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Some Evidence on the SEC's System of Continuous Disclosure.

Victor Pastena

Assistant Professor of Accounting, Columbia University. 1

ABSTRACT: During the 1970s, the SEC expanded the scope of required disclosure and initiated what might be loosely described as a "continuous disclosure system." This note reviews key aspects of the "continuous disclosure" of unusual events in light of the Hakansson [1977] framework and addresses the issues of the manifestation of the continuous disclosure policy, the type of new information required, the timeliness of that information, and the use of mandated information by investors. The evidence indicates that SEC disclosure policy does meet the minimum conditions for utility.

DOI

10.2308/tar-4489198

Volume

54 (4)

Pages

776-783

Language

en

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