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Replication data for: Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?

Version
V0
Resource Type
Dataset
Creator
  • Charoenwong, Ben
  • Kwan, Alan
  • Umar, Tarik
Publication Date
2019-10-01
Description
  • Abstract

    The Dodd-Frank Act shifted regulatory jurisdiction over "midsize" investment advisers from the SEC to state-securities regulators. Client complaints against midsize advisers increased relative to those continuing under SEC oversight by 30 to 40 percent of the unconditional probability. Complaints increasingly cited fiduciary violations and rose more where state regulators had fewer resources. Advisers responding more to weaker oversight had past complaints, were located farther from regulators, faced less competition, had more conflicts of interest, and served primarily less-sophisticated clients. Our results inform optimal regulatory design in markets with informational asymmetries and search frictions.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.20180412 (Text)
Publications
  • Charoenwong, Ben, Alan Kwan, and Tarik Umar. “Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?” American Economic Review 109, no. 10 (October 1, 2019): 3681–3712. https://doi.org/10.1257/aer.20180412.
    • ID: 10.1257/aer.20180412 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07

Charoenwong, Ben; Kwan, Alan; Umar, Tarik (2019): Replication data for: Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116210