Contracts, Markets, and Laws in the US and Japan
Edited by Zenichi Shishido
Chapter 18: Public enforcement: an update of the literature on resource-based evidence
Several years ago, my colleague Mark Roe and I undertook an empirical study of the relationship between public enforcement and the development of robust capital markets. Our paper was written in response to earlier work suggesting that private enforcement as opposed to public enforcement was the critical determinant of healthy capital markets. While we were sympathetic to the view that private enforcement could make important contributions to the depth and efficiency of securities markets, we also believed that public enforcement had a major role to play and was, in many respects, a necessary complement to and perhaps even a prerequisite of effective private enforcement.
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