Compliance-driven investments in technology – or “RegTech” – have grown rapidly in recent years. To understand these investments, the authors study how financial institutions respond to new internal control requirements. First, they show that affected firms make significant investments in enterprise resource planning, data management, and hardware. These investments then allow for complementary expenditures on customer relationship management tools that rely upon information quality. As a result, customer complaints and employee misconduct decline at affected firms. Additionally, market concentration increases. Their results illustrate how regulation can directly and indirectly affect technology adoption, which in turn affects noncompliance functions and market structure.
Session Chair: Bernard YEUNG
Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President, ABFER
Alan P. KWAN, Assistant Professor, HKU Business School, University of Hong Kong
Ben CHAROENWONG, Assistant Professor in Finance, NUS Business School, National University of Singapore
Zachary T. KOWALESKI, Assistant Professor of Accounting, McCombs School of Business, University of Texas at Austin
Andrew G. SUTHERLAND, Ford International Career Development Professor of Accounting and Associate Professor of Accounting, MIT Sloan School of Management, Massachusetts Institute of Technology
Miao (Ben) ZHANG, Assistant Professor of Finance and Business Economics, USC Marshall School of Business, University of Southern California
Assistant Professor, HKU Business School, University of Hong Kong
On the academic side, Alan KWAN received his PhD from the Johnson School of Management at Cornell University and his BA from Dartmouth College. Between school, he worked in the hedge fund, software development and consulting industries. His research interests focus on corporate finance, financial advice and investments.
Miao (Ben) ZHANG
Assistant Professor of Finance and Business Economics, USC Marshall School of Business, University of Southern California
Ben ZHANG received his Ph.D. from the McCombs School of Business at the University of Texas at Austin, his MPhil from the University of Hong Kong, and his BS from Peking University. He is also a visiting researcher at the U.S. Bureau of Labor Statistics. Ben's research focuses on the intersection of firms' technology, labor, and production. His research has been published in The Journal of Finance, Journal of Financial Economics, NBER Macroeconomics Annual, and Journal of Financial and Quantitative Analysis.
Stephen Riady Distinguished Professor in Finance and Strategic Management, NUS Business School, National University of Singapore and President of ABFER
Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from June 2008 to May 2019. Before joining NUS, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.
Professor Yeung has published widely in academic journals covering topics in Finance, Economics, and Strategy; his writing also appears in top-tier media publications such as The Financial Times, Economist, and The Wall Street Journal.
He won the Public Administration Silver Medal (2018) in Singapore, Irwin Outstanding Educator Award (2013) from the Academy of Management and is an elected Fellow of the Academy of International Business.
Professor Yeung was a member of the Economic Strategies Committee in Singapore (2009), a member of the Social Science Research Council (SSRC) in Singapore (2016-2018) and a member of the Financial Research Council of the Monetary Authority of Singapore (2010 -2013).
Professor Yeung sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Advisory Council of the Economics and Management School of Wuhan University and the Advisory Committee of the Institute of Economics, Academia Sinica. Professor Yeung also serves as an independent Non-Executive Director of the Bank of China (BOC) Aviation Limited since 2016.
Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.
Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussion and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.
Please register here to receive a unique Zoom link. (Notice: Videos and screenshots will be taken during each session for the purpose of marketing, publicity purposes in print, electronic and social media)