The Role of Gatekeepers in Capital Markets

Sugata Roychowdhury, Suraj Srinivasan

Research output: Contribution to journalArticlepeer-review

9 Scopus citations


Gatekeepers in financial markets have the power to provide the institutional stability, fortitude, and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives. This along with the tradeoffs they face, and the at-times unintended consequences of the regulations they propose and enforce, can undermine their effectiveness. A thorough understanding of gatekeepers and their roles can thus illuminate academics, the financial community, and regulators on how such gatekeepers can be the most effective and generate the greatest benefits for capital markets. Since gatekeeping roles and the literature they have inspired encompass a wide array of institutions and agencies, our overview concentrates on those that the conference papers appearing in this volume focus on. We conclude that collectively, the papers contribute to significant progress, and point out some crucial areas that call for further investigation and offer opportunities for future research.

Original languageEnglish (US)
Pages (from-to)295-322
Number of pages28
JournalJournal of Accounting Research
Issue number2
StatePublished - May 2019
Externally publishedYes


  • D02
  • G18
  • G24
  • G28
  • G34
  • G38
  • K22
  • K41
  • M40
  • M41
  • M42
  • M48
  • SEC
  • acquisitions
  • audit committee
  • auditors
  • courts of law
  • credit rating
  • credit rating agencies
  • financial advisors
  • gatekeepers
  • judge ideology
  • litigation risk
  • mandatory disclosures
  • regulators

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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