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June 15, 2026Accounting Horizons

The SEC and Mandated Disclosure: At the Crossroads.

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Authors

EBE. Richard BrownleeNipissing UniversitySYS. David Young

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Implication

This article examines SEC disclosure regulations and their economic effects on securities markets, highlighting controversies.

Key Points

  • The article explores the impact of SEC mandated disclosure regulations on securities markets, particularly focusing on insider trading.
  • Analyzed historical regulatory frameworks such as the 1933 and 1934 Acts.
  • Reviewed key studies on the effects of SEC regulations, including those by George Stigler and George Benston.
  • Compared market volatility and securities prices before and after the implementation of disclosure policies.
  • Findings indicate that SEC regulations have led to lower market volatility, attributed to the removal of riskier stocks.
  • Research by Stigler suggests that reduced volatility does not imply evidence of fraudulent activities.
  • Benston's 1973 study found no measurable impact of the 1934 Act on stock prices of affected corporations.

Cite This Study

Brownlee et al. (1987) studied this question.

synapsesocial.com/papers/6a2f980ca1cfeec4908291b5https://doi.org/10.2308/ah-4813426
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Does Securities Regulation Matter? Mandatory Disclosure, Excess Stock Volatility, and the US Securities Exchange Act of 19342026
  2. 2The Effect of Financial Disclosure Regulation on Security Market Behavior.1983
  3. 3A Study of the Consensus on Disclosure Among Public Accountants and Security Analysts.1974
  4. 4From regulatory data to quantitative investment signals in equity markets2025
  5. 5Some Evidence on the SEC's System of Continuous Disclosure.1979