit pressures. The thesis concludes that, in circumstances where Stigler and Benston's assumptions fail to hold, market processes are ineffective in preventing securities law violations.
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Type
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dissertation
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Source
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PQT Legacy CUNY.xlsx
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degree
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Ph.D.
