TAILIEUCHUNG - The Volcker Rule

Only a firm’s management and insiders know the exact motive for a stock split; outsiders cannot observe it directly. To address this challenge, we use earnings quality to proxy for the firm’s propensity to engage in manipulative activities. If a firm intends to manipulate its equity value prior to an acquisition, it may not confine itself to stock splits. Another way to achieve this goal is through earnings management, as documented by Erickson and Wang (1999) and Louis (2004). Therefore, we expect that the lower the quality of a firm’s earnings before the acquisition announcement, the more likely the acquirer is to use stock splits as. | Financial Institutions 1 The Volcker Rule The Volcker Rule 1 prohibits an insured depository institution and its affiliates from engaging in proprietary trading acquiring or retaining any equity partnership or other ownership interest in a hedge fund or private equity fund and sponsoring a hedge fund or a private equity fund. Nonbank financial companies designated by the Council for supervision by the Board of Governors would not be subject to this prohibition. The Act provides however that they could be subject to additional capital requirements for and additional quantitative limits with respect to the foregoing activities. The Volcker Rule would apply to proprietary trading and fund activities by . banking organizations regardless of where the trading or activities are conducted. However for . banking organizations the Volcker Rule would apply only to proprietary trading and fund activities in the . or such activities outside the . if they involve the offering of securities to any . resident. While the Volcker Rule has been moderated since its inception these limitations would have a significant impact on the ability of . banking organizations to provide investment management products and services that are competitive with nonbanking firms generally and with . banking organizations in overseas markets. It would also effectively prohibit short-term trading strategies by any . banking organization regardless of the location of its trading business if those strategies involve instruments other than those specifically permitted for trading as described below. Proprietary Trading The Volcker Rule would prohibit any insured depository institution and its affiliates from engaging in proprietary trading of debt and equity securities commodities derivatives or other financial instruments. Proprietary trading 2 is defined as engaging as a principal for the trading account of a banking organization or supervised nonbank financial company in

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