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Regulation fair disclosure and the cost of adverse selection

Sidhu, Baljit; Smith, Tom; Whaley, Robert E


Regulation FD, imposed by the Securities and Exchange Commission (SEC) in October 2000, was designed to create a level playing field by prohibiting selective disclosure of material private information to particular groups. Exactly what advantage these groups gain is unclear. If multiple insiders receive identical information, the information is immediately incorporated in price and the expected profit of each insider is zero. Regardless of the SEC’s motivation in imposing Regulation FD,...[Show more]

CollectionsANU Research Publications
Type: Working/Technical Paper
Source: Journal of Accounting Research
DOI: 10.1111/j.1475-679x.2008.00286.x


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