Road Shows on the Internet: Taking Individual Investors for a Ride on the Information Highway

IF 1.8 2区社会学 Q1 LAW

Duke Law Journal Pub Date : 2002-10-01 DOI:10.2307/1373136

Li Yi

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引用次数: 8

Abstract

The Internet has prompted an evolution (indeed, a revolution) within securities transactions that has markedly changed the face of securities regulation. The ubiquitous nature of this information network has caused deviations from and alterations within the traditional business model. These changes, many of which are ongoing, include a movement toward a different type of public offering as well as a reassessment and redistribution of risk for market players. Consequently, the Securities and Exchange Commission (SEC or Commission) has been forced to reevaluate some of its rules and regulations. In particular, the SEC has had to learn how to utilize Internet resources without compromising either of its dual objectives of promoting market efficiency and protecting investors.' As a result, the SEC is now fighting a battle on two fronts. On the one hand, the Commission is battling broker-dealers, who feel that the SEC's attempts to "level the playing field" by imposing strict regulations on information disclosure is too stringent and is actually hampering market efficiency.2 On the other hand, the SEC is at odds with investors, who feel that the SEC's paternalistic approach is suffocating them in

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互联网路演:带个人投资者在信息高速公路上兜风

互联网推动了证券交易的演变(实际上是一场革命)，显著改变了证券监管的面貌。这种信息网络无处不在的特性导致了对传统商业模式的偏离和改变。这些变化，其中许多正在进行中，包括转向不同类型的公开发行，以及对市场参与者的风险进行重新评估和重新分配。因此，美国证券交易委员会(SEC)被迫重新评估其部分规章制度。特别是，SEC必须学会如何在不损害其提高市场效率和保护投资者的双重目标的情况下利用互联网资源。因此，证交会现在是在两条战线上作战。一方面，SEC正在与经纪自营商进行斗争，他们认为SEC试图通过对信息披露施加严格的监管来“创造公平的竞争环境”，这种做法过于严格，实际上阻碍了市场效率另一方面，SEC与投资者意见相左，投资者认为SEC家长式的做法让他们感到窒息

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Duke Law Journal LAW-

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The first issue of what was to become the Duke Law Journal was published in March 1951 as the Duke Bar Journal. Created to provide a medium for student expression, the Duke Bar Journal consisted entirely of student-written and student-edited work until 1953, when it began publishing faculty contributions. To reflect the inclusion of faculty scholarship, the Duke Bar Journal became the Duke Law Journal in 1957. In 1969, the Journal published its inaugural Administrative Law Symposium issue, a tradition that continues today. Volume 1 of the Duke Bar Journal spanned two issues and 259 pages. In 1959, the Journal grew to four issues and 649 pages, growing again in 1970 to six issues and 1263 pages. Today, the Duke Law Journal publishes eight issues per volume. Our staff is committed to the purpose set forth in our constitution: to publish legal writing of superior quality. We seek to publish a collection of outstanding scholarship from established legal writers, up-and-coming authors, and our own student editors.