アクティビスト(の影響)は近視眼的か

via Harvard Law School Forum on Corporate Governance and Financial Regulation

SECのEDGARでの情報開示が購読者に対して早く開示しているという研究

もともとは,Bloombergの記事で,シカゴ大教授らの論文について,次の通り指摘されていました。

The study of Form 4s, which track changes to stock holdings by company directors and officers, showed an average timing advantage of about 10 seconds.

この有利さは,現在では,小さくなっているとの記事があります。

On Tuesday, filings were published on the SEC’s website an average of 35 seconds after Mr. Jackson received them on his direct feed. The lag dropped to 27 seconds on Wednesday, when the Journal article was published. On Thursday and Friday the delay narrowed even more, with filings appearing on the SEC’s “Edgar” site an average of about three seconds and 2.5 seconds, respectively, after being published on Mr. Jackson’s feed. The drop in the lag time continued Monday, according to Mr. Mitts.

municipal bond offeringにおける支配者について

The U.S. Securities and Exchange Commission recently settled the first securities fraud charges brought against a municipal official alleging “control person” status under the federal securities laws. The SEC’s settlement with the former mayor of the city of Allen Park, Michigan bars him from participating in future securities offerings and imposes a $10,000 penalty. A city administrator also was charged and barred from participation in future securities offerings

via Mintz Levin