Suchergebnisse

Beyond the disclosure regulation under individual states blue-sky laws and the listing requirements of private stock exchanges, financial reporting prior to the Securities Act of 1933 and the Securities Exchange Act of 1934 was primarily a matter for private markets to determine. This paper examines how disclosure regulation under the Securities Exchange Act of 1934 (34 Act) affected firms. By using a sample of 100 NYSE-listed firms covering the period before and after the passage of the 34 Act, we hope to discover the role of regulation and its effect on capital investment. We first look at disclosure quality measures across industries prior to the 34 Act to determine if inconsistencies existed in disclosure quality. We then examine whether prior to 1934, firms that chose to voluntarily disclose information were stronger firms in a number of financial and accounting dimensions. Finally, we examine how capital investment was affected as a result of the 34 Act. The innovation in this paper on regulation lies in delineating what this Act added beyond voluntary disclosure, and the bearing this had on capital investment.

The United States Securities Code and Regulations appear in Title 15 of the United States Code and Title 17 of the Code of Federal Regulations. This publication was made with data provided by the United States government on the Office of Law Revision Counsel Bulk US Code page at: http://uscode.house.gov/download/download.shtml as well as the eCFR, available at: http://www.ecfr.gov/This title is current through July 31, 2014. All updates to this material will appear at the above URLs. Due to the volume of the material, it has been divided up into eight volumes. Volume 1 - The Securities Act of 1933 and The Securities and Exchange Act of 1934