The author offers a critique of the disclosure aspects of the current securities acts and the proposed Federal Securities Code from an economic perspective. He concludes that the costs of disclosure may outweigh the benefits, and that decisionmakers must make a fundamental reevaluation of the rationale upon which disclosure requirements are based before such a policy is continued.
George J. Benston,
Required Periodic Disclosure Under the Securities Acts and the Proposed Federal Securities Code,
33 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol33/iss5/5