The Future of Securities Regulation

• 成果类型: Article
• 署名作者: Zingales, Luigi
• 署名单位: University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/j.1475-679X.2009.00331.x
• 发表日期: 2009
• 页码: 391-425
• 关键词: rule 144a; Disclosure regulation; COMPETITION; IMPACT; ACT

摘要

The U.S. system of securities law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.