Huge congratulations are in order for Roger Silvers, who has been awarded the prestigious De la Vega Prize from the Federation of European Securities Exchanges. Silvers, an assistant professor of Accounting, received the prize for his paper “Does regulatory cooperation help integrate equity markets?” Here’s what the committee had to say:

“The paper studies how cooperative arrangements between securities regulators facilitate market integration.

Cooperation between securities regulators enables

• enhanced cross-border enforcement,
• better regulatory decisions through learning and shared experiences, and
• reduced regulatory red tape in cross-border activities.

Using these arrangements as indicators of cooperation that are scattered across different country-pairs at different times, the tests reveal an 11% increase in cross-border equity investment — about $1.8 trillion in aggregate. Asset pricing tests of cross-listed firms reveal a shift in risk exposures from the local to global market indices, consistent with enhanced market integration.

Cross-border investment and market integration thus appear to depend, in part, on regulatory counterparts working together to extend legal and institutional capacities across borders.”

Congratulations, Roger, on winning the De la Vega Prize!