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Projects - Details  
  Regulatory Regime Change in World Financial Markets: The Case of Sarbanes-Oxley

Dr Justin O'Brien
Dr I Demirag
Dr S Andreasson
Dr A Baker
Dr S Wheeler
Dr M Dubnick
Dr J Barry
Queen's University, Belfast

Dr Justin O'Brien
Institute of Governance, Public Policy and Social Research
Queen's University, Belfast
101 Botanic Avenue

Tel: 02890 972550
email: j.obrien@qub.ac.uk
web: www.qub.ac.uk/sox

Duration of Research

March 2005 - February 2008

This proposal addresses Strand 2.1 of the programme objectives; in particular the third set of questions on the political economy aspects of cross-country variation in institutional, regulatory and legal arrangements. It does so through the prism of regulatory efforts to deal with malfeasance and misfeasance in financial markets. Specifically, it focuses on the privileged position of the regulatory regime of the United States on global markets and its interaction with and impact on national forms of economic governance. We achieve this by examining the causes and consequences of the Sarbanes-Oxley Act (2002) on corporate liability. Introduced as a response to domestic crisis, Sarbanes-Oxley has had global consequences. Our three-year project examines those consequences in a range of systematically important countries. First, we characterise the legislative and policy response to corporate governance scandals and evaluate their impact on the regulatory landscape in the US. Second, we look at the impact of these regulatory responses on other states at different stages of socio-economic development. At the requested levels of funding, these would include the United Kingdom, South Africa, Turkey and South Korea. Third, we assess the role of local, cultural, institutional and political factors in mediating the subsequent response in these states, together with the influence of market and US governmental pressure. Fourth, we assess the current state of global regulatory practice, discuss future challenges and evaluate possible responses to these challenges.

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Remarks, comments and contributions are welcome at: t.byne@econ.bbk.ac.uk
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Last updated November 2005
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