Abstract

http://ssrn.com/abstract=2103246
 


 



Revisiting 'Truth in Securities Revisited': Abolishing IPOs and Harnessing Private Markets in the Public Good


Adam C. Pritchard


University of Michigan Law School

August 7, 2012

U of Michigan Law & Econ Research Paper No. 12-010

Abstract:     
This essay explores the line between private and public markets. I propose a two-tier market system to replace initial public offerings. The lower tier would be a private market restricted to accredited investors; the top tier would be a public market with unlimited access. The transition between the two markets would be based on issuer choice and market capitalization, followed by a seasoning period of disclosure and trading in the public market before the issuer would be allowed to make a public offering. I argue that such system would promote not only efficient capital formation, but also investor protection.

Number of Pages in PDF File: 41

Keywords: Public offerings

JEL Classification: G38

working papers series





Download This Paper

Date posted: July 10, 2012 ; Last revised: August 7, 2012

Suggested Citation

Pritchard, Adam C., Revisiting 'Truth in Securities Revisited': Abolishing IPOs and Harnessing Private Markets in the Public Good (August 7, 2012). U of Michigan Law & Econ Research Paper No. 12-010. Available at SSRN: http://ssrn.com/abstract=2103246 or http://dx.doi.org/10.2139/ssrn.2103246

Contact Information

Adam C. Pritchard (Contact Author)
University of Michigan Law School ( email )
625 South State Street
Ann Arbor, MI 48109-1215
United States
734-647-4048 (Phone)
734-647-7349 (Fax)

Feedback to SSRN


Paper statistics
Abstract Views: 1,108
Downloads: 211
Download Rank: 85,851

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.422 seconds