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Designing an 
Efficient Securities-Fraud Deterrence Regime

In order for capital markets to function well, investors need accurate information about securities. If investors do not trust firms’ disclosures, they will discount what they are willing to pay for securities, increasing the cost of capital and thereby making it more difficult, even for honest firms, to fund productive endeavors. Moreover, investment decisions based on inaccurate information distort the efficient allocation of resources in an economy. ....

United States , United Kingdom , Black Law , Scottish Borders , Criminal Law , New York , New York University , Reinier Kraakman , Janet Cooper Alexander , Gunther Teubner , Michaell Wachter , Erica Posner , William Carney , Sara Sun Beale , Williamw Bratton , Danielr Fischel , Merrittb Fox , Jed Rakoff , Klausj Hopt , Frankh Easterbrook , Mary Jo White , Donaldc Langevoort , Richard Squire , Cassr Sunstein , Jeffreyn Gordon , Larryj Leblanc ,