四半期開示の廃止について

連邦政府のshutdownの影響

米国連邦政府のshutdownの影響で,組織再編が遅れるかもしれないという指摘です。

The US antitrust agencies receive an average of 25 Hart-Scott-Rodino (HSR) filings per week. During the current government shutdown, the Federal Trade Commission (“FTC”) and Antitrust Division of the Department of Justice (“Antitrust Division”) have indicated they will continue to accept HSR filings, and the FTC’s Premerger Notification Office will be open but with a very limited staff.

via CLS Blue Sky Blog

Section 13(d)の改革提案(2)

先ほど紹介したGilson教授およびGordon教授によるSection 13(d)の改革提案へのコメントについて,Coffee教授もコメントしています。

Coffee教授は開示の強化に賛成の立場を取っているようです。

And I will raise their bid, by invoking two other familiar maxims: First, power corrupts, and absolute power is at least within view for institutional investors. Second, sunlight is the best disinfectant, electricity the best policeman. … If there are new problems accompanying this shift (as I would contend), the safest, least intrusive reform is disclosure, not direct governmental intervention.

… Their essay announces that institutional investors have power and prefer to act through proactive hedge funds. Frankly, it is hard to call this breaking news, as it has been true for more than a decade. …

To return to the higher level on which they wish to conduct this debate, Professor Gilson and Gordon are predicting the future, identifying proactive hedge funds as the good guys'' and managements as thebad guys.” They may be correct, but they are likely overgeneralizing. Virtue is not all on one side. … Transparency, as implemented through mandatory disclosure, plays the same protective role in our securities markets, …

via The CLS Blue Sky Blog