Securities Acts Amendments, supra note 10, at 10 (conflating the
(45.) Loomis Jr., Securities Acts Amendments, supra note 10, at 11.
They analyzed the effects of the Securities Acts Amendments
of 1964, which extended the registration and disclosure regime to stocks traded "over the counter," and found positive abnormal returns of $3-$6 billion.
Michael Greenstone, NBER and MIT; Paul Oyer, NBER and Stanford University; and Annette Vissing-Jorgensen, NBER and Northwestern University; "Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments
As an SEC member (1973-76), Sommer led support for abolishing fixed brokerage commission rates--a revolutionary proposal implemented by the Securities Acts Amendments
The 1964 Securities Acts Amendments required that any OTC firm with at least 750 shareholders and $1 million of assets as of the last day of its first fiscal year to end after July 1, 1964 (or any year after that) must register with the SEC within 120 days of the end of the fiscal year and begin to comply with the other three types of disclosure.
The structure and timing of the 1964 Securities Acts Amendments provide a compelling setting to evaluate the impacts of mandatory disclosure laws on stock returns.
The 1964 Securities Acts Amendments extended several disclosure requirements to large firms traded over-the-counter that had applied to listed firms since 1934.
TABLE 1 Assignment of OTC Firms into Four Groups Divisions created by the 1964 Securities Acts Amendments OTC Diversion Reduction Compliance Probability Group Was there periodic Did the stock exceed shareholder reporting by 1962?