Review paper
Regulatory Certification, Risk Factor Disclosure, and Investor Behavior*
Abstract
This article examines the question: Does regulatory approval of prospectuses act as a “certification” of securities offerings? Rational investors should generally ignore prospectus approval due to its being uninformative regarding either the quality of, or motives for, the underlying offering. Our survey experiment demonstrates that salient references to regulatory oversight in investment advertisements can lead to significant increases in...
Paper Details
Title
Regulatory Certification, Risk Factor Disclosure, and Investor Behavior*
Published Date
Jan 28, 2020
Journal
Volume
24
Issue
5
Pages
1079 - 1106
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