S. E. C. Trading Suspensions Book

Ch. I	Introduction
	The Research Problem	3
	Purposes of this Investigation	5
Ch. II	Background
	A Brief History of Securities Regulation Legislation	7
	The Securities Exchange Act of 1934	11
	Trading Suspensions	14
	Previous Studies	18
Ch. III	Trading Suspensions
	Operational Definitions	23
	Justification for Trading Suspensions	25
	Inference About Regulatory Efficacy	26
	Propriety of Regulatory Actions	29
	Hypotheses to be Tested	38
Ch. IV	Empirical Procedures
	The Data	43
	Descriptive Statistics	44
	Models of Expected Returns	50
	Problems with the Procedures	54
Ch. V	Results (Exchange Sample)
	Mean Adjusted Returns	57
	Estimation Issues	57
	Results	59
	Market Model (Ordinary Least Squares)	73
	Estimation Issues	73
	Results	75
	Market Model (Scholes-Williams)	79
	Estimation Issues	79
	Results	82
Ch. VI	Results (OTC Sample)
	The Data	89
	Descriptive Statistics	90
	Mean Adjusted Returns Model	95
	OLS Market Model	98
	Scholes-Williams Market Model	100
Ch. VII	Conclusions
	Summary of the Findings	107
	Interpretation of the Results	108
	The Ability of the SEC	110
	A Caveat	111
	Directions for Future Research	112
	Bibliography	115
	Appendix A - Returns Around Suspensions	122
	Appendix B - Residual Serial Correlation	124
	Index	125