The Future of Securities Regulation
University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); University of Chicago - Polsky Center for Entrepreneurship; European Corporate Governance Institute (ECGI)
January 29, 2009
Chicago Booth School of Business Research Paper No. 08-27
FEEM Working Paper No. 7.2009
The U.S. system of security 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.
Number of Pages in PDF File: 50
Keywords: U.S. Security Law, Securities Regulation, Trust
JEL Classification: G2, G28, G01working papers series
Date posted: December 23, 2008 ; Last revised: February 11, 2009
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