Government Preferences and SEC Enforcement

摘要: I examine whether political influence by the government as a response to voters’ interest in employment conditions is reflected enforcement actions of Securities and Exchange Commission (SEC). find that large employers are less likely be subject an SEC action, after controlling for firm size, accounting quality, distance office, contributions, among other factors. Next, show face action presidential election years if they headquartered politically important states. also firms employ larger proportion congressional district’s total workforce located districts with high unemployment rates incumbent congressman serves on committee oversees SEC. These findings suggest interests enforcement.