The relationship between best execution and market transparency deserves careful consideration in an analysis of MiFID. Best execution has mainly been studied with respect to equity trading, which is generally exchange based and widely regulated also with respect to market transparency. In this...

In an earlier companion essay, Regulating in the Dark, I contended that there is a systemic pattern in major U.S. financial regulation: (i) enactment is invariably crisis driven, adopted at a time when there is a paucity of information regarding what has transpired, (ii) resulting in...

Just months apart in 2020, two judges from the Southern District of New York wrote incredibly important opinions concerning the SEC’s approach to regulating the sales of cryptoassets. In both SEC v. Telegram and SEC v. Kik, the court concluded that the way in which a large, reputable social...

Popular zero-commission stock trading apps like Robinhood innovate in user-experience design, featuring digital engagement practices and prompts that appeal to investors’ psychology and make it easy and fun to trade. These include leaderboards of popular stock, push notifications, and visual...

We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Prior work provides evidence that Reg FD reduced managers' selective disclosure of material information...

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...

-- Public takeovers ; hostile takeovers ; notification requirements ; cash-settled equity total return swaps ; cash swaps ; equity options ; options ; mandatory offer ; insider trading ; capital markets ; regulated markets ; tender offer ; tender offer rules ; announcement obligations ;...

The European Union has had a uniform legal framework to transparency of major holdings and financial instruments since 2004. These provisions are to be reformed. In October 2011, the European Commission presented a proposal for a Directive to amend the Transparency Directive. This paper analyses...

We survey the empirical literature on the determinants of firms' compliance with mandatory SEC disclosure rules. We begin with a discussion of the role of boards of directors, public accounting firms, and corporate attorneys in the preparation and review of mandatory disclosures. We then...