Information Symmetry in U.S. Financial Market Regulation: A Community of Practice

ABSTRACT

In the last decade, regulation of the financial markets in the United States has received significant attention. In particular, the formal structures responsible for regulating the financial markets have come under heavy criticism. While we may emphasize the role that formal structures play in controlling behavior, informal structures play an important role too. This study examines an informal structure in financial market regulation. Using social network and interview data, this study defines and investigates the role of a community of practice among leaders involved in regulating the financial markets. The analysis empirically defines the characteristics of this community of practice and reveals that this informal structure serves as an information symmetricizer in this regulatory setting. Implications of information symmetry include both positive and negative consequences.     

Is It Race,Class, or Gender? The Sources of Perceived Discrimination in Brazil

Observers have long noted Brazil's distinctive racial politics: the coexistence of relatively integrated race relations and a national ideology of “racial democracy” with deep social inequalities along color lines. Those defending a vision of a nonracist Brazil attribute such inequalities to mechanisms perpetuating class distinctions. This article examines how members of disadvantaged groups perceive their disadvantage and what determines self‐reports of discriminatory experiences, using 2010 AmericasBarometer data. About a third of respondents reported experiencing discrimination. Consistent with Brazilian national myths, respondents were much more likely to report discrimination due to their class than to their race. Nonetheless, the respondent's skin color, as coded by the interviewer, was a strong determinant of reporting class as well as race and gender discrimination. Race is more strongly associated with perceived “class” discrimination than is household wealth, education, or region of residence; female gender intensifies the association between color and discrimination.