What question did this study set out to answer?

This note aims to assess the SEC's continuous disclosure system and its effectiveness in providing useful information to investors.

synapse

⌘+K

synapse

⌘+K

March 18, 2026

Some Evidence on the SEC's System of Continuous Disclosure.

Key Points

This note aims to assess the SEC's continuous disclosure system and its effectiveness in providing useful information to investors.
Review of the SEC's disclosure policy from the 1970s.
Analysis of the types and timeliness of information required under the continuous disclosure system.
Application of the Hakansson framework to evaluate disclosure utility.
The continuous disclosure policy aligns with minimum utility conditions.
Investors utilize the mandated information effectively.
The system addresses the timely dissemination of unusual event information.

Abstract

Abstract ABSTRACT: During the 1970s, the SEC expanded the scope of required disclosure and initiated what might be loosely described as a "continuous disclosure system." This note reviews key aspects of the "continuous disclosure" of unusual events in light of the Hakansson 1977 framework and addresses the issues of the manifestation of the continuous disclosure policy, the type of new information required, the timeliness of that information, and the use of mandated information by investors. The evidence indicates that SEC disclosure policy does meet the minimum conditions for utility.

Bookmark

Some Evidence on the SEC's System of Continuous Disclosure.

Key Points

Abstract

Cite This Study

Also Consider

Also Consider