Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53235
Authors: 
Zingales, Luigi
Year of Publication: 
2009
Series/Report no.: 
Nota di lavoro // Fondazione Eni Enrico Mattei: Institutions and markets 07.2009
Abstract: 
The U.S. system of security law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.
Subjects: 
US Security Law
Securities Regulation
Trust
JEL: 
G2
G28
G01
Document Type: 
Working Paper

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