New PDF release: The Advantage of Competitive Federalism for Securities

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Additional info for The Advantage of Competitive Federalism for Securities

Sample text

67 If the SEC explicitly excludes such information for the specified items—new products and lines of business—why should we assume that the agency intends or expects the release of other items in the document to have such an impact? It would be more plausible to assume that the SEC does not expect significant proprietary information to be contained in mandated disclosures concerning existing businesses compared with those of new businesses and that where the SEC considers it likely that disclosure could compromise proprietary information, the agency makes explicit that such information does not have to be disclosed.

That is, investors who hold portfolios will desire a regime requiring such information’s disclosure because, by the definition of a positive externality, the gain on their shares in the discloser’s competitors will offset the loss on their shares in the disclosing firm. Consequently, a serious analytical problem is inherent in the position that only a government entity with a monopoly over disclosure regulation can internalize the costs and benefits of disclosure involving interfirm Chap 2 11/4/02 9:55 PM Page 35 RATIONALES FOR SECURITIES REGULATION 35 externalities.

That is the textbook understanding of the operation of capital markets: they are efficient such that the public disclosure of a new piece of information that affects investors’ assessment of firms’ future cash flows will immediately be impounded into the stock’s price. When there is no price effect, it signifies that the new disclosure is not informative—that is, it does not alter investors’ valuation of the firm. Accordingly, the studies of the 1933 act suggest that the proponents of the act were simply mistaken in their assumption of the capital market’s imperfections regarding new issue disclosures and the remedial efficacy of the legislation.

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