Firm size and the impact of securities regulation

We examine the impact of private versus public enforcement of securities regulation depending on firm size. * We find that public enforcement facilitates small firm security issuance. * Private enforcement facilitates large firm security issuance more than small firms. * Stronger public enforcement encourages large firms to raise capital internationally. Using a newly-assembled dataset of 45,220 firms across 46 countries spanning the years 1996-2007, we find incongruent effects of regulation across firm size. We find that public enforcement facilitates small firm security issuance, while priva... Mehr ...