@inbook{9c79e36ff45d4aa48af358f32e3ec54d,
title = "The impact of statutory sanctions on the level and information content of voluntary corporate disclosure",
abstract = "The extent to which corporate disclosures can be influenced by the threat of civil and criminal penalties has been debated extensively (Friend, 1976). For example, Stigler (1964) compares the post-listing perfonnance of United States equity issues before and after the Securities Exchange Commission (SEC) was given control over the registration of new issues (via the Securities and Exchange Act, 1934). Although Stigler concludes the legislation was ineffective, his empirical method is relatively naive, requiring an assumption that market-adjusted post-listing stock returns have no 'time-specific' elements, and can be compared purely on the basis of a legislative intervention date (Friend, 1976). Benston's (1973) investigation of 'disclosure improvements' following the 1934 Securities and Exchange Act also relies on the critical assumption that a proxy for the extent of corporate disclosure (i.e., price volatility) is otherwise temporally constant.",
author = "Philip Brown and Taylor, {Stephen L.} and Walter, {Terry S.}",
year = "2013",
month = jan,
day = "1",
language = "English",
isbn = "9780415814614",
series = "Routledge historical perspectives in accounting",
publisher = "Taylor & Francis",
pages = "207--231",
editor = "Philip Brown",
booktitle = "Financial accounting and equity markets",
address = "United Kingdom",
}