Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324874 
Year of Publication: 
2025
Series/Report no.: 
SAFE Working Paper No. 454
Publisher: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Abstract: 
Following the outbreak of a regional war, the Israeli capital markets regulator, ISA, introduced a temporary regulatory exception allowing reporting corporations traded on the Tel Aviv Stock Exchange (TASE) to postpone the filing of their quarterly reports at will. This intervention raises questions at the intersection of law and finance concerning the value of information, responses to withheld information, and opportunistic behaviors by market participants. By utilizing empirical methods, I find that even corporations unaffected by the war used the regulatory relief, and that market response was limited, raising doubts regarding the efficiency of the market under these circumstances. This paper aims to inform decision makers who consider how to provide regulatory response to external shocks such as wars or other catastrophes.
Subjects: 
Disclosure Regulations
Law and Finance
Securities Law
Conflict Economics
Financial Regulation
Behavioral Finance
Information Processing
JEL: 
G14
G18
D53
K22
H12
F51
G01
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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