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題名 交易所監管的實證分析：來自中國的證據
The Empirical Analysis of Stock Exchange Regulatory Enforcement: Evidence from China作者 鍾宇軒
Chung, Yu Hsuan貢獻者 戚務君
Chi, Wu Chun
鍾宇軒
Chung, Yu Hsuan關鍵詞 交易所監管
誠信檔案
紀律處分
Stock exchange regulatory enforcement
credit record files
disciplinary sanctions日期 2013 上傳時間 2-Jan-2014 13:27:26 (UTC+8) 摘要 交易所在證券市場中的監管乃是對上市公司監督的第一道防線，其紀律處分措施更是警示市場參與者的重要資訊。本文以中國深圳交易所誠信檔案中對上市公司監管的處罰與處分公告進行分析，實證結果發現交易所的紀律處分事件公告後，市場並不會有顯著的反應。再者，企業的監督治理機制能夠補捉與偵查到企業發生交易所紀律處分的可能性。最後，研究進一步發現交易所的紀律處分將有助於改善企業的財務報導品質。
The first line of defense in firm supervision is a stock exchange regulatory enforcement, and its disciplinary sanctions convey important information to stock market participants. This study thus examines the causes and consequences of the disciplinary sanctions on the Shenzhen Stock Exchange. This study also uses disciplinary penalties found in credit record files to analyze the effect of stock exchange regulatory enforcement. The results indicate that the firms with disciplinary sanctions have no reaction on stock price. Additionally, this study finds that governance and supervision mechanisms can explain a.) occurrence of disciplinary sanctions in a given firm, and b.) probability of detecting stock exchange regulatory enforcement. Finally, further analysis suggests that disciplinary sanctions significantly improve firms’ financial reporting quality.參考文獻 Adams, R., and D. Ferreira (2007). “A theory of friendly boards.” Journal of Finance 62(1), 217-250. Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, Institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43: 343-376.Allen, F., J. Qian and M. Qian. 2005. Law, finance, and economic growth in china. Journal of Financial Economics 77(1):57-116. Armstrong, C., W. Guay, J.Weber, J. 2010. The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics 50:179–234.Ashbaugh-Skaife H., D. W. Collins, W. R. Kinney, Jr. and R. LaFond. 2008. The effect of SOX internal control deficiencies and their remediation on accrual quality. The Accounting Review 83(1):217-250.Beim, D. O. and C. W. Calomiris. 2001. Emerging financial markets. Mc-Graw-Hill /Irwin. Beneish. M. 1999. Incentives and penalties related to earnings overstatements that violate GAAP. The Accounting Review 74(4):425-457.Beneish, E. and M. E. Vargus. 2002, Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77(4):755-791.Bertrand, M. and S. Mullainathan. 2003. Enjoying the quiet life? Corporate Governance and Managerial Preferences. The Journal of Political Economy 111: 1043-1075.Bonner, S. E., Z. V. Palmrose and S. M. Young. 1998. Fraud type and auditor litigation: An analysis of SEC accounting and auditing enforcement releases. The Accounting Review 73(4): 503-532.Bushman, R. M. and J. D. Piotroski. 2006. Financial reporting incentives for conservative accounting: the influence of legal and political institutions. Journal of Accounting and Economics 42:107-148.Chen, G., M. Firth, D. N. Gao and O. M. Rui. 2005. Is China’s securities regulatory agency a toothless tiger? Evidence form enforcement actions. Journal of Accounting and Public Policy 24:451-488. Chen, G., M. Firth, D. N. Gao and O, M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12:424-448Chen, C. J., X. Su and R. Zhao. 2000. An emerging market’s reaction to initial modified auditor opinions: Evidence form the Shanghai stock exchange. Contemporary Accounting Research 17(3):429-255Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87: 157-176.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporation. Journal of Financial Economics 58:81-112.Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in the pre- and post-Sarbanes Oxley period. The Accounting Review 83(3): 757–787. Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50(1): 2–19.DeAngelo, L. E. 1981. Auditor size and audit quality. Journal of Accounting and Economics 3: 183-199.Dechow, P. M., R. G. Sloan and A. P. Sweeney. 1996. Cases and consequences of earnings manipulations: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(1):1-36.DeFond, M. L. and M. Hung. 2004. Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research 42:269-312.DeFond, M. L. and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176Doyle,J., W. Ge, and S. McVay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82(5):1141-1170.Eng, L. L. and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345. Ertimur, Y., F. Ferri and D. A. Maber. 2012. Reputation penalties for poor monitoring of executive pay: Evidence from option backdating. Journal of Financial Economics 104:118-144. Faber, D. B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80(2):539-561.Fama E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26(June),:301-325.Fan, J. P. H. and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33:401-425.Feroz, E. H., K. Park and V. S. Pastena. 1991. The financial and market effects of the SEC’s accounting and auditing enforcement releases. Journal of Accounting Research 29:107-142.Fich, E. and A. Shivdasani. 2007. Financial fraud, director reputation, and shareholder wealth. Journal of Financial Economics 86:306-336.Files, R. 2012. SEC enforcement: Does forthright disclosure and cooperation really matter? Journal of Accounting and Economics 53:353-374.Firth, M., P. M. Y. Fung and O.M. Rui. 2007. Ownership, two-tier board structure, and the informativenss of earnings-Evidence from China. Journal of Accounting and Public Policy 26:463-496.Firth, M., P. L. L. Mo and R. M. K. Wong. 2005. Financial statement frauds and auditor sanctions: An analysis of enforcement actions in China. Journal of Business Ethics 62:367-381Firth M., O. M. Rui and W. Wu. 2011. Cooking the books: recipes and costs of falsified financial statements in China. Journal of Corporate Finance 17:371-390.Healy, P. and K. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440. Heckman, J. 1979. Sample selection bias as a specification error. Econometrica 47(January):153-161.Huyghebaert, N. and L. Wang. 2012. Expropriation of minority investors in Chinese listed firms: The role of internal and external corporate governance mechanisms. Corporate Governance: An International Review 20(3):308-332.Jayaraman, S. 2012. The effect of enforcement on timely loss recognition: Evidence from insider trading laws. Journal of Accounting and Economics 53:77-97.Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journla of Finance 48(3):831-880.Jia C., S. Ding, Y. Li and Z. Wu. 2009. Fraud, enforcement action, and the role of corporate governance: Evidence from China. Journal of Business Ethics 90:561-576.Kanagaretnam, K., G. J. Lobo and D. J. Whalen. 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy 26: 479-522.Karamanou, I. and N. Vafeas. 2005. The association between corporate boards, audit committees, and management earnings forecasts: an empirical analysis. Journal of Accounting Research 43: 453-486.Karpoff, J. M., D. S. Lee and G. S. Martin. 2008a. The consequences to manager for financial misrepresentation. Journal of Financial Economics 88:193-215.Karpoff, J. M., D. S. Lee and G. S. Martin. 2008b. The cost to firms of cooking the books. Journal of Financial and Quantitative Analysis 43(3):581-612.La Porta, R., F. Lopez-de-Silanes and A. Shleifer. 1998. Law and finance. Journal of Political Economy 106:1113-1155.La Porta, R., F. Lopez-de-Silanes and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54:471-517.Liebman, B. L. and C. J. Milhaupt. 2008. Reputational sanctions in China’s securities market. Columbia Law Review 108:929-983.Li, S. 2010. Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review 85(2): 607-636.Linck, J. S., J. M. Netter and T. Yang. 2008. The determinants of board structure. Journal of Financial Economics 87: 308-328. Liu, Q and Z. Lu. 2007. Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance 13:881-906.Leuz, C., D. Nanda, and P. D. Wysocki. 2003. Earnings management and investor protection: an international comparison. Journal of Financial Economics 69:505-527.Low, A. 2009. Managerial Risk-taking Behavior and Equity-based Compensation. Journal of Financial Economics 92: 470-490.Mahoney, P. G. 1997. The exchange as regulator. Virginia Law Review 83:1453-1500. Morck, R., B. Yeung and W. Yu. 2000. The information content of stock markets: Why do emerging stock markets have synchronous stock price movements? Journal of Financial Economics 58: 215-260.Nourayi, M. N. 1994. Stock price responses to the SEC’s enforcement actions. Journal of Accounitng and Public Policy 13:333-347.Poirier, D. J. 1980. Partial observability in bivariate probit models. Journal of Econometrics 12:209-217.Pritchard, A. C. 1999. Markets as monitors: a proposal to replace class actions with exchanges as securities fraud enforcers. Virginia Law Review 85:925-1020.Shleifer, A. and R. Vishny. 1997. A surveyof corporate governance. Journal of Finance 52:737-783.Rosenbaum P. R. and D. B. Rubin. 1983. The central role of the propensity score in observational studies for causal effects. Biometrika 70:41–55.Tang, X., J. Du and Q. Hou. 2013. The effectivenessof the mandatory disclosure of independent directors’ opinions: Empirical evidence form China. Journal of Accounting Public Policy 32:89-125.Thevenot M. 2012. The factors affecting illegal insider trading in firms with violations of GAAP. Journal of Accounting and Economics 53:375-390.Vafeas, N. 1999. Board Meeting Frequency and Firm Performance. Journal of Financial Economics 53: 113–42.Zingales, L. 2009. The future of securities regulation. Journal of Accounting Research 47(2):391-425. 描述 博士
國立政治大學
會計研究所
97353501
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0973535011 資料類型 thesis dc.contributor.advisor 戚務君 zh_TW dc.contributor.advisor Chi, Wu Chun en_US dc.contributor.author (Authors) 鍾宇軒 zh_TW dc.contributor.author (Authors) Chung, Yu Hsuan en_US dc.creator (作者) 鍾宇軒 zh_TW dc.creator (作者) Chung, Yu Hsuan en_US dc.date (日期) 2013 en_US dc.date.accessioned 2-Jan-2014 13:27:26 (UTC+8) - dc.date.available 2-Jan-2014 13:27:26 (UTC+8) - dc.date.issued (上傳時間) 2-Jan-2014 13:27:26 (UTC+8) - dc.identifier (Other Identifiers) G0973535011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/63163 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 97353501 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 交易所在證券市場中的監管乃是對上市公司監督的第一道防線，其紀律處分措施更是警示市場參與者的重要資訊。本文以中國深圳交易所誠信檔案中對上市公司監管的處罰與處分公告進行分析，實證結果發現交易所的紀律處分事件公告後，市場並不會有顯著的反應。再者，企業的監督治理機制能夠補捉與偵查到企業發生交易所紀律處分的可能性。最後，研究進一步發現交易所的紀律處分將有助於改善企業的財務報導品質。 zh_TW dc.description.abstract (摘要) The first line of defense in firm supervision is a stock exchange regulatory enforcement, and its disciplinary sanctions convey important information to stock market participants. This study thus examines the causes and consequences of the disciplinary sanctions on the Shenzhen Stock Exchange. This study also uses disciplinary penalties found in credit record files to analyze the effect of stock exchange regulatory enforcement. The results indicate that the firms with disciplinary sanctions have no reaction on stock price. Additionally, this study finds that governance and supervision mechanisms can explain a.) occurrence of disciplinary sanctions in a given firm, and b.) probability of detecting stock exchange regulatory enforcement. Finally, further analysis suggests that disciplinary sanctions significantly improve firms’ financial reporting quality. en_US dc.description.tableofcontents 壹、緒 論 1貳、研究背景 7一、中國資本市場監督治理環境的發展 7二、中國資本市場監管執法的層級架構 9參、文獻探討與研究假說 15一、交易所監管紀律處分之市場反應 15二、監督治理機制與交易所監管紀律處分的關聯性 17三、交易所監管紀律處分對報導品質的影響 19肆、研究方法 24一、研究設計 24二、樣本選取 24三、研究模型 31伍、 實證結果與分析 46一、交易所監管紀律處分之市場反應 46二、監督治理機制對公司受交易所監管紀律處分之影響 48三、交易所監管紀律處分對財務報導品質之影響 63陸、結 論 73附 錄 75參考文獻 81 zh_TW dc.format.extent 1816093 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0973535011 en_US dc.subject (關鍵詞) 交易所監管 zh_TW dc.subject (關鍵詞) 誠信檔案 zh_TW dc.subject (關鍵詞) 紀律處分 zh_TW dc.subject (關鍵詞) Stock exchange regulatory enforcement en_US dc.subject (關鍵詞) credit record files en_US dc.subject (關鍵詞) disciplinary sanctions en_US dc.title (題名) 交易所監管的實證分析：來自中國的證據 zh_TW dc.title (題名) The Empirical Analysis of Stock Exchange Regulatory Enforcement: Evidence from China en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Adams, R., and D. Ferreira (2007). “A theory of friendly boards.” Journal of Finance 62(1), 217-250. Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, Institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43: 343-376.Allen, F., J. Qian and M. Qian. 2005. Law, finance, and economic growth in china. Journal of Financial Economics 77(1):57-116. Armstrong, C., W. Guay, J.Weber, J. 2010. The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics 50:179–234.Ashbaugh-Skaife H., D. W. Collins, W. R. Kinney, Jr. and R. LaFond. 2008. The effect of SOX internal control deficiencies and their remediation on accrual quality. The Accounting Review 83(1):217-250.Beim, D. O. and C. W. Calomiris. 2001. Emerging financial markets. Mc-Graw-Hill /Irwin. Beneish. M. 1999. Incentives and penalties related to earnings overstatements that violate GAAP. The Accounting Review 74(4):425-457.Beneish, E. and M. E. Vargus. 2002, Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77(4):755-791.Bertrand, M. and S. Mullainathan. 2003. Enjoying the quiet life? Corporate Governance and Managerial Preferences. The Journal of Political Economy 111: 1043-1075.Bonner, S. E., Z. V. Palmrose and S. M. Young. 1998. Fraud type and auditor litigation: An analysis of SEC accounting and auditing enforcement releases. The Accounting Review 73(4): 503-532.Bushman, R. M. and J. D. Piotroski. 2006. Financial reporting incentives for conservative accounting: the influence of legal and political institutions. Journal of Accounting and Economics 42:107-148.Chen, G., M. Firth, D. N. Gao and O. M. Rui. 2005. Is China’s securities regulatory agency a toothless tiger? Evidence form enforcement actions. Journal of Accounting and Public Policy 24:451-488. Chen, G., M. Firth, D. N. Gao and O, M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12:424-448Chen, C. J., X. Su and R. Zhao. 2000. An emerging market’s reaction to initial modified auditor opinions: Evidence form the Shanghai stock exchange. Contemporary Accounting Research 17(3):429-255Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87: 157-176.Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporation. Journal of Financial Economics 58:81-112.Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in the pre- and post-Sarbanes Oxley period. The Accounting Review 83(3): 757–787. Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50(1): 2–19.DeAngelo, L. E. 1981. Auditor size and audit quality. Journal of Accounting and Economics 3: 183-199.Dechow, P. M., R. G. Sloan and A. P. Sweeney. 1996. Cases and consequences of earnings manipulations: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(1):1-36.DeFond, M. L. and M. Hung. 2004. Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research 42:269-312.DeFond, M. L. and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176Doyle,J., W. Ge, and S. McVay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82(5):1141-1170.Eng, L. L. and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345. Ertimur, Y., F. Ferri and D. A. Maber. 2012. Reputation penalties for poor monitoring of executive pay: Evidence from option backdating. Journal of Financial Economics 104:118-144. Faber, D. B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80(2):539-561.Fama E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26(June),:301-325.Fan, J. P. H. and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33:401-425.Feroz, E. H., K. Park and V. S. Pastena. 1991. The financial and market effects of the SEC’s accounting and auditing enforcement releases. Journal of Accounting Research 29:107-142.Fich, E. and A. Shivdasani. 2007. Financial fraud, director reputation, and shareholder wealth. Journal of Financial Economics 86:306-336.Files, R. 2012. SEC enforcement: Does forthright disclosure and cooperation really matter? Journal of Accounting and Economics 53:353-374.Firth, M., P. M. Y. Fung and O.M. Rui. 2007. Ownership, two-tier board structure, and the informativenss of earnings-Evidence from China. Journal of Accounting and Public Policy 26:463-496.Firth, M., P. L. L. Mo and R. M. K. Wong. 2005. Financial statement frauds and auditor sanctions: An analysis of enforcement actions in China. Journal of Business Ethics 62:367-381Firth M., O. M. Rui and W. Wu. 2011. Cooking the books: recipes and costs of falsified financial statements in China. Journal of Corporate Finance 17:371-390.Healy, P. and K. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440. Heckman, J. 1979. Sample selection bias as a specification error. Econometrica 47(January):153-161.Huyghebaert, N. and L. Wang. 2012. Expropriation of minority investors in Chinese listed firms: The role of internal and external corporate governance mechanisms. Corporate Governance: An International Review 20(3):308-332.Jayaraman, S. 2012. The effect of enforcement on timely loss recognition: Evidence from insider trading laws. Journal of Accounting and Economics 53:77-97.Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journla of Finance 48(3):831-880.Jia C., S. Ding, Y. Li and Z. Wu. 2009. Fraud, enforcement action, and the role of corporate governance: Evidence from China. Journal of Business Ethics 90:561-576.Kanagaretnam, K., G. J. Lobo and D. J. Whalen. 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy 26: 479-522.Karamanou, I. and N. Vafeas. 2005. The association between corporate boards, audit committees, and management earnings forecasts: an empirical analysis. Journal of Accounting Research 43: 453-486.Karpoff, J. M., D. S. Lee and G. S. Martin. 2008a. The consequences to manager for financial misrepresentation. Journal of Financial Economics 88:193-215.Karpoff, J. M., D. S. Lee and G. S. Martin. 2008b. The cost to firms of cooking the books. Journal of Financial and Quantitative Analysis 43(3):581-612.La Porta, R., F. Lopez-de-Silanes and A. Shleifer. 1998. Law and finance. Journal of Political Economy 106:1113-1155.La Porta, R., F. Lopez-de-Silanes and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54:471-517.Liebman, B. L. and C. J. Milhaupt. 2008. Reputational sanctions in China’s securities market. Columbia Law Review 108:929-983.Li, S. 2010. Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review 85(2): 607-636.Linck, J. S., J. M. Netter and T. Yang. 2008. The determinants of board structure. Journal of Financial Economics 87: 308-328. Liu, Q and Z. Lu. 2007. Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance 13:881-906.Leuz, C., D. Nanda, and P. D. Wysocki. 2003. Earnings management and investor protection: an international comparison. Journal of Financial Economics 69:505-527.Low, A. 2009. Managerial Risk-taking Behavior and Equity-based Compensation. Journal of Financial Economics 92: 470-490.Mahoney, P. G. 1997. The exchange as regulator. Virginia Law Review 83:1453-1500. Morck, R., B. Yeung and W. Yu. 2000. The information content of stock markets: Why do emerging stock markets have synchronous stock price movements? Journal of Financial Economics 58: 215-260.Nourayi, M. N. 1994. Stock price responses to the SEC’s enforcement actions. Journal of Accounitng and Public Policy 13:333-347.Poirier, D. J. 1980. Partial observability in bivariate probit models. Journal of Econometrics 12:209-217.Pritchard, A. C. 1999. Markets as monitors: a proposal to replace class actions with exchanges as securities fraud enforcers. Virginia Law Review 85:925-1020.Shleifer, A. and R. Vishny. 1997. A surveyof corporate governance. Journal of Finance 52:737-783.Rosenbaum P. R. and D. B. Rubin. 1983. The central role of the propensity score in observational studies for causal effects. Biometrika 70:41–55.Tang, X., J. Du and Q. Hou. 2013. The effectivenessof the mandatory disclosure of independent directors’ opinions: Empirical evidence form China. Journal of Accounting Public Policy 32:89-125.Thevenot M. 2012. The factors affecting illegal insider trading in firms with violations of GAAP. Journal of Accounting and Economics 53:375-390.Vafeas, N. 1999. Board Meeting Frequency and Firm Performance. Journal of Financial Economics 53: 113–42.Zingales, L. 2009. The future of securities regulation. Journal of Accounting Research 47(2):391-425. zh_TW
