Found 565 article(s) in category 'Regulation'

Reforming land use regulations

Reforming land use regulations. Edward Glaeser, April 22, 2017, Opinion, “Arguably, land use controls have a more widespread impact on the lives of ordinary Americans than any other regulation. These controls, typically imposed by localities, make housing more expensive and restrict the growth of America’s most successful metropolitan areas. These regulations have accreted over time with virtually no cost-benefit analysis. Restricting growth is often locally popular. Promoting affordability is hardly a financially attractive aim for someone who owns a home. Yet the maze of local land use controls imposes costs on outsiders, and on the American economy as a whole.Link

Tags: , , ,

Is the SEC Captured? Evidence from Comment-Letter Reviews

Is the SEC Captured? Evidence from Comment-Letter Reviews. Jonas Heese, Karthik Ramanna, April 8, 2017, Paper, “SEC oversight of publicly listed firms ranges from comment letter (CL) reviews of firms’ reporting compliance to pursuing enforcement actions against violators. Prior literature finds that firm political connections (PC) negatively predict enforcement actions, inferring SEC capture. We present new evidence that firm PC positively predict CL reviews and substantive characteristics of such reviews, including the number of issues evaluated and the seniority of SEC staff involved. These results, robust to identification concerns, are inconsistent with SEC capture and indicate a more nuanced relation between firm PC and SEC oversight than previously suggested.Link

Tags: , , , ,

Impact of Reporting Frequency on UK Public Companies

Impact of Reporting Frequency on UK Public Companies. Robert Pozen, 2017, Paper, “Beginning in 2007, UK public companies were required to issue quarterly, rather than semiannual, financial reports. But the UK removed this quarterly reporting requirement in 2014. We studied the effects of these regulatory changes on UK public companies and found that the frequency of financial reports had no material impact on levels of corporate investment. However, mandatory quarterly reporting was associated with an increase in analyst coverage and an improvement in the accuracy of analyst earnings forecasts.Link

Tags: , , ,

The Future of Patent Examination at the USPTO

The Future of Patent Examination at the USPTO. Prithwiraj Choudhury, Tarun Khanna, April 2017, Case, “The U.S. Patent and Trademark Office (USPTO) is the federal government agency responsible for evaluating and granting patents and trademarks. In 2015, the USPTO employed approximately 8,000 patent examiners who granted nearly 300,000 patents to inventors. As of April 2016, it took roughly 26 months for a patent application to move through the evaluation process, which exceeded the office’s processing goal of 20 months. In August 2016, Andrew Hirshfeld, the commissioner for patents at the USPTO, considered the current state of patent examination and future possibilities. In recent years, a number of new and exciting tools enabled by advances in telework, machine learning, and other approaches had emerged. Hirshfeld hoped to maximize these tools’ utility in order to enhance patent examiners’ work and productivity.Link

Tags: , , , , , , , ,

GE Capital after the Crisis

GE Capital after the Crisis. John Coates, John Dionne, David S. Scharfstein, April 2017, Case, “Keith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America’s most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and Project Hubble, a proposal to sell off GE Capital in parts. A third document sketched out the implications should GE “stay the course” on its present strategy: a continued, massive build-up of regulatory and compliance personnel to meet GE Capital’s obligations as a “SIFI”—systemically important financial institution—in the wake of the 2010 Dodd-Frank Act.Link

Tags: , , , , , ,

Getting From Here to There: The Transition Tax Issue

Getting From Here to There: The Transition Tax Issue. Stephen Shay, March 27, 2017, Paper, “If there is fundamental U.S. international income tax reform, regardless of the reform option chosen, the United States must decide how to handle the $2.4 trillion to $2.6 trillion of previously untaxed foreign income accumulated by U.S. multinational corporations. In this report, Fleming, Peroni, and Shay argue that the proper approach is to treat the income as a subpart F inclusion in the year before the effective date of fundamental reform and to tax it at regular rates with an option to make the payments in installments that bear market-rate interest. The authors explain why the case for a low or deferred tax on this income is inferior to the case for full immediate taxation.Link

Tags: , , , , ,

Harvard’s Scott Says U.S. Has Latitude on Bank Reforms

Harvard’s Scott Says U.S. Has Latitude on Bank Reforms. Hal Scott, March 23, 2017, Video, “Hal Scott, Harvard Law School professor and president of Committee on Capital Markets Regulation, discusses the Trump administration’s approach to financial regulation and how it relates to the Federal Reserve and monetary policy. Scott is a potential candidate to be the next Vice Chair of the Federal Reserve. He speaks on “Bloomberg Surveillance.”Link

Tags: , , , ,

Energy Market Shock Absorbers: Waiving Environmental Regulations in Response to Fuel Market Disruptions

Energy Market Shock Absorbers: Waiving Environmental Regulations in Response to Fuel Market Disruptions. Joseph Aldy, March 23, 2017, Paper, “As a result, such volatility can have important political implications. Energy price volatility has historically reflected geopolitical events around the world. But recently in the United States, natural disasters, policy design and implementation, and competition in markets have contributed to volatility in U.S. energy price.Link

Tags: , , ,

Carbon Prices, Preferences, and the Timing of Uncertainty

Carbon Prices, Preferences, and the Timing of Uncertainty. William Hogan, March 6, 2017, Paper, “$40 revised July 2015 Social Cost of CO2, from “Technical Update of the Social Cost of Carbon for Regulatory Impact Analysis Under Executive Order 12866.” (U. S. Government Interagency Working Group on Social Cost of Carbon, 2016) Based on 3% constant discount rate, and an average of 3 climate-economy models, including DICE.Link

Tags: , ,