Selective Disclosure

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Selective Disclosure and Insider Trading

Author : Michael D. Guttentag
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Selective Disclosure and Insider Trading by : Michael D. Guttentag

Download or read book Selective Disclosure and Insider Trading written by Michael D. Guttentag and published by . This book was released on 2017 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Determining when the selective disclosure of material nonpublic information should trigger insider trading liability is a deeply problematic aspect of insider trading doctrine.The current rule is that a selective disclosure can only trigger insider trading liability if “the insider [making the selective disclosure] personally will benefit, directly or indirectly, from his disclosure.” Dirks v. SEC introduced this “personal benefit” test in 1983 to balance four competing rationales for determining when a tip should trigger insider trading liability. Two developments since Dirks have made problems with this personal benefit test insurmountable. First, the SEC's enactment of Regulation Fair Disclosure in 2000 supplanted federal common law regulation of selective disclosures by public companies and, more pointedly, prohibited public companies from making precisely the types of selective disclosures to Wall Street analysts that the Dirks personal benefit test was designed to protect. Second, in United States v. O'Hagan the Supreme Court adopted the misappropriation theory, which greatly expanded the types of deceptive conduct that could trigger insider trading liability.After Regulation FD and O'Hagan, only a test for when a selective disclosure triggers insider trading liability based directly on the statutory prohibition against deceptive conduct makes sense. Receipt of a personal benefit should be a sufficient, but not necessary, condition for finding that a selective disclosure is deceptive enough to trigger insider trading liability.

The SEC's Attack on Selective Disclosure

Author : Jared L. Kopel
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The SEC's Attack on Selective Disclosure by : Jared L. Kopel

Download or read book The SEC's Attack on Selective Disclosure written by Jared L. Kopel and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Effective Company Disclosure in the Digital Age

Author : Gill North
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041168184
Total Pages : 386 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Effective Company Disclosure in the Digital Age by : Gill North

Download or read book Effective Company Disclosure in the Digital Age written by Gill North and published by Kluwer Law International B.V.. This book was released on 2015-10-16 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective corporate reporting and disclosure are critical in financial markets to promote vigorous competition, optimal performance, and transparency. This book examines whether existing disclosure frameworks in eight countries with the world's most significant securities exchanges achieve these objectives, and then, drawing on extensive empirical findings, identifies the policies and practices that contribute most to improving the overall quality of listed company reporting and communication. Contending that public disclosure of listed company information is an essential precondition to the long-term efficient operation of financial markets, the book provides analysis of such issues and topics as the following: - arguments for and against mandatory disclosure regimes; - key principles of periodic and continuous disclosure regulation; - tensions between direct and indirect investment in financial markets; - assumptions concerning the need to maintain a privileged role for financial intermediaries; - intermediary, analyst, and research incentives; - protection of individual investors; - selective disclosure; - disclosure of bad news; - the role of accounting standards; - public access to company briefings; - long term performance reporting and analysis; and - company reporting developments. A significant portion of the book provides an overview of disclosure regulation and practice in the United States, Canada, Germany, the United Kingdom, Japan, Hong Kong, Australia, and Singapore. A highly informative survey looks at company reports, disclosures, and websites of large listed companies, including Microsoft, Citigroup, Teck Resources, Deutsche Bank, BP, Sony, PetroChina Company, BHP Billiton, and Singapore Telecommunications. The book discusses common disclosure issues that arise across jurisdictions, provides valuable insights on the efficacy of existing disclosure regulation and practice, and highlights the important principles, processes, and practices that underpin best practice company disclosure frameworks. It will be welcomed by company boards and executives and their counsel, as well as by policymakers and scholars in the areas of corporate, securities, banking and financial law, accounting, economics and finance.

Selective Disclosure

Author : Richard M. Frankel
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Selective Disclosure by : Richard M. Frankel

Download or read book Selective Disclosure written by Richard M. Frankel and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the benefits and costs of selective disclosure. It argues that the "level playing field" metaphor presupposes that selective disclosure harms market participants.

Selective Disclosure

Author : Thomas G. Mahnken
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Selective Disclosure by : Thomas G. Mahnken

Download or read book Selective Disclosure written by Thomas G. Mahnken and published by . This book was released on 2020 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the Department of Defense has embraced the concept of "great power competition" as a planning and investment guide, it has yet to fully adapt its processes and priorities to maximize U.S. advantages in this environment. As the United States develops new defense technologies and concepts, policy planners should consider which ones to reveal, as well the timing and extent to which they are revealed. As evidenced by Chinese and Russian disclosures, these considerations include not only concealing systems to delay an adversary’s response, but also disclosing information for strategic effect, such as provoking competitors to expend resources on defensive countermeasures based upon an incomplete grasp of a perceived capability. This report outlines a framework for revealing or concealing information for strategic effect in an era of great power competition. Dr. Mahnken explores three separate models for developing defense capabilities and details how each model impacts a competitor’s response. Drawing upon historical case studies, he illustrates past applications of the approach as well as the benefits and drawbacks of each approach. Finally, Dr. Mahnken proposes a series of criteria for applying selective disclosure under current strategic conditions.

Regulation of Corporate Disclosure, 4th Edition

Author : Brown
Publisher : Wolters Kluwer
ISBN 13 : 145488634X
Total Pages : 2350 pages
Book Rating : 4.4/5 (548 download)

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Book Synopsis Regulation of Corporate Disclosure, 4th Edition by : Brown

Download or read book Regulation of Corporate Disclosure, 4th Edition written by Brown and published by Wolters Kluwer. This book was released on 2016-12-15 with total page 2350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure is a one-volume treatise on the disclosure regime in place under the Federal securities laws. The treatise addresses the formal disclosure process (periodic reports, MD&A, Regulation FD), the informal disclosure process (press releases, social media, discussions with analysts), and the application of the antifraud provisions to these communications. The treatise includes chapters on scienter and materiality, and also addresses communications with and disclosure obligations to shareholders. The Fourth Edition has been significantly revised and, among other topics, includes coverage of: The duties and responsibilities of corporate officials relating to the disclosure process The most recent cases addressing disclosure issues, including decisions by the Supreme Court on topics such as the application of the antifraud provisions to beliefs and opinions Pronouncements by the U.S. Securities and Exchange Commission on disclosure issues, including consideration of the SEC's efforts to improve disclosure effectiveness The developing need to consider disclosure of public interest matters, including the effects of climate change on a company's business The disclosure requirements applicable to the proxy process, including the system for uncovering the identity of street name owners State disclosure obligations of the board of directors under its fiduciary obligations to shareholders.

Informal Corporate Disclosure Under Federal Securities Law

Author : Ted Trautmann
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Informal Corporate Disclosure Under Federal Securities Law by : Ted Trautmann

Download or read book Informal Corporate Disclosure Under Federal Securities Law written by Ted Trautmann and published by . This book was released on 2001 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Theoretical Basis for Selective Disclosure Regulation

Author : Gill North
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis A Theoretical Basis for Selective Disclosure Regulation by : Gill North

Download or read book A Theoretical Basis for Selective Disclosure Regulation written by Gill North and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Corporations and Markets Advisory Committee ('CAMAC') in Australia is currently considering aspects of market integrity, including issues relating to closed or private corporate briefings to analysts. Senator Nick Sherry, the Minister for Superannuation and Corporate Law, has asked the Committee to:-examine the role that analysts' briefings play in Australia's financial markets, including whether their role is a positive one that leads to greater market efficiency;-advise whether changes may be required to Australia's regulatory framework and, if so, what form they should take.The author discusses corporate briefings and argues for policy change, including open access, in another forum. This article concerns the related debates on the role of analysts and regulation prohibiting selective disclosure. Selective disclosure is the disclosure of information by companies to selected investors, such as analysts, without disclosure to the wider public. There is no specific selective disclosure regulation in Australia. Company disclosures to analysts or other investors are only prohibited to the extent that they breach continuous disclosure or insider trading regulation.

Persuasion Through Selective Disclosure

Author : Florian Hoffmann (Professor in economics)
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Persuasion Through Selective Disclosure by : Florian Hoffmann (Professor in economics)

Download or read book Persuasion Through Selective Disclosure written by Florian Hoffmann (Professor in economics) and published by . This book was released on 2022 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper characterizes equilibrium persuasion through selective disclosure based on the personal information that senders acquire about the preferences and orientations of receivers, with applications to strategic marketing and campaigning. We derive positive and normative implications depending on: the extent of competition among senders, whether receivers are wary of senders collecting personalized data, and whether firms are able to personalize prices. Privacy laws requiring senders to obtain consent to acquire information are beneficial when there is little or asymmetric competition among senders, when receivers are unwary, and when firms caprice discriminate. Otherwise, policy intervention has unintended negative welfare consequences.

The Benefits of Selective Disclosure

Author : Joan Farre-Mensa
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (93 download)

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Book Synopsis The Benefits of Selective Disclosure by : Joan Farre-Mensa

Download or read book The Benefits of Selective Disclosure written by Joan Farre-Mensa and published by . This book was released on 2015 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate an unexplored benefit of being privately-held: Non-SEC-filing private firms' ability to disclose confidential information to selected investors minimizes the scope for information asymmetry between the firms and their investors. This decreases private firms' exposure to misvaluation and leads them to hold lower levels of precautionary cash than similar-sized public firms, as private firms do not need to optimize the timing of their equity issues. Consistent with these predictions, I use a unique panel of non-SEC-filing private U.S. firms to show that the average public firm holds twice as much cash as the average private firm. This cash gap is driven by small- and medium-sized public firms, which are most equity dependent, and is larger in industries with higher exposure to misvaluation shocks.

The Economic Consequences of Selective Disclosure

Author : Bjorn Jorgensen
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Economic Consequences of Selective Disclosure by : Bjorn Jorgensen

Download or read book The Economic Consequences of Selective Disclosure written by Bjorn Jorgensen and published by . This book was released on 2014 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we build on a rational expectation model to study the economic consequences of a firm's choice of disclosure audience in a market with heterogenous traders in terms of information processing abilities. Through costly expertise acquisition, some traders become sophisticated and can better process the information disclosed by the firm. In contrast to the common view that selective disclosure negatively impacts the market by allowing certain groups of investors to make profit from superior information, we show that, when the expertise acquisition is endogenous, price informativeness under selective disclosure is always higher than that in the public disclosure regime. The reason is that selective disclosure promotes the ex ante expertise acquisition among traders, and thereby improves the aggregate information quality impounded into the price. Moreover, the market liquidity and the welfare of traders may also be higher under selective disclosure, especially when the firm's information is noisy and the ability to process information matters the most to make the inference about the fundamentals.

Selective Disclosure of Identity Attributes for Better Privacy

Author : Rodrigo Azevedo Lopes
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (233 download)

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Book Synopsis Selective Disclosure of Identity Attributes for Better Privacy by : Rodrigo Azevedo Lopes

Download or read book Selective Disclosure of Identity Attributes for Better Privacy written by Rodrigo Azevedo Lopes and published by . This book was released on 2008 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Selective Disclosure

Author : Juhyun Lee
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (911 download)

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Book Synopsis Selective Disclosure by : Juhyun Lee

Download or read book Selective Disclosure written by Juhyun Lee and published by . This book was released on 2010 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Selective and Aggregate Disclosure

Author : Dhananjay Nanda
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Selective and Aggregate Disclosure by : Dhananjay Nanda

Download or read book Selective and Aggregate Disclosure written by Dhananjay Nanda and published by . This book was released on 2008 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the disclosure strategy of a firm's manager who may privately observe two signals that are informative about the firm's prospects. The two signals correspond to the firm's two business segments and are observationally correlated, i.e. the observation of one affects the likelihood of observing the other. If the manager makes a separate disclosure of each signal, we show that, there exists a selective disclosure equilibrium where the manager is falsely modest; i.e. he suppresses favorable information even if it is his only information. We then demonstrate that this equilibrium may result in lower welfare than an aggregate disclosure regime, where the manager is restricted to disclosing the aggregate of the two signals, even though it garbles information.

Radio Frequency Identification: Security and Privacy Issues

Author : Jaap-Henk Hoepman
Publisher : Springer
ISBN 13 : 3642361404
Total Pages : 189 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Radio Frequency Identification: Security and Privacy Issues by : Jaap-Henk Hoepman

Download or read book Radio Frequency Identification: Security and Privacy Issues written by Jaap-Henk Hoepman and published by Springer. This book was released on 2013-01-29 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed post-worksop proceedings of the 8th International Workshop Radio Frequency Identification: Security and Privacy Issues, RFIDSec 2012, held in Nijmegen, The Netherlands, in July 2012. The 12 revised full papers presented were carefully reviewed and selected from 29 submissions for inclusion in the book. The papers focus on approaches to solve security and data protection issues in advanced contactless technologies.

Canadian Securities Law, The Ontario Securities Act and Alberta Securities Act, “The Top 111 Cases”: A Primer

Author : Lyndon Maither
Publisher : Lyndon Maither
ISBN 13 :
Total Pages : 2746 pages
Book Rating : 4./5 ( download)

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Book Synopsis Canadian Securities Law, The Ontario Securities Act and Alberta Securities Act, “The Top 111 Cases”: A Primer by : Lyndon Maither

Download or read book Canadian Securities Law, The Ontario Securities Act and Alberta Securities Act, “The Top 111 Cases”: A Primer written by Lyndon Maither and published by Lyndon Maither. This book was released on with total page 2746 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Rethinking Securities Law

Author : Marc I. Steinberg
Publisher : Oxford University Press
ISBN 13 : 0197583164
Total Pages : 361 pages
Book Rating : 4.1/5 (975 download)

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Book Synopsis Rethinking Securities Law by : Marc I. Steinberg

Download or read book Rethinking Securities Law written by Marc I. Steinberg and published by Oxford University Press. This book was released on 2021-06-16 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: The system of securities regulation that prevails today in the United States is one that has been formed through piecemeal federal legislation, Securities and Exchange Commission (SEC) invocation of its administrative authority, and self-regulatory episodic action. As a consequence, the presence of consistent and logical regulation all too often is lacking. In both transactional and litigation settings, with frequency, mandates apply that are erratic and antithetical to sound public policy. This book focuses on "rethinking" the securities laws, with particular emphasis on the Securities Act and Securities Exchange Act. In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. Since that time, no treatise, monograph, or other source comprehensively has focused on this meritorious subject. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. By undertaking this challenge, the book provides an original and valuable resource for effectuating necessary law reform that should prove beneficial to the integrity of the U.S. capital markets, effective and fair government and private enforcement, and the enhancement of investor protection.