Disclosure and Financial Market Regulation

Forthcoming Draft Chapter in The Oxford Handbook on Financial Regulation, edited by Eilís Ferran, Niamh Moloney, and Jennifer Payne, (Oxford University Press).

European Corporate Governance Institute (ECGI) - Law Working Paper No. 252/2014

Oxford Legal Studies Research Paper No. 68/2014

38 Pages Posted: 12 Apr 2014

See all articles by Luca Enriques

Luca Enriques

University of Oxford Faculty of Law; European Corporate Governance Institute (ECGI)

Sergio Gilotta

University of Bologna - Department of Legal Studies

Date Written: April 11, 2014

Abstract

This is a draft chapter for a forthcoming volume, The Oxford Handbook on Financial Regulation, edited by Eilís Ferran, Niamh Moloney, and Jennifer Payne, (Oxford University Press). It provides an overview of the role of mandatory disclosure in financial markets. Focusing mainly on issuer disclosure, we discuss the various goals that academics and policymakers associate to disclosure-based regulatory techniques and the rationales in support of mandatory, as opposed to voluntary, disclosure. We highlight the limits of disclosure as a regulatory technique and the costs – both direct and indirect – it involves. We conclude by addressing a few selected issues that, in our view, are particularly representative of the challenges that today’s policymakers face in the area of mandatory disclosure.

Keywords: Capital markets, mandatory disclosure, selective disclosure, on-going disclosure, securities regulation, therapeutic disclosure, investor protection, price accuracy

JEL Classification: G28, G38, K22

Suggested Citation

Enriques, Luca and Gilotta, Sergio, Disclosure and Financial Market Regulation (April 11, 2014). Forthcoming Draft Chapter in The Oxford Handbook on Financial Regulation, edited by Eilís Ferran, Niamh Moloney, and Jennifer Payne, (Oxford University Press).; European Corporate Governance Institute (ECGI) - Law Working Paper No. 252/2014; Oxford Legal Studies Research Paper No. 68/2014. Available at SSRN: https://ssrn.com/abstract=2423768 or http://dx.doi.org/10.2139/ssrn.2423768

Luca Enriques (Contact Author)

University of Oxford Faculty of Law ( email )

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http:/www.ecgi.org

Sergio Gilotta

University of Bologna - Department of Legal Studies ( email )

Via Zamboni 27/29
Bologna, 40126
Italy

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