Does Going Private Affect Peer Firms’ Disclosures?

By Lisa A. Hinson and Jeffery Piao May 11, 2022 by renholding

Disclosure by publicly listed companies provides critical information to the capital markets and benefits not only firms’ stakeholders but also the overall economy (e.g., Badertscher et al. 2013; Shroff et al. 2017; Barrios et al. 2021). However, the number of …

SEC Chair Gensler Speaks at London City Week

By Gary Gensler June 30, 2021 by renholding

I’m honored to be speaking again at London City Week. It’s been eight years since I last spoke here. That was about benchmark interest rates and the London Interbank Offered Rate (LIBOR). I may come back to that, but I’m

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Financial Misreporting: Hiding in the Shadows or in Plain Sight?

By Delphine Samuels, Daniel J. Taylor and Robert E. Verrecchia June 13, 2018 by renholding

It’s widely assumed that executives are less likely to inflate earnings at high profile companies under a good deal of regulatory oversight. And yet it’s also widely known that managers in high profile companies have an incentive to overstate their …

SEC Chair Clayton Talks SEC and Market Transparency

By Jay Clayton November 9, 2017 by renholding

Thank you, Keith [Higgins], for that gracious introduction.[1] Let me return the sentiment. Keith – you are a member of an esteemed group of Division Directors, some of whom are here today, who have served the Commission and, most …

Fixing the Repo Market: The Piece Regulators Missed When Reforming the Financial Markets

By Paolo Saguato August 17, 2016 by renholding

We all remember the hectic summer and fall of 2008, when the U.S. financial system was at the brink of collapse. Since then, policymakers have enacted structural reforms to the financial system but left the market in repurchase agreements largely …

Private Equity’s Unintended Dark Side

By Alexander Ljungqvist, Lars Persson and Joacim Tåg February 17, 2016 by ilyabeylin

Private equity is often seen as an agent of creative destruction, helping resources to be reallocated to more productive uses. Private equity firms help improve the financial performance and operational efficiency of the companies they acquire, and plenty of academic …

Davis Polk explains SEC’s Proposal of New Transparency Requirements for NMS Stock Alternative Trading Systems

By Annette L. Nazareth, Lanny A. Schwartz, Hilary S. Seo, Zachary J. Zweihorn and Kimberly N. Chehardy January 22, 2016 by John Knight

On November 18, 2015, the Securities and Exchange Commission (“SEC”) proposed amendments (the “Proposal”) to Regulation ATS and related rules under the Securities Exchange Act of 1934 (the “Exchange Act”) to impose extensive new …

How Much Information Should Central Banks Share?

By Michael Egesdal, Michael Gill and Martin Rotemberg December 18, 2015 by ilyabeylin

Central Bankers are rarely “responsive” to the public through the democratic process. In the United States, most members of the (unelected) Federal Reserve Open Market Committee (FOMC) have no other government experience or aspirations, and in spite of their clear …

Company Directors Need to Oversee Corporate Political Spending

By Bruce F. Freed and Constance E. Bagley December 14, 2015 by ilyabeylin

As political spending surges toward record levels in 2016, post-Citizens United changes in the funding of American political campaigns will require directors to oversee a dramatically deregulated political environment. Corporate money will play a large role in the election, heightening …

From Smoke-Filled Rooms to Computer Algorithms — The Evolution of Collusion

By Ariel Ezrachi and Maurice Stucke May 14, 2015 by ilyabeylin

The development of self-learning and independent computers has long captured our imagination. The HAL 9000 computer, in the 1968 film, 2001: A Space Odyssey, for example, assured, “I am putting myself to the fullest possible use, which is all …

Should Municipal Bond Issuers be Required to Disclose Bank Loans?

By Cate Long June 7, 2013 by Jason Parsont

You may be surprised to learn that municipal bond issuers are not required to disclose bank borrowings. I’ve heard numerous estimates that such issuers have outstanding bank borrowings in the $200 to $300 billion range, which would amount to approximately

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Columbia Law School's Blog on Corporations and the Capital Markets

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