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La Experiencia Chilena Disuadiendo Ilícitos Corporativos, Diego G. Pardow
La Experiencia Chilena Disuadiendo Ilícitos Corporativos, Diego G. Pardow
Diego G. Pardow
This paper analyzes the investigations on potential misconducts conducted by the Chilean public enforcer (Superintendencia de Valores y Seguros, “SVS”) between 1990 and 2012. The evidence reveals two groups of problems: on the one hand, the SVS has leaved a substantial region of the market unmonitored; on the other hand, the level of specific deterrence is generally low and relies greatly on indirect mechanisms of punishment. Such results suggest that future reforms should facili- tate private enforcement on both the extensive and the intensive margin. Whereas improving the performance of the SVS on the extensive margin should mitigate its monitoring …
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
What Should We Expect From The Dodd-Frank Bounty Program?, Diego G. Pardow
Diego G. Pardow
Among other changes, the Dodd–Frank bounty program substantially increases the size of the rewards. The supporters argue that the program should encourage more players to step in, whereas the critics claim that it would only increase less reliable whistleblowers. This note describes the economic reasoning behind the dispute, attempting to build a reasonable expectation in light of the available empirical data. Although most of the evidence from previous bounty programs sides with the supporter’s theory, it has to be considered that the quantity and quality of whistleblower reporting are not the only relevant factors. Whistleblowers play a key role diversifying …