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Regulating Irrational Exuberance and Anxiety in Securities Markets

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  • Peter Huang

    (University of Pennsylvania Law School)

Abstract

This paper analyzes the regulatory implications of irrational exuberance and anxiety in securities markets. U.S. federal securities laws mandate the disclosure of certain information, but regulate only the cognitive form and content of that information. An important and unstudied question is how to regulate securities markets where some investors respond not only cognitively to the form and content of information, but also emotionally to the form and content of information. This paper investigates that question when some investors feel exuberance or anxiety that is unjustified by cognitive processing of the available information. This paper develops the implications for mandatory securities disclosure of irrational exuberance and anxiety.

Suggested Citation

  • Peter Huang, "undated". "Regulating Irrational Exuberance and Anxiety in Securities Markets," Scholarship at Penn Law upenn_wps-1016, University of Pennsylvania Law School.
    • Handle: RePEc:bep:upennl:upenn_wps-1016
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    File URL: http://lsr.nellco.org/cgi/viewcontent.cgi?article=1016&context=upenn/wps
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    Cited by:

    1. Doris M. Merkl-Davies & Niamh M. Brennan, 2011. "A conceptual framework of impression management: new insights from psychology, sociology and critical perspectives," Accounting and Business Research, Taylor & Francis Journals, vol. 41(5), pages 415-437, December.

    More about this item

    Keywords

    Anxiety; irrational exuberance; mandatory disclosures; securities regulation;
    All these keywords.

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