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The Future of Securities Regulation

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Author Info
Zingales, Luigi
Abstract

The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors’ perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7110.

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Date of creation: Jan 2009
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Handle: RePEc:cpr:ceprdp:7110

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Related research
Keywords: coorporate goverance; security regulation;

Find related papers by JEL classification:
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

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References listed on IDEAS
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  1. Roberta Romano, 1998. "Empowering Investors: A Market Approach to Securities Regulation," Yale School of Management Working Papers ysm74, Yale School of Management. [Downloadable!]
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    Other versions:
  12. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan Journals, vol. 42(1), pages 35-44, January. [Downloadable!] (restricted)
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  17. Steven N. Kaplan & Antoinette Schoar, 2005. "Private Equity Performance: Returns, Persistence, and Capital Flows," Journal of Finance, American Finance Association, vol. 60(4), pages 1791-1823, 08. [Downloadable!] (restricted)
    Other versions:
  18. Yael V. Hochberg & Paola Sapienza & Annette Vissing-Jørgensen, 2009. "A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002," Journal of Accounting Research, Blackwell Publishing, vol. 47(2), pages 519-583, 05. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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