By E. Theodore Veit
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Extra resources for Ethics in the Investment Profession: A Survey
Although the disclosure framework won, the effects of the merit framework are evident in the 1933 and 1934 acts and, especially, in their implementation. By 1933, all states except Nevada had adopted some version of merit laws, but their enforcement remained inadequate. As Seligrnan (1982) notes, Even in New York, which was widely regarded as having the most effective blue-sky agency, enforcement was inadequate. In 1932, the attorney general's Bureau of Securities employed more than a hundred men, secured injunctions against 1,522 persons and firms, and instituted 146 criminal prosecutions.
The move diminishes Pareto efficiency because it leads to inefficient portfolios and inefficient resource allocation. Consider now the effect of a move from a mandatory disclosure framework to a merit framework on informational efficiency. Imagine an issue of shares that might sell at a particular price in a world with disclosure but without merit regulations. If that price is the informationally efficient price, then a deviation from it brought about by the requirements of merit regulations is a movement Merit Regulations away from informational efficiency.
157) Enforcement of state laws proved difficult, however, and the public, especially farm groups, such as the Grangers and Populists, pressed for more effective regulation. Some states established regulatory commissions with powers over railroad companies. Rhode Island was the tirst to establish such a regulatory commission, but by 1900 more than half the states had established similar commissions. The commissions regulated the rates, services, and capitalization of railroads. For example, Carosso notes that in 1894 the Massachusetts commission passed an anti-stock-watering act restricting railroads' stock issues to market value.
Ethics in the Investment Profession: A Survey by E. Theodore Veit