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Disclosure regulations during crisis: The case of TASE after October 7th

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  • Ezra, Dvir Aviam

Abstract

Following the outbreak of a regional war, the Israeli capital markets regulator, ISA, introduced a temporary regulatory exception allowing reporting corporations traded on the Tel Aviv Stock Exchange (TASE) to postpone the filing of their quarterly reports at will. This intervention raises questions at the intersection of law and finance concerning the value of information, responses to withheld information, and opportunistic behaviors by market participants. By utilizing empirical methods, I find that even corporations unaffected by the war used the regulatory relief, and that market response was limited, raising doubts regarding the efficiency of the market under these circumstances. This paper aims to inform decision makers who consider how to provide regulatory response to external shocks such as wars or other catastrophes.

Suggested Citation

  • Ezra, Dvir Aviam, 2025. "Disclosure regulations during crisis: The case of TASE after October 7th," SAFE Working Paper Series 454, Leibniz Institute for Financial Research SAFE.
    • Handle: RePEc:zbw:safewp:324874
    DOI: 10.2139/ssrn.5411504
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • G01 - Financial Economics - - General - - - Financial Crises

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