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    "An Event Study Analysis of Regulatory Uncertainty Stemming from the Implementation of the Dodd-Frank Act"

    Cover for "An Event Study Analysis of Regulatory Uncertainty Stemming from the Implementation of the Dodd-Frank Act"
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    View/Open: Cox_georgetown_0076M_11689.pdf (1.1MB) Bookview

    Creator
    Cox, Joseph Benaiah
    Advisor
    Fleming, Matthew H.
    Abstract
    This paper investigates the possibility of regulatory uncertainty stemming from financial regulation rule announcements relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Information on regulatory announcements is developed from the Davis-Polk Regulatory Tracker, while firm price and fundamentals information is collected from the Center for Research on Securities Prices and Compustat. The event study methodology allows for timely exploration of the possibility of regulatory uncertainty surrounding Dodd-Frank implementation. Two versions of the event study methodology are employed: the classic model with abnormal returns as the dependent variable and the multivariate regression model with equally weighted average returns to portfolios of firms as the dependent variable. Descriptive statistics show that average returns and market adjusted returns are lower on days with regulatory announcements, but regression results show that these differences are not statistically significant. There are some indications of a slight difference in returns on days with regulation but insufficient evidence to support claims of significant economic consequences from regulatory uncertainty.
    Description
    M.P.P.
    Permanent Link
    http://hdl.handle.net/10822/557827
    Date Published
    2012
    Subject
    Dodd-Frank; Efficient Market Hypothesis; Event Study; Financial Regulation; Regulatory Uncertainty; Public policy; Finance; Economics; Public policy; Finance; Economics;
    Type
    thesis
    Publisher
    Georgetown University
    Extent
    53 leaves
    Collections
    • Graduate Theses and Dissertations - Public Policy
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    Georgetown University Seal
    ©2009 - 2022 Georgetown University Library
    37th & O Streets NW
    Washington DC 20057-1174
    202.687.7385
    digitalscholarship@georgetown.edu
    Accessibility