Recent Changes in Disclosure Regulation: Description and Evidence

Bethel, Jennifer E.

doi:10.2139/ssrn.975536

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Recent Changes in Disclosure Regulation: Description and Evidence

15 Pages Posted: 28 Mar 2007

See all articles by Jennifer E. Bethel

Jennifer E. Bethel

Babson College

Date Written: March 21, 2007

Abstract

Technology has dramatically reduced the cost of disclosing information to investors and created new conduits for securities' sales. The result is stock ownership, both direct and indirect, has never been more widely distributed. Equally important, changes have occurred in the institutional market for new offerings. Bought deals, Internet road shows, the preeminence of mutual funds and pension funds, and foreign investors and issuers have changed the market. In the wake of these changes, the SEC's disclosure policy has evolved. The evidence suggests we have moved from a world where information was released relatively infrequently and with significant lags to a world where information is released relatively rapidly on a continuous basis to as many investors as possible.

Keywords: SEC, Securities,Disclosure, Regulation

JEL Classification: M41, M45, G38, G23

Suggested Citation: Suggested Citation

Bethel, Jennifer, Recent Changes in Disclosure Regulation: Description and Evidence (March 21, 2007). Available at SSRN: https://ssrn.com/abstract=975536 or http://dx.doi.org/10.2139/ssrn.975536