Securities Regulation
Introductory
Mandatory Disclosure
Legal requirements that issuers disclose specified financial, governance, risk, or transaction information to investors and markets.
Why It Matters
Mandatory disclosure is the organizing device of modern securities law and is debated in terms of information asymmetry, agency costs, externalities, and regulatory error.
Selected Literature
A short list of directly relevant archive entries.
1984
Intermediate
Mandatory Disclosure and the Protection of Investors
Frank H. Easterbrook and Daniel R. Fischel
Virginia Law Review
1984
Intermediate
Market Failure and the Economic Case for a Mandatory Disclosure System
John C. Coffee Jr.
Virginia Law Review
2006
Advanced
What Works in Securities Laws?
Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer
Journal of Finance
2016
Advanced
The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research
Christian Leuz and Peter D. Wysocki
Journal of Accounting Research
Related Cases
1988
Securities Regulation
Basic Inc. v. Levinson
485 U.S. 224 (1988)
Materiality of merger negotiations and reliance in Rule 10b-5 class actions.
2014
Securities Regulation
Halliburton Co. v. Erica P. John Fund, Inc.
573 U.S. 258 (2014)
Fraud-on-the-market reliance, class certification, and price-impact evidence in securities-fraud class actions.
1943
Securities Regulation
SEC v. C.M. Joiner Leasing Corp.
320 U.S. 344 (1943)
Whether sales of oil-lease assignments promoted together with a promised test well were investment contracts subject to federal securities law.
1944
Foundations of Law and Economics
Escola v. Coca Cola Bottling Co.
24 Cal. 2d 453, 150 P.2d 436 (1944)
Proof of negligence and the allocation of product-accident risk between manufacturers and consumers.