| Paper Number | KCB-WP-2019-021 |
|---|---|
| Title | Local Knowledge and Regulation Outcomes |
| Title(Other) | |
| Author | Joe (Joonghi) Cho ; Kwang J. Lee |
| Publisher | KAIST College of Business |
| Abstract | In contrast to anecdotal and academic evidence highlighting the importance of information advantages arising from geographic proximity for effective regulation, there has been an increasing trend of centralized financial regulation in the U.S. and across the world. This study examines whether local knowledge of individual employees of the U.S. financial regulators could mitigate the potential negative impact of centralized regulatory process. Using corporate filing review by the U.S. Securities and Exchange Commission (SEC), we find evidence suggesting the SEC reviewers’ local knowledge is systematically associated with the filing review outcomes. |
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