On disclosure: Hands-tying

Dale Oesterle has called Gretchen Morgenson a “national treasure.” Today Larry Ribstein exposes the treasure for fool’s gold. I’m with Larry on this one. Morgenson’s article on executive compensation is…

Accurately Disclosing Oil Reserves

Yesterday’s W$J reported on an effort by oil companies to change the way reserves are reported in securities filings. SEC rules, it seems, mandate that reserves be measured in a…

On disclosure: The hydraulic theory

We know that people respond to incentives, and that behavior will adjust in response to relative changes in price. But I think it’s commonly assumed that the only relevant price…

On disclosure, a continuing series

We all know that our securities regulatory regime is predominantly a disclosure regime, meaning the regulators, for the most part, don’t impose substantive regulations on securities issuers, but require only…