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- W2767865587 abstract "S HOULD C ORPORATE D ISCLOSURE BE D EREGULATED ? L ESSONS F ROM THE US Jesse Fried * Boalt Hall School of Law, University of California, Berkeley Abstract Most publicly traded firms are subject to the periodic disclosure requirements of the securities laws. However, leading corporate governance academics argue that mandatory disclosure is unnecessary and should be eliminated: insiders taking firms public will voluntarily choose value- maximizing disclosure arrangements. I challenge this “deregulatory view” by examining the behavior of publicly traded US firms that were never subject to mandatory disclosure, and thus completely free to craft their own ongoing disclosure arrangements. I shows insiders taking such firms public could have used corporate law arrangements to commit, at their initial public offering (IPO), to provide adequate ongoing disclosure. However, since firms began selling shares to the public 150 years ago, such firms failed to commit at the IPO to provide ongoing disclosure. And, after going public, many of these firms offer little or no disclosure. The US experience suggests that deregulating disclosure would be undesirable. If anything, some form of mandatory disclosure should be extended to publicly traded firms currently beyond its reach. It also suggests that the market for corporate law arrangements is not, as these same deregulators argue, a race-to-the-top that yields optimal legal rules. * Professor of Law, Boalt Hall School of Law; Director, Berkeley Center for Law, Business and the Economy. Thanks to Bernie Black, Jens Dammann, Mark Gergen, Kate Litvak, Ronald Mann, Bob Prentice, and seminar participants at the University of Texas Law School for comments on an earlier version of this paper. Joey Hipolito and Thomas King provided extremely valuable research assistance. Financial support from the Boalt Hall Fund is gratefully acknowledged. [PRELIMINARY AND INCOMPLETE: PLEASE DO NOT CITE]" @default.
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- W2767865587 date "2007-09-05" @default.
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- W2767865587 title "Should Corporate Disclosure be Deregulated? Lessons from the US" @default.
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