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Line of Business Reporting and Security Prices: An Analysis of an SEC Disclosure Rule

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  • Bertrand Horwitz
  • Richard Kolodny

Abstract

This paper examines the impact of line of business reporting, first required by the Securities and Exchange Commission in 1971, on the financial community in general and on the securities markets in particular. The capital asset pricing model is used to assess the effect of this disclosure requirement on the securities markets. Although the conclusions of this study are intended to evaluate required line of business reporting, the study also serves as a focal point to examine the important problem concerning the usefulness of the rapid increase in required disclosure by government regulatory agencies.

Suggested Citation

  • Bertrand Horwitz & Richard Kolodny, 1977. "Line of Business Reporting and Security Prices: An Analysis of an SEC Disclosure Rule," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 234-249, Spring.
  • Handle: RePEc:rje:bellje:v:8:y:1977:i:spring:p:234-249
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    Cited by:

    1. Colin Beardsley & John R. O'Brien, 2004. "Measuring the Impact of Regulationon Market Stability: Evidence from the US Markets," ICMA Centre Discussion Papers in Finance icma-dp2004-02, Henley Business School, University of Reading.
    2. Senyo Tse, 1989. "Attributes of industry, industry segment and firm†specific information in security valuation," Contemporary Accounting Research, John Wiley & Sons, vol. 5(2), pages 592-614, March.

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