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March 18, 2026The Accounting Review

The Impacts of Accounting Regulation on Bondholder and Shareholder Wealth: The Case of the Securities Acts.

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Authors

CCChee W. ChowUniversity of North Carolina at Chapel Hill

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Implication

The analysis demonstrates wealth shifts between bondholders and shareholders due to regulatory changes, indicating important financial implications.

Key Points

  • This analysis aims to investigate how the 1933 and 1934 Securities Acts influenced bondholder and shareholder wealth through financial disclosures and accounting restrictions.
  • Empirical tests on daily stock and bond returns during the deliberation period of the Securities Acts.
  • Focused on New York Stock Exchange stocks and bonds, including over-the-counter stocks.
  • Analyzed the impact of regulatory disclosures on wealth transfers between shareholders and bondholders.
  • The 1933 Act reduced shareholder wealth through interfirm wealth transfers and compliance costs.
  • The 1933 Act may have enhanced bondholder wealth, though not from shareholder transfers.
  • No significant effects were observed due to the 1934 Act.

Cite This Study

Chee W. Chow (1983) studied this question.

synapsesocial.com/papers/69ba43384e9516ffd37a4319https://doi.org/10.2308/tar-4486735
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1The Effect of Financial Disclosure Regulation on Security Market Behavior.1983
  2. 2Financial Reporting Effects of the 1934 Securities Exchange Act2026
  3. 3Does Securities Regulation Matter? Mandatory Disclosure, Excess Stock Volatility, and the US Securities Exchange Act of 19342026
  4. 4The SEC and Mandated Disclosure: At the Crossroads.1987
  5. 5THE ACCOUNTANT AND THE SECURITIES ACT.1933