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The Political Economy of the Securities Act of 1933


  • Mahoney, Paul G


The Securities Act of 1933 is typically described as a "full disclosure" statute, yet many of its detailed provisions forbid disclosure about pending offerings during specified periods or using specified media. These features provided governmental enforcement of retail selling restrictions that are widely used by managing underwriters but that became difficult to enforce contractually during the late 1920s. The net effect was to reduce competition among investment banks. In particular, the act protected separate wholesale and retail investment banks from competition by integrated firms. Copyright 2001 by the University of Chicago.

Suggested Citation

  • Mahoney, Paul G, 2001. "The Political Economy of the Securities Act of 1933," The Journal of Legal Studies, University of Chicago Press, vol. 30(1), pages 1-31, January.
  • Handle: RePEc:ucp:jlstud:v:30:y:2001:i:1:p:1-31

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    References listed on IDEAS

    1. Reint Gropp & John Karl Scholz & Michelle J. White, 1997. "Personal Bankruptcy and Credit Supply and Demand," The Quarterly Journal of Economics, Oxford University Press, vol. 112(1), pages 217-251.
    2. Che, Yeon-Koo & Schwartz, Alan, 1999. "Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance," Journal of Law, Economics, and Organization, Oxford University Press, vol. 15(2), pages 441-467, July.
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    Cited by:

    1. Gregory Waymire & Sudipta Basu, 2011. "Economic crisis and accounting evolution," Accounting and Business Research, Taylor & Francis Journals, vol. 41(3), pages 207-232, August.
    2. Vahe Lskavyan, 2015. "Insider regulation and the incentive to invest as an insider," Economics of Governance, Springer, vol. 16(3), pages 207-227, August.
    3. Hautcoeur Pierre-Cyrille & Riva Angelo E., 2013. "What Financiers Usually Do, and What We Can Learn from History," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(3), pages 1-19, April.
    4. Flandreau, Marc, 2017. "Reputation, Regulation and the Collapse of International Capital Markets, 1920-1935," CEPR Discussion Papers 11747, C.E.P.R. Discussion Papers.
    5. Luigi Zingales, 2009. "The Future of Securities Regulation," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 391-425, May.
    6. Harold Mulherin, J., 2007. "Measuring the costs and benefits of regulation: Conceptual issues in securities markets," Journal of Corporate Finance, Elsevier, vol. 13(2-3), pages 421-437, June.
    7. James C. Spindler, 2006. "Conflict or Credibility: Research Analyst Conflicts of Interest and the Market for Underwriting Business," The Journal of Legal Studies, University of Chicago Press, vol. 35(2), pages 303-325, June.
    8. repec:eee:jaecon:v:63:y:2017:i:2:p:262-287 is not listed on IDEAS

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