This paper surveys the theoretical and empirical literature on the economic consequences of
financial reporting and disclosure regulation. We integrate theoretical and empirical studies …

Publisher Summary Because initial public offerings (IPO) involve the sale of securities in
closely-held firms in which some of the existing shareholders may possessnonpublic …

This paper discusses the empirical literature on the economic consequences of disclosure
and financial reporting regulation, drawing on US and international evidence. Given the …

This Article presents the legal literature's first detailed analysis of the inner workings of Initial
Coin Offerings (ICOs). We characterize the ICO as an example of financial innovation …

The state of development of the financial sector does not change monotonically over time. In
particular, by most measures, countries were more financially developed in 1913 than in …

Frank Easterbrook and Daniel Fischel argue that the rules and practices of corporate law
mimic the contractual provisions that investors, managers, and others involved in a …

We examine the effect of securities laws on stock market development in 49 countries. We
find little evidence that public enforcement benefits stock markets, but strong evidence that …

This paper discusses the event study methodology, beginning with FFJR (1969), including
hypothesis testing, the use of different benchmarks for the normal rate of return, the power of …

Recent scholarship on comparative corporate governance has produced a puzzle. While
Berle and Means had assumed that all large public corporations would mature to an end …

Figure 2: The Shiller P/E ratio is taken from Robert Shiller's website and is computed as the
ratio of the S&P 500 index divided by the inflationadjusted ten-year moving average of S&P …