Public Regulation of the Securities Markets
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These regulations have substantially increased corporate disclosure in the United States.
“Although these regulations have been criticized (Stigler 1964), there is little doubt that they have substantially increased corporate disclosure in the United States.”
From Investor protection and corporate governance (2000) · cites this paper as Stigler 1964
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Investor protection and corporate governance
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“These results are consistent with the importance of investor protection and of cash flow ownership by the insiders in limiting expropriation (Jensen-Meckling 1976).”
BackgroundInfluentialInvestor Sentiment and the Cross‐Section of Stock Returns
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“literature was inconclusive ( Stigler, 1964; Benston, 1973).”
Loughran, T., & Ritter, J. R. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05166.x · Cited by 3,420 · see citing works
Goldfarb, A., & Tucker, C. (2019) · Journal of Economic Literature · doi:10.1257/jel.20171452 · Cited by 2,744 · see citing works
What Works in Securities Laws?
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“Under the the null hypothesis, associated with Coase (1960) and Stigler (1964), the optimal government policy is to do nothing.”
LEUZ, C., & WYSOCKI, P. D. (2016) · Journal of Accounting Research · doi:10.1111/1475-679x.12115 · Cited by 1,760 · see citing works
Investor Sentiment and the Cross-Section of Stock ReturnsPreprint
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Price performance of common stock new issues
Ibbotson, R. G. (1975) · Journal of Financial Economics · doi:10.1016/0304-405x(75)90015-x · Cited by 1,341 · see citing works
Market liquidity as a sentiment indicator
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Investor Protection and Corporate GovernancePreprint
Porta, R. L., de Silanes, F. L., Shleifer, A., et al. (2000) · SSRN Electronic Journal · doi:10.2139/ssrn.183908 · Cited by 1,270 · see citing works
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The Equity Share in New Issues and Aggregate Stock Returns
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Spreads, Depths, and the Impact of Earnings Information: An Intraday Analysis
Lee, C. M. C., Mucklow, B., & Ready, M. J. (1993) · Review of Financial Studies · doi:10.1093/rfs/6.2.345 · Cited by 1,052 · see citing works
“Since Stigler (1964), Demsetz (1968), and Bagehot (1971), numerous studies have examined the impact of information asymmetry on the bid-ask spread.”
BackgroundGlobal, local, and contagious investor sentiment
Baker, M. P., Wurgler, J. A., & Yuan, Y. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.11.002 · Cited by 1,039 · see citing works
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“Early studies (e.g., Stigler, 1964; Benston, 1973) find no support for the benefits of the Securities Acts of 1933 and 1934, but the methodology and the interpretation of these studies have been challenged subsequently (Schwert, 1981; Friend and Westerfield, 1975).”
Full Disclosure: The Perils and Promise of Transparency
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Presidential Address: Friction
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The Law and Economics of Self-DealingPreprint
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Ibbotson, R. G., & Jaffe, J. F. (1975) · The Journal of Finance · doi:10.1111/j.1540-6261.1975.tb01019.x · Cited by 645 · see citing works
Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board
Bushee, B. J., & Leuz, C. (2004) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2004.04.002 · Cited by 566 · see citing works
“Early studies by Stigler (1964) and Benston (1969, 1973) investigate the benefits of the Securities Acts and conclude that the statutes were of no apparent value to investors.”
InfluentialGlaeser, E., Johnson, S., & Shleifer, A. (2001) · The Quarterly Journal of Economics · doi:10.1162/00335530152466250 · Cited by 533 · see citing works
“Such contracts render most laws and regulations unnecessary [Stigler 1964; Easterbrook and Fischel 1991].”
BackgroundMarket and Political/Regulatory Perspectives on the Recent Accounting Scandals
Ball, R. (2009) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2009.00325.x · Cited by 518 · see citing works
The congressional-bureaucratic system: a principal agent perspective (with applications to the SEC)
Weingast, B. R. (1984) · Public Choice · doi:10.1007/bf00124821 · Cited by 516 · see citing works
Legal Institutions and Financial Development
Beck, T., & Levine, R. E. (2005) · Springer eBooks · doi:10.1007/0-387-25092-1_12 · Cited by 513 · see citing works
“Effective legal institutions allow knowledgeable and experienced financial market participants to design a vast array of sophisticated private contracts to ameliorate complex agency problems (Coase, 1960; Stigler, 1964; Easterbrook and Fischel, 1991).”
On the Pricing of Unseasoned Equity Issues: 1965-1969
Logue, D. E. (1973) · Journal of Financial and Quantitative Analysis · doi:10.2307/2329751 · Cited by 455 · see citing works
Do electronic marketplaces lower the price of goods?
Lee, H.-G. (1998) · Communications of the ACM · doi:10.1145/268092.268122 · Cited by 414 · see citing works
“The reserve price plays a role as sequentially rational rules for suppliers under incomplete market information [11].”
BackgroundCapital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
Christensen, H. B., Hail, L., & Leuz, C. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhw055 · Cited by 456 · see citing works
Market Timing and Capital StructurePreprint
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Household stockholding in Europe: where do we stand and where do we go?
Guiso, L., Haliassos, M., & Jappelli, T. (2003) · Economic Policy · doi:10.1111/1468-0327.00104 · Cited by 402 · see citing works
“A strand of literature in law and economics dating back to Coase (1960) and Stigler (1964) argues that as long as securities transactions take place between sophisticated sellers and buyers, the threat of reputation loss should deter sellers from cheating and create sufficient incentives for truthful information revel…”
BackgroundConsolidation, Fragmentation, and the Disclosure of Trading Information
Madhavan, A. (1995) · Review of Financial Studies · doi:10.1093/rfs/8.3.579 · Cited by 328 · see citing works
Market Making and Reversal on the Stock Exchange
Niederhoffer, V., & Osborne, M. F. M. (1966) · Journal of the American Statistical Association · doi:10.1080/01621459.1966.10482183 · Cited by 358 · see citing works
The Really Long‐Run Performance of Initial Public Offerings: The Pre‐Nasdaq Evidence
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Required Disclosure and the Stock Market: An Evaluation of the Securities Exchange Act of 1934
Benston, G. J. (1973) · American Economic Review · Cited by 331 · see citing works
The Effects of Regulatory Scrutiny on Tax Avoidance: An Examination of SEC Comment Letters
Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2014) · The Accounting Review · doi:10.2308/accr-51433 · Cited by 330 · see citing works
“First, it informs legislators on the effectiveness of the SEC, which has been the subject of both historical and contemporary debate (Stigler 1964; Benston 1969; Seligman 2003; Bushee and Leuz 2005).”
BackgroundThe maturity of debt issues and predictable variation in bond returns
Baker, M. P., Greenwood, R. M., & Wurgler, J. A. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00147-8 · Cited by 340 · see citing works
“Stigler (1964), Ritter (1991), Loughran and Ritter (1995), Speiss and Affleck-Graves (1995), and Brav and Gompers (1997) find that (idiosyncratic) equity returns are low following equity issues.”
InfluentialShare issuance and cash savings☆
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Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments
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The effectiveness of regulatory disclosure policies
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“While some economists have questioned the need for mandated financial transparency systems and their effectiveness (Stigler, 1964; Benston, 1973), a growing literature suggests that financial reporting has been effective both in reducing investor risks and in improving corporate governance.”
BackgroundAgent-based models of financial markets
Samanidou, E., Zschischang, E., Stauffer, D., et al. (2007) · Reports on Progress in Physics · doi:10.1088/0034-4885/70/3/r03 · Cited by 316 · see citing works
“After the pioneering computer simulations of market models from economists such as Stigler [181], numerous such models have been published in the physics literature since 1992.”
MethodResultInfluentialGonedes, N. J., & Dopuch, N. (1974) · Journal of Accounting Research · doi:10.2307/2490499 · Cited by 275 · see citing works
Behavioral Corporate Finance: A Survey
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Fung, A., Graham, M., & Weil, D. (2007) · Cambridge University Press eBooks · doi:10.1017/9780521699617 · Cited by 298 · see citing works
Behavioral Corporate Finance: An Updated Survey
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“To our knowledge, the first attempt to simulate a financial market was by Stigler (1964).”
InfluentialTinker, T. (1991) · Accounting Organizations and Society · doi:10.1016/0361-3682(91)90006-z · Cited by 252 · see citing works
Implications for GAAP from an analysis of positive research in accounting
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“These include Watts and Zimmerman (1986), Lambert (1996), Ball (2001), Barth, Beaver, and Landsman (2001), Healy and Palepu (2001), Holthausen and Watts (2001), Watts (2003a, and b, and 2006), Schipper (2005), and Barth (2006).”
BackgroundCapital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
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Annual World Bank Conference on Development Economics 2000
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Is Silence Golden? Real Effects of Mandatory Disclosure
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Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?
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“Under the Coasian view, contracts can be privately negotiated in the absence of an efficient level of investor protection such that law should not matter (Stigler (1964), Easterbrook and Fischel (1991)).”
BackgroundBennear, L. S., & Olmstead, S. M. (2008) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2008.03.002 · Cited by 222 · see citing works
“(Greenstone et al. 2006, Healy and Palepu 2001, Benston 1973, Stigler 1964 ).”
Butler, M., Kraft, A. G., & Weiss, I. S. (2007) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2007.02.001 · Cited by 220 · see citing works
Economic Consequences of Sec Disclosure Regulation: Evidence from the OTC Bulletin BoardPreprint
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Behavioral Corporate Finance: An Updated Survey
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Market Behavior in a Clearing House
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Wintoki, M. B. (2007) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2007.03.001 · Cited by 186 · see citing works
Li, S. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1113353 · Cited by 175 · see citing works
“…their survey that empirical research on disclosure regulation is rare, and that most of these studies focus on early U.S. disclosure regulation in the 1930s such as the Securities Act of 1933 and the Securities Exchange Act of 1934 (e.g., Stigler 1964; Benston 1969, 1973; Jarrell 1981; Chow 1983).”
Self-organized percolation model for stock market fluctuations
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“A wealth of models [1, 2] (to our knowledge, the first stock market simulation was performed by the economist Stigler in 1964 [ 3 ]), partially listed in [4], have been introduced in the financial and more recently in the physical community which attempt to capture the complex behavior of stock market prices and of ma…”
BackgroundLong-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses
Jaskiewicz, P., González, V. M., Requejo, S. M., et al. (2005) · Family Business Review · doi:10.1111/j.1741-6248.2005.00041.x · Cited by 178 · see citing works
“Simon (1989) 1934–1940 20 60 6.2% Stigler (1964) 1949–1955 46 60 -25.1% Reilly (1973) 1963–1965 115 36 -20.7% McDonald & Fisher (1972) 1969 142 12 -18.1% Gompers & Lerner (2003) 1935–1972 3,661 60 -34.8% Ritter (1991) 1975–1984 1,526 36 -29.1% Aggarwal & Rivoli (1990) 1977–1987 1,598 12 -13.7%…”
InfluentialThe effects of constitutional restraints on governmental spending
Abrams, B. A., & Dougan, W. R. (1986) · Public Choice · doi:10.1007/bf00181033 · Cited by 178 · see citing works
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Baker, M. P., & Wurgler, J. A. (1999) · SSRN Electronic Journal · doi:10.2139/ssrn.172548 · Cited by 176 · see citing works
EXPECTATION BUBBLES IN A SPIN MODEL OF MARKETS: INTERMITTENCY FROM FRUSTRATION ACROSS SCALES
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Capital Market-Driven Corporate Finance
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“For example, equity issuers have low subsequent returns in Stigler (1964), Ritter (1991), Loughran & Ritter (1995), and many recent papers.”
BackgroundDisclosure regulation and public policy a sociohistorical reappraisal
Merino, B. D., & Neimark, M. D. (1982) · Journal of Accounting and Public Policy · doi:10.1016/0278-4254(82)90005-9 · Cited by 154 · see citing works
Patterns of Legal Change: Shareholder and Creditor Rights in Transition Economies
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“Whether or not state regulations of securities markets are desirable is highly disputed in developed market economies (Coffee, 1984; Hopt and Baum, 1997; Jarrell, 1981; Seligman, 1983; Stigler, 1964).”
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“standing fundamental debate exists regarding the impact of regulations (Stigler 1964; Becker 1968).”
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INFORMATION DISCLOSURE POLICIES: EVIDENCE FROM THE ELECTRICITY INDUSTRY
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“(See Stigler (1964), Robbins and Werner (1964), and Benston (1973)).”
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Security Offerings**We thank Robert S. Hansen, Jay Ritter and Xueping Wu for suggestions.
Eckbo, B. E., Masulis, R. W., & Norli, Ø. (2007) · Elsevier eBooks · doi:10.1016/b978-0-444-53265-7.50020-2 · Cited by 128 · see citing works
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The economic value of regulated disclosure: Evidence from the banking sector
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“1 I define bank transparency, following Bushman, Piotroski and Smith (2004), as “the widespread availability of bank-specific information concerning .”
BackgroundInfluentialThe effect of regulation on local government disclosure practices
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Aneconomic analysis of government ownership and reculation
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George Stigler's Contribution to the Economic Analysis of Regulation
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Aggressive Orders and the Resiliency of a Limit Order Market
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“Although Stigler (1964) already stressed the importance of resiliency, it is a relatively unexplored area in market microstructure research.”
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Carrot or Stick? The Shift from Voluntary to Mandatory Disclosure of Risk Factors
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“Stigler (1964) and Jarrell (1981) find no evidence that securities offered after the Securities Act provide investors with greater returns, although postlegislation offerings demonstrate less variance.”
Market Fluctuations I: Scaling, Multiscaling, and Their Possible Origins
Lux, T., & Ausloos, M. (2002) · Springer eBooks · doi:10.1007/978-3-642-56257-0_13 · Cited by 117 · see citing works
Measuring the costs and benefits of regulation: Conceptual issues in securities markets
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Investor Protection: Origins, Consequences, and Reform
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Subordination of American capital
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- Authors
- Stigler, G. J.
- Corresponding author
- Stigler, George J.
- Venue
- The Journal of Business
- Publisher
- University of Chicago Press
- Published
- 1964-01
- Volume
- 37
- Issue
- 2
- Pages
- 117
- ISSN
- 0021-9398 (ISSN-L)
- 1537-5374
- OpenAlex
- W1995593202
- Cited by
- 679
- References
- 0
- Citations by year
- 2026: 5 · 2025: 8 · 2024: 13 · 2023: 15 · 2022: 13 · 2021: 18 · 2020: 16 · 2019: 18 · 2018: 24 · 2017: 26 · 2016: 28 · 2015: 18 · 2014: 26 · 2013: 23 · 2012: 23
- FWCI
- 16.15
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Journal of Business (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Marketing › Securities Regulation and Market Practices
- Social Sciences › Economics, Econometrics and Finance › Finance › Finance, Markets, and Regulation
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Keywords
- securities regulation, securities market, government regulation
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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