Disclosure Laws and Takeover Bids

  • Author(s): S. J. GROSSMAN, O. D. HART
  • Published: Apr 30, 2012
  • Pages: 323-334
  • DOI: 10.1111/j.1540-6261.1980.tb02161.x

The securities and exchange act not only prohibits the making of false statements, but also requires that parties to a takeover bid make positive disclosures. This paper discusses some of the effects of requiring positive disclosure as opposed to simply outlawing the making of false statements.

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