This study examines whether the efficiency of federal district courts affects the likelihood of SEC enforcement. The results indicate that the SEC is less likely to initiate enforcement actions against firms in less efficient federal district courts. In addition, the study examines the implications of court efficiency for firms’ financial reporting quality (FRQ). The evidence suggests that firms residing in more efficient federal districts have higher FRQ and the effect is stronger in subsamples with weak private enforcement regimes. Additional analysis of the choice of venue suggests that the SEC's decision to file in the District Court for D.C. is not affected by local court efficiency. Collectively, this study highlights the importance of an efficient federal judicial system for public enforcement.

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联邦司法系统对公共执法的影响：来自 SEC 执法行动的证据


本研究探讨了联邦地区法院的效率是否会影响 SEC 执行的可能性。结果表明，美国证券交易委员会不太可能对效率较低的联邦地区法院的公司采取执法行动。此外，该研究还探讨了法院效率对公司财务报告质量（FRQ）的影响。证据表明，位于效率更高的联邦地区的公司具有更高的 FRQ，并且在私人执法制度薄弱的子样本中效果更强。对地点选择的进一步分析表明，SEC 向华盛顿特区地方法院提起诉讼的决定不受当地法院效率的影响。总的来说，这项研究强调了高效的联邦司法系统对公共执法的重要性。