/./ optimal social value of information. non rivalrous consumption

Transcript

1 /.-

2 /.. imperfect markets market failure market failure

3 /./ optimal social value of information non rivalrous consumption

4 /.0 nonexcludability

5 /.1

6 /.2

7 /.3 property rights waste

8 //*

9 //+

10 //,

11 //- externalities

12 //.

13 /// ex ante collective action rational apathy

14 //0 rational self interested information traders

15 //1

16 //2

17 //3

18 /0*

19 /0+

20 /0,

21 /0- herd behavior

22 /0. Wall Street Journal C C C

23 /0/ C C C

24 /00 imperfect information asymmetric information, informational asymmetry

25 /01

26 /02 Zohar Goshen Gideon Parchomovsky

27 /03

28 /1* Lynn Stout heterogeneous expectations HE

29 /1+ heterogeneous expectations subsets EDINET EDGAR TDnet

30 /1, N. GREGORY MANKIW, PRINCIPLES OF MICROECONOMICS th ed.. MANKIW, supra, at. Adam C. Pritchard, Revisiting Truth in Securities Revisited: Abolishing IPOs and Harnessing Private Markets in the Public Good, SEATTLE U. L. REV., core. JO- SEPH E. STIGLITZ &CARL E. WALSH, ECONOMICS th ed.. fairness fair-

31 /1- ness Coase theorem Frank H. Easterbrook & Daniel R. Fischel, Mandatory Disclosure and the Protection of Investors, VA. L.REV., citing Ronald Coase, The Problem of Social Cost, J.L. & ECON.,,, ; RONALD H. COASE, THE FIRM, THE MARKET, AND THE LAW hereinafter, COASE, THE FIRM, THE MARKET AND THE LAW. Robert Cooter, The Cost of Coase, J. LEGAL STUD.,,. COASE, THE FIRM, THE MARKET AND THE LAW, supra note, at. A. MITCHELL POLINSKY,ANINTRODUC- TION TO LAW AND ECONOMICS th ed. ; ROBERT D. COOTER & THOMAS ULEN, LAW AND ECONOMICS th ed. ; STEVEN SHAVELL, FOUNDATIONS OF ECONOMIC ANALYSIS OF LAW &n. ; Francesco Parisi, Coase Theorem, in THE NEW PALGRAVE DICTIONARY OF ECONOMICS d ed., Steven N. Durlauf & Lawrence E. Blume, eds.,. STEPHEN M. BAINBRIDGE, CORPORATION LAW AND ECONOMICS ; FRANK J. FABOZZI, FRANCO P. MODIGLIANI &FRANK J. JONES, FOUNDATIONS OF FINANCIAL MARKETS AND INSTITUTIONS.

32 /1. COOTER &ULEN, supra note, at ; E.N. BARRON, GAME THEORY :AN INTRODUCTION. BAINBRIDGE, supra note, at. BAINBRIDGE, supra note, at. See STIGLITZ &WALSH, supra note, at. BAINBRIDGE, supra note, at. BAINBRIDGE, supra note, at Michael C. Jensen, Some Anomalous Evidence Regarding Market Efficiency, J. FIN. ECON., ; Eugene F. Fama, Efficient Capital Markets : II, J. FIN.,. STIGLITZ &WALSH, supra note, at. BAINBRIDGE, supra note, at. EU See Joseph E. Stiglitz, Knowledge as a Global Public Good, in GLOBAL PUBLIC GOODS: INTERNATIONAL COOPERATION IN THE ST CENTURY Inge Kaul, Isabelle Grunber & Marc Stern eds.,. SHAVELL, supra note, at. Id. See also BAINBRIDGE, supra note, at. COOTER &ULEN, supra note, at ; STIGLITZ &WALSH, supra note, at

33 /1/. pure public goods STIGLITZ &WALSH, supra note, at. COOTER &ULEN, supra note, at. Id. at & ; SHAVELL, supra note, at ; Easterbrook & Fischel, supra note, at ; John C. Coffee, Jr., Market Failure and the Economic Case for a Mandatory Disclosure System, VA. L.REV.,,. COOTER &ULEN, supra note, at ; Coffee, supra note, at. Coffee Coffee, supra note, at. Coffee, supra note, at. Id. at. COOTER &ULEN, supra note, at. Id.; STEPHEN J. CHOI & A.C. PRITCHARD, SECURITIES REGULATION: CASES AND ANALYSIS d ed.. Coffee, supra note, at ; Zohar Goshen & Gideon Parchomovsky, The Essential Role of Securities Regulation, DUKE L.J.,.

34 /10 Coffee, supra note, at. SHAVELL, supra note, at. Easterbrook & Fischel, supra note, at. COOTER &ULEN, supra note, at. Id.; MANKIW, supra note, at. COOTER &ULEN, supra note, at. MANKIW, supra note, at ; COOTER &ULEN, supra note, at ; STIGLITZ &WALSH, supra note, at. REINIER KRAAKMAN ET AL., THE ANATOMY OF CORPORATE LAW: ACOMPARA- TIVE AND FUNCTIONAL APPROACH d ed..

35 /11 Easterbrook & Fischel, supra note, at Goshen & Parchomovsky, supra note, at ; FABOZZI, MODIGLIANI & JONES, supra note, at search costs information costs ANTHONY DOWNS, AN ECONOMIC THEORY OF DEMOCRACY. ADOLF A. BERLE & GARDINER C. MEANS, THE MODERN CORPORATION AND PRIVATE PROP- ERTY Revised ed.. MANCUR OLSON, THE LOGIC OF COLLECTIVE ACTION: PUBLIC GOODS AND THE THEORY OF GROUPS,. collective action Frank H. Easterbrook & Daniel R. Fischel, Voting in Corporate Law, J.L. & ECON.,

36 /12,,, ; Frank H. Easterbrook & Daniel R. Fischel, The Proper Role of a Target s Management in Responding to a Tender Offer, HARV. L.REV., Goshen & Parchomovsky, supra note, at. Law & Economics Law & Economics Mancur Olson, Collective Action, in THE NEW PALGRAVE DICTIONARY OF ECONOMICS d ed., Steven N. Durlauf & Lawrence E. Blume,. Goshen & Parchomovsky, supra note, at BURTON G. MALKIEL, A RANDOM WALK DOWN WALL STREET: THE TIME TESTED STRATEGY FOR SUCCESS- FUL INVESTING th ed... Law & Economics

37 /13 See Robert C. Clark, Vote Buying and Corporate Law, CASE W. RES. L.REV., ; Jeffrey N. Gordon, The Mandatory Structure of Corporate Law, CO- LUM. L.REV.,. Coffee, supra note, at ; Goshen & Parchomovsky, supra note, at. Easterbrook & Fischel, supra note, at ; Goshen & Parchomovsky, supra note, at. d U.S.C. m a & o d. A C.F.R.. A d. a b Jumpstart Our Business Startups Act, Pub. L., a. Edward Rock, Securities Regulation as Lobster Trap: A Credible Commitment Theory of Mandatory Disclosure, CARDOZO L. REV., SEC.

38 /2* /index.html Listed Company Manual NYSE Listed Company Manual,. II. Listed Company Manual... Google, Inc. Third Amended and Restated Investor Rights Agreement Google Inc., Registration Statement Form S, at Ex..,. Apr.,. Marcel Kahan, Securities Laws and the Social Costs of Inaccurate Stock Prices, DUKE L.J.,. Michael C. Jensen & William H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, J. FIN. ECON.,. Jonathan R. Macey, Efficient Capital Markets, Corporate Disclosure, and Enron, CORNELL L. REV.,. Coffee, supra note, at ; Goshen & Parchomovsky, supra note, at. Goshen & Parchomovsky, supra note, at n. Douglas W. Diamond, Optimal Release of Information by Firms, J. FIN.,

39 /2+, Easterbrook & Fischel, supra note, at full value. A B B A b S Item S K e S Item S K Goshen & Parchomovsky, supra note, at. KRAAKMAN ET AL., supra note, at. KRAAKMAN ET AL., supra note, at. LOUISE GULLIFER & JENNIFER PAYNE, CORPORATE FINANCE LAW: PRINCIPLES AND POLICY most compelling argument

40 /2, Easterbrook & Fischel, supra note, at. Joseph A. Franco, Why Antifraud Prohibitions Are Not Enough: The Significance of Opportunism, Candor and Signaling in the Economic Case for Mandatory Securities Disclosure, COLUM. BUS. L.REV.,. Alan R. Palmiter, Toward Disclosure Choice in Securities Offerings, COLUM. BUS. L.REV., n. citing Marcel Kahan & Michael Klausner, Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases, WASH. U.L.Q.. Easterbrook & Fischel, supra note, at. Joe Palazzolo, Sumitomo Mitsui Financial Group Discloses Potential Violations of US Sanctions, WALL ST. J. BLOG Oct.,, http ://blogs.wsj. com/corruption currents/ / / /sumitomo mitsui financial group discloses potential violations of us sanctions/; Sumitomo Mitsui Financial Group, Inc., Registration Statement Form FR B Oct.,. Greenpeace International, DIRTY LAUNDRY: UNRAVELLING THE CORPORATE CONNECTIONS TO TOXIC WATER POLLUTION IN CHINA July,, available at http :// www. greenpeace. org / international / Global / international / publications/toxics/water /dirty laundry report.pdf. Easterbrook & Fischel, supra note, at.

41 /2- A B Macey, supra note, at. Easterbrook Fischel Easterbrook & Fischel, supra note, at. Macey Macey, supra note, at. Macey Macey, supra note, at. MALKIEL, supra note, at. TOPIX

42 /2. KRAAKMAN ET AL., supra note, at. Id. A B C A B A B D B A MANKIW, supra note, at hidden action hidden characteristic. Mankiw

43 /2/ Goshen & Parchomovsky, supra note, at.

44 /20 FD C.F.R.. Regulation FD. Chiarella v. U.S., U.S., n. equal access theory ; Dirks v. Sec. & Exch. Comm n, U.S.,. Chiarella Dirks Goshen & Parchomovsky, supra note, at Goshen Parchomovsky Id. at n.. Id. at. Id. Id. at.

45 /21 A d C.F.R.. A d. Lynn A. Stout, Are Stock Markets Costly Casinos? Disagreement, Market Failure, and Securities Regulation, VA. L.REV.,. Stout Stout, supra note, at. Id. at. Id. at. General Motors Stout, supra note, at. Electronic Disclosure for Investors NETwork the Electronic Data Gathering, Analysis, and Retrieval system Timely Disclosure

46 /22 network Stout x Vmin Vmax P T P V T V T P V T P HE Stout, supra note, at n.,. Id. at,. Id. at