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Vol 23 No 5 May/June 2018

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Cover of Drafting Commercial Agreements

Drafting Commercial Agreements

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The Advantage of Competitive Federalism for Securities Regulation Revised ed

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ISBN13: 9780844741734
ISBN: 0844741736
Published: December 2002
Publisher: The AEI Press
Format: Paperback
Price: £12.99

In this incisive analysis of securities regulation, Roberta Romano demonstrates that the current approach toward U.S. securities regulation by the Securities and Exchange Commission should be revamped by implementing a regime of competitive federalism. Under such a system firms would select their regulator from among the fifty states, the District of Columbia, the SEC, or other nations. She asserts that competitive federalism harnesses the high-powered incentives of markets to the regulatory state to produce regulatory arrangements compatible with investors' incentives. Firms will locate in the domicile investors prefer so as to reduce the cost of capital, and states will have financial incentives, such as incorporation and registration fees, to adapt their securities regimes to firms' domicile decisions. Romano contends that empirical evidence does not indicate that the SEC is effective in achieving its stated objectives. The commission's expansions of disclosure requirements have not had a significant impact on investors' wealth. Indeed, she contends, evidence from institutional equity and debt markets and cross-country listing practices have shown that firms voluntarily disclose

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