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Is the SEC captured? Evidence from comment-letter reviews

Abstract:

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, inferring SEC capture. We present new evidence that firm PC positively predict CL reviews and substantive characteristics of such reviews, including the number of issues evaluated and the seniority of SEC staff involved. These results, ...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.jacceco.2017.06.002

Authors


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Institution:
University of Oxford
Division:
SSD
Department:
Blavatnik School of Government
Role:
Author
More from this funder
Name:
Charles Koch Foundation
Funding agency for:
Ramanna, K
Publisher:
Elsevier
Journal:
Journal of Accounting and Economics More from this journal
Volume:
64
Issue:
1
Pages:
98-122
Publication date:
2017-06-15
Acceptance date:
2017-06-12
DOI:
ISSN:
0165-4101
Keywords:
Pubs id:
pubs:701248
UUID:
uuid:fdeee594-91e3-4b0d-bd4c-263d626ec9d3
Local pid:
pubs:701248
Source identifiers:
701248
Deposit date:
2017-06-18

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