FEEM working papers "Note di lavoro" series
2009 .007

The Future of Securities Regulation


Authors: Luigi Zingales
Series: Economy and Society
Editor: Fausto Panunzi
Type: Journal
Keywords: US Security Law,Securities Regulation,Trust
JEL n.: G2,G28,G01
JEL: Journal of Accounting Research
Pages: Vol. 47, No. 2, pp. 391-425
Date: 05/2009

Abstract

The U.S. system of security law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.

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