Fragmented Securities Regulation, Information-Processing Costs, and Insider Trading

The authors are grateful for helpful comments from Suraj Srinivasan (department editor), an anonymous associate editor, two anonymous referees, Ray Ball, Philip Berger, Francois Brochet, Yadav Gopalan, João Granja, Alon Kalay, Urooj Khan, Heemin Lee, Christian Leuz, Edward Li, Michael Minnis, Joshua Mitts, Allison Nicoletti, Valeri Nikolaev, Shiva Rajgopal, Stephen G. Ryan, Haresh Sapra, Douglas Skinner, Richard Sloan, Igor Vaysman, Urska Velikonja, Roger White, Regina Wittenberg Moerman, Rong Yang, David Yermack, and seminar participants at Baruch College, the University of Chicago (Booth), Columbia Business School, Korea Advanced Institute of Science & Technology, Seoul National University, Temple University, the 2019 American Accounting Association Annual meeting, the 2019 American Law and Economics Association Annual Meeting, the 2019 Burton Conference, the 2019 Annual Conference on Financial Economics and Accounting, the 2019 Nick Dopuch Conference, the 2020 St. Louis Fed and Indiana University Workshop, and the 2020 Korean Accounting Association Annual Global Meeting. The authors thank Jungu Myung, Dongoh Shin, and Myoungseok Song for excellent research assistance.