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

Principal Investigator(s): View help for Principal Investigator(s) Ben Charoenwong; Alan Kwan; Tarik Umar

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Project Citation:

Charoenwong, Ben, Kwan, Alan, and Umar, Tarik. Replication data for: Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation? Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116210V1

Project Description

Summary: 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.

Scope of Project

Subject Terms: Ficial Advisers; Investment Advisers

JEL Classification:
      G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
      G28 Financial Institutions and Services: Government Policy and Regulation
      K22 Business and Securities Law
      L51 Economics of Regulation
      L84 Personal, Professional, and Business Services

Geographic Coverage: United States

Time Period(s): 2005 – 2015

Universe: All registered investment advisers and investment adviser representatives with forms filed to the Securities and Exchange Commission.

Data Type(s): administrative records data; event/transaction data; program source code

Collection Notes: All items are acquired via the Freedom of Informations Act from the Securities and Exchange Commission and merged in with other publicly available data from the Bureau of Economic Analysis and United States Census.

Methodology

Data Source: Investment Adviser Public Disclosure database and the Bureau of Economic Analysis and the United States Census.

Unit(s) of Observation: Individual-Year,

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Published Versions

V1 [2019-12-07]

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