Good to read: The Lemons Problem: How Less Disclosure Affects Risk Perceptions

• http://knowledge.wharton.upenn.edu/article/the-lemons-problem-how-less-disclosure-affects-perceptions-of-risk-2/#

華頓商學院的文章談資訊揭露. 比喻很恰當,  

企業的資訊揭露就像買中古車的車況清單,  

政府有無強制規定要求將影響消費者的買中古車風險.

• The JOBS Act 

allowed firms to reduce the amount of information that they provide to investors

• “When you observe a firm scale back its disclosure, they’re doing that for a reason.”
• 隱瞞必有因.

We find that those companies that don’t disclose are indeed much, much, much riskier

• the SEC requires all IPOs to go through a screening process and provide these mandatory disclosures. 
• 
  
• And then, the legislative branch of government comes along and says, “Well, let’s actually scale that back. Let’s only require them to do two years’ worth of screening as opposed to the prior three years.”

• government requirements and regulations for disclosure are burdensome on firms. They’re excessively costly. 
• 
  
• 應付這些資訊揭露的事對企業是個負擔

減少資訊揭露程度是鼓勵中小企業上市,但對投資人是風險, 就買中古車. 但受惠的不指中小企業,大公司也受用. 散戶慘了.