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Economizing Attention: Bureaucracy and Bottom-up Signaling in the Administrative State
Unformatted Document Text:  Year CFR Sections Affected 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 95 195 295 395 495 595 695 795 895 995 1067 Figure 1: CFR Sections Affected for the Securities and Exchange Commission in hearings dealing with mutual fund regulation. A Granger causality test confirms that SEC rulemakinggranger causes congressional hearing activity over this time period where the subject of mutual funds areconcerned. 19 Table 3: SEC Signaling and Congressional Attention Estimate Std Error SEC Signaling 1.66 0.56 Economic Adversity -0.04 0.02 Industry Scope & Performance 0.04 0.02 Adj R 2 0.42 F 5.14 N 18 Table 3 contains a simply linear model of congressional attention that takes into account SEC sig- naling and elements of the SEC’s task environment. The dependent variable in Table 3 is the proportionof congressional hearings within the general area of securities and exchange regulation that are devotedto mutual fund regulation. Securities and Exchange Commission signaling is simply the proportion ofSEC rulemaking activity devoted to addressing mutual fund regulation. Economic adversity and IndustryScope and Performance represent were derived from a principal components analysis on various aspects 19 The F statistic for the test is 6.34, which is significant at p = 0.02. There was no statistical evidence that congressional activity granger caused SEC rulemaking activity with regard to mutual fund regulation. 10

Authors: Workman, Samuel.
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Year
CFR Sections Affected
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006
95
195
295
395
495
595
695
795
895
995
1067
Figure 1: CFR Sections Affected for the Securities and Exchange Commission
in hearings dealing with mutual fund regulation. A Granger causality test confirms that SEC rulemaking
granger causes congressional hearing activity over this time period where the subject of mutual funds are
concerned.
Table 3: SEC Signaling and Congressional Attention
Estimate
Std Error
SEC Signaling
1.66
0.56
Economic Adversity
-0.04
0.02
Industry Scope & Performance
0.04
0.02
Adj R
2
0.42
F
5.14
N
18
Table 3 contains a simply linear model of congressional attention that takes into account SEC sig-
naling and elements of the SEC’s task environment. The dependent variable in Table 3 is the proportion
of congressional hearings within the general area of securities and exchange regulation that are devoted
to mutual fund regulation. Securities and Exchange Commission signaling is simply the proportion of
SEC rulemaking activity devoted to addressing mutual fund regulation. Economic adversity and Industry
Scope and Performance represent were derived from a principal components analysis on various aspects
19
The F statistic for the test is 6.34, which is significant at p = 0.02. There was no statistical evidence that congressional
activity granger caused SEC rulemaking activity with regard to mutual fund regulation.
10


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