Mandatory Corporate Disclosure Rules and Securities Regulation

SECURITIES REGULATION IN AUSTRALIA AND NEW ZEALAND, 2nd Edition, Gordon Walker, Brent Fisse and Ian Ramsay, eds., LBC Information Services, 1998

33 Pages Posted: 18 Aug 2006

See all articles by Mark Blair

Mark Blair

affiliation not provided to SSRN

Ian Ramsay

Melbourne Law School - University of Melbourne

Abstract

The objective of this paper is to provide a critical appraisal of the rationales for mandatory corporate disclosure rules. Following preliminary observations concerning voluntary disclosure, the authors commence the main discussion with an examination of various rationales for mandatory disclosure requirements based upon market failure. These rationales include protection of ill-informed investors, reduction of social waste, and monitoring of management. This is followed by an analysis of mandatory disclosure rules based upon public choice theory. Finally, the authors examine the efficient markets debate and consider the implications of this debate for securities regulation.

Suggested Citation

Blair, Mark and Ramsay, Ian, Mandatory Corporate Disclosure Rules and Securities Regulation. SECURITIES REGULATION IN AUSTRALIA AND NEW ZEALAND, 2nd Edition, Gordon Walker, Brent Fisse and Ian Ramsay, eds., LBC Information Services, 1998, Available at SSRN: https://ssrn.com/abstract=924725

Mark Blair

affiliation not provided to SSRN ( email )

No Address Available

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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