Whither Securities Regulation? Some Behavioral Observations regarding Proposals for Its Future

Robert A. Prentice

46 citations0/0 files storedDuke Law Journal

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Securities Regulation and Market Practices Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Respected commentators have floated several proposals for startling reforms of America's seventy-year-old securities regulation scheme. Many involve substantial deregulation with a view toward allowing issuers and investors to contract privately for desired levels of disclosure and fraud protection. The behavioral literature explored in this Article cautions that in a deregulated securities world it is exceedingly optimistic to expect issuers voluntarily to disclose optimal levels of information, securities intermediaries such as stock exchanges and stockbrokers to appropriately consider the interests of investors, or investors to be able to bargain efficiently for fraud protection.

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References

1990The case for motivated reasoning.2000Investor protection and corporate governance 2000The information content of stock markets: why do emerging markets have synchronous stock price movements?2000Financial markets and the allocation of capital 1990Hindsight: Biased judgments of past events after the outcomes are known.1982For those condemned to study the past: Heuristics and biases in hindsight 2001Do Professional Traders Exhibit Loss Realization Aversion 1993Ethics, Fairness and Efficiency in Financial Markets

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