This is a draft chapter for a forthcoming volume, The Oxford Handbook on Financial Regulation, edited by Eilís Ferran, Niamh Moloney, and Jennifer Payne, (Oxford University Press). It provides an overview of the role of mandatory disclosure in financial markets.
Focusing mainly on issuer disclosure, we discuss the various goals that academics and policymakers associate to disclosure-based regulatory techniques and the rationales in support of mandatory, as opposed to voluntary, disclosure. We highlight the limits of disclosure as a regulatory technique and the costs ? both direct and indirect ? it involves. We conclude by addressing a few selected issues that, in our view, are particularly representative of the challenges that today?s policymakers face in the area of mandatory disclosure.
The fall of fascism in Italy in 1943-1944 was followed by the issuance of laws and decrees that made former fascist politicians ineligible for political...
We develop a model in which brown (high-emission) and green (clean-energy) firms compete and seek financing from banks and the capital market. We use...